Allianz reports nearly 300% rise in profits for 2004

The net result stood at zł.47.1 million, out of which zł.30.7 million was generated by the non-life insurance division, which this year hopes to show a profit of zł.40 million. The life insurance division recorded a net profit of zł.4.3 million and hopes to see this sum grow by zł.1 million in 2005. "The profit of the pension fund also grew by zł.12.5 million to zł.17.9 million," said Michael Mueller, deputy president of TU Allianz and TUnŻ Allianz, adding that the fund's result will fall this year to zł.10 million. However, not all companies from the group can brag about their profits, as the group's youngest venture, Allianz Investment Fund closed the year with zł.5.8 million in the red. This year Allianz plans to attract contributions worth zł.1.42 billion, up from zł.1.2 billion in 2004. (Puls Biznesu, p. 8) A.K.