Half Year 2024 Powszechny Zaklad Ubezpieczen SA Earnings Call Transcript
Key Points
- Revenue on sales and insurance increased by 10% to over PLN14.3 billion.
- Profitability remains strong with a return on equity beyond 17%.
- Dividend payout is set to be 4.34%, which is competitive compared to peers.
- Strong capital position with a solvency ratio of almost 240% on a stand-alone basis.
- Dynamic growth in non-motor insurance, particularly in the corporate segment.
- Weather conditions negatively impacted crop and non-life insurance results.
- Motor insurance segment faced challenges, with a 1/3 impact from market trends.
- Higher operating costs due to inflation and increased salaries.
- Negative impact from weather events estimated at over PLN200 million.
- Lower profitability in the banking segment compared to Q2 last year.
Good morning, ladies and gentlemen. Today, we'll discuss the results of PZU for the first half of the year and the Q2 of 2024. The Chair will be Artur Olech, CEO of PZU SA; Jaroslaw Mastalerz, CEO of PZU Życie; and Tomasz Kulik, CFO of the PZU Group.
Good morning, ladies and gentlemen. Welcome to this meeting we just hold on a regular basis. Now the Q2 is already over so we will share with you the results. And also we will discuss it for the almost 6 months. So that is the second meeting -- was this makeup of leadership, and this is already after the procedure with the regulator.
We are a bit stressed, of course, but hopefully, we will be able to go after the change. Let me mention the most important figures. So these are the most important figures in results. So revenues on sales and insurance, which was over PLN14.3 billion which is an increase of about 10%, PLN1.3 billion over out from last year. Profitability is also very good,
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