PZU is simplifying its internal organizational model and the group’s asset structure.
The goal of the activities is to increase value for the PZU Group by providing a transparent structure for shareholders and the opportunity to generate more value.
Refreshing the operating model within the organization will translate into efficient delivery of client value, increased decision-making and faster response to market needs and trends. Managers’ responsibility for results will become clearer. The synergies from simplifying the asset structure and organizational structure amount to PLN 400 million in additional savings.
The PZU Group in its new strategic horizon will focus its business on what it does best. It wants to further increase the profitability of the insurance business while maintaining its leading market position.
In life insurance policies, PZU will strengthen its market leadership position through, among other things, focusing its operations around the baby boomer and silver generations. It also wants to maintain its client portfolio and dynamize profitability in group insurance. PZU will do this by introducing additional products – life, health and benefit products. This will give a boost to the value of the new business by more than 35% and achieve an operating margin of more than 20%.
There is a perceived insurance gap in mass non-life insurance in the Polish market. More than 60% of properties in Poland do not have sufficient insurance coverage in case of real damage. Thanks to, among other things, ubiquity in all distribution channels and the development of know-how, the PZU Group will achieve more than 30% growth in revenue from these insurances and improve its COR (combined ratio) to below 90%.
In the area of bancassurance, the PZU Group aims to record an increase of more than 50% in the number of insured clients at PZU Group banks.
In the corporate non-life insurance segment, the Group will develop a progression of more than 25% of insurance revenues in the strategy’s outlook, including through participation in major investments, including KPO’s green transformation.
The effect of all the activities in the insurance business area will be PLN 7.5 billion in additional revenues by 2027.
In the health business area, the Group is targeting revenue growth of more than 60%, above PLN 3 billion. The PZU Group will consistently build a leadership position, primarily through an efficient business and operating model that ensures high profitability and a technological infrastructure that sets the best market standards, as well as an extensive network of own outlets with a complementary network of partner outlets. The Group will achieve its goals in this business segment by investing up to PLN 1 billion.
An important business-building element will be the concentration of client relationships in the mojePZU digital platform. By strengthening the role of mojePZU as a central channel for clients, the Group will achieve an increase in users to 8 million people, up from 4.9 million (end-2024 estimate).
In international markets, the Group – already present in 5 countries – wants to further develop this business segment, testing markets in a “light” model of expansion through partner distribution channels and reinsurance.
PZU also wants to strengthen trust in society and spread the image of a socially engaged brand. It is the popularization of healthy and active lifestyles, involvement in socially relevant events, educational campaigns that build social resilience and support for civil society and digital transformation. These goals will also be a pillar of the sponsorship and prevention activities carried out by both PZU and the PZU Foundation.
A priority – relevant to the implementation of the strategy – is to develop a work environment, in which leadership, responsibility for results, and fostering employee autonomy and innovation are rewarded.
As a result of the strategy, the PZU Group will deliver key values to clients:
- No. 1 NPS on the market in products and service,
- mojePZU’s modern digital ecosystem with products and services,
- widespread educational and preventive campaigns, with a positive impact on the physical and mental well-being of children and adults.
It also aims to increase awareness and use of insurance among Poles and build a positive perception of the insurance industry.