Growth in sales, development of the scale, high profitability
Insurance revenue - 2Q23
PLN 4.0 bn (+10.2%)
Growth in sales
non-life insurance in Poland
Very good sales results
PLN 2.0 bn (+5.4%)
Dynamically growing sales of non-life
insurance, health and investment
life insurance in Poland
products
PLN 0.7 bn (+14.9%)
foreign operations
Assets under management
2Q23
PLN 45.4 bn (+47.4% y/y)
Strengthening position in asset management market
Net sales of investment funds by TFI PZU
PLN 1.3 billion in 1H23
Employee Capital Schemes (ECS) assets doubled y/y
Result on the main investment
portfolio - 2Q23
PLN 606 m (+17.3% y/y)
Positive impact of interest rates
Optimal conditions for reinvestment of a long term bond portfolio
High interest margin of banking business
Positive impact of interest rate
movement on PZU's standalone result
Higher interest rates create demand for insurance and investment products
Health Pillar revenue
1H23
PLN 760 m (+26.6% y/y)
Development of the Health Pillar
Growth of revenues by 26.6% y/y,
including a 31.0% year-on-year increase in insurance and subscription sales
Systematic increase in the number of contracts in 2Q23 - 3.37 million (+7.7%) at the end of June 2023
4
1. Main accomplishments
2. Business development
3. Results
4. Strategy
5. Attachments
Growth in sales of the last several quarters supports the growth in insurance revenue
Gross insurance revenue according to IFRS 17 (PLN billion)
9.2%
6.0
6.6
14.9% y/y
0.7
Foreign
0.6
10.2% y/y
Non-life
3.6
4.0
5.4% y/y
Life
1.9
2.0
+5.4%
1.89
1.99
0.36
0.04
0.30
0.04
1.55
1.60
2Q22
2Q23
CSM release
Release of adjustment due to non-financial risk
Expected benefits and costs
Year on year increase in insurance revenue to PLN 6.6 billion (+9.2% y/y)
Non-life insurance1
The y/y growth in insurance revenue to 4.0 billion (+10.2% y/y) reflects much higher growth rate of non-lifeinsurance sales in the second half of 2022 and, to a lesser extent, current year premiums (mainly MOD insurance and non-motor insurance)
MOD insurance (+16.8% y/y): growth in the number of contracts (recovery in the lease market, better availability of vehicles) and a higher value of vehicles insured
An increase in non-motor insurance revenues (+11.8% y/y) as a result of the acquisition of several large contracts, mainly in the corporate segment
Life insurance1
Year on year increase in insurance revenue (+5.4% y/y) results from:
Higher release of contractual service margin (CSM): PLN 357 m vs. PLN 300 m in the comparable period (growth of expected profits as a result of a significantly lower mortality - recovery of levels before the COVID-19 pandemic).
higher remuneration for insurance services covering administrative expenses and acquisition expenses affected by high inflation
1.
in Poland
5
Attachments
Original Link
Original Document
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Disclaimer
PZU - Powszechny Zaklad Ubezpieczen SA published this content on 31 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2023 05:53:05 UTC.
Powszechny Zaklad Ubezpieczeñ Spólka Akcyjna is one of the leading insurance groups in Poland. The group also develops pension and investment funds management activities. Gross written premiums break down by activity as follows:
- non-life insurance (64.3%): car insurance (57.8% of gross written premiums), fire and damage insurance (22.3%), accident and health insurance (6.8%), liability insurance (6%) and other (7.1%);
- life insurance (35.7%).
Gross written premiums are distributed geographically as follows: Poland (91.2%), the Baltic states (7.4%) and Ukraine (1.4%).