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PZU sees 2014 dividend above 75 pct of net profit-CFO
May 14, 2014 / 9:00 AM / 4 years ago

PZU sees 2014 dividend above 75 pct of net profit-CFO

WARSAW, May 14 (Reuters) - Poland’s PZU, Eastern Europe’s largest insurer, may earmark for its 2014 dividend more than 75 percent of the group’s net profit, the company’s Chief Financial Officer (CFO) Przemyslaw Dabrowski said on Wednesday.

“Taking into account our capital safety ratios, dividend distribution for the last year into tranches will allow us to pay out a dividend for 2014 that amounts to more than 75 percent (of net profits),” Dabrowski told a news conference.

Analysts expect the state-owned insurer will book almost 3 billion zlotys ($983.59 million) in net profit in 2014.

“We expect growth in gross premiums in PZU through 2014 at a comparable level to the market’s growth, which may amount to up to 1 percent,” Dabrowski also said.

PZU said earlier on Wednesday it made a net profit of 760 million zlotys ($249 million) in the first quarter, below analysts’ average forecast of 781 million zlotys. Gross premiums fell by almost 2 percent to 4,35 billion zlotys. ($1 = 3.0501 Polish Zlotys) (Reporting by Adrian Krajewski; Writing by Marcin Goclowski; Editing by Christian Lowe)

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