Polish insurers increased their Q1 net earnings by 1.9% y/y to PLN 1.06 bln as improving performance of the property segment more than offset the deteriorating results of the life segment, a report by the Polish Insurance Association shows.
Net profit of the property segment rose 6.2% y/y to PLN 588 mln on premiums growing 7.7% to PLN 10.6 bln while claims went up 5.6% to PLN 5 bln.
Premiums from third-party vehicle policies increased 6.8% to PLN 3.7 bln and claims rose 2.9% to PLN 2.3 bln, while non-mandatory vehicle insurance premiums surged 12.5% to PLN 2.1 bln with claims were up 9.2% to PLN 1.3 bln.
In turn, the life segment suffered a 3.1% y/y decline in net earnings to PLN 470 mln as premiums fell 7.4% to PLN 5.7 bln and claims shrank 3.9% to PLN 5.4 bln.
