Powszechny Zaklad Ubezpieczen Spolka Akcyjna · GPW:PZU
Powszechny Zaklad Ubezpieczen Spolka Akcyjna — Powszechny Zaklad Ubezpieczen — Q3 2025 Earnings Presentation
45 slides from Powszechny Zaklad Ubezpieczen Spolka Akcyjna's earnings presentation, Nov 20, 2025
Slide 1: PZU Group's financial results in 3Q25
PZU Group’s financial results in 3Q25 Warsaw, 20 November 2025
Slide 2: Table of contents
Table of contents Main achievements and plans 3 PZU Group – priorities 2026–2027 8 Business development in 3Q25 14 Financial results in 3Q25 23 PZU Group Strategy 2025–2027 34 Annexes 36
Slide 3: Main achievements and plans
1. Main achievements and plans
Slide 4: Scale-up, high profitability and secure capital position
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Scale-up, high profitability and secure capital position 09.2025 Revenues PLN 23.1 bn +1.3 bn y/y insurance revenue 09.2025 Profitability PLN 5.2 bn aROE 22.1%
Slide 5: Dynamic income growth in 3Q25
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Dynamic income growth in 3Q25 09.2025 Net profit (PLN m) Insurance service Result on investment Increase +42.7% result portfolio y/y 5,225 PLN 3,660 m PLN 2,21
Slide 6: Scale-up and development of complementary offerings
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Scale-up and development of complementary offerings PZU Group Non-motor insurance revenue (PLN bn) Individual protection insurance revenue1 (PLN m) 631 6.5 551
Slide 7: High rating and secure foundation for doing business
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes High rating and secure foundation for doing business Credit rating and financial strength Solvency II ratio significantly over 200% rating 234% SII • • Solvenc
Slide 8: PZU Group priorities 2026-2027
2. PZU Group - priorities 2026-2027
Slide 9: The Group's very strong financial position, thanks to scale, profitability, and diversification
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes The Group’s very strong financial position, thanks to scale, profitability, and diversification Scale of operations Profitability in insurance Business diversi
Slide 10: PZU market capitalization and valuation vs peers
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes The market has recognized the Group’s stable and strong performance over the past year, as well as the development plans, yet there remains significant growth
Slide 11: PZU Group with growth opportunities but facing pressure from negative market trends
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU Group with growth opportunities but facing pressure from negative market trends We focus on leveraging long-term growth ...yet short- and medium-term resul
Slide 12: CEO Perspective on PZU Group business development
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes CEO Perspective on PZU Group business development Business pillar Key area CEO focus Profitability Improving pricing, increasing claims handling efficiency, pr
Slide 13: CEO's perspective on organizational transformation and development
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes CEO’s perspective on organizational transformation and development → Mitigation of regulations increasing capital requirements through the Group's structure 1
Slide 14: Business development in 3Q25
Business development in 3Q25 e roe]
Slide 15: PZU Group with high dynamics in non-motor insurance revenues
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU Group with high dynamics in non-motor insurance revenues Gross written premium (bn PLN)1 and its dynamics (%, y/y) Non-motor insurance PZU Group in Poland
Slide 16: PZU Życie with stable 3% growth in written premiums
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU Życie with stable 3% growth in the written premiums from group and individually continued insurance, acceleration of individual insurance growth (8% y/y) P
Slide 17: Non-life insurance: transforming pricing, expanding inward reinsurance, new bancassurance products
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Non-life insurance: We are transforming pricing, expanding inward reinsurance in foreign markets, and implementing new bancassurance products. Selected PZU ini
Slide 18: Life insurance: expanding the product offering
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Life insurance: We are expanding the product offering to deliver greater value to our clients Selected PZU initiatives up to 3Q25 New property bancassurance pr
Slide 19: Health area – larger scale of operations, increased operational efficiency
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Health area – larger scale of operations, increased operational efficiency Revenue (PLN m) Number of own and partner Business results branches 1• 14.1% revenue
Slide 20: Assets under management at PZU Group companies with high growth
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Assets under management at PZU Group companies with high growth Assets of external clients Assets of external clients TFI PZU and PTE PZU (PLN bn) TFI of PZU G
Slide 21: PZU invests in innovation and expands offering with Private Debt fund
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU invests in innovation and expands offering with Private Debt fund PZU was the first and largest commercial partner to join TFI PZU has launched a new close
Slide 22: Expansion of the bancassurance offering
