| Basic amounts of the consolidated profit and loss account (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 23,470 | 24,191 | 23,866 | 25,080 | 26,710 |
| Net earned premiums | 22,350 | 23,090 | 23,024 | 23,232 | 24,297 |
| Net revenues from commissions and fees | 3,355 | 3,279 | 3,166 | 3,544 | 3,687 |
| Net investment result | 9,931 | 11,298 | 8,486 | 9,555 | 15,183 |
| Net claims and benefits | (14,563) | (15,695) | (15,580) | (15,731) | (15,542) |
| Acquisition expenses | (3,130) | (3,363) | (3,317) | (3,572) | (3,903) |
| Expenses incurred in the period | (6,609) | (6,606) | (6,597) | (6,826) | (7,575) |
| Interest expenses | (2,046) | (2 129) | (1 134) | (418) | (4 767) |
| Other operating income and expenses | (2,201) | (2,790) | (3,990) | (2,315) | (3,750) |
| Operating profit (loss) | 7,087 | 7,084 | 4,058 | 7,469 | 7,630 |
| Share of the net profit (loss) of entities accounted for using the equity method | (1) | (4) | – | (15) | (25) |
| Gross profit (loss) | 7,086 | 7,080 | 4,058 | 7,454 | 7,605 |
| Net profit (loss), including: | 5,368 | 5,185 | 2,530 | 5,434 | 5,259 |
| Profits (losses) of equity holders | 3,213 | 3,295 | 1,912 | 3,336 | 3,374 |
| Profits (losses) of minority holders | 2,155 | 1,890 | 618 | 2,098 | 1,885 |
| Weighted average basic and diluted number of common shares | 863,347,220 | 863,285,340 | 863,332,499 | 863,344,936 | 863,390,384 |
| Number of issued shares | 863,523,000 | 863,523,000 | 863,523,000 | 863,523,000 | 863,523,000 |
| PZU Group’s basic and diluted profit per ordinary share of the Issuer (in PLN) | 3.72 | 3.82 | 2.21 | 3.86 | 3.91 |
| PZU (Issuer) net profit | 2,712 | 2,651 | 1,919 | 2,028 | 1,637 |
| Basic and diluted profit (losses) per ordinary share (in PLN) | 3.14 | 3.07 | 2.22 | 2.35 | 1.90 |
Data as at December 31, 2018–2019 restated
| Basic amounts of the consolidated profit and loss account (PLN million) | 2022 (restated**) |
2023 (restated) |
2024 |
|---|---|---|---|
| Insurance service result before reinsurance | 3,600 | 4,122 | 4,307 |
| Insurance revenue | 24,745 | 26,868 | 29,423 |
| Insurance service expenses | (21,145) | (22,746) | (25,116) |
| Net income or expenses from reinsurance contracts held | 63 | (103) | (792) |
| Reinsurance premium allocation | (1,126) | (1,514) | (1,882) |
| Amounts recoverable from reinsurers | 1,189 | 1,411 | 1,090 |
| Insurance service result | 3,663 | 4,019 | 3,515 |
| Financial income and expenses from insurance | (408) | (1,786) | (1,565) |
| Finance income or expenses from reinsurance | 30 | 38 | 140 |
| Net investment result | 15,353 | 28,125 | 28,208 |
| Fee and commission result | 3,687 | 3,786 | 3,842 |
| Operating costs of banks | (5,450) | nd. | nd. |
| PZU Group’s non-insurance operating expenses | nd. | (9,701) | (10,514) |
| Legal risk costs of foreign currency mortgage loans*** | nd. | (369) | (729) |
| Interest expenses | (4,767) | (8,890) | (8,243) |
| Other operating income and expenses* | (3,946) | 913 | 1,043 |
| Operating profit (loss) | 8,162 | 16,135 | 15,697 |
| Share of the net financial results of entities accounted for using the equity method | (25) | 10 | 8 |
| Gross profit (loss) | 8,137 | 16,145 | 15,705 |
| Net profit (loss), including: | 5,666 | 12,519 | 12,221 |
| – profit (loss) attributable to the equity holders of the Parent Company | 3,781 | 5,780 | 5,342 |
| -profit (loss) attributable to holders of non-controlling interests | 1 ,885 | 6,739 | 6,879 |
| Weighted average basic and diluted number of common shares | 863,390,384 | 863,378,107 | 863,358,403 |
| Number of issued shares | 863,523,000 | 863,523,000 | 863,523,000 |
| PZU Group’s basic and diluted profit per ordinary share of the Issuer (in PLN) | 4.38 | 6.69 | 6.19 |
| PZU (Issuer) net profit | 1,637 | 3,983 | 3,877 |
| Basic and diluted profit (losses) per ordinary share (in PLN) | 1.90 | 4.61 | 4.49 |
*) including shares in consolidated funds
**) Data as reported in the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2023.
***) Information on restatement of data for 2023 is presented in section 6.3 of the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2024.
