Powszechny Zakład Ubezpieczeń (PZU) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw record insurance revenue of PLN 7.8 billion, up PLN 243 million year-over-year, and net profit attributable to parent shareholders of PLN 1.36 billion, despite less favorable market conditions and a harsh winter season.

• Dividend of PLN 4.80 per share was recommended, yielding 7.6%, with a record date of September 17 and payment on October 8, 2026.

• The group maintained a strong solvency ratio of 239% and a stable A- credit rating with a positive outlook.

• Strategic initiatives included innovation investments, digitalization, operational efficiency improvements, and ongoing integration of Link4 and acquisition of MetLife Ukraine.

• Market leadership in Poland and strengthened position in Ukraine, with a 31.4% share in non-life and 40.7% in life insurance markets.

Financial highlights

• Insurance revenue for Q1 2026 reached PLN 7.8 billion (+3.2% y/y), the highest ever for Q1; net profit attributable to equity holders was PLN 1.36 billion (-22.6% y/y).

• Operating margin stood at 25.3%; non-life insurance combined ratio was 86.8%.

• Life insurance income grew 7.6% year-over-year, with a margin of 25.3%.

• Investment portfolio profitability was 4.8%, with 73% in government debt instruments.

• Total assets increased to PLN 543,426 million, and equity attributable to parent shareholders rose to PLN 36,870 million.

Outlook and guidance

• Dividend policy aims to maintain payouts at or above current levels, factoring in regulatory changes and acquisitions.

• Regulatory proceedings for MetLife Ukraine expected to conclude by year-end 2026; Link4 merger targeted for Q1 2027.

• Strategic targets for FY2027: gross insurance revenue > PLN 36 billion, net profit > PLN 6.2 billion, ROE > 19%, COR < 90%.

• Ongoing review of strategy and operating targets by the new management board.

• Monitoring impact of CJEU ruling on consumer loans.