For the first time in their history PZU tops PLN 20 billion in gross written premium
The PZU Group generated record-breaking growth in gross written premium while simultaneously improving operating profit year on year, expanding its insurance market share and strengthening its position in the banking sector.
“Last year abounded in challenges, ambitious projects and significant successes. We are filled with the passion of a startup and the strength of a financial giant. PZU Group’s robust financial results in 2016 flow from unwavering strategy execution. In line with our strategy, we focused on building our position in our core insurance business. By tapping into improving labour market conditions and our effective structures, we sold in excess of 700 thousand more motor insurance policies than in the previous year. As a result, our non-life market share rose by 3.0 p.p. y/y while gross written premium surged up by 20.4% y/y, thereby achieving a growth rate that has not been seen in PZU for years. We bolstered our foundations and we mapped out directions of activity so that in the next few years the PZU Group will become not only the largest financial group in Central and Eastern Europe but also the most innovative, stable and profitable group offering products in insurance, health, asset management and banking” says Michał Krupiński, CEO of PZU.
In 2016 PZU generated gross written premium of PLN 20,219 million, signifying 10.1% y/y growth in gross written premium. The largest sales growth rate was recorded in motor insurance, which reported 34.4% y/y growth to PLN 7,050 million. At the same time, the administrative expense ratio (for the Group’s Polish insurance companies) edged down by 0.7 p.p. y/y to 8.1%.
Paweł Surówka, CEO of PZU Życie SA says “Our leading position in life insurance also testifies to PZU’s strength. We do not intend to slow our pace. In the course of this year we will extend our footprint on the life insurance market among small and medium enterprises. We are constantly tweaking our health offering. Our client base has grown by 300 thousand. We distribute our products through 1,800 branches to more than 1.3 million clients” adds Paweł Surówka.