3/08/2006

PZU hits new record in 2005

PZU hits new record in 2005

Grupa PZU, Poland’s former monopoly insurer, had PLN 3.2 billion (EUR 825.6m) of net income last year. Half of it is to be given to shareholders.

Grupa PZU, Poland’s largest insurance company, had PLN 3.2 billion of net income in 2005, or over 51 percent more than in 2004. The life business only generated PLN 1.74 billion of net income, or 28.5 percent more than a year earlier. A dividend will be paid out.

“We want to pay out 50 percent of the income”, Cezary Stypulkowski, PZU CEO said.

Earlier, the management said that 25-50 percent of the income would be recommended as dividend.

“We may pay out half of the income because we have no acquisition plans”, the CEO added.

PZU wanted to acquire Bank BPH.

“IF the merger with Pekao fails and the conflict among our shareholders ends, PZU could be a good partner to BPH”, Cezary Stypulkowski said.

(PLN 1 = EUR 0.258)



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