PZU to win the market from rivals

opublikowano: 13-02-2008, 17:17

Warsaw (Puls Biznesu) – PZU insurer will no longer lose its market, the new management says.

 

Former CEO of PZU, Jaromir Netzel, would say that the company’s net income in 2007 would amount to PLN 4.5-5bn (EUR 1.2-1.3bn).

“The net income is at the level as of 2006 (PLN 3.7bn)”, Andrzej Klesyk, PZU CEO said.

However, in the first half of 2007, the company had PLN 2.6bn of net income.

“It was because of liberal politics of business reserves for court proceedings. Necessary investments were stopped while funds for marketing and training were cut. In addition, bearish market adversely affected income”, Andrzej Klesyk enumerated.

 

He also believes that the company grew slower than the market. PZU sold 120,000 car insurances policies fewer than a year earlier. This year, the market share should stop falling. PZU will withdraw from unprofitable businesses, including insurance of foreign ships.

“We will substantially increase spending for investments, training and marketing. We will cut administrative costs”, Andrzej Klesyk said.

In the middle of the year, PZU will start direct sales of car insurance policies.

(PLN 1 = EUR 0.277)

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