Szczegóły

16 kwietnia 2019

PZU Management recommends a solid dividend after a very good year

Record results generated in 2018, in particular the net profit of PLN 3.213 bn inspired the Management to recommend to the General Shareholders Meeting (AGM) a dividend payment of PLN 2.80 per share, i.e. PLN 0.30 more than last year.

Record results generated in 2018, in particular the net profit of PLN 3.213 bn inspired the Management to recommend to the General Shareholders Meeting (AGM) a dividend payment of PLN 2.80 per share, i.e. PLN 0.30 more than last year. This is equivalent to PLN 2.4bn dividend which will be distributed to PZU shareholders. If the AGM approves this recommendation, the dividend yield could exceed 6.5%. The Management’s proposal has been approved today by the Supervisory Board.

In 2017 the shareholders received a dividend of PLN 1.4 per share (or PLN 1.2bn), and in 2018 the dividend per share was increased to PLN 2.5 per share (or PLN 2.2bn).

In 2018 the consolidated net profit excluding minorities increased by 11%. Thus the management has recommended a dividend payment of PLN 2.4bn, or 75% of consolidated net profit. Based on the most recent stock price, it will imply a dividend yield exceeding 6.5% if the proposal is accepted by the AGM.

Paweł Surówka, CEO of PZU Group emphasizes that the recommendation of the dividend in the amount mentioned in the current report proves that the Management continues to deliver on its promise to shareholders that the dividend per share will increase year to year. “Implementation of our #newPZU strategy has brought us record results in 2018. On behalf of the entire Management Board I would like to thank our shareholders for their trust in the company and confirm that alongside the continuation of our investments in the ongoing development and the 2020 strategy we decided to distribute most of the net profit, and the dividend in absolute terms is on a much higher level than last year. This is very good news, which confirms that we are fulfilling the strategy assumptions and promises given to our shareholders” – Paweł Surówka said.

In turn Tomasz Kulik, the PZU Group CFO added that in his opinion new digital technologies are playing an increasingly important role, which support PZU business development, and their implementations in consecutive business areas allows the Group to reduce its overheads. “The possibility of proposing such a high level of dividend is also reflected in very sound solvency of PZU Group, providing a capital buffer for potential unexpected events in insurance and financial markets” – Tomasz Kulik said.

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