**) Data as reported in the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2023.
***) Information on restatement of data for 2023 is presented in section 6.3 of the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2024.
| Assets (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Intangible assets | 3,180 | 3,157 | 3,206 | 3,403 | 3,282 |
| Goodwill | 3,871 | 4,034 | 2,776 | 2,778 | 2,808 |
| Property, plant and equipment | 3,184 | 4,229 | 4,188 | 4,144 | 4,304 |
| Investment property | 1,697 | 1,981 | 2,493 | 2,773 | 3,021 |
| Entities measured by the equity method | 17 | 11 | 72 | 93 | 52 |
| Assets pledged as collateral for liabilities | 877 | 933 | 1,481 | 1,336 | 972 |
| Loan receivables from clients | 182,054 | 194,868 | 197,288 | 215,008 | 212,693 |
| Financial derivatives | 2,487 | 3,107 | 6,339 | 8,328 | 16,197 |
| Investment financial assets | 100,788 | 110,483 | 139,441 | 136,954 | 153,861 |
| Receivables | 6,343 | 5,737 | 6,246 | 9,418 | 12,642 |
| Reinsurers’ share in technical provisions | 1,512 | 1,856 | 2,101 | 2,540 | 4,015 |
| Deferred tax assets | 2,234 | 2,313 | 2,511 | 3,058 | 3,085 |
| Deferred acquisition expenses | 1,546 | 1,574 | 1,550 | 1,573 | 1,762 |
| Other assets | 562 | 734 | 753 | 633 | 811 |
| Cash and cash equivalents | 17,055 | 7,788 | 7,939 | 9,447 | 15,960 |
| Assets and groups of assets held for sale | 1,147 | 580 | 590 | 643 | 654 |
| Total assets | 328,554 | 343,385 | 378,974 | 402,129 | 436,119 |
| Assets (PLN million) | 2022 (restated**) |
2023 (restated) |
2024 |
|---|---|---|---|
| Goodwill | 2,808 | 2,801 | 2,792 |
| Intangible assets | 3,282 | 3,404 | 3,745 |
| Deferred tax assets | 3,103 | 2,193 | 2,244 |
| Other assets | 462 | 483 | 587 |
| Property, plant and equipment | 4,304 | 4,445 | 4,256 |
| Investment property | 3,021 | 3,098 | 3,159 |
| Entities measured by the equity method | 52 | 62 | 69 |
| Insurance contract assets | 68 | 111 | 108 |
| Reinsurance contract assets | 2,336 | 3,469 | 4,042 |
| Assets pledged as collateral for liabilities | 972 | 1,708 | 1,404 |
| Assets held for sale | 654 | 621 | 595 |
| Loan receivables from clients (including financial lease receivables) | 212,693 | 218,874 | 232,166 |
| Financial derivatives | 16,197 | 11,396 | 5,384 |
| Investment financial assets | 153,861 | 192,332 | 222,315 |
| Measured at amortized cost | 106,013 | 135,875 | 158,550 |
| Measured at fair value through other comprehensive income | 39,725 | 44,366 | 53,131 |
| Measured at fair value through profit or loss | 8,123 | 12,091 | 10,634 |
| Current income tax receivables | 305 | 19 | 6 |
| Other receivables | 9,108 | 5,227 | 5,258 |
| Cash and cash equivalents | 15,960 | 17,702 | 15,127 |
| Total assets | 429,186 | 467,945 | 503,257 |
**) Data as reported in the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2023
| Equity (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Share capital | 86 | 86 | 86 | 86 | 86 |
| Supplementary capital | 12,660 | 13,113 | 15,848 | 14,816 | 15,315 |
| Revaluation reserve | (65) | 294 | 891 | (1,140) | (2,455) |
| Actuarial gains and losses on provisions for employee benefits | – | 1 | 3 | 3 | (6) |
| Treasury shares | (11) | (7) | (9) | (5) | (4) |
| Other reserve capital | 18 | (324) | 295 | 600 | 1,721 |
| Foreign exchange translation differences | (36) | (41) | 65 | 69 | 92 |
| Retained earnings (losses) | (940) | (248) | (314) | (685) | (634) |
| Net profit (loss) | 3,213 | 3,295 | 1,912 | 3,336 | 3,374 |
| Charges to net profit during the financial year | – | – | – | – | – |
| Non-controlling interests | 22,482 | 23,119 | 24,626 | 22,914 | 22,263 |
| Total equity | 37,407 | 39,288 | 43,403 | 39,994 | 39,752 |
| Equity (PLN million) | 2022 (restated**) |
2023 (restated) |
2024 |
|---|---|---|---|
| Equity attributable to equity holders of the Parent | 26,162 | 30,037 | 32,111 |
| Share capital | 86 | 86 | 86 |
| Treasury shares | (4) | (4) | (7) |
| Supplementary capital | 15,315 | 15,804 | 17,491 |
| Other reserve capital | 1,721 | 2,218 | 3,923 |
| Revaluation reserve | (2,455) | (948) | (834) |
| Finance income and expenses under insurance contracts | 2,622 | 1,258 | 1,657 |
| Finance income and expenses under reinsurance contracts | (79) | (48) | (61) |
| Actuarial gains and losses related to provisions for employee benefits | (6) | (8) | (9) |
