Massive floods in southern Poland and financial turmoil on capital markets caused a 30% profit drop for Poland's biggest insurer PZU in first quarter, in comparison to the same period of the 2009.
Also, after the IPO operation, which generated an increase in insurer's shares, market specialists are skeptical about a positive evolution of Polish insurer on the capital markets. In the first quarter of 2009, the group reported a profit of EUR 280 million, while in the first quarter of this year amounted to only EUR 210.2 million.
In 2009, PZU has reported record profits of EUR 1.3 billion and significantly increased its revenues before launching an initial public offering on the capital market.
Thus, the Polish insurer's net income rose 62% last year from EUR 597 million to EUR 897 million, due to the higher investment income in stocks and bonds, according to Andrzej KLESYK, CEO, PZU.
