Powszechny Zaklad Ubezpieczen Spolka Akcyjna · GPW:PZU
Powszechny Zaklad Ubezpieczen Spolka Akcyjna — Powszechny Zaklad Ubezpieczen — Q2 2026 Earnings Presentation
43 slides from Powszechny Zaklad Ubezpieczen Spolka Akcyjna's earnings presentation, Aug 21, 2026
Slide 1: PZU Group financial results for 2Q and 1H26
PZU Group financial results for 2Q and 1H26 Warsaw, 20 August 2026
Slide 2: Commentary on PZU Group's performance and growth prospects
Commentary on PZU Group's performance and growth prospects CEO CFO Bogdan Benczak Maciej Fedyna
Slide 3: Main achievements and growth
CEO Main achievements and growth
Slide 4: PZU Group maintains consistent results and strong business resilience
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Group maintains consistent results and strong business resilience 1H26 Revenues PLN 15.7 bn +PLN 426 m y/y insurance revenue 1H26 Profitability net profit1 PLN 3.0 bn aROE 17.8%2 1Q26 Capita
Slide 5: Maintaining the A- rating with a positive outlook confirms strong capital position
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Maintaining the A- rating with a positive outlook confirms the PZU Group’s strong capital position Credit rating and financial strength Solvency II ratio significantly over 200% rating confirmed
Slide 6: Main pillars of growth
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Main pillars of growth Insurance revenue from group and individually continued insurance (PLN m) Individual protection insurance revenue (PLN m) 517 4,148 Increase Increase 3,937 407 y/y y/y +5.
Slide 7: PZU Zdrowie: development of medical capabilities and specialties
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Zdrowie: development of medical capabilities and specialties Babka Medica + Boramed CM Gamma CM Osteodex AI AI WOMEN'S HEALTHCARE EXPERT ORTHOPEDICS REGIONAL AVAILABILITY – LEADING EXPERTISE
Slide 8: New products strengthening PZU Group's product ecosystems
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes New products strengthening PZU Group’s product ecosystems Introduction to PZU Orto Plan PZU Życie introduced PZU Orto Plan to the PNŻ Plus group insurance, providing for the organization and cov
Slide 9: Growing commitment to innovation and the development of the ETF product market
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Growing commitment to innovation and the development of the ETF product market Growing scale of asset management – we now manage nearly PLN 140 bn of third-party client 1 assets 2 PZU ETF funds
Slide 10: Development of AI architecture, standards, processes and capabilities
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Development of AI architecture, standards, processes and capabilities The AI Transformation project is a strategic initiative through which PZU is becoming an “AI-Ready” organization. We are des
Slide 11: Scaling AI at PZU: 30+ AI-enabled solutions implemented
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Scaling AI at PZU: 30+ AI-enabled solutions implemented and 30+ new initiatives under development Underwriting / Sales Claims Customer service and Products and marketing handling organizational
Slide 12: Consistent implementation of the strategy to build a regional insurance leader
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Consistent implementation of the strategy to build a regional insurance leader… Acquisition of MetLife Ukraine PZU entered into a conditional agreement to acquire 100% of the shares of the leade
Slide 13: …in Central and Eastern Europe
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes …in Central and Eastern Europe Market shares in Poland in 1Q26 Non-life insurance market Life insurance market – regular premium #1 EUR 38 m EUR 21 m 50% share of the Ukrainian Insurance revenue
Slide 14: Social Engagement
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Social Engagement We support: WOPR, MOPR, GOPR, TOPR 4,000 safety helmets and A long-standing element of the PZU 3,179 smoke detectors distributed Group's operations. in 2026 It addresses import
Slide 15: Revenue and profitability
CFO Revenue and profitability
Slide 16: Significant improvement in the result from core insurance operations
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Significant improvement in the result from core insurance operations 2Q24-2Q26 Net profit (PLN m) Insurance service Result on investment 1,995 result portfolio 1,760 PLN 2,290 m PLN 1,404 m 1,68
Slide 17: PZU Group's results (under IFRS 17) in 2Q26
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Group's results (under IFRS 17) in 2Q26 m PLN 2Q25 1Q26 2Q26 Change y/y Change q/q PZU GROUP EXCL. ALIOR BANK AND BANK PEKAO COR Gross insurance revenue 7,693 7,776 7,876 2.4% 1.3% Net insur
Slide 18: Non-life insurance
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Non-life insurance Insurance segments Insurance revenue Result * COR (combined ratio) Combined ration/margin m PLN, IFRS17 2Q25 2Q26 Change y/y 2Q25 2Q26 Change y/y 2Q25 2Q26 Total non-life insu
Slide 19: Life insurance
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Life insurance Insurance segments Insurance revenue Result Margin m PLN, IFRS17 2Q25 2Q26 Change y/y 2Q25 2Q26 Change y/y 2Q25 2Q26 Total life insurance – Poland 2,156 2,308 7.1% 606 672 10.9% 2
Slide 20: Investment result
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Investment result Secure portfolio structure Change Change IFRS, PLN m 2Q25 1Q26 2Q26 y/y q/q Debt instruments: 83% of the portfolio Government debt: 70% of the portfolio. Investment income less
Slide 21: Trends in the non-life insurance market in Poland
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Trends in the non-life insurance market in Poland Motor insurance market dynamics1, y/y • Gradual slowdown in the growth rate of the motor insurance market – motor insurance 25% market growth re
Slide 22: Motor insurance market in Poland – change in average price and frequency of claims
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Motor insurance market in Poland (PAS) – change in average price and frequency of claims Change in the average market price of TPL and MOD insurance (%)1 27.0 TPL MOD In MTPL insurance: 20.3 • a
Slide 23: Life insurance market in Poland