| Foreign exchange translation differences | 91 | (47) | (84) |
| Retained earnings | 8,871 | 11,726 | 9,949 |
| Retained profit | 5,090 | 5,946 | 4,607 |
| Net profit | 3,781 | 5,780 | 5,342 |
| Non-controlling interests | 22,263 | 30,515 | 33,146 |
| Total equity | 48,425 | 60,552 | 65,257 |
**) Data as reported in the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2023.
| Liabilities (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Technical provisions | 45,839 | 47,329 | 48,471 | 50,173 | 52,606 |
| Provision for unearned premiums and provision for unexpired risk | 8,525 | 8,885 | 8,834 | 9,603 | 10,760 |
| Life insurance provision | 16,204 | 16,346 | 16,309 | 16,345 | 17,014 |
| Provision for outstanding claims and benefits | 9,690 | 10,298 | 10,984 | 11,715 | 13,356 |
| Provision for the capitalized value of annuities | 5,981 | 5,999 | 6,226 | 6,371 | 6,543 |
| Provisions for bonuses and discounts for insureds | 7 | 9 | 8 | 12 | 19 |
| Other technical provisions | 256 | 214 | 190 | 164 | 159 |
| Unit-linked provision | 5,176 | 5,578 | 5,920 | 5,963 | 4,755 |
| Subordinated liabilities | 6,061 | 6,700 | 6,679 | 6,274 | 6,184 |
| Liabilities on the issue of own debt securities | 12,009 | 9,273 | 7,532 | 5,940 | 11,090 |
| Liabilities to banks | 6,044 | 6,604 | 9,751 | 7,470 | 7,720 |
| Liabilities to clients under deposits | 207,635 | 218,588 | 241,975 | 265,155 | 278,058 |
| Derivatives | 3,365 | 3,018 | 6,281 | 11,880 | 20,956 |
| Other liabilities | 8,805 | 10,599 | 12,434 | 13,203 | 17,178 |
| Other provisions | 854 | 1,211 | 1,378 | 1,206 | 1,711 |
| Other provisions | 486 | 746 | 949 | 806 | 831 |
| Liabilities directly associated with assets classified as held for sale | 49 | 29 | 121 | 28 | 33 |
| Total liabilities | 291,147 | 304,097 | 335,571 | 362,135 | 396,367 |
| Total equity and liabilities | 328,554 | 343,385 | 378,974 | 402,129 | 436,119 |
| Liabilities (PLN million) | 2022 (restated**) | 2023 (restated) | 2024 |
|---|---|---|---|
| Insurance contract liabilities | 37,518 | 42,328 | 43,642 |
| Reinsurance contract liabilities | 31 | 35 | 35 |
| Subordinated liabilities | 6,184 | 6,166 | 5,099 |
| Liabilities on the issue of own debt securities | 11,090 | 12,003 | 18,086 |
| Liabilities to banks | 7,720 | 7,047 | 6,895 |
| Liabilities to clients under deposits | 278,058 | 303,781 | 334,193 |
| Financial derivatives | 20,956 | 11,656 | 6,132 |
| Current income tax liabilities | 328 | 1,991 | 1,818 |
| Other liabilities | 14,301 | 16,980 | 15,946 |
| Provisions | 1,711 | 2,286 | 2,756 |
| Deferred tax liabilities | 2,831 | 3,088 | 3,374 |
| Liabilities directly associated with assets classified as held for sale | 33 | 32 | 24 |
| Total liabilities | 380,761 | 407,393 | 438,000 |
| Total equity and liabilities | 429,186 | 467,945 | 503,257 |
**) Data as reported in the Consolidated Financial Statements of Powszechny Zakład Ubezpieczeń Group for the year ended December 31, 2023.
