Poland's second-pillar pension funds (OFEs) generated poor results over the last year, with all the 12 funds recording negative returns. According to the Polish Financial Supervision Authority (KNF), the weighted average 12-month return, as of the end of March 2016, fell from 2.52% in 2015 to minus 6.63%, while the three-year return plunged from 25.13% to 6.34%.
Fitch Ratings has affirmed the Long-term Issuer Default Ratings (IDRs) of Poland-based Bank Pekao SA (Pekao) and its mortgage bank subsidiary, Pekao Bank Hipoteczny (PBH), at 'A-' with Stable Outlook.
Total value of GWP by the Polish insurers in 2015 amounted to PLN 54.8 billion (EUR 12.86 billion), a volume fairly equal as compared with 2014 (decrease y-o-y by 0.23%), while the total value of claims paid went down by 2%, to PLN 34.8 billion. Insurers' net profit amounted to PLN 5.7 billion and was 14.3% lower than in 2014.
Poland's mid-tier lender Alior Bank ALRR.WA, owned by state-run insurer
PZU, is in talks to buy its rival Bank BPH BPHP.WA from General Electric
(GE.N) and hopes to complete a deal around mid-2016, three banking
sources told Reuters.
At the end of 3Q2015 the Polish insurance market totaled PLN 40.88 billion (EUR 9.65 billion) or 0.22% more y-o-y, as the financial indicators published by the Polish Financial Supervision Authority (KNF) show. Official figures also reveal that the amount of paid claims/indemnities during the period was PLN 25.85 billion, representing an increase of 2.39% y-o-y.
Poland's new conservative-dominated parliament yesterday pushed through a
controversial levy on the finance sector to help fund pre-election
promises on welfare. The measure, due to take effect from February 1,
will see a 0.44-per cent annual tax on the assets of banks and insurance
Polish government bonds owned by insurance companies will not be exempt
from the bank tax, unlike the ones owned by banks, deputy Finance
Minister Konrad Raczkowski said on Tuesday. Earlier on Tuesday a member
of the ruling Law and Justice (PiS) party said that it planned to amend
the bank tax bill to exempt government bonds from the levy.
As many as 250,000 Polish drivers have not insured their cars, which is a legal requirement in the country. Just last year, more than 6,000 accidents were caused by uninsured drivers or those who fled the scene.
Compared with the previous years' results, 1H2014 represented for the Polish insurance market rather a stagnation period, with GWP increasing by only 1.3% both on the life and non-life segments. Thus, total GWP amounted to PLN 28.09 billion (EUR 6.69 billion), while claims paid totaled PLN 17/44 billion (EUR 4.16 billion), a volume roughly comparable with the last year's first half figure.
Poland will seek to hand shares in gas firm PGNiG, insurer PZU and power
utility PGE over to the Silesia investment fund, according to a motion
from the Treasury Ministry to the Monday cabinet sitting. In the
deal, Poland will take a new stake in the Silesia Financial Agency fund,
first called to being to help Poland restructure its milling industry.
A.M. Best has affirmed the financial strength rating of A- (Excellent)
and the issuer credit rating of "a-" of Polskie Towarzystwo Reasekuracji
S.A. (Polish Re) (Poland). The outlook for both ratings is stable.
British insurer Aviva is considering small acquisitions in markets such
as Poland, where it recently bought a financial advisory group, an Aviva
spokesperson said on Thursday.
Three investors have been shortlisted to buy Poland's largest insurance e-comparison engine, reportedly including Link4, a unit of Poland's largest insurer PZU. The other two bidders for Rankomat.pl are private equity fund Enterprise
Investors and UK insurance intermediary company, Confused.com, the
daily Puls Biznesu reports.
Employers of Poland urge the Minister of Health to amend the act on
medical activity so that medical malpractice insurance for hospitals
remain voluntary rather than compulsory. This would enable hospitals to
save up to several hundred thousand z
Polish insurers' aggregate GWP was up by 2.95% y-o-y to PLN 14.37 billion (EUR 3.51 billion) in the first quarter of 2015, as the financial indicators published by the Polish Financial Supervision Authority (KNF) showed. Official figures also revealed that the amount of paid claims/indemnities during the period was PLN 8.72 billion, representing a decrease of 4.82% y-o-y.
On 1 July Aviva and Liberty Ubezpieczenia joined companies offering
Direct Claims Adjustment (DCA) to their clients. Currently, the system
has been already applied by 7 insurance companies, which corresponds to
ca. two thirds of the third party motor liability insurance market. In
mid-October DCA is to be introduced also by the eighth insurer -
Central Europe's biggest insurance group PZU has submitted an offer to
buy Raiffeisen Bank International's Polish arm and wants to pay less
than the unit's book value, banking sources with knowledge of the matter
PZU Inwestycje, the asset management wing of the listed insurer PZU, has
agreed to take a 60 percent stake in Warsaw hospital Centrum Medyczne
Gamma, part of the largest Polish insurer's move into new lines of
State-controlled Polish insurer PZU has reiterated plans to spend up to PLN 9 billion on creating a Polish banking giant. PZU
has said it is in talks with two banks and could buy a third as part of
a plan to create a major domestic bank able to compete with
foreign-owned Polish banks.
Central Europe's biggest insurance company PZU was chosen as key
investor for local mid-tier lender Alior Bank, two sources familiar with
the matter said on Friday.