Listed insurer PZU should continue to deliver results to meet global peers and hold „comfortable” solvency despite a recent PLN 827 mln goodwill impairment on banking assets, analysts at S&P said in a note.
YTD impairments on banking units at PLN 1.3 bln and weaker banking sector results will „erode outperformance,” analyst concede.
„Full-year performance would still comfortably remain in line with international peers,” analysts write. Core operations in insurance should remain „relatively strong despite negative developments stemming from the pandemic” and uncertainties aren’t enough to impede a „gradual recovery” of earnings in 2021-2022, they say.
