First half of 2003 sees assests managed by CU increase

The value of assets managed by Commercial Union Polska Group has exceeded zł. 18 billion in the first half of 2003, and was about zł. 2 billion higher than at the end of 2002. The Group also confirmed Tuesday that after the first 6 months, Commercial Union Życie SA net profit grew by 40% to zł. 172 million, from zł. 122 million last year. This was due to a drop in administration and acquisition costs. The premium value dropped to zł. 827 million after the first half of 2003, from zł. 878 million over the same period last year. Gross profits from pension fund PTE BPH CU WBK came to zł. 30 million after the first six months against zł. 21 million last year. Meanwhile insurance company TUO posted gross profits of zł. 5.4 million against zł. 3.9 million in 2002. CU also announced that investment fund CU Polska TFI had a huge successes, as it collected over zł. 300 million in assets after just 14 months in operation. (Parkiet, p. 5, www.onet.pl) M.M