CU Polska looks further towards regional expansion

After a good year for its Lithuanian subsidiary, Commercial Union Polska (CU), intends to open insurance companies in neighboring countries, CU and CU Polska Towarzystwo Ubezpieczen na Zycie (TUnZ) president Jaroslaw Myjak said on Friday. He declined to name the countries, but hinted they may include ones which will join the EU in 2004. "CU Litwa has won 27% of the Lithuanian life insurance market," Myjak announced. CU Litwa launched its operations at the end of November 2001. CU Polska TUnZ is its sole shareholder. Last year the value of assets managed by the CU Polska group increased by 45% to zl. 16 billion. CU Polska TUnZ is the group's largest company, as ranked by revenues. Last year it collected zl. 1.75 billion in contributions achieving a net profit of zl. 276 million. (www.onet.pl) A.Z.