Largest Polish insurer PZU fires CEO Michal Krupiński

Poland's largest insurer Powszechny Zakład Ubezpieczeń (PZU) has announced that its supervisory board has dismissed CEO Michal Krupiński on March 22 from his role with immediate effect.

The board has not given any reason for Krupiński’s dismissal, who was appointed as the CEO in January 2016.

“Krupiński was respected among investors,” mBank analyst Michał Konarski told Intelligent Insurer.

The dismissal of the CEO raises concerns over the insurer's dividend policy and future growth plans, which include significant cuts in costs, mBank analysts commented in a note.

The PZU board appointed its member Marcin Chludziński to be the acting CEO until a replacement has been found, but for no longer than three months.

Since January 2016, Chludziński has been the president of the Industrial Development Agency and
a member of PZU's supervisory board.

PZU is listed on the Warsaw stock exchange and is partially owned by the Polish state with a share of 34.4 percent of the company’s capital. The group operates both in non-life and life insurance on the Polish market.

In 2016, PZU Group recorded gross written premiums of PLN 20.22 billion ($5.11 billion). Net profit improved to PLN 2.42 billion in 2016 from PLN 2.34 billion in the previous year.

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