PZU delivers the main contribution. Eureko increased its stake in PZU by 10% in 2004, to 31.8%. PZU registered a profit to Eureko of EUR 133 million, which is 138% higher than at the same period in 2004. Besides the increased stake (EUR 28 million), the main drivers for the strong increase of EUR 49 million, are, higher investment returns in the Life and Non-Life segment, strong claims ratio in the Non-Life segment and increased value of the Polish Zloty (EUR 10 million).
The increase, by 78%, from "Other associates" stems from Eureko's strategic investments in BCP, Friends Provident and F&C Management. Our investment in Friends Provident increased when F&C was divested in the fourth quarter of 2004; this is the main driver in the increased result. – zwiń