39 slides from Powszechny Zaklad Ubezpieczen Spolka Akcyjna's earnings presentation, Mar 27, 2025
Slide 1: PZU Group's financial results in 2024 and 4Q24
PZU Group’s financial results in 2024 and 4Q24 Warsaw, 27 March 2025
Slide 2: Contents
Contents Main achievements and plans 3 Business development in 4Q24 8 Financial results in 4Q24 16 PZU Group Strategy 2021–2024 27 Annexes 29
Slide 3: Main achievements and plans
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Slide 4: Scale-up, high profitability and secure capital position
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Scale-up, high profitability and secure capital position 2024 Revenue PLN 29.4 bn +2.6 bn y/y insurance revenues 2024 Profitability PLN 5.3 bn aROE 18.0% net profit1 09.2024 Capital position sol
Slide 5: Scale-up and development of complementary offerings
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes Scale-up and development of complementary offerings Premium and revenue from Assets of external clients Health pillar revenue (PLN bn) non-motor insurance (PLN bn) of TFI PZU, Pekao TFI and Al
Slide 6: Stable results in 2024
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes Stable results in 2024 2024 Net profit (PLN m) Result on investment Insurance service result portfolio PLN 3.5 bn (vs. PLN 4.0 bn in 2023) PLN 2.5 bn (vs. PLN 2.5 bn in 2023) 5,780 5,746 404 5
Slide 7: High rating and secure foundation for doing business
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes High rating and secure foundation for doing business Credit rating and financial strength Solvency II ratio significantly over 200% rating 234% SII • • Solvency II for PZU Group at 234%1 Avera
Slide 8: Business development in 4Q24
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Slide 9: Premium growth in all groups
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Premium growth in all groups Gross written premium (PLN bn)1 and its dynamics (%, y/y) Non-motor insurance PZU Group in Poland PZU Group in Poland – non-motor insurance 1• The increase mainly in
Slide 10: PZU Życie with stable 4% growth in written premiums
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU Życie with stable 4% growth in the written premiums from group and individually continued insurance, acceleration of individual insurance growth (23% y/y) PZU Życie gross written premiums fr
Slide 11: Health pillar achieving 18% y/y revenue growth in 2024
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU is actively and dynamically developing in the health pillar, achieving 18% y/y revenue growth in 2024 Revenue (PLN m) Number of contracts at the end Business results of the period (m) 1• Mor
Slide 12: Gross written premium raised through cooperation with PZU Group banks up 58.8%
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Gross written premium raised by PZU through cooperation with PZU Group banks up 58.8% y/y Gross written premium raised in cooperation with Bank Pekao and Alior Bank (PLN m) Bancassurance +58.8%
Slide 13: Assets under management at PZU Group companies up over 25%
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Assets under management at PZU Group companies with impressive growth y/y of over 25% Assets of external clients of TFI PZU Assets of external clients of TFI banks of TFI PZU and PTE PZU1 (PLN b
Slide 14: First mass deployments of GenAI at PZU
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes First mass deployments of GenAI at PZU We are leveraging generative artificial Self-service NEXT – GenAI speeds up PZU Dom claims payout intelligence to expedite compensation payouts 1• Poland's
Slide 15: PZU Ready for Startups
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU Ready for Startups – effective cooperation with the startup ecosystem Report summarizing 7 years of PZU Ready for Startups program 1• We developed a report “PZU Ready for Startups. How does
Slide 16: Financial results in 4Q24
nancial ults in 1Q24
Slide 17: PZU Group results under IFRS 17
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU Group results under IFRS 17 m PLN 4Q23* 3Q24 4Q24 Change y/y Change q/q PZU GROUP EXCL. ALIOR BANK AND BANK PEKAO Gross insurance revenue 6 909 7 541 7 587 9,8% 0,6% Net insurance revenue 6
Slide 18: Non-life insurance under IFRS 17 – mass insurance segment
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Non-life insurance under IFRS 17 – mass insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) +10.9% +5.1% +44.5% 3,377 2,632 2,766 698 3,04
Slide 19: Motor insurance market in Poland – change in average price and frequency of claims
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Motor insurance market in Poland – change in average price and frequency of claims Change in the average market price of MTPL and MOD insurance (%)1 27,0 20,3 MTPL MOD 15,5 11,9 10,7 7,9 8,0 8,7
Slide 20: Non-life insurance under IFRS 17 – corporate insurance segment
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Non-life insurance under IFRS 17 – corporate insurance segment Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) +11.5% +25.0% 1,210 1,085 765 164 23 -29.
