Powszechny Zaklad Ubezpieczen Spolka Akcyjna · GPW:PZU
Powszechny Zaklad Ubezpieczen Spolka Akcyjna — Powszechny Zaklad Ubezpieczen — Q1 2026 Earnings Presentation
42 slides from Powszechny Zaklad Ubezpieczen Spolka Akcyjna's earnings presentation, May 14, 2026
Slide 1: PZU Group financial results for 1Q26
PZU Group financial results for 1Q26 Warsaw, 14 May 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: Solid 2026 opening with less favorable market conditions
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Solid 2026 opening with less favorable market conditions 1Q26 Revenues PLN 7.8 bn PLN +243 m y/y insurance revenue 1Q26 Profitability PLN 1.4 bn aROE 15.7%3 net profit1 2025 Capital position sol
Slide 5: High returns for shareholders
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes High returns for shareholders Total shareholder return on PZU shares from May 12, 2010 (IPO) to May 12, 2026 +500% . Dividend per share paid (PLN) 600% PZU TR Proposed dividend per share +410% +
Slide 6: Secure capital position
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Secure capital position Credit rating and financial strength Solvency II ratio significantly over 200% rating 239% SII • • Solvency II for PZU Group at 239%1 Average for European insurers is 214
Slide 7: Market leader in Poland ... strengthens its position in Ukraine
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Market leader in Poland ... strengthens its position in Ukraine Market shares in 2025 Non-life insurance market Other 22.8% PZU, TUW (share <10%) PZUW, LINK4 31.4% VIG 10.4% Ergo 14.9% Talanx 20
Slide 8: ... and consolidates assets in Poland
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes ... and consolidates assets in Poland Target Increased competitiveness of the PZU Group, Implementation of PZU Group measured by growth in market share while multibrand maintaining the profitabi
Slide 9: Key growth areas in 2026
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Key growth areas in 2026 Non-motor insurance revenue (PLN bn) Individual protection insurance revenue1 (PLN m) 255 2.1 Increase Increase 2.0 199 y/y y/y +3.5% +28.1% 03.2025 03.2026 03.2025 03.2
Slide 10: Solid results in a challenging business environment
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Solid results in a challenging business environment 1Q26 Net profit (PLN m) Insurance service Result on investment 1,995 result portfolio 1,760 PLN 1,137 m PLN 655 m 1,681 (vs. 1,251 m in 1Q25)
Slide 11: Strategic initiatives supporting the growth and competitiveness of the PZU Group
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Strategic initiatives supporting the growth and competitiveness of the PZU Group 1 2 3 Distribution – “odNowa” program Claims handling – process changes Investments in innovation Real support fo
Slide 12: "odNowa" program supporting exclusive agents
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes „odNowa” program supporting exclusive agents 1 Real tool-based support for tied agents Gradual implementation of additional Modern CRM, a pillar of the PZU Group transformation solutions A syste
Slide 13: Changes in claims handling processes improving efficiency
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Changes in claims handling processes improving efficiency 2 Vehicle claims handling Average handling time for MOD and Average time from reporting Share of resolution MTPL claims to inspection in
Slide 14: Commitment to innovation and increasing activity in the ETF market
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Commitment to innovation and increasing activity in the ETF market 3 1 Participation of PZU in the Program • On 20 April 2026, PFR Ventures, PFR SA, BGK, and PZU SA signed a cooperation agreemen
Slide 15: Main strategic goals until 2027 and their implementation
1. CEO Perspective: Major achievements and growth prospects 2. CFO Perspective: Revenue and profitability 3. Annexes Main strategic goals until 2027 and their implementation Gross insurance revenue1 (PLN m) 1Q26 KPI FY 2027 We are growing consistently – gross insurance revenues increased by PLN 243
Slide 16: Revenue and profitability
CFO Revenue and profitability
Slide 17: PZU Group results under IFRS 17
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Group results under IFRS 17 m PLN 1Q25 4Q25 1Q26 Change y/y Change q/q PZU GROUP EXCL. ALIOR BANK AND BANK PEKAO COR Gross insurance revenue 7,533 7,753 7,776 3.2% 0.3% Net insurance revenue
