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

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