PZU GROWS PREMIUMS BUT PROFITS FALL

Polish insurer PZU saw 2.6% growth in gross written premiums during the first quarter of 2016, driven by growth of almost 30% in motor insurance premium income in its corporate client segment. GWP for the three month period totalled PLN4.8bn, but net profits were down 48% to PLN486.6m for the three-month period. PZU was hit by a higher loss ratio in its agriculture business, resulting from numerous claims linked to the adverse impact of ground frost. The group’s investment result also deteriorated, linked to falling equity values and high foreign exchange gains in last year’s first quarter. PZU said it will provide an update on its strategy review when it announces its results for the first half of 2016.