Selling PZU non-insurance subsidiary companies may not be so easy

Zdzislaw Montkiewicz, the president of PZU, has declared that as part of the concern's new corporate strategy, about 100 non-insurance subsidiary companies will be quickly sold off. Analysts claim that this could be difficult as these ventures on the whole are unprofitable and were created when Grzegorz W. was the company president. A similar plan was previously expressed by Antonio Martins da Costa from Eureko in March, who said that PZU will withdraw from 15 companies which do not belong to its core-business during the course of this year. "Some of the partnerships have little value, and moreover they have no importance when it comes to PZU's revenues structure," said da Costa. Last year, out of a total 28 companies forming the PZU Group, more than ten were not involved directly, or even indirectly, in the insurance sector. To cover these highly risky investments the concern had to create financial reserves of over zl. 400 million. In related news, the general shareholders meeting of PZU Zycie yesterday elected Andrzej Wieczorkiewicz as the president of the supervisory board. (Puls Biznesu, pp. 1, 4) M.M.