The net income of PZU, the main company of the insurance group, amounted to PLN 3.28m (EUR 842,960), or 21.8 percent more than in 2005, the recent estimates show. PZU thus beat another record and is the most profitable financial institution in this part of Europe.
“We managed to take advantage of the situation on financial markets, hence positive effects”, Mirosław Panek, PZU member of the board said.
The premium growth amounted to PLN 7.68 billion in 2006.
PZU Zycie, the life insurance company, had PLN 1.97 billion of net income, or 39 percent more than a year earlier. The gross premium growth amounted to PLN 7.59 billion. PTE PZU, the pension division, had PLN 83.8m of net income, or 25.7 percent more than in 2005.
The results are preliminary. Audit, which will confirm them, will last two more months. PZU supervisory board chose the auditor in the middle of February, while he should have started his job in the middle of November. The results may be weaker because the initial ones do not include additional payments due to very bad situation of PZU subsidiaries in Ukraine and Lithuania.
(PLN 1 = EUR 0.257)