| One-off events in PZU Group (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Costs related to the modification of agreements for PLN mortgage loans granted to consumers due to their suspension of loan repayments (the so-called moratorium periods) | – | – | – | – | (2,460) |
| Provision for legal risk related to foreign currency mortgage loans at Bank Pekao | – | – | – | – | (1,598) |
| Cost of fees for the bank protection system | – | – | – | – | (696) |
| An increase in technical provisions for older versions of individually continued products, recognizing the expected effect of higher indexations in the next 12 months. | – | – | – | – | (203) |
| Impairment allowance for financial assets and receivables in Ukrainian companies | – | – | – | – | (94) |
| The effect of a logistics company going public | – | – | – | 485 | – |
| Goodwill impairment allowance | – | – | (1,301) | – | – |
| Write-down of assets arising from the acquisition of Alior Bank | – | – | (161) | – | – |
| Provision for reimbursement of fees in prepaid consumer loans (CJEU) | (272) | ||||
| Revaluation of provisions for vegetative condition compensation claims | (148) | – | – | – | – |
| One-off events in PZU Group (PLN million) | 2022 | 2023 (restated) |
2024 |
|---|---|---|---|
| Costs related to the modification of agreements for PLN mortgage loans granted to consumers due to their suspension of loan repayments (the so-called moratorium periods) | (2,460) | 103 | (215) |
| Provision for legal risk related to foreign currency mortgage loans at Bank Pekao | (1,598) | (315) | (669) |
| Above-normal number of mass damage caused by weather events, mainly flooding | – | – | (259) |
| Release of impairment allowance for assets arising from the acquisition of Alior Bank | – | – | 115 |
| Costs of the Bank Protection Scheme fee | (696) | – | – |
| Impairment allowance for financial assets and receivables in Ukrainian companies | (94) | – | – |
| Operational efficiency ratios | 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|---|
| 1 | Gross claims and benefits ratio (simple) (gross claims and benefits / gross written premium) x 100% | 63.8% | 66.5% | 67.5% | 64.3% | 63.2% |
| 2 | Claims and benefits ratio (net claims and benefits / net earned premium) x 100% | 65.2% | 68.0% | 67.7% | 67.7% | 64.0% |
| 3 | Activity expense ratio for insurance segments (insurance business expense / net earned premium) x 100% | 21.4% | 22.3% | 22.6% | 23.8% | 25.0% |
| 4 | Acquisition expense ratio for insurance segments (acquisition expenses / net earned premium) x 100% | 14.5% | 15.1% | 15.3% | 16.3% | 17.1% |
| 5 | Administrative expense ratio for insurance segments (acquisition expenses / net earned premium) x 100% | 6.9% | 7.2% | 7.4% | 7.6% | 7.9% |
| 6 | Combined ratio in non-life insurance (net claims and benefits + insurance business expense / net earned premium) x 100% | 87.1% | 88.5% | 88.2% | 89.2% | 89.6% |
| 7 | Operating profit margin in life insurance (operating profit / gross written premium) x 100% | 21.3% | 20.5% | 18.6% | 12.7% | 16.8% |
| 8 | Cost/income ratio – banking activity | 42.3% | 40.8% | 43.4% | 42.2% | 39.9% |
| Operational efficiency ratios | 2022 | 2023 (restated) |
2024 | |
|---|---|---|---|---|
| 1 | Administrative expenses ratio of insurance segments (net administrative expenses / net insurance revenue) x 100% | 8.5% | 9.1% | 9.0% |
| 2 | Combined ratio in non-life insurance (net insurance service expenses / net insurance revenue) x 100% | 86.5% | 86.0% | 91.9% |
| 3 | Margin from insurance operations in life insurance (operating profit / net insurance revenue) x 100% | 22.2% | 24.4% | 27.1% |
| 4 | Cost/income ratio – banking activity | 39.9%* | 32.6% | 34.3% |
*The ratio measured according to the previously used methodology as the quotient of administrative expenses and the sum of operating income, excluding: the BFG charge, the levy on other financial institutions and the movements in allowances for expected credit losses and impairment losses on financial instruments.
