The Group's GWP of PLN 26.7 billion (+6.5%)/~EUR 5.70 billion generated in 2022 was the highest level in the history of the PZU Group.
In the non-life business in Poland, PZU's sales increased by 10% y-o-y, reaching PLN 15.5 billion. The results went hand in hand with maintaining good profitability - last year the combined ratio was 89.8%. The highest growth rate was recorded in the non-motor business, which grew by 15.1%, especially in corporate insurance (+37.5%).
In the motor segment, the insurer's written premium increased by 6.4%. Growing number of contracts, combined with a higher average premium, resulting from the increase in the value of vehicles and sums insured, should maintain the uptrend in the motor damage insurance premium, both in mass and corporate segments. PZU expects this trend to continue in 2023, according to Tomasz Kulik, member of the management board and CFO of the PZU Group.
In the life business in Poland, GWP collected by PZU Zycie amounted to PLN 8.6 billion, which is 1.9% less y-o-y. At the same time, the insurer managed to increase its profitability by 4.5 pp, to the level of 17.3%.
Halfway through the Strategy for 2021-2024 "Potential and Growth", the PZU Group is well on its way to achieving its goals in other key areas. In 2022, the group's revenues in the health LoB amounted to almost PLN 1.3 billion, growing by 16.2%. The number of active health contracts in the entire group exceeded 3.2 million.
Return on equity (ROE) reached 19.5%. The capital position of the PZU Group remains strong - the Solvency II ratio significantly exceeds 200%, and in the S&P rating scale, the PZU Group maintains an A- rating with a stable outlook - one of the highest in the Polish financial sector.
The good result of the investment activity also contributed to the solid profit of the PZU Group. Return on the main portfolio in 2022 amounted to 5.2%, mainly due to a large increase in net interest income.
"Last year we operated in a dynamic environment, which was also a difficult test for our business. We passed it very well, again demonstrating high resilience, flexibility, and efficiency of our value creation model. This is evidenced by both the generated financial results and development of the PZU Group's operations in all key markets, certainty and quality of protection provided to our clients and benefits generated for our shareholders. We have strengthened PZU's competitive advantages and entered 2023 well prepared to fulfill our strategic plans", emphasized Beata Kozlowska-Chyla, president of PZU.
*EUR 1 = PLN 4.68 (01.01.2023)
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