PZU profit drops in Q3

Poland’s largest insurer PZU recorded a consolidated net profit of PLN 843.5 million in the third quarter of 2014 compared to PLN 1.09 billion a year earlier. The result was in line with the expectations of analysts, which stood at PLN 847 million. The group’s net profit declined by 23 percent year-on-year and by 12 percent quarter-on-quarter. The return on equity was 26.4 percent at the end of Q3. Gross written premiums in Q3 stood at PLN 3.97 billion. It was also in line with market consensus of PLN 3.94 billion. It grew by 2 percent y/y and fell by 3 percent q/q.