PZAKY Powszechny Zaklad Ubezpieczen SA (PK)

By Patryk Wasilewski

WARSAW--Poland's top insurer, state-owned Powszechny Zaklad Ubezpieczen S.A. (PZU.WA), said Tuesday that fourth-quarter profit fell 23% from a year earlier due to lower income from its vast financial portfolio.

The insurer's earnings between October and December dropped to 404 million zlotys ($103 million), roughly in line with expectations of PLN400 million in a survey by state news agency PAP.

Thanks to recent acquisitions PZU's gross written premiums rose 9.8% to PLN4.48 billion zlotys, above the PLN4.24 billion expected by the market.

-Write to Patryk Wasilewski at patryk.wasilewski@wsj.com

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