Bloomberg News

Poland’s PZU Quarterly Profit Beats Estimates as Premiums Gain

August 29, 2012

PZU SA (PZU), Poland’s largest insurer, said second-quarter profit climbed by a bigger-than-estimated 17 percent after boosting premiums and investment income.

Net income rose to 894.6 million zloty ($273.3 million) from 762.2 million zloty, the Warsaw-based company said in a regulatory statement today. That beat the 791.3 million-zloty average estimate of seven analysts surveyed by Bloomberg.

PZU may post full-year earnings at a level “similar” to 2011, Chief Executive Officer Andrzej Klesyk said on March 15. The insurer, which reported a 3.9 percent decline in profit to 2.34 billion zloty last year amid a slump in financial markets, is reallocating assets to corporate bonds as it bids to limit the impact of investments on earnings.

Income from investments increased 7.6 percent to 651.1 million zloty from a year earlier, while premiums rose 5.9 percent to 3.92 billion zloty in the quarter.

First-half net income rose to 1.72 billion zloty from 1.55 billion zloty.

To contact the reporter on this story: Marta Waldoch in Warsaw at

To contact the editor responsible for this story: Frank Connelly at

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