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PZU AR 2020 > Highlights

About the report


Market and Business

Capitals (IIRC)

Strategy and Outlook 2021+

Risk and ethics

Corporate Governance

Shares and bonds

The most important topics for the stakeholders in 2020:

Transparent job and career path assessment system;

Education and development of employees at various levels - offering development opportunities, training, education co-funding;

Caring for occupational safety and health, including the provision of ergonomic conditions during remote work;

Commitment to fighting the Covid-19 pandemic;

Prevention activities in safety and cooperation with rescue services.

Plans and strategy for the future;

Research and development activity, implementing innovative solutions;

Company’s response to the challenges related to climate change and reducing the adverse environmental impact;

Green office: initiatives, effects, internal ecological culture of employees;

Assets PLN 378,974 million (+10.4% y/y)

Equity attributable to the equity holders of the parent PLN 18,777 million (+16.1% y/y)

Net profit PLN 2,530 million (-51.2% y/y)

Net profit attributable to the equity holders of the parent company  PLN 1,912 million (-42.0% y/y)

Gross written premium PLN 23,866 million (-1.3% y/y)

Net earned premium PLN 23,024 million (-0.3% y/y)

Net insurance claims and benefits PLN 15,580 million (-0.7% y/y)

Surplus yield on the main portfolio above RFR 3.7 p.p.

ROE attributed to the parent company 10.9% (-10.3 p.p. y/y)

Combined ratio COR (Poland) 88.4% (0.0 p.p. y/y)

Operating margin in group and individually continued insurance 19.7% (-1.6 p.p. y/y)

The decline in Poland’s GDP in 2020 by 2.7% y/y as a consequence of the reduction in consumption and investments partly compensated by growth in net export

Increase in the rate of registered unemployment in Poland in December 2020 to 6.2% from 5.2% in Decembear 2019

Growth in average monthly wages in the corporate sector in Poland in 2020 by 4.7% versus 6.5% in 2019

Increase in consumer price inflation (CPI) in Poland in 2020 by 3.4% annually on average versus 2.3% in 2019

Lowering the interest rates by the Monetary Policy Council in 2020, reference interest rate at 0.1%

Bank loans stated as a percentage of GDP in the Polish banking system at 61% in 2019 versus the European average of 125%

Fall in Baltic States’ 2020 annualized GDP: in Lithuania 1.3%, in Latvia 1.7%, in Estonia 1.9% (after Q3)

Deposits are the most popular form of accumulating financial assets in Poland – 85% of all households use deposits

Ukraine’s annualized GDP fall in Q3 2020 at 3.5%

100% aided brand awareness for PZU

16 million PZU clients in Poland, 5.5 million Bank Pekao clients, 4.5 million Alior Bank clients

410 PZU outlets with 189 outlets in small communities

10 thousand tied agents and agencies in the PZU Group the largest agent network among Polish insurers

2.200  partner centers cooperating with the PZU Group at the end of 2020, 130 PZU Zdrowie’s own medical centers

713- number of Bank Pekao branches at the end of 2020,  1,592 number of own ATMs

674- own outlets and partner outlets in Alior Bank at the end of 2020

PLN 3 million for safe drivers in LINK4’s “Cash Back” telematic program in 2017-2020

9 thousand- number of employees in Bank Pekao and Alior who held a license from the Polish FSA to sell insurance at the end of 2020

almost 600- innovative ideas submitted up to the end of 2020 in 8 competitions using the Idea Generator

86% of the PZU Group’s clients are satisfied with the claims and benefits handling process


The PZU Group gradually expands its range of products designed to help reduce the adverse environmental impact, while taking into account the specific features of the Polish economy.

It implemented its own standard “Green PZU” to ensure more efficient and improved efforts aimed at reducing the Group’s adverse environmental impact.

In 2020, the Real Estate Department continued its endeavors focused on reducing the consumption of heat and electricity, the emissions of gasses and expanding the volume of waste collected separately in real properties owned or used by PZU and PZU Życie.

PZU is a signatory of the United Nations Environment Programme Finance Initiative established between the United Nations Environment Program and the financial sector. By joining this initiative, the PZU Group has become one of more than 350 organizations committed to making their business decisions consciously with a view to contributing to a favorable impact on people’s lives and the quality of the natural environment.

In 2020, the PZU Group recorded no breaches of any environmental laws or regulations and incurred no environmental penalties.

