Higher profits, lower premiums in insurance sector

Both life and non-life insurers in Poland exceeded their net profit expectations in the first quarter of 2014, according to a report issued by the Financial Supervision Authority (KNF) on Thursday. However, gross written premiums were lower than planned. The biggest discrepancy is in the financial results of non-life insurers, the KNF said. The aggregated net profit of life insurers was PLN 0.63 billion in Q1, growing by 1.83 percent year-on-year and exceeding expectations by 7.16 percent, the report said. Gross premiums amounted to PLN 6.93 billion, which stood for 97.48 percent of what was expected. In the case of non-life insurers, net profit was at PLN 0.55 billion, down by 27.37 percent y/y but 30.76 percent higher than expected. Gross premiums amounted to PLN 7.04 billion or 98.21 percent of the plan.