Exceptional year for PZU Group
Financial results
in 2025 and 4Q25
Warsaw, 26 February 2026
Contents
Exceptional results in 2025 3
Strategic priorities and their implementation 8
Business development 18
Financial results in 4Q25 24
PZU Group Strategy 2025-2027 35
Annexes 37
1. Exceptional
results in 2025
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
Record results with a secure capital position
FY2025
Revenues
insurance revenue
PLN 30.9 bn
+1.5 bn y/y
FY2025
Profitability
net profit1
PLN 6.7 bn aROE 20.7%3
3Q25
FY2025
Capital position
Solvency II ratio
Dividend
dividend per share2
PZU Group 234%
PLN 4.47
PZU SA 245%
dividend yield ~ 6%
Attributable to equity holders of the parent company
Paid in 2025 4
aROE - attributable to owners of the parent company, annualized return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
Insurance service result
PLN 4,801 m
(vs. PLN 3,515 m in 2024)
Result on investment portfolio
PLN 2,784 m
(vs. PLN 2,463 m in 2024)
aROE
20.7%3
Operating margin1
27.4%
(vs. 27.0% in 2024)
Combined ratio2
86.2%
(vs. 92.5% in 2024)
Dynamic income growth in 2025
FY2025
Net profit (PLN m)
4,516
3,235
2,107
2,183
5,342
+25.4%
+4%
6,699
Increase y/y
+40%
2024 2025
1,254
1,192
1,215
1,681
543
1,760
1,995
1,470
1,474
588
886
1,138
1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25
Insurance BanksLife insurance (Poland)
Non-life insurance in PZU Group (Poland)
aROE in 2025, attributable to owners of the parent company, return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities
5
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
Non-motor insurance revenue (PLN bn)
Scale-up and development of complementary offerings
Individual protection insurance revenue1 (PLN m)
PZU Group
7.9
8.7
Increase y/y
+10.3%
12.2024 12.2025
Sales growth in insurance
against fire and other damage to property
870
744
12.2024 12.2025
Dynamic growth of the portfolio of protection insurance
Increase y/y
+16.9%
Assets PLN 535 bn
+32 bn y/y
1,890
Health Pillar Revenue (PLN m)
+14.4%
2,162
12.2024 12.2025
Growing importance of remote service channels for patients
Increase y/y
81.9
65.8
Assets of external clients
of TFI PZU, Pekao TFI and Alior TFI (PLN bn)
12.2024 12.2025
TFI PZU - #1 among "non-bank" TFIs
+PLN +5.1 bn in inflows1
+12.4%
Increase y/y
+24.6%
1 excluding transactions on dedicated fund
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
High rating and secure foundation for doing business
Credit rating and financial strength rating
A-
POSITIVE
234% SII
Solvency II ratio significantly over 200%
Solvency II for PZU Group at 234%1
Average for European insurers is 212%1
>80% bonds
Dominant share of bonds in the investment portfolio
Bonds represent 85% of the investment portfolio, including
71% represented by sovereign bonds
Stability of return rates owing to the portfolio structure and long-term management strategy
Closed currency position
100% ≥ A
Effective reinsurance protection
The reinsurance program to limit the impact of catastrophic events and others
45% of PZU reinsurers with2 AA rating and 55% with2 A rating
As at 30 September 2025
S&P rating at at 31 December 2025
7
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We are building readiness for changes in the market environment
Excerpt from PZU Group's 3Q25 result presentation (Warsaw, 20 November 2025)
9
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
In 2025, we launched measures to strengthen all business pillars
Supporting key investments
Renewing the value
proposition for partners
Business pillar Key activities launched Mass non-life insurance
Corporate non-life insurance
Improving tariffs:
effectiveness of models,
modernization of tools
Modernization and
expansion of product scope
Alignment of products with company segments
Modernization of the
claims handling system
Life insurance
Bancassurance and investments
International business
Digitization and automation of processes, including
✓
development of self-service by expanding the scope of
service in myPZU
Development of strategic partnerships
Expansion of investment
products for external
Foreign expansion through inward reinsurance
customers
Matching products to
changing demographics
Development of
✓
standalone products in
Intensification of cooperation with foreign companies
the banking channel
and increase in efficiency of insurance fraud detection
Increase in profitability and revenues
Development of a network of medical facilities through M&A and greenfield
Health
Launching transformation of organizational culture
Agreement with social partners
People
Launch of AI Transformation project
Acceleration of time-to-market through work model
transformation, including implementation of LowCode
Technology
10
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We are building an edge in mass non-life insurance through improvement at all levels of the operating model
Modernization of sales systems
Launching efforts to replace the multiple sales path model with a single modern sales front for the Agent
Optimization of tariffs and underwriting
Start of tarification transformation: separation of modeling and portfolio management, strengthening of DS team, development of ML models, migration of analytics to the cloud, and implementation of MLOps and open-source technologies; Launched AI implementation in underwriting
Development of product portfolio
The PZU Dom has been updated, introducing a single comprehensive coverage; the PZU Rowerzysta offer has been launched, providing NNW and assistance coverage with the option to extend it to bike casco, TPL, child accident insurance and luggage insurance
