PZU group had PLN 2.62 billion (EUR 678.6m) of net income in the first half of the year, or PLN 1.09 billion more than in the same period of last year. The premiums collected dropped from PLN 8.04 billion to PLN 7.89 billion.
“I hope the second half of the year will be as good as the first one although turmoil on the stock markets shows it doesn’t have to be like that. This year’s target of PLN 5 billion of net income is not changed”, Jaromir Netzel, PZU CEO said.
In his opinion, the results would have been much better if PZU had its own bank. Talks are being conducted concerning a merger of PKO BP with PZU. Soon, contract will be signed allowing PKO BP to sell PZU’s polices.
“All the indices are improving. Our reserves grow. We are a very safe institution”, Rafal Antczak, PZU chief economist commented.
The other Polish giants whose net income in the first half of the year exceeded PLN 1 billion include KGHM copper conglomerate (PLN 1.84 billion), PKO BP (PLN 1.28 billion), PKN Orlen fuel company (PLN 1.16 billion), PGNiG gas monopoly (PLN 1.13 billion), Pekao bank (PLN 1.04 billion) and TP telecom (PLN 1.01 billion).
(PLN 1 = EUR 0.259)