PZU SA reported full-year 2017 consolidated net profit attributable to the equity holders of the parent company of 2.91 billion Polish zlotys under International Financial Reporting Standards, up from the restated 1.94 billion zlotys in 2016.
EPS for the year stood at 3.37 zlotys, compared to 2.24 zlotys a year earlier.
Gross written premiums reached 22.85 billion zlotys in 2017, up from the year-ago 20.22 billion zlotys. Net written premiums rose year over year to 22.24 billion zlotys from 19.79 billion zlotys. Net earned premium increased to 21.35 billion zlotys in 2017 from 18.63 billion zlotys in 2016.
The Polish insurance group's revenue from commission and fees totaled 2.34 billion zlotys in 2017, an increase from 817 million zlotys a year earlier, while net investment income rose on a yearly basis to 9.05 billion zlotys from 4.11 billion zlotys.
Net insurance claims and benefits widened year over year to 14.94 billion zlotys from 12.73 billion zlotys.
PZU booked an interest expense of 1.37 billion zlotys in 2017, up from the year-ago 697 million zlotys, and an acquisition expense of 2.90 billion zlotys, compared to 2.61 billion zlotys in 2016.
The net result on realization and impairment losses on investments ticked up year over year to 960 million zlotys from 935 million zlotys.
The combined ratio in nonlife insurance stood at 89.42% in 2017, compared to 94.36% a year earlier. A ratio below 100% indicates that a company or division is making underwriting profit.
CEO Pawel Surówka said the group intends to spend 66% to 100% of 2017 net profit on dividend payout, Reuters reported.
In January, PZU unveiled its targets for 2020, including a return of equity of more than 22% and maintaining its Solvency II ratio at greater than 200%.
As of March 14, US$1 was equivalent to 3.39 Polish zlotys.
