Notes to the Sustainability Statement

At the same time, the PZU Group prepared taxonomic disclosures at an expanded level of consolidation due to the availability of required data. The PZU Group applied the following extensions to the scope of reporting:

• insurance data: expanded scope to include PZU Ukraine, TUW Polski Gaz (in liquidation);
• investment data: the full consolidation scope of the Consolidated Financial Statements was applied;
• banking data: no change.

As part of the PZU Group’s Sustainability Statement consolidation, the sustainability disclosures cover the Pekao and Alior Bank capital groups, which, in addition to being included in this statement, have also published separate Sustainability Statements. Other entities included in the consolidation are not required to publish a standalone Sustainability Statement for the financial year ending December 31, 2024.

The preparation of this Sustainability Statement considered the PZU Group’s value chain, including upstream and downstream activities. No material information has been deliberately omitted due to intellectual property or proprietary knowledge concerns.

As this is the first year of the company reporting in accordance with ESRS, no changes in the preparation or presentation of the Sustainability Statement have been reported, and no errors from previous periods have been identified. Comparative data for the first reporting year has been limited to taxonomy-related disclosures.

PZU Group did not use the concept of disclosure by reference.

In preparing this Sustainability Statement, the PZU Group has incorporated all mandatory disclosures required by ESRS. Selected ESRS-based disclosures have been supplemented with additional contextual information to provide a more comprehensive understanding.

Most of the PZU Group policies referenced in the Statement were prepared and implemented prior to the introduction of the ESRS, and therefore do not cover all MDR requirements. In the years to come, the PZU Group will strive to align existing policies with ESRS standards to ensure complete coverage of all requirements.

Where estimates have been used or where uncertainties exist regarding disclosed indicators, these have been appropriately disclosed within each thematic section. Further details on value chain-related estimates can be found in the section „Use of estimates and assumption”.

Unless otherwise stated, the PZU Group classifies time horizons as short-term, medium-term, and long-term in accordance with the definition provided in ESRS 1, section 6.4. The short-term horizon refers to a period of one year from the end of the reporting period (i.e., the financial year 2025), the medium-term horizon covers the period from the end of the short-term horizon up to five years from the end of the reporting period (i.e., financial years 2026–2029) and the long-term horizon refers to the period after the end of the medium-term horizon (i.e., the financial year 2030 and beyond).

The estimates and assumptions used are continuously verified to enable potential improvements in the future. Below, we present two sources of potential measurement uncertainties.

The quantitative indicators included in the Sustainability Statement are sometimes rounded. The PZU Group applies rounding in cases where the omitted information as a result of rounding is not material and in situations where rounding can enhance the qualitative characteristics of the information. For example, rounding is used when it improves the clarity of disclosures or reduces misinterpretations regarding the precision of the data.

The PZU Group does not include additional information in its Sustainability Statement beyond the taxonomy disclosures provided in the Taxonomy Disclosures section. Other disclosures, including those required under SFDR (Sustainable Finance Disclosure Regulation), are presented outside the Sustainability Statement.

The PZU Group has not used ISO/IEC or CEN/CENELEC standards in the preparation of this Sustainability Statement.

The determination of materiality has been conducted at the level of individual data points, in accordance with ESRS guidelines on whether the information is material and/or relevant to users. In cases where information was deemed not material, an explanation has been provided alongside the specific data point.

The following table presents the key elements of the due diligence process and indicates where they are reflected in the Sustainability Statement.