PZU's first year in Lithuania brings positive results

"The first year of our presence in the Lithuanian bank assurance market has brought us around zl.8.5 million. Some zl.5.5 million of this sum was generated by four products introduced in cooperation with Nord LB Lietuva bank. The remaining zl.3 billion was the bank's corporate clients' contribution," said Krzysztof Rosinski, deputy president at PZU Zycie. Nord LB Lietuva is the third largest bank Lithuania. In April 2004 PZU bought two insurance companies from the bank, and thanks to this move PZU's share in the Lithuanian insurance market increased to 16%. In comparison with the company's results on the domestic market, the Lithuanian result is just a drop in the ocean, but according to Rosinski, the bank assurance market in that country will eventually expand. "We managed to insure 112,000 people. Lithuania has 3.5 million inhabitants, which is ten times less than Poland, so in proportion to this country, we insured as many people over the last year as over a few years in Poland," he explained. (Puls Biznesu, p. 7) A.F.