Oct 4 (Reuters) - PZU :
* The chief executive officer of Poland's largest insurer PZU said on Tuesday that the company is considering issuing subordinated debt by the end of 2020.
* Michal Krupinski also told reporters that even if PZU takes part in a potential share issue of Alior Bank, it will not affect PZU's dividend in 2017.
* He also said that if PZU does not take part in a merger or acquisition in a given year, the dividend may amount to 80 percent of its profits.
* Krupinski also said he aims to increase the dividend per share ratio in the coming years. Further company coverage: (Reporting by Marcin Goclowski; Writing by Marcin Goettig)