WARSAW, March 23 Poland's state insurance firm
PZU said on Thursday it would stick to its core
strategies and keep paying dividends, as it watched its share
price fall sharply a day after it fired its chief executive.
The supervisory board of Eastern Europe's largest insurer
dismissed Michal Krupinski on Wednesday without announcing a
reason, a little over a year after he took up the post.
The company and other Polish state firms have been going
through managerial reshuffles since the conservative Law and
Justice Party (PiS) came into power in 2015, ending eight years
of more free-market rule by its predecessor.
On Thursday, the company's shares closed 4.45 percent down
on the Warsaw Stock Exchange, with investors worried about the
The firm said it would remained focused on its 2020
strategy, whixch includes increasing the profitability of its
insurance business and developing innovative tools for customer
service and management.
"Of the utmost importance are transactions and projects in
the banking market, which PZU will work actively to develop,"
interim CEO Marcin Chludzinski said in a statement.
"The dividend policy presented to the shareholders will be
continued," he added.
The company paid 2.08 zlotys ($0.5261) per share in
dividends on 2015 results. Earlier in March, Krupinski said
dividends on 2016 results may significantly exceed 50 percent of
the firm's net income.
($1 = 3.9534 zlotys)
(Reporting by Pawel Florkiewicz; Writing by Lidia Kelly)