Polish insurance-market leader PZU has booked a profit of zł.2.44 billion for full year 2010, a zł.1.32 billion drop compared to 2009.

Source: PZU

The fourth quarter saw some improvement. PZU paid out compensation worth zł.2.45 billion in Q4, as compared to zł.2.67 billion in the last three months of 2009. Analysts had estimated the figure would amount to zł.2.61 billion.

The company’s gross premium written in the fourth quarter of 2010 amounted to zł.3.6 billion, exceeding analysts’ expectation. The figure had been forecast at zł.3.46 billion.

“The gross premium written is bigger than in Q3 2010, which is a success, because historically the last three months are weaker than in the previous quarters,” explained Mr Klesyk.

Revealing information about a potential dividend payout this year, PZU’s president told Parkiet, “The board hasn’t made the decision concerning sharing the profit yet. We have said ... that we will recommend [that the profit is shared] closer to the upper spread, which is around 45 percent of the profit.”

The firm’s management wants to increase the upper limit of the spread, however. Talks regarding this issue “should be held before the annual shareholders’ meeting,” according to Mr Klesyk.

Evaluating PZU’s expectations for 2011, Mr Klesyk said, “We are preparing an offer of additional insurances in group insurances, we don’t expect any one-off unfavorable occurrences, we have no connection to the situation in Japan and we are supervising the financial situation of our reinsurers, who also operate in Japan,” he explained.