Powszechny Zaklad Ubezpieczen Spolka AkcyjnaGPW: PZU

Management Board report on the activity of the PZU Group and PZU SA

· Issued by Powszechny Zaklad Ubezpieczen Spolka Akcyjna
Watch Powszechny Zaklad Ubezpieczen Spolka Akcyjna explain itPowszechny Zaklad Ubezpieczen S.A. (PZAKY) Q2 2026 Earnings Call · Replay · Aug 21


Annual Report 2025

Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025

pzu.pl





INSURANCE | HEALTH | INVESTMENT | BANKING

Infographics used in the Report

insurance banks

health politics

investments innovations



icons and buttons directing to links





About the Group

Business model

Environment

Strategy and perspectives

Risk management

Performance and dividend

Corporate governance

Sustainable development

Other information



Statement of the Management Board

‌Table of Contents

To go to the desired page, click on the corresponding item in the table.

Letter from the President to Shareholders 7

Letter from the Chairman of the Supervisory Board 8

  1. About PZU Group 20

    1. Group characteristics 21

      1. Products and services 21

      2. Mission, vision, values 23

      3. Brand 25

      4. PZU Group's structure 26

      5. Fundamental principles of PZU and PZU Group management 29

      6. Milestones of PZU Group's growth 30

    2. Participation in associations and industry organizations 31

    3. Selected awards and distinctions 33

  2. Business model 35

    1. Capital and value creation 36

    2. Value chain 47

    3. Supply chain 48

    4. Operating activities 52

      1. Insurance 52

      2. Health care 61

      3. Investments 62

      4. Banking 64

      5. Other areas 67

    5. Sales and distribution 70

      1. Insurance products 70

      2. Health products 74

      3. Investment products 75

      4. Banking products 76

  3. Environment and factors important for the development of the PZU Group 78

    1. Factors and events affecting PZU Group's operations in 2025 79

    2. The most important economic trends in Poland and abroad 82

      1. Situation in the world economy 82

      2. Trends in the Polish economy 82

      3. External environment in the Baltic Countries and Ukraine 84

    3. Insurance sector in Poland and Baltic Countries compared to Europe 87

      1. Description of the insurance markets on which PZU Group companies operate 89

    4. Polish health care sector compared to Europe 94

      1. The health care market in Poland 95

    5. Polish banking sector compared to Europe 97

      1. Situation on the banking market in Poland 99

    6. Financial markets in Poland and around the world 101

      1. Global and local equity and bond market 101

      2. Polish investment and pension fund market 103

      3. Main factors affecting PZU share prices 105

      4. Bank Pekao and Alior Bank share prices 107

    7. Regulations pertaining to the insurance market and the financial markets in Poland 108

    8. External and internal factors relevant to the development of the PZU Group 111

      1. Macroeconomic and geopolitical factors 111

      2. Legal and regulatory factors 112

      3. Factors specific to business segments 114

      4. Internal factors 117

        Annual Report 2025

        Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025

        4 INSURANCE | HEALTH | INVESTMENT | BANKING

        About the Group

        Business model

        Environment

        Strategy and perspectives

        Risk management

        Performance and dividend

        Corporate governance

        Sustainable development

        Other information



        Statement of the Management Board

  4. Strategy and perspectives 118

    1. Strategic ambitions by 2027 119

    2. Implementation of the strategy in 2025 125

    3. PZU Group reorganization towards a holding structure 129

    4. A strategic perspective 130

  5. Risk management 132

    1. PZU Group's risk profile 133

    2. Risk management system 143

    3. Risk map 146

    4. Risk sensitivity 153

    5. Internal control system 155

    6. Operation of the risk management system and internal control system in 2025 157

  6. Performance and dividend 160

    1. Key factors affecting the financial results achieved 161

    2. PZU Group's revenues and costs 164

    3. PZU Group's asset and liability structure 168

    4. Contribution of segments to the consolidated result 170

    5. PZU's standalone results 179

    6. Impact of PZU Group strategy implementation on 2025 results 182

    7. Dividend 184

      1. Capital and Dividend Policy 184

      2. Disbursement of dividends 185

      3. KNF's stance on the Dividend Policy in 2026 185

    8. Financial rating 187

    9. Analysts' predictions 189

  7. Statement on the application of corporate governance 191
  8. Sustainability Statement 263
  9. Other information 387
  10. Management Board Statement on the Accuracy of the Reports 390
  11. Annexes 392

    1. PZU Group's financial data 393

    2. SFDR disclosure 408

    3. Glossary of terms 411

    4. Alternative Performance Measures 417

Annual Report 2025

Management Board's report on the activity of the PZU Group and PZU SA for the year ended 31 December 2025

5 INSURANCE | HEALTH | INVESTMENT | BANKING

Company analysis