Losing ground

net profit on the previous year, recording a figure just under zł.3.6 billion. Although it is the firm's second-largest result ever, the net profit was much lower than the zł.5 billion expected.

Both life and non-life insurance sales in PZU fell last year, causing the company to lose market share against strong competition. Revenues from life insurance (PZU Życie) decreased by four percent to zł.7.3 billion, while the firm lost six percent of its share of that market, dropping to 30 percent.

If the company manages to achieve a similar financial balance as last year, "we can give into the temptation to say that the group's result will be similar to last year or a little lower," said Andrzej Klesyk, the president of PZU.

Klesyk said, that the firm's funds might be spent on acquisitions in Poland and abroad.