The PZU Group believes that achieving the strategic goal of over PLN 28 billion in gross insurance revenue in 2024 is within its reach, and the implementation of the entire strategy is at a point that gives a “very positive impulse for the future”, said Tomasz Kulik, board member. He also expressed hope that the company would be able to maintain the results of the first half of the year throughout 2023 and achieve “very good results”.
“When it comes to gross insurance revenue – an 8% year-on-year increase [in the first half of the year], we still believe that the target of PLN 28 billion at the end of next year is within our reach. Stable increases in the health pillar, over 26%, with the target of PLN 1.7 billion. As far as the contribution of banks is concerned, there are also very strong increases here, which are, on the one hand, a derivative of the increase in interest rates, and on the other hand – in this period there are no additional regulatory costs, which we had to deal with last year, and therefore quite strong growth over the last 12 months, with a strong contribution of assets under management, which translates into a very good situation after the first half of the year, a situation measured by net profit with a very good, solid capital base, with the solvency ratio measured at Solvency II at the level of 235%, which is significantly above the peer group. Adjusted ROE, but also the basic ROE, over 20% – so this is a situation that fills us with joy and gives a very positive impulse for the future” – said Kulik during the videoconference.
“This is also a moment when high results are visible in almost every line and in every segment, which we hope we will be able to maintain until the end of this year. And this should translate into very good results for the 12 months of this year,” he added.
After the April recalibration, the strategic goals until 2024 include over PLN 28 billion of gross insurance revenue, PLN 4.3 billion of consolidated net profit, 15.5% of the adjusted ROE, PLN 1.7 billion of revenues in the health pillar, PLN 1 billion of banks’ contribution to the result net group, ≥ 200% solvency II ratio and PLN 60 billion of assets under management.
The net profit attributable to the shareholders of the parent company in the Group, ie PZU SA, reached PLN 2.7 billion in the first half of the year, i.e. it was higher by almost half y/y. This means that the adjusted profitability ratio (aROE) amounted to 22.2%. The net profit of the entire PZU Group, including Pekao and Alior banks, in the first half of 2023 amounted to PLN 5.8 billion, which means an increase of 81% y/y.
Insurance revenues amounted to PLN 13,002 million compared to PLN 12,045 million a year earlier. In the first half of the year, the PZU Group’s revenues in the health pillar amounted to 2023 PLN 760 million, which means an increase by 26.6% y/y.
The PZU Group is the largest financial institution in Central and Eastern Europe. The value of its consolidated assets amounted to PLN 436.12 billion in 2022. The company has been listed on the Warsaw Stock Exchange since 2010.