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Expansion of the bancassurance offering Gross written premium raised in cooperation with Bank Pekao and Alior Bank (PLN m) 1• High sales of products with a gua
Slide 23: Financial results in 3Q25
4. Financial results in 3Q25
Slide 24: PZU Group results under IFRS 17
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU Group results under IFRS 17 m PLN 3Q24 2Q25 3Q25 Change y/y Change q/q PZU GROUP EXCL. ALIOR BANK AND BANK PEKAO Gross insurance revenue 7 541 7 693 7 903
Slide 25: Non-life insurance under IFRS 17 – mass insurance segment
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Non-life insurance under IFRS 17 – mass insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) +3.8% -14.5
Slide 26: Motor insurance market in Poland – change in average price and frequency of claims
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Motor insurance market in Poland in accordance with the PAS – change in average price and frequency of claims In MTPL insurance: Change in the average market p
Slide 27: Non-life insurance under IFRS 17 – corporate insurance segment
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Non-life insurance under IFRS 17 – corporate insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) +8.1%
Slide 28: Life insurance under IFRS 17 – group and individually continued insurance
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Life insurance under IFRS 17 – group and individually continued insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m)
Slide 29: PZU portfolio against mortality in Poland in 3Q25
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU portfolio against mortality in Poland in 3Q25 14 000 13 000 Number of deaths per week in Poland in 2021, 2024 and 2025* 12 000 1• 3Q is usually a period of
Slide 30: Life insurance under IFRS 17 – individual protection insurance
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Life insurance under IFRS 17 – individual protection insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m) +18.5% +28
Slide 31: Life insurance in Poland under IFRS 17 – evolution of contractual service margin
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Life insurance in Poland under IFRS 17 – evolution of contractual service margin Group and individually continued insurance – CSM (PLN m) Individual protection
Slide 32: Investment result
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Investment result Change •1 Secure portfolio structure: debt instruments account for 81% of the portfolio, IFRS, PLN m 3Q24 2Q25 3Q25 y/y government debt is 65
Slide 33: High level of solvency of the Group
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes High level of solvency of the Group Solvency II ratio1, 30 June 2025 Increase in own funds in 2Q25 by PLN 1.8 bn Main causes: 240% 235% 1• operating flows and
Slide 34: Strategy 2025-2027
— 2) 4. Strategy 2025-2027
Slide 35: Strategic goals until 2027 and their implementation
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Strategic goals until 2027 and their implementation Gross insurance revenue1 (PLN m) PZU Group net profit2 (PLN m) Solvency II ratio (%)7 21,836 23,129 5,225 2
Slide 36: Annexes
nnexes
Slide 37: Trends in the non-life insurance market in Poland
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Trends in the non-life insurance market in Poland 1• Higher dynamics in the motor insurance market than in the previous quarter Motor insurance market dynamics
Slide 38: Life insurance market in Poland
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Life insurance market in Poland Insurance market with periodic premiums dynamics1, y/y 1• Periodic premium insurance market (88% of the market) grew by 7.6% y/
Slide 39: Profitability by operating activities segments under IFRS 17
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Profitability by operating activities segments under IFRS 17 Insurance segments Insurance revenue Result* Combined ratio / Margin m PLN, IFRS17 3Q24 3Q25 Chang
Slide 40: PZU Group gross written premium
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes PZU Group gross written premium Insurance segments m PLN, local GAAP 3Q24 2Q25 3Q25 Change y/y Change q/q External gross written premium1 7 616 8 069 7 805 2,5
Slide 41: Own funds
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Own funds PZU Group data in Solvency II as of 30 June 2025 (PLN bn) Comparison of own funds and consolidated equity under IFRS -1.3% -2.2 Own funds according t
Slide 42: Solvency capital requirement (SCR)
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Solvency capital requirement (SCR) PZU Group data in Solvency II as of 30 June 2025 (PLN bn) Increase in solvency requirement in 2Q25 by PLN 0.25 bn. Main reas
Slide 43: Sustainable development
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Sustainable development “Master, slow down” – PZU with strong message to TUW PZUW provides comprehensive insurance #Together We Create the Future – between ide
Slide 44: Legal disclaimers
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 3Q25 4. Results in 3Q25 5. Strategy 6. Annexes Legal disclaimers This presentation has been prepared by PZU SA ("PZU") and is for informational purposes only. Its purpose is to present selected data on the
Slide 45: Thank you
Thank you Contact: Magdalena Komaracka, CFA mkomaracka@pzu.pl Piotr Wiśniewski pwisniewski@pzu.pl www.pzu.pl/ir
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