Polish insurer PZU's annual profit drops on weather-related claims costs (updated)
27/03/2025 06:43
Recasts with focus on year-on-year profit decline, adds details in paragraphs 2, 4-5
GDANSK, March 27 (Reuters) - Poland's leading insurer PZU PZU.WA reported on Thursday a 7.6% drop in its full-year net profit, primarily driven by higher claims costs from weather-related mass damages.
In September, Poland grappled with its worst floods in more than 20 years, leading to substantial expenditures for recovery and reconstruction efforts.
The company's annual profit reached 5.34 billion zlotys ($1.37 billion), exceeding the 4.93 billion zlotys forecast by analysts in a company-compiled consensus.
PZU's banking segment, which includes its 20% stake in Pekao PEO.WA and 32% stake in Alior Bank ALRR.WA, contributed 2.11 billion zlotys ($540 million) to the annual result, marking an increase of about 5.5% from the previous year.
In December, PZU unveiled its 2025-2027 strategy, which included considering the sale of its stake in Alior Bank to Pekao, where it already holds a stake, as part of efforts to streamline its corporate structure.
($1 = 3.8838 zlotys)
(Reporting by Rafal W. Nowak; Editing by Sherry Jacob-Phillips)
((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))