Record 2002 profit for CU despite the downturn

In 2002, the consolidated net profit of the life insurance, pension fund and car insurance divisions of Commercial Union amounted to zl. 341 million. Its life insurance company recorded high number of resignations. "Many customers decided to cash in their long-term deposits, as they lack short-term ones," explained CU Polska president Jaroslaw Myjak. The value of paid out claims increased by zl. 201 million to zl. 608 million in 2002, but due to high reserves this had a minor impact on the results of the group. Moreover, last year the value of assets managed by CU companies increased by 45%, up to almost zl. 16 billion. (Parkiet, p. 6; Rzeczpospolita, p. B7) M.M.