Allianz Polska returns to profits in 2002

Insurance group Allianz Polska has had a reversal of fortune, earning zl. 15 million in 2002 following a loss in 2001 of zl. 35 million. Allianz's property insurance operations started yielding profits a year earlier than expected, finishing 2002 zl. 24.6 million in the black. PTE Allianz closed last year with a zl. 250,000 income thus joining the handful of pension funds which proved profitable. Meanwhile, life insurer Allianz Zycie was the only member of the Allianz group to record losses last year, amounting to zl. 10 million. "The life insurer will achieve a zl. 5 million profit this year. A similar result is expected on the part of the property insurance division, though it will not repeat last year's success due to lower rates of car insurance," said Michael Mueller, the company's vice-president. (Puls Biznesu, p. 6) K.Z.