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Poland's PZU aims to become top-three non-life insurance company in Baltics

 RIGA, March 14 - The Polish insurance group PZU, one of the largest insurance companies in Central and Eastern Europe, has officially entered the Latvian market; the company's strategic goal is to become a top-three non-life insurance company in the Baltic countries, as the company informed "Nozare.lv".

PZU entered the Baltics ten years ago by opening a branch in Lithuania. At the beginning of 2012, PZU announced consolidating its presence in the Baltic countries by opening "PZU Lietuva" branches in Latvia and Estonia, which actually happened at the end of 2012. The first PZU insurance in Latvia was issued shortly after that.

In Latvia, PZU positions itself as a provider of wide range of insurance services with a modern and stable business strategy.

PZU board member Boguslaw Skuza says that the company's business model in the Baltic countries based on the Lithuanian platform providing the necessary business support for the Latvian and Estonian branches. Thanks to the integrated structure, finding solutions that suit customers the best takes very little time and is cost effective, emphasizes Skuza.

PZU Group's net profit in 2012 increased 40 percent from 2011, exceeding PLN 2.5 billion (LVL 0.43 million). Gross premiums increased 6 percent to PLN 16.2 billion (LVL 2.76 million), whereas return on equity was at 24 percent.

The company employs more than 16,000 people.
leta.lv

14-03-2013
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