PZU once again posts record-breaking gross written premium and doubles its profit in H1 2017
The last 6 months were the best terms of sales in PZU’s history. Gross written premium climbed 17.7% y/y to PLN 11.6 billion. Also PZU noticed a rising number of clients - 500,000 in H1 2017 compared to H1 2016 and nearly 70 thousand in Q2 2017 compared to Q1 2017.
Market share in non-life insurance in Poland expanded by 1.5 p.p. y/y to 37.1% and in periodic premium life insurance by 0.8 p.p. y/y to 45.6% (at the end of March 2017). PZU realized extensive cost discipline. The administrative expense ratio in the PZU Group’s insurance companies in Poland fell 1.1 p.p. y/y to 6.9%.
As a consequence PZU’s profit was doubled. Operating profit rose to PLN 2.2 billion compared to PLN 1.05 billion in H1 2016 while the parent company’s net profit climbed to PLN 1.45 billion compared to PLN 0.66 billion in H1 2016.