In 2020, over 80% of the electricity contracted and purchased by PZU and over 60% of the electricity purchased by PZU Życie came from renewable sources (RES).

In 2020 the consumption of energy generated and purchased by the PZU Group decreased by 10.2%, and the consumption of energy generated from non-renewable resources dropped by 16.1% while consumption of purchased energy dropped 6.3% y/y.

Total direct emissions in scope 1 in the PZU Group reached 25.8 thousand tons of CO2e, compared to 30.5 thousand tons of CO2e in 2019, down 15.4% (-4.7 thousand tons y/y).

Market-based indirect scope 2 emissions reached 79.8 thousand tons of CO2e in 2020 compared to 115 thousand tons in 2019, which signifies a decrease by 30.6% y/y (-35.2 thousand tons).

Location-based indirect scope 2 emissions reached 97.1 thousand tons of CO2e in 2020 compared to 113.9 thousand tons in 2019, which signifies a decrease by 15% y/y (-16.8 thousand tons).

Scope 3 (indirect) emissions in categories 1, 3, 5 and 6 (listed in the table above) by the PZU Group reached 18.1 thousand tons of CO2e compared to 23 thousand tons in 2019 (-21.3% y/y or -4.9 thousand tons).

Reduction of paper consumption at PZU and PZU Życie by 26.1% in 2020 (0.3% reduction in 2019)

Reduction of the number of printers at PZU and PZU Życie by 1.3% in 2020 (3.2% reduction in 2019)

In 2020 the consumption of energy generated and purchased by the PZU Group decreased by 10.2%, and the consumption of energy generated from non-renewable resources dropped by 16.1% while consumption of purchased energy dropped 6.3% y/y.

Total consumption of water in the PZU Group in 2020 was 291,322 m3 (411,978 m3 in 2019)


139 initiatives pursued by the PZU Foundation to promote art and culture (187 of initiatives in 2019).

4.6 million (physical) and 9.6 million (online) visitors to cultural institutions supported by PZU (7.8 million physical visitors in 2019)

455 persons in a difficult situation who received subsidies for rehabilitation, purchasing medications and rehabilitation equipment from the PZU Foundation (385 in 2019)

12,264 beneficiaries aided by PZU employees through voluntary work (175,823 in 2019)

As part of the volunteering activities, PZU employees implemented 65 original projects and devoted 6,743 hours to their volunteering work in 2020. They helped 11,427 beneficiaries (including: 6,224 children and youth; 4,780 adults; 355 ill, disabled, elderly people; 68 homeless people). Their aid reached also 837 animals in need.

PZU’s social commitment is recognizable and appreciated by Poles. Nearly 40% of the respondents are aware of PZU’s social involvement. 54% of the respondents have encountered a social, prevention or sponsorship campaign organized by PZU.

Financial commitment to social activity in 2020 surpassed PLN 77 million (PZU, PZU Życie, TUW PZUW and the PZU Foundation). In 2019, it was over PLN 84 million, and in 2018 – over PLN 86 million.

In 2020, PZU and PZU Życie spent over PLN 77 million on prevention and sponsorship activities, and their employees offered 6,743 hours of volunteering.

PLN 9.5 million for purchase of equipment for hospitals fighting the coronavirus.

Approximately 78% of PZU’s branches offer access to people with disabilities.

“PZU participates in professional activation of disabled persons by creating safe working conditions that are adopted to accommodate the degree of disability.

At the end of 2020 PZU and PZU Życie employed 101 and 73 persons, respectively, with a confirmed disability and a total of 116 people in PZU and PZU Życie.

Activities aimed at counteracting the COVID-19 pandemic, such as, among others: Appointment of the Crisis Management Team, Alignment of branches and insurance agencies to the sanitary regime guidelines, Remote COVID medical care, Remote psychological care, Adjustment of the Band of Life to the needs of COVID-19 patients, Donation of PLN 9.5 million for the purchase of equipment for medical services.

In April 2020, PZU made two hundred cars available to the medical services for the purpose of providing quick and efficient transport of samples for testing from people quarantining at home in connection with the COVID-19 pandemic.

Approximately 78% of PZU’s branches offer access to people with disabilities. These branches are partly adapted to the needs of people with disabilities.


PZU Group companies have in force rules and regulations pertaining to bonuses and bonuses & commissions.

In 2016, PZU and PZU Życie adopted “Compensation Policies” which are subjected to annual reviews and, if needed, updated accordingly.

