PZU SA's management board recommended a dividend of 2.50 Polish zlotys per share from its full-year 2017 profit, with the total value of the planned dividend payout reaching 2.16 billion zlotys.
The management board also proposed to set the dividend record date and payment date for Sept. 12 and Oct. 3, respectively. The dividend, which was submitted to the ordinary shareholder meeting, is line with the Polish insurer's capital and dividend policy for the period of between 2016 and 2020 and also takes into account the Polish Financial Supervisory Authority's recommendations.
PZU CEO Pawel Surówka, who said in March that the insurer intended to propose a 2017 dividend payment of between 66% and 100% of net profit, told a news conference the company decided to retain a safety buffer of more or less 5% from earnings to finance potential transactions, PAP reported.
As of May 15, US$1 was equivalent to 3.62 Polish zlotys.