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* Combined ratio (COR) Combined ration/margin m PLN, IFRS17 1Q25 1Q26 Change y/y 1Q25 1Q26 Change y/y 1Q25 1Q26 Total non-life insur
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 1Q25 1Q26 Change y/y 1Q25 1Q26 Change y/y 1Q25 1Q26 Total life insurance – Poland 2,242 2,412 7.6% 542 610 12.5%
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 Debt instruments: 87% of the portfolio Government debt: 73% of the portfolio IFRS, PLN m 1Q25 4Q25 1Q26 y/y q/q 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 growth in the motor insurance market - the motor insurance 25% market dynamics were
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 In MTPL insurance: 27.0 TPL MOD • after
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 40.7% 14% Periodic Group 1 life insurance • Pe
Slide 24: Health segment – growth in scale and operational efficiency
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Health segment – growth in scale and operational efficiency Health pillar revenue Health pillar revenue (PLN m) Business results +8.1% • 8.1% revenue growth thanks to higher average premiums – m
Slide 25: Assets under management at PZU Group companies with high growth
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Assets under management at PZU Group companies with high growth Assets of external clients Assets of external clients TFI PZU TFI PZU and PTE PZU (PLN bn) TFI of PZU Group banks (PLN bn) • #1 on
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 December 2025 Increase in own funds in 4Q 2025 by PLN 1.4 bn Main causes: 240% 235% 239% 226% 230% 227% 230% 229% 227% 233% 234% 226% 2
Slide 27: Annexes
Annexes
Slide 28: 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 1Q25 4Q25 1Q26 Change y/y Change q/q External gross written premium 1 8,125 9,134 8,246 1.5% (9.7%) Total non-life insurance
Slide 29: Non-life insurance development
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes Non-life insurance development Gross written premium (bn PLN)1 • Strong reception of the new PZU DOM home PZU Group in Poland insurance offering – broad coverage included as Non-motor Motor stan
Slide 30: PZU Życie with stable growth in written premiums
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU Życie with stable growth in the written premiums from group and individually continued insurance, increase in individual insurance dynamics PZU Życie gross written premiums from group and in
Slide 31: 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) • Recovery in sales dynamics of investment and savings 467 products (SP
Slide 32: 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) -0.4% +4.2% -24.0% 3,306 3,292 2,805 2,923 584
Slide 33: 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) +1.4% +18.3% -9.7% 1,247 1,264
Slide 34: 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) +5.5% +0.9% +7.7% 2,016 2,127 1,70
Slide 35: PZU portfolio against mortality in Poland in 1Q26
1. CEO Perspective: Main achievements and growth 2. CFO Perspective: Revenue and profitability 3. Annexes PZU portfolio against mortality in Poland in 1Q26 Number of deaths per week in Poland in 2021, 2025 and 2026* 14 000 • Q1 is usually a period of seasonally PL 2026 increased number of deaths. 13
Slide 36: 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) +28.1% +30.2% +33.3% 255 138 128 199 106 10 1
Slide 37: 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 Group and individually continued insurance – CSM (PLN m) 114 108 52 (15) 51 11 (100) 382 17 91 9 133 (366) 10,134
Slide 38: 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 (%) 7,533 7,776 1,760 239 +3.2% 226 FY2027 FY2027 1,362 -22.6
Slide 39: 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 ratio/margin m PLN, IFRS17 1Q25 1Q26 Change y/y 1Q25 1Q26 Change y/y 1Q25 1Q26
Slide 40: Own funds
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 4Q 25 4. Results in 3Q 25 5. Strategy 6. Annexes Own funds PZU Group data in Solvency II as of 31 December 2025 (PLN bn) Comparison of own funds and consolidated equity under IFRS -2,7% -0.5 Own funds accor
Slide 41: Solvency capital requirement (SCR)
1. Main achievements and plans 2. PZU Group – priorities 2026–2027 3. Business development in 4Q 25 4. Results in 3Q 25 5. Strategy 6. Annexes Solvency capital requirement (SCR) PZU Group data in Solvency II as of 31 December 2025 (PLN bn) Increase in solvency requirement in 4Q by PLN 0.32 bn. Main
Slide 42: 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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