Polish insurer PZU's first-quarter net profit jumps on core segments performance

PZU PZU, Poland's leading insurer, reported a 40% year-on-year rise in its first-quarter net profit on Thursday, driven by higher profitability in its core insurance segments.

Net profit for the quarter reached 1.76 billion zlotys ($465.5 million), exceeding the 1.54 billion zlotys forecast by analysts in a company-compiled consensus.

Total revenue from insurance grew 7.4% year-on-year to 7.53 billion zlotys, with significant increases in the mass and corporate property insurance segments, as well as the life insurance segment.

The mass property and personal insurance segment's operating profit doubled to 584 million zlotys, driven by a significant increase in the net result from insurance services, both in motor and non-motor insurance.

Operating profit in the corporate property insurance segment rose 33.6% to 318 million zlotys, mainly due to a 76 million zlotys increase in the net insurance service result.

The group and individual life insurance segment's operating profit rose 24.8% to 428 million zlotys, driven by higher insurance revenues and improved investment income.

PZU's adjusted return on equity for the first quarter of 2025 was 22.4%, up 5.3 percentage points from the same period last year.

($1 = 3.7807 zlotys)