PZU beats economic slowdown with zl.1 billion profit

Top insurer PZU managed a sharp increase in its net earnings last year, despite the economic slowdown. According to audited figures, the group's consolidated earnings last year were zl.1.06 billion. The profit of life insurance unit PZU Zycie was 16% higher than in 2000 at zl.376 million, while its non-life insurance earnings grew by 18%, to reach zl.677 million. "These results prove that PZU is competing effectively on the Polish market with European and world insurance companies," said PZU chief executive Zdzislaw Montkiewicz during a press conference. He added, "It is a great challenge to maintain these figures." Montkiewicz, who was appointed PZU's CEO last month, declined to comment on the escalating conflict between Dutch-based financial group Eureko and the Treasury on the sale of a controlling stake in PZU. However, he insisted that the dispute would not affect the implementation of PZU's strategic modernization program. (Puls Biznesu, p. 7; Prawo i Gospodarka, p. 2; Reuters) P.W.