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Published: 16 march 2012 16:52

Polish insurer PZU to expand from Lithuania to Latvia and Estonia

Mažėja investicinio gyvybės draudimo mokamų išperkamųjų sumų dėl sutarčių nutraukimo ir daugėja naujų sutarčių.
LŽ nuotr. / .

Poland's insurance giant PZU, which owns Lithuania's insurance group PZU Lietuva, is planning to expand into the Latvian and Estonian insurance markets.

As part of its 2012-2014 operating strategy, PZU selected Lithuania as its base for expansion into Latvia and Estonia, PZU Lietuva said in a press release on Friday.

"Our shareholder, PZU, sees operations in Latvia and Estonia as a natural international expansion route. Its strong position in the Lithuanian market allows it to plan operations in the other Baltic countries as well, with plans to enter these markets in the second half of 2012. We are now intensively mapping out our business strategy in the region," PZU Lietuva CEO Marius Jundulas said.

The PZU Group plans to spend 6 billion to 7 billion Polish zlotys (EUR 1.45-1.7 b) on foreign expansion. In cooperation with a financial investor, it plans to establish PZU International to carry out acquisitions and run the international business.

PZU is Poland's biggest insurance company. The Dutch financial group Eureko is its strategic investor.

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