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PZU plans 1.4 zloty per-share dividend for 2016

The management board of PZU SA recommended the payment of a dividend amounting to 1.4 Polish zlotys per share from the insurer's 2016 net profit, with the total value of the planned dividend payout reaching 1.2 billion zlotys.

The management board also proposed to set the dividend record date and the payment date for Sept. 29 and Oct. 19, respectively. The management board's dividend proposal was already positively assessed by the insurer's supervisory board.

The insurer said the proposed dividend is in line with its dividend policy approved in 2016 and with the recommendations of the Polish Financial Supervision Authority. PZU said in March that its shareholders would continue to receive a dividend of between 50% and 100% of profits, but that the exact amount would depend on the insurer's investment needs.

The dividend offered by PZU from its 2015 profit amounted to 2.08 zlotys per share, and the total dividend payment reached 1.8 billion zlotys, news agency PAP said May 29.

As of May 29, US$1 was equivalent to 3.74 Polish zlotys.