Next stop Ukraine as PZU looks to the East in 2004

However, as Cezary Stypułkowski, president of the PZU group, explains, "The insurance market is very fragmented. At first sight it seems that there is no potential partner for us." The insurer should start operations in Ukraine by the end of 2004 at the earliest. In 2003, PZU subsidiaries posted zł.1.51 billion profits, almost 22% more than in 2002. It is possible that part of the profits will be paid out in dividends and shared between the state and Eureko, which owns 20% of PZU. (Puls Biznesu, pp. 1, 5) M.M.