In This Article:
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Revenue: Almost PLN22 billion in insurance, an increase of PLN1.9 billion from last year.
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Health Insurance Growth: 11% increase.
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Motor Insurance Growth: More than 15% growth, with almost 9% in motor insurance.
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Profitability: PLN3.7 billion in ROE, almost 17% after three quarters.
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Quarter 3 Results: Almost PLN693 million, with PLN1.215 billion growth in the dominant company.
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Operating Margin: Almost 24%.
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Solvency Ratio: 233%, higher than market average.
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Gross Written Premium: Increased by almost 10% overall, with 14% in nonmotor insurance.
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Healthcare Revenue Growth: Nearly 19%.
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Bank Assets: Almost PLN494 billion.
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Net Insurance Service Expenses: Affected by flooding, PLN275 million in net revenues.
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Combined Ratio: Below 99% for corporate TPL, over 100% for mass insurance.
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Group and Individual Continued Insurance Growth: 3% growth.
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Individual Insurance Growth: 31% increase.
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Assets Managed by Group: 30% growth compared to last year.
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Investment Fund Management Market Share: 9%.
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Gross Insurance Revenue Growth: 8.6% year-on-year.
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Corporate Insurance Growth: Double-digit, almost 13% growth.
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Life Insurance Growth: 7.5% growth, particularly in individual insurance segments.
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Net Result of Dominant Company: PLN626 million in nonbank segment, PLN1.215 billion overall.
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Mass Insurance Revenue Increase: 8.6% growth.
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MOD Growth: 11.1% growth.
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Non-Motor Insurance Growth: 10.2% increase.
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Motor Insurance TPL Growth: 8% in Q3.
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Motor Insurance MOD Growth: 3% in Q3.
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Corporate Insurance Combined Ratio: 88% to 87%.
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Group Insurance Operating Margin: 26%.
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Asset Portfolio Yield Growth: 19% growth adjusted for investment products.
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Adjusted Return on Equity: Nearly 16%.
Release Date: November 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Powszechny Zaklad Ubezpieczen SA (PWZYF) reported a significant revenue increase, reaching almost PLN22 billion in insurance, which is PLN1.9 billion more than the previous year.
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The company achieved a strong growth in health insurance by 11% and motor insurance by more than 15%, indicating robust performance in these segments.
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The profitability of the company remains strong with a return on equity (ROE) of almost 17% after three quarters.
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Powszechny Zaklad Ubezpieczen SA (PWZYF) maintained a very strong capital position with a solvency ratio of 233%, which is higher than the market average.
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The company demonstrated agility and effective crisis management during the recent flood in Poland, handling 46,000 claims swiftly and improving customer satisfaction significantly.