Effectiveness in claims handling
Activities have been targeted at business transformation of the claims handling area
by modernizing the claims handling system and improving insurance fraud detection
11
Comment: The products shown represent selected new offerings introduced by PZU in 2025
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We offered customers new life insurance products and expanded access to our offerings through partners
Riders to individual insurance
Riders have been updated and introduced for customers with individual life insurance:
in case of serious illnesses
in the extended version (up to PLN 1 m)
medical treatment abroad (up to EUR 2 m)
Group insurance
A group insurance pilot was conducted with the sum insured calculated as a multiple of the salary
Integrated insurance
In cooperation with LOT and Chubb, a new version of insurance has been launched "PZU Pomoc
w Podróży LOT", available when
buying a ticket on lot.com
Standalone insurance in bancassurance offering
Property insurance has been introduced - PZU Dom for mortgages, as well as standalone for Bank Pekao
customers; This is the bank's third
product under this model, along with TPL/MOD and "Bezpiecznej podróży"
12
Comment: The products shown represent selected new offerings introduced by PZU in 2025
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We have expanded our offerings to companies through underwriting and digitization, we are developing initiatives in foreign companies and foreign inward reinsurance
Insurance guarantees
The Small Guarantees program has been launched, allowing companies with revenues
up to PLN 5 m, including those on a flat-rate tax scheme, to obtain insurance guarantees
Digital solutions for businesses and brokers
The mojaFirma.pzu.pl platform has been expanded with TPL insurance for drone operators; This is the fourth functionality made available to companies and brokers after the Cargo Platform, PZU Cyber and the D&O quoting module; AI solutions have been implemented with automatic analysis of quote requests
Foreign companies
In Lithuania, the functionalities of self-service portal in claims handling have been developed, in Latvia new demand modules and rates in tariffs have been implemented, in Estonia, automatic quotations added for clients that are logged in, in Ukraine the online sales of motor and travel insurance launched
Foreign inward reinsurance
A dedicated team was established, target markets were selected and new inward foreign reinsurance contracts were signed outside the PZU Group
13
Comment: The products shown represent selected new offerings introduced by PZU in 2025
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We are investing in the Health area to support the continued rapid growth of facilities and services
1
Recapitalization of PZU Zdrowie to develop a network of medical facilities
Opening of two
10.2025
2025
12.2025
2026
2 greenfield facilities 3
in Poznań and Lublin
Acquisition of the company 4
Humana Medica
Omeda in Białystok
a multispecialty facility with hospital activities with a surgical and orthopedic profile
Further dynamic growth planned: opening of more new greenfield facilities, further acquisitions, organic growth and intensive digitalization of services
14
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We are a key investment hub for Poland by supporting the development of the economy and new segments of ETFs and Private Debt funds
Letter of intent regarding PZU's participation in
At least PLN 4 bn in support for Polish innovative enterprises
The program will combine public capital (PFR and BGK, among others) and private capital (PZU as
the first and largest commercial partner)
Investments made through private equity and venture capital funds
PZU ETF funds
17 March 2026 - planned debut of PZU's first ETF on the WSE
Reaching a new group of customers for PZU focused on passive investing
Successive development of the offer, availability in all brokerage houses and trading platforms
PZU FIZ Private Debt
Providing investors with exposure to an attractive segment of private corporate debt in the form of loans and bonds
The fund's assets are growing rapidly and at the end of 2025 exceeded PLN 259 m
15
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We support the development of our offerings and the optimization of internal processes with further implementations of innovations and AI applications
Development based on AI and
AI-based projects
PZU Ready for Startups AI Assistant
innovationsupports the building of real competitive advantage and enhances the value offered to customers
PZU operates >30 solutions
with an AI component, and other 30 are in the pipeline, including: optimization of manageability in claims handling and a tool for transcription and analysis of recordings of telephone calls with customers
90 pilots realized, of which >50 projects have been implemented generating for PZU >PLN 250 m in benefits. Among them are the monitoring of cyber threats
and extracting data from quote requests
An assistant based on generative artificial intelligence is regularly used by >50% of employees, who generated 1.7 m prompts in 2025 . Adoption of the tool is supported by 83 AI Ambassadors
16
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
We are transforming IT to deliver more changes faster and more efficiently
In line with the IT Strategy, we have launched a comprehensive transformation of technology..
