PZU announces 40% decline in revenues amid insurance market gloom

PZU, Poland's largest insurance company, recorded net income of zl.188.4 million in the first six months of the year. This represents a fall in revenue of almost 40% from the same period of last year. However, the state-owned insurance giant is maintaining its dominant position on the market, since its main competitor, Commercial Union, also recorded disappointing first half results, with income down 35%. Generally, the Polish insurance market has been in a state of decline this year, with life insurance companies reporting that over the past few months they have had to pay out almost twice as much to settle claims, as compared to a year ago. (Prawo i Gospodarka, p. 8) A.K.