STATISTICS: POLAND, 1Q2016: maintained profitability in life insurance despite the decreasing GWP volume

The downsize trend of the Polish insurance market continued in Q1, driven by the strongly negative change recorded on the life insurance segment. Thus, total GWP amounted to EUR 3.14 billion, 10.76% less y-o-y, while the GWP decrease in life insurance GWP was of 23.37% y-o-y, to EUR 1.34 billion. The Polish zloti depreciation against euro had also a say in the significant market decrease.

Unit-linked product saw the strongest negative trend on the life side. In the non-life segment, property lines recorded a 10.6% negative change in GWP, while Motor insurance lines' GWP increased by over 12%, mostly thanks to the MTPL line.

Overall, Polish insurers ended Q1 with an aggregated profit of PLN 625.8 million (EUR 146.61 million).

Despite the decreasing GWP volume, the net technical balance of the life insurers was positive, of PLN 766.95 million. The net profit of the life segment amounted to PLN 578.3 million. On the non-life segment, the technical balance for Q1 stood at PLN 4.5 million and was negative for the direct business (-PLN 2.56 million). The net profit of the non-life segment amounted to PLN 47.5 million.

1 EUR = 4.2684 Zlots - PLN (March 31st, 2016)


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