Gross revenue growth of PZU
PZU announced that in the second quarter of this year The group increased its gross insurance revenues to PLN 7,283 million from PLN 6,614 million a year earlier.
As reported by the company, in the first half of 2024, net profit attributable to shareholders of the PZU Group’s parent company amounted to PLN 2.446 billion, compared to PLN 2.688 billion in the first half of 2023.
Net profit and revenue growth of the PZU group
It was added that the PZU Group recorded an increase in insurance revenues in the first half of the year by PLN 1,282 billion to PLN 14,295 million.
The press release stated that the result from insurance services after six months of this year amounted to PLN 1.6 billion (compared to nearly PLN 2 billion in the same period of 2023). The company reported that its level was influenced, among others, by increased costs of compensation and benefits after numerous weather damages that occurred in Poland in the second quarter of this year.
Impact of investment and banking results
It was added that the PZU Group’s result and profitability in the first half of 2024 were positively influenced by the investment result of PLN 1.23 billion (an increase of 2.4% y/y), and above all by the result from banking activities. The contribution of Bank Pekao and Alior Bank, belonging to the PZU Group, amounted to PLN 975 million in the first half of this year (an increase of 3.6% y/y).
The company reported that PZU’s revenue from property and other personal insurance on the Polish market in the first half of 2024 increased by 11.4% y/y – to PLN 8.6 billion. The strongest increase was noted in sales in insurance other than motor insurance. In this group, after two quarters of this year, revenue increased by 16.9% y/y, or approx. PLN 0.5 billion. Within the non-motor segment, the greatest dynamics was achieved by corporate insurance, where sales in the first half of this year compared to the same period of 2023 increased by 26.1%, and the result on insurance services increased by 9% y/y – to almost PLN 280 million.
Differences in revenue growth in the property and personal insurance segment
It was added that in motor insurance in the first half of the year, the autocasco segment recorded a double-digit increase in sales – to almost PLN 2.3 billion (up 11.5% y/y). However, due to the market situation in the third-party liability insurance segment for motor vehicle owners, revenues in the entire motor insurance group in the first half of 2024 grew slower – by 7.4% y/y.
In turn, life insurance revenues in Poland in the first half of 2024 increased by 6.7% y/y – to almost PLN 4.3 billion. The number of health contracts in the PZU Group at the end of June 2024 was almost 3.5 million (an increase of 3.4% y/y). Revenues in the entire health pillar in the first half of the year exceeded PLN 920 million and were higher by 21.1% compared to the same period of the previous year.
The Capital Group of Powszechny Zakład Ubezpieczeń is the largest financial institution in Poland and Central and Eastern Europe. The company has been listed on the Warsaw Stock Exchange since 2010. The consolidated assets of the PZU Group amount to PLN 482 billion and it provides services to approx. 22 million customers in five countries. The Group offers products and services to individual customers, small and medium-sized companies and large business entities. The State Treasury has approx. 34.2 percent of shares in PZU. (PAP)
