Warsaw (Puls Biznesu) – Insurance companies running business in Poland will pay out record dividends amounting to PLN 3.6 billion (EUR 910.8m). Although these are mainly foreign companies, most of the money will stay in Poland.
The general shareholders’ meetings of insurance companies have approved of the 2005 financial results and decided about the dividends. According to the preliminary data from the Commission of Insurance and Pension Funds Supervision, the Polish insurance companies had in 2005 jointly PLN 5.24 billion of net income. According to “Puls Biznesu” data, PLN 3.6 billion will be paid out as dividend. 15 companies are going to pay money to their shareholders.PZU Zycie is going to pay out the highest dividend of PLN 1.41 billion. The funds will go to PZU, the owner of PZU Zycie and increase its income. If the company continues to pay out 25-50 percent of its income, PZU shareholders may receive at least PLN 8.14 for every share. This year, they will get PLN 15.66 per share, PLN 1.35 billion jointly. The Treasure will get the majority (PLN 142.12m). The Dutch insurer Eureko, the owner of 32.12 percent of PZU stake, will receive PLN 432.69m (it has to pay 19 percent tax). Although the majority of the insurers are owned by foreign shareholders, most of the funds, PLN 2.29 billion, will be left in Polnand. The Treasure, the majority owner of PZU, will get the dividend. BZ WBK received in May PLN 43.86m from two Commercial Union companies while BRE Bank will receive from PZU PLN 10.2m in August. PLN 1.3 billion will go broad. Next to Eureko, the British Aviva group, the main owner of Commercial Union companies, will be the biggest beneficiary (PLN 368.01m). The Dutch ING Continental Europe Holding, the owner of ING Nationale-Nederlanden and two AIG companies owning Amplico-Life will receive over PLN 100m each. (PLN 1 = EUR 0.253)