Insurer PZU Zycie investments pay out in first half of 2000

Insurance company PZU Zycie's net profits for the first half of this year exceeded zl. 310 million, surpassing last year's total net profits of zl. 153 million, the company revealed in its first-half financial report yesterday. PZU Zycie president Grzegorz Wieczerzak said the forecasted result for 1999 was about zl. 211 million. He also said that such strong financial results were possible due mainly to very profitable investments made by the company on the stock exchange. PZU Zycie earned zl. 260 million in the first half from those investments. The next factor, which helped improve the company's financial position according to Wieczerzak was a decrease in administrative costs. He did not want to talk about any forecasts of future profits, but PZU Zycie is still to take about zl. 60 million from an already signed sales agreement of its BIG Bank Gdanski (BIG BG) shares. (Gazeta Wyborcza, page 19) A.D.