By Marcin Sobczyk
WARSAW--Poland's PZU SA (PZU.WA), the largest insurer in Central
Europe, Wednesday said its second-quarter net profit rose 14% on
the year, driven by profits made on Polish sovereign bonds.
PZU made 960 million zlotys ($302 million) in net profit in the
second quarter, with gross premiums at PLN4.08 billion, up a
fraction of a percent versus the second quarter of 2013. Insurance
claims grew 0.9% on the year to PLN2.75 billion.
PZU attributed most of the profit rise to a rally of Polish
government bonds amid monetary policy easing by the nation's
central bank. Its core insurance business was roughly
unchanged.
The company is controlled by the Polish government, which holds
35.19% of shares. PZU closed 0.3% higher on Tuesday,
underperforming the blue-chip WIG20 index, which closed 0.77%
higher.
Write to Marcin Sobczyk at marcin.sobczyk@wsj.com
Access Investor Kit for Powszechny Zaklad Ubezpieczen SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=PLPZU0000011
Access Investor Kit for Powszechny Zaklad Ubezpieczen SA
Visit
http://www.companyspotlight.com/partner?cp_code=A591&isin=US7393791055
Subscribe to WSJ: http://online.wsj.com?mod=djnwires