PZU income generated by banks

22-08-2008, 13:34

PZU sales grew by 50 percent but its net income dropped by 50 percent. The CEO promises to closely watch the costs.

In the first half of the year, PZU sales amounted to PLN 11.88bn (EUR 3.6bn). This is PLN 4bn, or 50.6 percent more than in the same period of last year. The growth was possible mainly thanks to life-insurance business which collected PLN 7.4bn, or 105.6 percent more. It was mainly thanks to banks, and not to PZU agents, however. Bancassurance premium rose from PLN 0.43bn to PLN 4bn, or by 842 percent. In the first half of the year, the insurance group had PLN 1.3bn of net income against PLN 2.6bn a year earlier.

“The decrease is solely because bearish market, we lost PLN 2bn. I’m satisfied with higher premium growth, and even more satisfied with the fact that it grows faster than costs”, Andrzej Klesyk, PZU CEO said.

Costs grew 5.5 percent in the life business and 2.4 percent in the remaining insurance business. It won’t be easy to control costs because the management is in a clash with trade unions comprising of 20 percent of employees.

The CEO does not want to state clearly whether he is going to reduce employment or not. Today, there are 16,000 people employed at PZU.

(PLN 1 = EUR 0.303)

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Puls Inwestora / PZU income generated by banks