55% of women in managerial positions.

84.6% of employees holding additional medical insurance Opieka Medyczna funded by PZU (84.3% in 2019)

83.7% of PZU and PZU Życie employees covered by the company’s Employee Pension Scheme (EPS) (86.2% in 2019)

7.2% of rotation of PZU and PZU Życie employees (9.0% in 2019)

In 2020, the employee engagement index increased by 10 p.p. y/y and reached 61% with an 82% participation ratio (84% in 2019).

Social dialogue is inscribed into the company’s organizational culture and forms one of the tools for strategic management.

There are 12 trade unions operating in PZU and 6 – in PZU Życie.

Employee training and development procedures were introduced in PZU Group companies.

Average number of training days per employee hired under an employment contract in the PZU Group was 2.86 in 2020 (0.11 days fewer than in 2019).

The employees of PZU and PZU Życie may count on financial pay commensurate with the level of responsibility and a unique broad range of non-salary benefits tailored to their diverse needs.

The “Occupational safety and health policy” has been in force in PZU and PZU Życie since 2015.

Every newly-hired PZU employee goes through advanced training courses related to occupational safety. In 2020, 1,853 one-on-one onboarding training courses and 205 periodic training courses were delivered attended by 928 PZU and PZU Życie employees

In total the PZU Group recorded 85 work accidents in 2020 (76 fewer than in 2019), including 41 in the Pekao Group, 16 in the Alior Bank Group, 11 in PZU and 4 in PZU Życie. There were no fatal accidents.

Business Open Door Days is a workshop event for students from across Poland.

The Apprenticeship and Internship Program – The main goal of the Apprenticeship and Internship Program at PZU is to ensure the inflow of young talents to the organization and build the image of the company as an attractive employer. The program allows the students to gain professional experience and learn the company’s culture.

Development program for PZU apprentices and interns – Laboratory of Talents

PZU Ambassadors Program

PZU has consistently supported sports activities also among its employees for many years. Each of them can practice his or her favorite sports in the specialist sections of the PZU Sport Team.


PZU and PZU Życie have a “Client experience management policy” in force, with the program devoted to that subject matter being a strategic initiative for the whole Group. The priority is to develop the best client experience during every contact with the company and its products and services.

PZU has in place the “Policy for managing proactive client initiatives at PZU – Closed Improvement Loop”. It applies to all PZU employees who have a direct or indirect impact on client experience.

Indicator concerning the timeliness of examining complaints of up to 28 days exceeded 98%

Professional service and sales handling indicator in 2020 was on average 97%

147 thousand doctor consultations arranged monthly by PZU Zdrowie (122 thousand in 2019)

22.2% NPS score at PZU and PZU Życie (18.7% in 2019)

Approximately 78% of PZU’s branches offer access to people with disabilities.

PZU Zdrowie is one of the leaders of private health care in Poland and provides care to approx. 3 million customers.

The guidelines for handling all complaints reported to PZU and PZU Życie have been compiled in the “Rules for handling client complaints”.

PZU employs transparent client communication principles– PZU is the only insurer in Poland that has as many as four “Simple Polish Certificates”.

The model of PZU’s business adopted in parallel with the #newPZU strategy brings together all of the PZU Group’s types of business and integrates them in a client-focused manner: life insurance, non-life insurance, health insurance, investments, pensions, health care, banking and assistance services.

Since 2018, the Idea Generator has been operating under the auspices of the Innovation Lab. It is an internet portal where the PZU employees may submit their ideas for innovative solutions.

In 2020, PZU continued collaboration with the startup accelerators: MIT Enterprise Forum CEE and RBL_Start (Alior Bank’s accelerator).

Internal regulations are in place in PZU and PZU Życie which support the effective management of information security and of personal data protection.

In 2020, we managed to prevent 23 thousand potential infections, more than 305 million attempts of making a connection to send malicious e-mails, more than 900 thousand high risk attacks, references to more than 6.1 million dangerous resources. In addition, more than 1.4 million malicious e-mails were blocked, 33 thousand analyses were carried out, 851 initiatives were opined, 216 manual safety tests were conducted, 340 thousand detected vulnerabilities to threats, including 12 thousand critical cases.

The PZU Group’s insurance business is aimed at offering insurance products tailored to the needs of individual and corporate clients in various sectors of the economy.