| Data from the profit and loss account – corporate insurance (non-life insurance) (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
| Gross written premiums | 3,097 | 3,316 | 3,026 | 3,283 | 4,031 |
| Net earned premiums | 2,326 | 2,476 | 2,365 | 2,365 | 2,503 |
| Investment income | 113 | 100 | 116 | 73 | 124 |
| Net insurance claims and benefits | (1,591) | (1,610) | (1,593) | (1,510) | (1,684) |
| Acquisition expenses | (477) | (519) | (511) | (522) | (545) |
| Administrative expenses | (131) | (131) | (144) | (142) | (161) |
| Reinsurance commissions and profit-sharing | 39 | 43 | 47 | 56 | 68 |
| Other | (11) | (32) | 33 | (26) | (23) |
| Insurance result | 268 | 327 | 313 | 294 | 282 |
| acquisition expense ratio (including reinsurance commission)* | 18.8% | 19.2% | 19.6% | 19.7% | 19.1% |
| administrative expense ratio* | 5.6% | 5.3% | 6.1% | 6.0% | 6.4% |
| loss ratio* | 68.4% | 65.0% | 67.4% | 63.8% | 67.3% |
| combined ratio (COR)* | 92.9% | 89.5% | 93.1% | 89.6% | 92.8% |
* ratios calculated using net earned premium
| Data from the profit and loss account – corporate insurance (non-life insurance) (PLN million) | 2022 | 2023 | 2024 |
| Insurance revenue before reinsurance | 3,448 | 4,101 | 4,704 |
| Amortization of liabilities for remaining coverage (PAA) | 2,952 | 3,513 | 4,070 |
| Recovery of insurance acquisition cash flows | 496 | 588 | 634 |
| Insurance revenue after reinsurance | 2,531 | 2,800 | 3,075 |
| Insurance service expenses after reinsurance | (2,181) | (2,195) | (2,616) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (1,548) | (1,403) | (1,740) |
| Administrative expenses | (142) | (207) | (250) |
| Amortization of loss component | 120 | 113 | 98 |
| Recognition of the loss component | (115) | (110) | (90) |
| Amortization of insurance acquisition cash flows | (496) | (588) | (634) |
| Insurance service result | 350 | 605 | 459 |
| Financial income and expenses from insurance | (66) | (108) | (204) |
| Finance income or expenses from reinsurance | 15 | 35 | 128 |
| Investment income | 225 | 332 | 366 |
| Operating profit (loss) | 524 | 864 | 749 |
| Combined ratio (COR) | 86,2% | 78,4% | 85,1% |
| Data from the profit and loss account – mass insurance (non-life insurance) (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 10,401 | 10,403 | 10,244 | 10,910 | 11,583 |
| Net earned premiums | 10,168 | 10,261 | 10,192 | 10,121 | 10,923 |
| Investment income | 526 | 481 | 525 | 385 | 593 |
| Net insurance claims and benefits | (6,171) | (6,410) | (6,221) | (6,198) | (6,596) |
| Acquisition expenses | (1,890) | (1,986) | (2,010) | (2,166) | (2,470) |
| Administrative expenses | (594) | (651) | (673) | (678) | (706) |
| Reinsurance commissions and profit-sharing | (6) | 3 | – | 33 | 41 |
| Other | (308) | (249) | (142) | (246) | (288) |
| Insurance result | 1,725 | 1,449 | 1,671 | 1,251 | 1,497 |
| acquisition expense ratio (including reinsurance commission)* | 18.6% | 19.3% | 19.7% | 21.1% | 22.2% |
| administrative expense ratio* | 5.8% | 6.3% | 6.6% | 6.7% | 6.5% |
| loss ratio* | 60.7% | 62.5% | 61.0% | 61.2% | 60.4% |
| combined ratio (COR)* | 85.2% | 88.1% | 87.4% | 89.0% | 89.1% |
* ratios calculated using net earned premium
| Data from the profit and loss account – mass insurance (non-life insurance) (PLN million) | 2022 | 2023 | 2024 |
| Insurance revenue before reinsurance | 10,981 | 11,966 | 13,106 |
| Amortization of liabilities for remaining coverage (PAA) | 8,579 | 9,278 | 10,176 |
| Recovery of insurance acquisition cash flows | 2,402 | 2,688 | 2,930 |
| Insurance revenue after reinsurance | 10,842 | 11,820 | 12,930 |
| Insurance service expenses after reinsurance | (9,318) | (10,269) | (12,183) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (6,061) | (6,748) | (8,269) |
| Administrative expenses | (787) | (875) | (928) |
| Amortization of loss component | 341 | 442 | 523 |
| Recognition of the loss component | (409) | (400) | (579) |
| Amortization of insurance acquisition cash flows | (2,402) | (2,688) | (2,930) |
| Insurance service result | 1,524 | 1,551 | 747 |
| Financial income and expenses from insurance | (241) | (263) | (335) |
| Finance income or expenses from reinsurance | 11 | 5 | 11 |
| Investment income | 703 | 745 | 753 |
| Operating profit (loss) | 1,997 | 2,038 | 1,176 |
| Combined ratio (COR) | 85.9% | 86.9% | 94.2% |
