Powszechny Zakład Ubezpieczeń (PZU) investor relations material

Executive summary

• Net profit for H1 2026 exceeded PLN 3 billion, with aROE at 17.8%, and insurance revenue reached PLN 15.7 billion, demonstrating resilience amid challenging geopolitical and regulatory environments.

• Maintained robust capital position with Solvency II ratio at 230% (239% as of December 2025), and S&P affirmed A- credit rating with a positive outlook.

• Continued strategic expansion through acquisitions (MetLife Ukraine), product innovation, and digital transformation, including AI initiatives and new ETF launches.

• Paid a historically high dividend of PLN 4.8 per share, reflecting strong profitability and capital position.

Financial highlights

• Total sales/revenue reached PLN 15.7 billion in H1 2026, up nearly PLN 0.5 billion year-over-year.

• Investment portfolio result was PLN 1.4 billion, stable year-over-year, with 83% in bonds and 70% in sovereign debt.

• Combined ratio in non-life insurance at 87.9% for H1 and 89% in Q2, marking the fourth consecutive quarter below 90%.

• Dividend per share increased 7.4% year-over-year to PLN 4.8.

• Net profit attributable to equity holders was PLN 3,009 million for H1 2026.

Outlook and guidance

• Confident in maintaining dividend policy, with solvency expected to remain above 200% even after Solvency II changes.

• Strategic goals for 2027 include gross insurance revenue over PLN 36 billion, net profit above PLN 6.2 billion, ROE above 19%, and combined ratio below 90%.

• Preparing for IFRS 18 implementation, impacting financial statement presentation from 2027.