PZU profits, future uncertain
PZU, Poland's largest insurance group, posted its highest ever quarterly net profits of zł.1.14 billion for the first three months of this year - 76 percent higher than for the same period last year.
PZU credits higher gross written premiums and lower costs for the results. Gross-written property-insurance premiums rose 3.4 percent to zł.2.3 billion in Q1, while premiums at its life-insurance arm, PZU Zycie, rose 2.6 percent to zł.1.3 billion, and posted particularly upbeat numbers, with net profit coming in at zł.615.2 million - nearly 158 percent higher than in Q1 2004.
The insurer is at the center of a long-fought battle between the state and Dutch insurer Eureko for control of the company. Support in parliament for handing over such a highly profitable state company is low and a commission set up earlier this year to investigate irregularities surrounding a 1999 deal between Eureko and the state shows no sign of completing its work anytime soon.
PZU credits higher gross written premiums and lower costs for the results. Gross-written property-insurance premiums rose 3.4 percent to zł.2.3 billion in Q1, while premiums at its life-insurance arm, PZU Zycie, rose 2.6 percent to zł.1.3 billion, and posted particularly upbeat numbers, with net profit coming in at zł.615.2 million - nearly 158 percent higher than in Q1 2004.
The insurer is at the center of a long-fought battle between the state and Dutch insurer Eureko for control of the company. Support in parliament for handing over such a highly profitable state company is low and a commission set up earlier this year to investigate irregularities surrounding a 1999 deal between Eureko and the state shows no sign of completing its work anytime soon.