Slide 21: Life insurance under IFRS 17 – group and individually continued insurance
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Life insurance under IFRS 17 – group and individually continued insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m) +7.6% -3.5% +47.1% 2,022 1,567 1,5
Slide 22: PZU portfolio against mortality in Poland
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU portfolio against mortality in Poland Number of deaths per week in Poland from 2018 to 2024* • A 3.1% decrease in the number of deaths 17 000 16 000 PL 2024 PL 2023 PL 2021 PL 2020 PL 2019 c
Slide 23: Life insurance under IFRS 17 – individual protection insurance
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Life insurance under IFRS 17 – individual protection insurance Insurance revenue (PLN m) Insurance service expenses (PLN m) Operating result (PLN m) +16.3% +18.8% +14.9% 193 95 100 166 80 12 87
Slide 24: Life insurance in Poland under IFRS 17 – evolution of contractual service margin
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Life insurance in Poland under IFRS 17 – evolution of contractual service margin Group and individually continued insurance – CSM (PLN m) Individual protection insurance – CSM (PLN m) 94 (14) 15
Slide 25: Investment result
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Investment result IFRS, PLN m 4Q23* 4Q24 Change y/y •1 Secure portfolio structure: debt instruments account for 83% of the portfolio, government debt is 64% of the portfolio Investment income le
Slide 26: High level of solvency of the Group
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes High level of solvency of the Group Increase in own funds in 3Q24 by PLN 0.3 bn Solvency II ratio1, 30 September 2024 Main causes: 1• operating flows (+PLN +0.3 bn) 235% 240% 235% 225% 230% 221%
Slide 27: PZU Group Strategy 2021–2024
trategy 11-2024
Slide 28: 2024 strategic goals and their implementation
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 2024 strategic goals and their implementation Gross insurance revenue1 (PLN m) PZU Group net profit2 (PLN m) aROE3 (%) 29 423 5 780 22,0 26 868 5 342 -7.6% +9.5% 18,0 -4.0 p.p. FY2024 FY2024 FY2
Slide 29: Annexes
5. Annexes
Slide 30: Trends in the non-life insurance market in Poland
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Trends in the non-life insurance market in Poland Motor insurance market dynamics1, y/y 1• The acceleration in the motor and especially third-party liability insurance market continues (+11.6% a
Slide 31: Motor insurance market in Poland - profitability
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Motor insurance market in Poland - profitability TPL and MOD insurance market profitability, YTD, %1 TPL MOD 1• 2023 has marked the first technical loss on a TPL insurance product since 10.5 201
Slide 32: Life insurance market in Poland
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Life insurance market in Poland Insurance market with periodic premiums dynamics1, y/y 1• Periodic premium insurance market (87% of the market) grew in 3Q with a y/y growth rate of 5.7% – bigges
Slide 33: Profitability by operating activities segments under IFRS 17
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Profitability by operating activities segments under IFRS 17 Insurance segments Insurance revenue Result** Combined ratio / Margin m PLN, IFRS17 4Q23* 4Q24 Change y/y 4Q23* 4Q24 Change y/y 4Q23*
Slide 34: PZU Group gross written premium
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU Group gross written premium Insurance segments m PLN, local GAAP 4Q23 3Q24 4Q24 Change y/y Change q/q External gross written premium 8 269 7 481 8 729 5,6% 16,7% Total non-life insurance - P
Slide 35: Own funds
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Own funds PZU Group data in Solvency II as of 30 September 2024 (PLN bn) Comparison of own funds and consolidated equity under IFRS 0.0% -1.0 Own funds according to Solvency II: -2.3 7.2 -0.8 -2
Slide 36: Solvency capital requirement (SCR)
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Solvency capital requirement (SCR) PZU Group data in Solvency II as of 30 September 2024 (PLN bn) Basic solvency capital Solvency capital requirement (BSCR) requirement (SCR) Increase in solvenc
Slide 37: Sustainable development in PZU Group
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Sustainable development in PZU Group Material sustainability topics ESRS1 in value chain • Total greenhouse gas emissions for Scope 3 (Cat. 15): For the first time ever, the of PZU Group: PZU Gr
Slide 38: Legal disclaimers
1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. 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 PZU Group, including growth prospec
Slide 39: Thank you
Thank you Contact: Magdalena Komaracka, CFA mkomaracka@pzu.pl Piotr Wiśniewski pwisniewski@pzu.pl www.pzu.pl/ir