Powszechny Zakład Ubezpieczeń (PZU) Q4 2025 earnings summary

Executive summary

• Achieved record financial results in 2025, with net profit attributable to equity holders of PLN 6.7 billion, total consolidated net profit of PLN 13,987 million (up 14.4% year-over-year), and premium income of nearly PLN 31 billion, up PLN 1.5 billion from 2024.

• ROE exceeded 20% (aROE 20.7%), with a solvency ratio of 234%, indicating a strong capital position.

• Dividend payout was PLN 4.47 per share, with a high yield and payout ratio of 80% of attributable profit.

• Business foundations in insurance and banking remain robust, with double-digit growth in non-motor, life, and health segments.

• No material discontinued operations; group maintained stable capital and solvency.

Financial highlights

• Net profit attributable to equity holders was PLN 6,699 million, up 25.4% year-over-year; consolidated net profit reached PLN 13,987 million.

• Insurance revenue increased to PLN 30,882 million, up 5% year-over-year.

• Insurance segment contributed PLN 4.5 billion, banking PLN 2.2 billion; investment portfolio result PLN 2.7 billion.

• Combined ratio at 86.2%, contractual/operating margin over 27%.

• Earnings per share (non-banking) at PLN 5.23; EPS overall at PLN 7.76.

Outlook and guidance

• Confident in delivering on 2027 KPIs: gross insurance revenue > PLN 36 billion, net profit > PLN 6.2 billion, ROE > 19%, combined ratio < 90%.

• Solvency expected at 190%-200% in 2026 under new regime; leverage ratio target below 25%.

• Health pillar revenue target > PLN 3 billion, TFI PZU external client assets > PLN 49 billion by 2027.

• Dividend guidance remains attractive, with management board recommendation pending.

• No material post-balance sheet events or changes in going concern assumptions.