2013 highlights

2013 highlights

Non-life insurance
  • Gross written premium of PLN 8,274 m, namely 2.1% lower than in 2012, as a result of lower written premium on motor insurance.
  • Market leader with a 31.1% share; 38.0% market share in motor insurance.
  • Extension of strategic cooperation with companies with large customer databases.
Life insurance
  • Gross written premium according to IFRS at PLN 7,745 m, up 3.9%.
  • Market share: 28.3%; market share in terms of regular premium: 43.3%
  • Stable growth in group and continued insurance premiums of 0.8 % y/y, because of an increasing number of insured, as well as a rise in the average premium, additionally supported by additional sales of profitable riders.
  • Development of group health insurance (introduction of additional consultations and innovative products – Antibiotic and drug insurance). The healthcare services provider, PZU Pomoc [PZU Assistance] worked with 1,050 establishments (800 at the end 2012).
Mutual funds
  • Net asset value of PLN 22.2 bn at the end of 2013 – growth of PLN 6.9 bn.
  • Market leader with a market share of 11.8%.
  • Market leader in Employee Pension Programs and registration of further EPPs.
  • Market launch of a new product called the PZU Peace of Mind Portfolio.
Pension funds
  • Third place on the market with a share of 13.4% by net asset value.
  • Market leader on the Individual Pension Security Accounts market among voluntary pension funds.
  • Active participation in work on the Pension System Act.
International operations
  • Rapid expansion of business and market share growth:
  • Ukraine: 3.5% of the non-life insurance market and 4.8% of the life insurance market.
  • Lithuania: 13.6% of the non-life insurance market (3rd place on the market) and 4.2% of the life insurance market.
  • Opening of a branch in Estonia.
  • Participation in the privatization process of Croatia Osiguranje.
Infrastructure
  • Pilot launch of a new Everest IT system for non-life insurance policies.
  • Adapting more proprietary branches.
  • Further improvements in the claims handling process.
Human resource management
  • Headcount restructuring and fewer employees – 2.9% decline in employment in 2013.
  • Completion of the job description and valuation process.
  • Development of a performance-oriented organizational structure.
Financial results and operational safety
  • Net profit of PLN 3,295.1 m, namely 1.3% higher than in 2012.
  • Return on equity 24.1% – an increase of 0.1 p.p. compared with 2012.
  • Acceptance of a new dividend policy and payment of an advance toward dividends from 2013 profit. Overall, PLN 4.3 bn was paid to shareholders in 2013.
  • Maintain above-average solvency ratios in the insurance sector.