We will achieve further growth on every market where we operate

We will deliver an increase in gross written premium on insurance activity

We will materially grow revenue in our health business

We will be a leader on the asset management market generating high returns on our own portfolio and on savings and investment products

We will leverage the potential in the PZU Group’s banks

We will maintain the cost effectiveness in the business we run post-Covid-19

Our ambition is to bolster the PZU Group’s potential to generate a high level of net profit

We will deliver high business profitability

We will ensure a predictable and attractive model for generating shareholder value and a safe solvency ratio

We will generate benefits ensuing from the potential and scale of being the largest insurance and banking group in Central and Eastern Europe

We will give clients a comprehensive product offering thanks to the synergies afforded by the PZU Group by taking advantage of various distribution channelstaking advantage of various distribution channels

We will revolutionalize the approach to health care by becoming the most comprehensive medical advisor for our clients

We will leverage new technologies in all operating areas

We endorse sustainable development: we will be an active participant in the green energy transformation

Earnings per share was PLN 2.2.
Book value per share was PLN 21.7

The P/E ratio (price / earnings) for PZU’s stock at the end of 2020 was 14.6x
P/BV (price / book value) was 1.5x

Average daily turnover of PZU’s stock was PLN 69.8 million while the average number of trades per session was 6,045

The percentage of foreign investors in PZU’s shareholder structure at the end of 2020 was 33.3% with North American investors holding 13.2%

The number of remote conferences and meetings for institutional investors: 37

Number of recommendations issued for PZU shares in 2020: 25
Highest target price at the end of December 2020: PLN 39.3
Average target price at the end of December 2020: PLN 34.7

Percentage of PZU held by open-end pension funds (OFE) was 17.0%, while the percentage held by mutual fund management companies (TFI) was 4.7%

Financial strength rating and credit ratings for PZU and PZU Życie awarded by S&P Global Ratings: A- (stable)

PZU’s market value at the end of 2020 was PLN 27.9 bn, Pekao’s was PLN 16.0 bn, Alior Bank’s was PLN 2.2 bn

The percentage of retail investors in PZU’s shareholder structure at the end of 2020 was 8.5%

3 Supervisory Board committees: audit committee, nomination and compensation committee, strategy committee

Women constitute 18% of the PZU Supervisory Board

Women constitute 45% of the Management Boards in PZU and PZU Życie

PZU has been a signatory of the diversity charter since 2013

863,523,000 ordinary shares with a nominal value of PLN 0.10 each forming PZU’s share capital

Long-term and stable shareholder 34.19% - the percentage of the PZU shareholder structure held by the State Treasury

Application of all the recommendations and rules expressed by DPSN2016 except for the recommendation pertaining to holding an e-shareholder meeting

PZU Group’s Code of Best Practices is a set of ethical standards and standards of conduct according to which all PZU Group employees should conduct themselves

12 Supervisory Board meetings, 11 Audit Committee meetings in 2019

Daily application of the Best Insurance Practices laying down the principles according to which insurance sector companies as institutions of social trust should conduct themselves

Endorsement and application of Corporate Governance Rules for Regulated Institutions in accordance with the 2015 declaration

Risk management prevents the acceptance of risk at a level that could pose a threat to the PZU Group’s financial stability

Risk management process stages: identification, measurement and assessment, monitoring and control, and management activities

The risk management structure in the PZU Group comprises 4 decisionmaking levels: (i) Supervisory Board, (ii) Management Board, (iii) Committees, (iv) three lines of defense as part of operations

Key risks in the PZU Group: actuarial, market, credit, concentration, liquidity, operational, model and compliance

The process of determining the risk appetite and risk limits for each risk category consistent with the Group’s process implemented in entities in the PZU Group

Supervision over risk management systems in the banking sector entities (Alior and Pekao) is exercised by the Supervisory Boards of these banks, to which PZU designates its representatives

The risk appetite determined at least once a year in Pekao and Alior (after consultations with the parent company) ensures alignment of the banks’ activities with the PZU Group’s strategic plans and business objectives

Reinsurance providing security against negative impact of catastrophic events on the results of the PZU Group’s insurance activity

As at the end of Q3 2020, the Solvency II ratio 257%* above the average ratio reported by insurance groups in Europe
* the data unaudited

The Group's capital management (including excess capital) is conducted at the level of PZU as the parent company

The credit rating of reinsurers is assessed on the basis of market data, data obtained from external sources, e.g. from S&P Global Ratings, as well as on the basis of the model