| Data from the profit and loss account – group and individually continued insurance (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 6,891 | 6,966 | 7,007 | 7,030 | 7,166 |
| Group insurance | 4,887 | 4,940 | 4,958 | 4,975 | 5,093 |
| Individually continued insurance | 2,004 | 2,026 | 2,049 | 2,055 | 2,073 |
| Net earned premiums | 6,890 | 6,965 | 6,956 | 7,055 | 7,190 |
| Investment income | 581 | 668 | 675 | 520 | 617 |
| Insurance claims and benefits and movement in other net technical provisions | (4,931) | (5,057) | (5,190) | (5,597) | (5,333) |
| Acquisition expenses | (349) | (388) | (381) | (394) | (429) |
| Administrative expenses | (604) | (640) | (632) | (669) | (752) |
| Other | (44) | (51) | (37) | (45) | (44) |
| Insurance result | 1,543 | 1,497 | 1,391 | 870 | 1,249 |
| Insurance result excluding non-recurring effects | 1,543 | 1,497 | 1,391 | 870 | 1,452 |
| acquisition expense ratio* | 5.1% | 5.6% | 5.4% | 5.6% | 6.0% |
| administrative expense ratio* | 8.8% | 9.2% | 9.0% | 9.5% | 10.5% |
| result margin | 22.4% | 21.5% | 19.9% | 12.4% | 17.4% |
* ratios calculated using gross written premium
| Data from the profit and loss account – group and individually continued insurance (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Insurance revenue before reinsurance | 7,316 | 7,362 | 7,840 |
| Insurance revenue after reinsurance | 7,316 | 7,362 | 7,840 |
| Expected claims and benefits, and expenses (GMM, VFA) | 6,127 | 6,114 | 6,557 |
| Release of the contractual service margin (GMM, VFA) | 1,105 | 1,223 | 1,267 |
| Other revenue | 84 | 25 | 16 |
| Insurance service expenses after reinsurance | (6,039) | (6,093) | (6,232) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (4,960) | (4,830) | (4,934) |
| Administrative expenses | (730) | (842) | (861) |
| Amortization of loss component | 349 | 292 | 326 |
| Recognition of the loss component | (293) | (279) | (292) |
| Amortization of insurance acquisition cash flows | (405) | (434) | (471) |
| Insurance service result | 1,277 | 1,269 | 1,608 |
| Financial income and expenses from insurance | (462) | (509) | (522) |
| Investment income | 682 | 852 | 888 |
| Operating profit (loss) | 1,497 | 1,612 | 1,974 |
| Insurance business margin | 20.5% | 21.9% | 25.2% |
| Data from the profit and loss account – individual insurance (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 1,346 | 1,581 | 1,712 | 1,750 | 1,451 |
| Net earned premiums | 1,344 | 1,579 | 1,710 | 1,747 | 1,447 |
| Investment income | 59 | 548 | 465 | 153 | (181) |
| Insurance claims and benefits and movement in other net technical provisions | (976) | (1,640) | (1,670) | (1,329) | (695) |
| Acquisition expenses | (126) | (139) | (175) | (224) | (216) |
| Administrative expenses | (69) | (72) | (81) | (86) | (109) |
| Other | (5) | (5) | (5) | (6) | (8) |
| Insurance result | 227 | 271 | 244 | 255 | 238 |
| acquisition expense ratio* | 9.4% | 8.8% | 10.2% | 12.8% | 14.9% |
| administrative expense ratio* | 5.1% | 4.6% | 4.7% | 4.9% | 7.5% |
| result margin* | 16.9% | 17.1% | 14.3% | 14.6% | 16.4% |
* ratios calculated using gross written premium
| Data from the profit and loss account – individual insurance (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Insurance revenue before reinsurance | 581 | 637 | 744 |
| Insurance revenue after reinsurance | 581 | 637 | 744 |
| Expected claims and benefits, and expenses (GMM, VFA) | 400 | 374 | 423 |
| Release of the contractual service margin (GMM, VFA) | 215 | 244 | 295 |
| Other revenue | (34) | 19 | 26 |
| Insurance service expenses after reinsurance | (301) | (344) | (377) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (86) | (91) | (106) |
| Administrative expenses | (78) | (90) | (97) |
| Amortization of loss component | 14 | 8 | 13 |
| Recognition of the loss component | (8) | (17) | (18) |
| Amortization of insurance acquisition cash flows | (143) | (154) | (169) |
| Insurance service result | 280 | 293 | 367 |
| Financial income and expenses from insurance | (87) | (102) | (107) |
| Investment income | 118 | 115 | 119 |
| Operating profit (loss) | 311 | 306 | 379 |
| Insurance business margin | 53.5% | 48.0% | 50.9% |
| Data from the profit and loss account – investment contracts (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premium | 40 | 35 | 33 | 33 | 30 |
| Group insurance | 2 | 1 | 1 | 1 | – |
| Individual insurance | 38 | 34 | 32 | 32 | 30 |
| Net earned premiums | 40 | 35 | 33 | 33 | 30 |
