PZAKY Powszechny Zaklad Ubezpieczen SA (PK)

By Martin Sobczyk

WARSAW--Central Europe's largest insurer PZU SA (PZU.WA) said on Thursday its third-quarter net profit rose 27% in annual terms, largely on the back of profits made by its banking unit.

The Polish state-run company's net profit was 649 million zlotys ($164 million).

The company's earnings received a boost from the banking operations PZU began reporting this year, as well as from higher stock valuations, the company said.

PZU last year bought a controlling stake in Alior Bank SA and is in the bidding for Poland's second-largest bank by assets, Bank Pekao SA, from Italy's Unicredit SpA.

Of its core insurance business, PZU said it grew organically and was optimistic about future quarters if financial markets turned more predictable again. PZU's gross written premiums were at PLN4.84 billion, up 12%, in the third quarter.

Write to Martin M. Sobczyk at martin.sobczyk@wsj.com

(END) Dow Jones Newswires

November 10, 2016 03:51 ET (08:51 GMT)

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