PZU Q4 profit grows

WSE-listed insurer PZU recorded a PLN 764 million net profit in Q4, up by 22 percent y/y. Gross written premium reached PLN 5.91 billion, up by 7.3 percent y/y. For 2017, PZU recorded PLN 2.91 billion net profit compared with PLN 1.93 billion profit in 2016. Operating profit amounted to PLN 5.51 billion compared with PLN 2.99 billion the year before, while gross written premium reached PLN 22.8 billion, up by 13 percent y/y. PZU reported that 2017 figures were boosted by the increase in premiums in the motor insurance group and in individual life insurance, high profitability of the motor insurance portfolio and increase in non-life segment property insurance and better results in the banking segment due to high sales by Alior Bank.