| Investment income | (14) | 16 | 13 | (3) | (29) |
| Net insurance claims and benefits and movement in other net technical provisions | (15) | (42) | (37) | (22) | 6 |
| Acquisition expenses | (1) | – | – | – | – |
| Administrative expenses | (5) | (4) | (3) | (2) | (2) |
| Other | (2) | – | – | – | – |
| Operating result | 3 | 5 | 6 | 6 | 5 |
| result margin* | 7.5% | 14.3% | 18.2% | 18.2% | 16.7% |
* ratios calculated using gross written premium
| Data from the profit and loss account – investment contracts (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Investment income | 1 | 2 | 12 |
| Fee and commission result | 3 | 3 | 2 |
| Operating profit (loss) | 4 | 5 | 14 |
| Data from the profit and loss account – banking activity (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Investment income | 8,897 | 8,972 | 6,248 | 7,319 | 13,636 |
| Fee and commission income and expenses | 3,115 | 3,146 | 3,008 | 3,426 | 3,569 |
| Administrative expenses | (4,989) | (4,850) | (4,782) | (5,077) | (5,639) |
| Interest expenses | (1,904) | (2,013) | (1,074) | (376) | (4,617) |
| Other | (1,083) | (1,757) | (3,206) | (1,513) | (3,035) |
| Total | 4,036 | 3,498 | 194 | 3,779 | 3,914 |
| Data from the profit and loss account – banking activity (PLN million) | 2022 | 2023 (restated) | 2024 |
|---|---|---|---|
| Investment income | 13,636 | 24,714 | 25,221 |
| Fee and commission result | 3,569 | 3,605 | 3,676 |
| Operating costs of banks | (5,639) | – | – |
| PZU Group’s non-insurance operating expenses | – | (7,939) | (8,785) |
| Interest expenses | (4,617) | (8,704) | (8,077) |
| Costs of legal risk of mortgage loans in foreign currencies | – | (369) | (729) |
| Other operating income and expenses | (3,035) | (43) | 8 |
| Operating profit | 3,914 | 11,264 | 11,314 |
| Data from the profit and loss account – pension segment (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Investment income | 5 | 6 | 4 | 4 | 12 |
| Other revenue | 149 | 142 | 130 | 154 | 161 |
| Administrative expenses | (40) | (43) | (56) | (57) | (49) |
| Other | (7) | (4) | (5) | (5) | (5) |
| Operating profit (loss) | 107 | 101 | 73 | 96 | 119 |
| Data from the profit and loss account – pension segment (PLN million) | 2022 | 2023 (restated) | 2024 |
|---|---|---|---|
| Investment income | 12 | 17 | 16 |
| Fee and commission result | 161 | 147 | 184 |
| PZU Group’s non-insurance operating expenses | – | (45) | (38) |
| Other operating income and expenses | (32) | 1 | 1 |
| Operating profit | 141 | 120 | 163 |
| Investment segment (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Total | (390) | 333 | 323 | 662 | 420 |
* ratios calculated using net earned premium
| Investment segment (PLN million) | 2022 | 2023 (restated) | 2024 |
|---|---|---|---|
| Investment income | 442 | 522 | 395 |
| Fee and commission result | 87 | 171 | 150 |
| PZU Group’s non-insurance operating expenses | – | (127) | (146) |
| Interest expenses | (178) | (231) | (207) |
| Other operating income and expenses | (95) | 4 | 16 |
| Operating profit | 256 | 339 | 208 |
| Data from the profit and loss account – Baltic Countries segment (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 1,592 | 1,713 | 1,694 | 1,867 | 2,359 |
| Net earned premiums | 1,480 | 1,600 | 1,643 | 1,742 | 2,064 |
| Investment income | 2 | 38 | 18 | 42 | (13) |
| Net insurance claims and benefits | (905) | (989) | (965) | (1,082) | (1,238) |
| Acquisition expenses | (317) | (335) | (340) | (366) | (454) |
| Administrative expenses | (125) | (133) | (141) | (142) | (163) |
| Other | 3 | 4 | 5 | 6 | 7 |
| Insurance result | 138 | 185 | 220 | 200 | 203 |
| EUR exchange rate in PLN | 4.2669 | 4.3018 | 4.4742 | 4.5775 | 4.6883 |
| acquisition expense ratio* | 21.4% | 20.9% | 20.7% | 21.0% | 22.0% |
| administrative expense ratio* | 8.4% | 8.3% | 8.6% | 8.2% | 7.9% |
* ratios calculated using net earned premium
| Data from the profit and loss account – Baltic Countries segment (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Insurance revenue before reinsurance | 2,082 | 2,489 | 2,683 |
| Insurance revenue after reinsurance | 2,033 | 2,424 | 2,609 |
| Amortization of liabilities for remaining coverage (PAA) | 1,607 | 1,936 | 2,096 |
| Expected claims and benefits, and expenses (GMM, VFA) | 18 | 17 | 19 |
| Release of the contractual service margin (GMM, VFA) | 12 | 13 | 14 |
| Release of risk adjustment for non-financial risks (GMM, VFA) | 3 | 2 | 2 |
