PZU Zycie announces new president and half-year results

PZU Zycie, the dominant state-owned life insurance company, announced yesterday two developments: The new president of the Board - Boguslaw Kasprzyk - and the company's results for the first half of the year. Kasprzyk will replace Ireneusz Nawrocki, who resigned probably due to an investigation into NFI Jupiter, an investment fund of which he was chairman until the start of 2002. The company also presented its results for the first six months - the insurer recorded profits of zl. 244.5 million, 30% higher than the same period last year. But that is the only good company result as others reveal a tough situation on the insurance market. Social security contributions increased by only 4% which, taking into account inflation, in fact turns out to be on the same level as last year. The second feature is an increase of insurance claims which, for PZU Zycie, increased by 26% although that is still not bad in comparison with the competition. (Prawo i Gospodarka, pp.1, 4) A.L.