Polish insurer PZU has announced plans to expand its asset management business through investment in new areas and also plans to expand its existing investments in real estate and corporate debt.
The move is targeted at improving its returns through the asset management unit, reports Reuters.
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Referring to the US-based fund management company owned by European insurer Allianz, which manages almost $2tn, Andrzej Klesyk, PZU chairman said: "Currently the contribution to our net profit from asset management is less than 1 percent. I wish that it was many times more. We can flex our muscles, make a big effort, but compared to, for instance, London firms we are small when it comes to asset management."
PZU, which has recently acquired the eastern European operations of British insurer RSA, manages nearly $12.1bn at present, among which majority are in the form of Polish government bonds.
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