PZU consolidates its hold over Lithuanian subsidiaries

"Securing a 10% share of the market is our minimum goal," said Cezary Stypułkowski, PZU president. Taking into account the non-life insurance this target has already been reached as the two companies, the merger of which will be finalized in May, currently control 17% of the market. "After three quarters we have collected zł.90.6 million in gross contributions. By the end of the year this figure should rise to around zł.137 million. In 2006 at the latest, the venture should become profitable," said Zenon Olbrys, PZU Lietuva's deputy finance director. "Lithuania is the first step in our international expansion," said Stypułkowski, adding that he plans to end the second round of negotiations concerning an acquisition in Ukraine still this year. (Puls Biznesu, p. 8) A.K.