During the first half of 2009,
the PZU Group collected a total of EUR 1,95 billion in insurance premiums,
achieving a net financial result
of EUR 559 million. This significant growth, in comparison to the result
obtained in H1 of the previous year, is attributed to the Group's
new strategy, and to better results on investment activity, achieved
by the Group's companies.
Written premiums at PZU SA reached EUR
995 million after H1 2009. Premiums were higher, year on year, in property
and agricultural insurance,
liability insurance and in motor assistance insurance. The lower sales
of motor third party liability insurance was caused by the deepening
crisis in the motor sector. The decrease of the overall technical result
by 30.8%, to the amount of EUR 94,7 million, as compared to the result
obtained during H1 2008, was mainly due to lower written premiums and
to higher claims paid on motor, property and agricultural insurance.
Written
premiums in PZU Zycie SA reached EUR 921,1 million after H1 2009. Premiums
were higher, year on year, in group insurance and - to
a smaller extent - also in individual insurance. In line with
its earlier announcements, the Company significantly reduced sales
of unit-linked bancassurance policies, due to potential risk of asset
concentration. Thanks to the improvement of investment results, the
technical result in life insurance was higher by 71.5% than the result
obtained in H1 2008, and totaled EUR 430,7 million.
The financial results
of PZU Ukraine for H1 2009 were better than during H1 2008. The Company
reduced its financial loss, and the net
result amounted to EUR 2 million, as compared to the loss of - EUR
5.6 million in H1 2008.
The net financial loss of PZU Lietuva reached
EUR 1,5 million, compared to the loss of EUR 1.2 million in H1 2008.
