STATISTICS: POLAND, 3Q2018: the decreasing popularity of the UL life insurance products pulled down the market
According to data provided the market authority, net profit of life insurers amounted to about EUR 468 million, 5.6% up y-o-y. Non-life insurers reported a net profit of EUR 866 million, 24.6% higher than in 3Q2017, but a significant part of this figures came as a dividend from PZU Zycie paid to PZU SA, already included in last year's net profit of life insurers, as a press statement released by the Polish Chamber of Insurers (PIU) explained.
The technical result of life insurance amounted to EUR 562 million and was lower than a year earlier by 0.5%. The technical result of property insurers amounted to EUR 562 million and was by 57% higher than a year earlier. The income tax due from Polish insurers at the end of the third quarter of 2018 amounted to PLN 1 billion, and the tax on assets - approx. PLN 540 million.
In GWP terms, life insurance remained on a downsize trend, reporting a 9.5% decrease, to EUR 3.84 billion, because of the significant fall (-26.6% y-o-y, equivalent of half billion zloty) reported on the UL products segment. At the same time, benefits paid went up by about 6%, to EUR 3.7 billion. Yet, the near future will bring a new business opportunity for life insurers. "We already know the shape of the Act on Employee Capital Plans. The objectives of the PPK will be implemented with the participation of insurers. Some insurance companies will decide to offer PPK, while others will offer plans created within the capital group" - says J. Grzegorz Pradzynski, the head of PIU.
Non-life insurance GWP went up by 8.27%, to EUR 6.99 billion, despite the slowdown seen on the MTPL line, while paid claims increased by 4.9%. The MTPL class provided for GWP of EUR 2.67 billion, up by 4% y-o-y, a much more lower growth rate than the ones seen in the previous periods. The average MTPL premium value stood at PLN 568.7 (0.1% less y-o-y), while the average claim value was of PLN 7,428 (3% less y-o-y), PIU said.
Access www.xprimm.com and download the 3Q2018 Polish insurance market statistics.