PZU earmarks 50% of its record 2004 profit for dividends

In 2004 it generated a net profit of almost zł.2.19 billion. The largest piece of the profit pie, as in the previous years, was achieved thanks to the non-life insurance division which closed 2004 with a zł.1.42 billion net profit, up 56.3% on 2003. "This was achieved thanks to a rise in the value of premiums, a decrease in paid out insurance claims, as well as beneficial investment results," said PZU president Cezary Stypułkowski. The profit dynamics of life insurer PZU Życie was on a similar level, thanks to which the profits in this division amounted to zł.760 million, which is also the highest in the company's history. The management plans to recommend a dividend pay out of 50% of the profits. "I see no reasons why most of the profits should remain in the company," added Stypułkowski. (Parkiet, p. 1; Puls Biznesu, p. 12) A.K.