PZU's good 2006 results marred by a poor start to 2007

PZU Życie life insurance company contributed the most to the results of the group, but nevertheless its profit decreased by 24.1% and amounted to zł.627.4 million. PZU Życie's deputy president Piotr Kuszewski revealed that the reason for the decrease was the increase in its technical provisions. The Q1 gross written premiums collected by PZU group amounted to zł.4.15 billion, which marks a growth of 5% as compared to the same period last year. The group's revenues from deposits amounted to zł.978.7 million and were 6.5% higher than in Q1 2006. The group managed assets worth over zł.50.7 billion which was 9% higher than in Q1 2006. PZU also revealed its final 2006 results. The net profit amounted to zł.3.7 billion, which was almost 15.2% better than a year before. Deputy Treasury Minister Paweł Szałamacha is against any dividend payout since it would mean that some of it will go to Eureko. (Puls Biznesu, pp. 1, 10; Parkiet, p. 7) E.B.