Polish insurer PZU's net profit jumps on strong insurance, banking performance (updated)
28/08/2025 06:33
Adds additional information in paras 3-6 GDANSK, Aug 28 (Reuters) - Poland's largest insurer PZU PZU.WA reported a 23% rise in its second-quarter net profit on Thursday, driven by a strong performance from both its core insurance operations and its banking business. The company's net profit for the quarter reached 1.47 billion zlotys ($403.79 million), exceeding the 1.43 billion zloty analyst estimate from a company-compiled consensus. The results come just weeks after the state-run company dismissed CEO Andrzej Klesyk following a brief tenure, a move Poland's Ministry of State Assets said was to "align management policy with ownership objectives". The company's quarterly operating profit rose around 14.5% to 4.06 billion zlotys, driven by a strong contribution from its banking segment and solid insurance results. The result narrowly beat analysts' estimate of 4.05 billion zlotys. Insurance revenue rose 5.6% to 7.69 billion zlotys, slightly below analysts' estimate of 7.75 billion zlotys. The result was influenced by higher insurance revenue in its mass and corporate property-and-casualty businesses. PZU is advancing a plan to merge with Poland's second-biggest lender, Bank Pekao PEO.WA, a deal valued at over 100 billion zlotys ($27.30 billion) and scheduled to be completed by mid-2026. ($1 = 3.6405 zlotys) (Reporting by Rafal Nowak; Editing by Matt Scuffham) ((RafalWojciech.Nowak@thomsonreuters.com; +48 58 769 66 63;))