PZU had PLN 986 million of net profit, PLN 6,83 billion of gross written premium in Q4 2021

Powszechny Zakład Ubezpieczeń (PZU) recorded PLN 906 million of consolidated net profit attributable to shareholders of the parent company in Q4 2021 compared to PLN 721 million of profit a year earlier, the company said in the report.
Operating profit (excluding Bank Pekao and Alior Bank) amounted to PLN 1,035 million, compared to PLN 812 million profit a year earlier.

Gross written premium amounted to PLN 6,830 million in Q4 compared with PLN 6,575 million a year earlier.

The premium in property and other personal insurance in Poland in Q4 amounted to PLN 4.1 billion, growing by 6.3% y / y. Throughout 2021, it increased by 7.1% to PLN 14.09 billion. Strong increases were recorded especially in non-motor insurance: in the mass insurance segment by 15.1% (from PLN 3.48 billion in 2020 to PLN 4.01 billion in 2021) and in the corporate insurance segment by 13.6% ( from PLN 1.62 billion in 2020 to PLN 1.84 billion in 2021). The maintenance of the very good profitability of non-life insurance is noteworthy, as stated in the release,

"In Q4 the strongest growth was recorded in the mass non-motor insurance segment, where the premium increased by 30.7% y / y, mainly due to higher sales of home insurance, small and medium-sized enterprises, agricultural crops, and insurance offered in cooperation with banks PZU Group. The combined ratio COR of non-life insurance in Q4 2021 remained at a favorable, low level of 87.7% compared to 87.6% a year earlier. In the entire year 2021, COR amounted to 89.1% compared to 88.4% in 2020. " - said Tomasz Kulik, member of the PZU management board and financial director, quoted in the press release.

The PZU Group is the largest financial institution in Central and Eastern Europe. The company has been listed on the WSE since 2010.

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