| Recovery of insurance acquisition cash flows | 393 | 455 | 477 |
| Other | – | 1 | 1 |
| Insurance service expenses after reinsurance | (1,820) | (2,170) | (2,273) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (1,216) | (1,457) | (1,516) |
| Administrative expenses | (220) | (255) | (280) |
| Amortization of loss component | 205 | 142 | 145 |
| Recognition of the loss component | (196) | (145) | (145) |
| Amortization of insurance acquisition cash flows | (393) | (455) | (477) |
| Insurance service result | 213 | 254 | 336 |
| Financial income and expenses from insurance | 24 | (25) | (41) |
| Finance income or expenses from reinsurance | 1 | (2) | 1 |
| Investment income | (13) | 57 | 86 |
| Fee and commission result | 2 | 2 | 2 |
| Operating profit | 227 | 286 | 384 |
| EUR exchange rate in PLN | 4.6883 | 4.5284 | 4.3042 |
| Insurance business margin for life insurance | 28.6% | 25.0% | 28.3% |
| The combined ratio (COR) for property and other non-life insurance | 89.8% | 89.7% | 87.4% |
| Data from the profit and loss account – Ukraine segment (PLN million) | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|
| Gross written premiums | 257 | 335 | 291 | 339 | 231 |
| Net earned premiums | 152 | 217 | 196 | 227 | 207 |
| Investment income | 19 | 33 | 39 | 16 | (42) |
| Net insurance claims and benefits | (59) | (81) | (76) | (102) | (106) |
| Acquisition expenses | (82) | (118) | (101) | (112) | (48) |
| Administrative expenses | (25) | (31) | (33) | (39) | (33) |
| Other | 18 | 19 | 29 | 24 | 17 |
| Insurance result | 23 | 39 | 54 | 14 | (5) |
| exchange rate UAH/PLN | 0.1330 | 0.1502 | 0.1439 | 0.1422 | 0.1370 |
| acquisition expense ratio* | 53.9% | 54.4% | 51.5% | 49.3% | 23.2% |
| administrative expense ratio* | 16.4% | 14.3% | 16.8% | 17.2% | 15.9% |
* ratios calculated using net earned premium
| Data from the profit and loss account – Ukraine segment (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Insurance revenue before reinsurance | 248 | 220 | 242 |
| Insurance revenue after reinsurance | 227 | 218 | 239 |
| Amortization of liabilities for remaining coverage (PAA) | 135 | 136 | 153 |
| Expected claims and benefits, and expenses (GMM, VFA) | 20 | 17 | 5 |
| Release of the contractual service margin (GMM, VFA) | 8 | 5 | 9 |
| Release of risk adjustment for non-financial risks (GMM, VFA) | 1 | 1 | 6 |
| Recovery of insurance acquisition cash flows | 73 | 58 | 70 |
| Other | (10) | 1 | (4) |
| Insurance service expenses after reinsurance | (199) | (201) | (245) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (83) | (96) | (112) |
| Administrative expenses | (43) | (43) | (51) |
| Amortization of loss component | – | 1 | 12 |
| Recognition of the loss component | – | (5) | (24) |
| Amortization of insurance acquisition cash flows | (73) | (58) | (70) |
| Insurance service result | 28 | 17 | (6) |
| Financial income and expenses from insurance | (26) | (18) | (21) |
| Finance income or expenses from reinsurance | 3 | – | – |
| Investment income | (1) | 50 | 51 |
| Operating profit | 4 | 49 | 24 |
| exchange rate UAH/PLN | 0.1370 | 0.1137 | 0.0991 |
| Insurance business margin for life insurance | -34.7% | 75.0% | 37.0% |
| The combined ratio (COR) for property and other non-life insurance | 86.0% | 95.6% | 101.4% |
| Data from the profit and loss account – investment insurance (PLN million) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Insurance revenue before reinsurance | 89 | 93 | 104 |
| Insurance revenue after reinsurance | 89 | 93 | 104 |
| Expected claims and benefits, and expenses (GMM, VFA) | 37 | 15 | 45 |
| Release of the contractual service margin (GMM, VFA) | 37 | 45 | 45 |
| Other revenue | 15 | 33 | 14 |
| Insurance service expenses after reinsurance | (98) | (63) | (100) |
| Claims and benefits (excluding the investment component) with the development of the claim reserves from previous years | (17) | (21) | (21) |
| Administrative expenses | (3) | (5) | (5) |
| Amortization of loss component | 8 | 9 | 15 |
| Recognition of the loss component | (35) | (7) | (58) |
| Amortization of insurance acquisition cash flows | (51) | (39) | (31) |
| Insurance service result | (9) | 30 | 4 |
| Financial income and expenses from insurance | 450 | (761) | (335) |
| Investment income | (455) | 765 | 328 |
| Operating profit (loss) | (14) | 34 | (3) |
| Insurance business margin | -15.7% | 36.6% | -2.9% |