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Life insurance market in Poland Insurance market with periodic premiums dynamics1, y/y PZU's stable share of the periodically paid insurance market 40.1% Periodic 14% Group 1 Life insurance • Pe
Slide 24: Health pillar – growth in scale and operational efficiency
1. CEO Perspective: Major achievements and growth prospects 2. CFO Perspective: Revenue and profitability 3. Annexes Health pillar – growth in scale and operational efficiency Health pillar revenue Health Pillar revenue Business results (PLN m) +10.4% Increas • 9.6% revenue growth thanks to higher a
Slide 25: Assets under management at PZU Group companies with high growth
1. CEO Perspective: Major achievements and growth prospects 2. CFO Perspective: Revenue and profitability 3. Annexes Assets under management at PZU Group companies with high growth TFI PZU Assets of external clients Assets of external clients • #1 on the market in terms of net sales of capital marke
Slide 26: High level of solvency of the Group
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes High level of solvency of the Group Solvency II ratio1, 31 March 2026 Decrease in own funds in 1Q26 by PLN 0.3 bn Main causes: 235% 234% 234% 239% 230% 227% 230% 229% 227% 233% 234% 226% 225% •
Slide 27: Estimated impact of the revision of the Solvency II Directive
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Estimated impact of the revision of the Solvency II Directive on banks (from 2027) Solvency II ratio – before and after taking into account the combined buffer requirement SII indicator SII indi
Slide 28: Annexes
Annexes
Slide 29: PZU Group gross written premium
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Group gross written premium Insurance segments m PLN, local GAAP 2Q25 1Q26 2Q26 Change y/y Change q/q External gross written premium 1 7,980 8,213 8,368 4.9% 1.9% Total non-life insurance -
Slide 30: Development of the property insurance offering
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Development of the property insurance offering Gross written premium (PLN bn)1 PZU Group in Poland • Strong reception of the new PZU DOM home insurance offering – broad coverage included as Non-
Slide 31: PZU Życie with stable growth in group and individually continued insurance premiums
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Życie with stable growth in group and individually continued insurance premiums, and accelerating growth in individual protective insurance PZU Życie gross written premiums from group and in
Slide 32: Expansion of the bancassurance offering
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Expansion of the bancassurance offering Gross written premium raised in cooperation with Bank Pekao and Alior Bank (PLN m) • Growth in sales of investment and savings products (SPE) 504 467 424
Slide 33: Non-life insurance under IFRS 17 – mass insurance segment
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Non-life insurance under IFRS 17 – mass insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) -1.3% -6.2% +62.9% 3,476 3,430 3,259 466 3,057
Slide 34: Non-life insurance under IFRS 17 – corporate insurance segment
1. CEO Perspective: Major achievements and growth prospects 2. CFO Perspective: Revenue and profitability 3. Annexes Non-life insurance under IFRS 17 – corporate insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) +0.9% +0.8% +5.3% 1 287 1 298
Slide 35: Life insurance under IFRS 17 – group and individually continued insurance
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Life insurance under IFRS 17 – group and individually continued insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m) +5.2% +3.7% +3.5% 1,921 2,021 1,53
Slide 36: PZU portfolio against mortality in Poland in 2Q26
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU portfolio against mortality in Poland in 2Q26 Number of deaths per week in Poland in 2021, 2025 and 2026* 14 000 1• The second quarter is usually PL 2026 a period of seasonally lower 13 000
Slide 37: Life insurance under IFRS 17 – individual protection insurance
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Life insurance under IFRS 17 – individual protection insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m) +26.0% +18.4% +47.4% 262 135 143 208 114 7 10
Slide 38: Life insurance in Poland under IFRS 17 – evolution of contractual service margin
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Life insurance in Poland under IFRS 17 – evolution of contractual service margin 115 141 18 (16) 96 1 (109) 405 27 101 13 12 161 (375) 10,295 232 (500) 10,134 280 Individual investment insurance
Slide 39: Strategic goals until 2027 and their implementation
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Strategic goals until 2027 and their implementation Gross insurance revenue1 (PLN m) PZU Group net profit2 (PLN m) Solvency II ratio (%) 15,226 15,652 3,230 225 230 3,009 FY2027 FY2027 2027 >36
Slide 40: Profitability by operating activities segments under IFRS 17
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Profitability by operating activities segments under IFRS 17 Insurance segments Insurance revenue Result* Combined ration/margin m PLN, IFRS17 2Q25 2Q26 Change y/y 2Q25 2Q26 Change y/y 2Q25 2Q26
Slide 41: Own funds
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Own funds PZU Group data in Solvency II as of 31 March 2026 (PLN bn) Comparison of own funds and consolidated equity under IFRS -2,7% -1.6 Own funds according to WII: -2.7 8.4 -1.3 -2.1 • contra
Slide 42: Solvency capital requirement (SCR)
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Solvency capital requirement (SCR) PZU Group data in Solvency II as of 31 March 2026 (PLN bn) Increase in solvency requirement in 1Q26 by PLN 0.42 bn Main reasons for SCR change: Basic solvency
Slide 43: Legal disclaimers and contact
Legal disclaimers Contact: This presentation has been prepared by PZU SA ("PZU") and is for informational purposes only. Magdalena Komaracka, CFA Its purpose is to present selected data on the PZU Group, including growth prospects. PZU does not undertake to publish any updates, changes, or adjustmen
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