PZU Plans to Increase Investment in Ukraine’s Insurance Market

PZU SA (PZU), Poland’s biggest insurer, plans to increase investment in neighboring Ukraine as part of its foreign expansion.

The state-controlled insurer has invested more than 300 million zloty ($97 million) in the country, PZU Ukraine said in a statement on its website today after a meeting of PZU Chief Executive Officer Andrzej Klesyk and Ukrainian Prime Minister Mykola Azarov.

PZU Ukraine’s gross insurance premiums rose 23 percent in the first half of 2012 from a year earlier “despite unfavorable macroeconomic conditions,” the company said in the statement.

Warsaw-based PZU has offered insurance services in Ukraine since 1993, according to its website.

To contact the reporter on this story: Kateryna Choursina in Kiev at kchoursina@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.