Investing in the banking sector is the best way to reap capital surplus, which has the PZU Group, says the chairman of PZU Michael Krupiński.
̶ Today, it seems that it is appropriate to invest surplus capital in related sectors. I do not exclude that in the space of a few years, when we find that this investment and the sector will give us the expectation of returns, it kilak years, the group will take the appropriate decisions ownership. It will depend on how the banking sector will develop, “- said Krupiński during a press conference.
Better to buy Polish, not foreign companies
̶ analyzed acquisitions outside the Polish, but if we have the opportunity to invest in the Polish banking sector, where we can realize considerable profits, we believe that potentially better returns can result in transactions in the banking sector, rather than buying companies abroad, “- he stressed.
PZU gained experience Alior Bank
Krupiński pointed out that the presence of PZU in the banking sector is the result of a previous engagement in Alior Bank and obtain a strong position in this sector is associated with obtaining appropriate scale.
“it is not the purpose of an aspirational. We believe that this is the best way to reap capital surplus, which is in the group” – said the president.
the game does not enter the bancassurance model
He stressed that the group does not create a bancassurance model, he believes that there are considerable cost synergies and innovation with Alior Bank. It does not assume a stronger operational integration. “It is an investment – is the moment the market, where you can get a good position in the sector and to make money” – summed up.
Changing your profile from the company’s dividend to the company dywidendowo-trend
PZU plans to change the profile of the company purely dividend on the company dywidendowo-growth, wants to maintain ROE at 18 percent.
– presented herein strategy of PZU Group assumes a fundamental change in the profile of the Group’s companies purely dividend on the company dywidendowo-growth, realizing ambitious projects to increase the value of revenues and net profit, using the capital strength of the PZU group – is written in the strategy.
PZU wants to maintain a solvency ratio solvency II for a group of PZU at a level no lower than 200 percent.
assumptions capital policy and dividend company assumes retain some of the consolidated group profits to fund growth initiatives (project bank acquisitions market investment funds, foreign acquisitions). Optionally, depending on the needs arising from the acquisition, the company assumes the issuance of subordinated debt.
– In the absence of use of the retained capital for development, it will be returned to shareholders – currently in the strategy.
The new plans PZU. Economist: risky and costly process
Increased profitability of the core business
The company said that the key changes – compared to the previous strategy – concern increased pressure on the profitability of the core group and the reduction of fixed costs by 400 million zł in 3 years, accelerate the growth of PZU group, including the development of the health segment and investments and inclusion in the plan for investment in the banking sector and increase the role of innovation.
Cost reduction is due mainly resulted from the use of the Everest platform implementation and improve operational processes, including automation.
– We want to develop business in Poland and in foreign markets, where we are already present. At the same time, to provide the opportunity to further increase the value of PZU, we will implement ambitious development projects. We will grow in particular in the areas of health and asset management – said, quoted in the statement Michael Krupiński, CEO of PZU.
PZU intends to maintain profitability ROE of 18 per cent., Reach 100 billion zł assets under management in including 50 billion zł assets of external clients.
Higher revenues
it is intended to increase revenue PZU Health of 260 million zł in 2015 to 1 billion zł in 2020, It was founded and is building a banking group, which will be in the top five banks in Poland with assets worth more than 140 billion zł.
Company plans to purchase medical centers with stable profitability, it is assumed that the 2020 acquisition expenses amount in this segment of 330 million zł.
– In the case of the emergence of attractive investment options, permitted acquisitions of banks with characteristics justifying the lack of integration in the banking segment of the Group – are currently in the strategy.
insurer said that thanks to the effects of consolidation and the realization of synergies contribution pillar of the bank to the result of the PZU Group in 2020 should rise to 450 million zł.
PZU announced that will be looking for opportunities to create added value through acquisitions of insurance companies, it allows potential acquisitions sector entities pozaubezpieczeniowego (eg. asset management companies).
PZU announced that it will create a brand new insurance in Poland, through which wants to improve its competitive position in selected groups of customers.
PAP, abo, jk
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