March 23, 2017 / 7:48 PM / 3 years ago

Poland's PZU says will stick to dividend policy

WARSAW, March 23 (Reuters) - Poland’s state insurance firm PZU said on Thursday it would stick to its core strategies and keep paying dividends, as it watched its share price fall sharply a day after it fired its chief executive.

The supervisory board of Eastern Europe’s largest insurer dismissed Michal Krupinski on Wednesday without announcing a reason, a little over a year after he took up the post.

The company and other Polish state firms have been going through managerial reshuffles since the conservative Law and Justice Party (PiS) came into power in 2015, ending eight years of more free-market rule by its predecessor.

On Thursday, the company’s shares closed 4.45 percent down on the Warsaw Stock Exchange, with investors worried about the firm’s future.

The firm said it would remained focused on its 2020 strategy, whixch includes increasing the profitability of its insurance business and developing innovative tools for customer service and management.

“Of the utmost importance are transactions and projects in the banking market, which PZU will work actively to develop,” interim CEO Marcin Chludzinski said in a statement.

“The dividend policy presented to the shareholders will be continued,” he added.

The company paid 2.08 zlotys ($0.5261) per share in dividends on 2015 results. Earlier in March, Krupinski said dividends on 2016 results may significantly exceed 50 percent of the firm’s net income. ($1 = 3.9534 zlotys) (Reporting by Pawel Florkiewicz; Writing by Lidia Kelly)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below