Polish insurer PZU posts EUR 216 mln net profit in 4th quarter

Rafał Guz/PAP

Leading Polish insurer PZU posted a net profit of PLN 935 million (EUR 216.6 million) in the fourth quarter of 2019, against PLN 851.5 million (EUR 197.3 million) expected, the company's report, released on Thursday, showed.

The company's net profit rose by 20.0 percent year on year and by 6.0 percent quarter on quarter.

The company's gross premiums written were at PLN 6.69 billion (EUR 1.55 billion) at the end of Q4, up by 8.0 percent year on year and 18.0 percent quarter on quarter.

Net insurance claims in the fourth quarter amounted to PLN 3.77 billion (EUR 874.5 million), an increase of 5.0 percent year on year and decrease of 5.0 percent quarter on quarter.

PZU CEO Pawel Surowka said that the year 2019 was the best in terms of net profit, sales and employee involvement. "By generating almost PLN 3.3 billion (EUR 764.5 million) of profit and reaching PLN 24.2 billion (EUR 5.6 billion) from premiums, we broke the record," he added.