Property, life insurance generate zl.1 billion profit for PZU

The two biggest members of the PZU Group, property insurer PZU and life insurer PZU Zycie, recorded a combined profit of nearly zl.1 billion in the first three quarters of the year, based on increases in premium revenues of 6% and 8.3% respectively. "We are happy with the results as they prove we are able to retain our profitability at a decent level and keep our costs in check, or even decrease them in some of our units," PZU president Zygmunt Kostkiewicz told a news conference. Kostkiewicz also commented on the company's decision earlier this week to withdraw from the privatization tender for Slovak insurer Slovenska Poistovna. He explained that uncertainty over the company's valuation following the September 11 attacks on the US was a key factor, as was the fact that it had lost its monopoly position on the local vehicle accident insurance market. (Rzeczpospolita, p. B5; Reuters) M.K.