The potential of data and digital technology
Modern work model
Optimization of costs
and increase in operational
efficiency
Data and business security
Leveraging data, cloud solutions, AI
and Low Code , we are transforming IT,
...to strengthen work model, cost efficiency, operational efficiency and safety
10%which is a significant source of business value
We have strengthened IT-business cooperation, focus on developing competencies of the future to increase the efficiency of creating digital solutions
By increasing the transparency of IT costs, effectively optimizing expenses and improving the cooperation model with technology providers
Cybersecurity remains our foundation to ensure stability of operations and business continuity
new business needs will be implemented using LowCode
20%
shorter "time-to-market" for
significant business changes
15%
greater efficiency in IT development
100%
critical systems covered by the digital resilience mechanisms developed under the strategy
17
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
PZU Group with high dynamics in non-motor insurance revenues
Gross written premium (PLN bn)1 and its dynamics (%, y/y)
+2.1%
PZU Group in Poland PZU Group in Poland - non-motor insurance
Non-motor insurance
Increase y/y
+5.9% y/y
+14.8% y/y
+12.5% y/y
1•
In 4Q25, continued growth in mass insurance
5.45
5.57
+9.1%
3.05
2.52
2.79
2.66
4Q24
Non-motor Motor4Q25
1.8
Corporate (gross written premium)1.6
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0.0
Mass (gross written premium)
Corporate (insurance revenues))
1.5
1.3
1.5
0.8
0.
0.6
4Q20 4Q21 4Q22 4Q23 4Q24
4Q25
9
(+5.9% y/y), and in the corporate segment
(+12.5% y/y)
2•
Increase in home and SME insurance in the mass segment, corporate construction insurance and underground property insurance (including the renewal of long-term contracts) and insurance in the energy sector
Motor insurance
1•
Lower sales of motor insurance (-5.2% y/y), largely as a result of a continued consistent price increase policy aimed at improving portfolio profitability in an environment of
Ratio of MOD to TPL policies (%)2
MOD to TPL (%)
strong price pressure and competition for customers, primarily individual customers
2018 2019 2020 2021 2022 2023 2024 2025
Gross written premium - external
PZU, based on active policies, standardized ratio 19
Exceptional results in 2025
Strategic priorities and their implementation
Business development in 4Q25
Results in 4Q25
Strategy
Annexes
PZU Życie with stable growth in the written premiums from group and
individually continued insurance, decline of individual insurance growth
PZU Życie gross written premiums from group and individually continued insurance (PLN m)
Group and individually continued insurance
2.5%
4Q25
4Q24
4Q23
4Q22
PZU Życie gross written premiums from individual insurance (PLN m)
-3%
770
Increase y/y
648
688
681
701
669
536
513
564
-39%
397
389
442
464
491
-6%
+20%
+24%
1•
Development of the portfolio of other group protection
insurance and individually continued insurance
2•
1,793
1,805
1,828
1,840
1,856
1,872
1,894
1,904
1,920
1,942
1,957
1,964
1,978
1,989
The higher level of premiums from insurance health insurance - the impact of the acquisition of accounts and tariff changes following the inflation of medical services
4Q22 4Q23 4Q24 4Q25
Individual insurance
1•
Decrease in written premiums from bancassurance mainly due to:
implementing protection products with regular premiums
in place of existing single premium contracts
lower sales of life and endowment insurance
2•
with single premium and guaranteed sums insured Continued trend of growth in sales of individual life and endowment insurance, including an offering of insurance with bonuses (PZU Perspektywa na Przyszłość) and insurance bundles (PZU Pakiet na Życie i Zdrowie), tailored to life situation, age, and individual customers' needs
Protection productsPeriodic investment products
Single-premium investment products
Investment contracts 20