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List of GRIs

List of GRIs

List of GRIs

List of GRIs

List of GRIs

CEO and the Chairman introduce to the most important achievements of the year

Letter to Shareholders

Beata Kozłowska – Chyła, CEO of PZU

Dear
Stakeholders,

The PZU Group is the largest financial institution in Central and Eastern Europe. We employ approximately 40 thousand employees in five countries: in Poland, Ukraine, Lithuania, Latvia and Estonia who enable us to serve roughly 22 million clients. Together we are building profitability and generating the highest solvency ratios among European insurers. We measure our success not only in terms of financial results but also social commitment, actions to benefit the natural environment and sustainable development.

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VIDEO: Results 2020 - webcast VIDEO: AGM 2020 - webcast
Beata Kozłowska – Chyła, CEO of PZU

Dear
Shareholders,

The past year was a huge unknown for the entire economy. Uncertainty in businesses and households triggered by the avalanche-like spread of coronavirus and the enactment of business restrictions in many industries led to a marked decline in economic activity. The year of the pandemic meant many challenges for the PZU Group companies. Even though they were difficult to anticipate, they did not form an obstacle to development. Rather they served as a driving force to introduce more dynamic change. By taking this approach to business the PZU Group retained its strong position as the leader in financial services and the insurer crafted a new strategy for upcoming years.

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VIDEO: Results 2020 - webcast VIDEO: AGM 2020 - webcast
Maciej Łopiński, Chairman of the PZU Supervisory Board

Dear Stakeholders,

The global coronavirus pandemic meant that 2020 required for business to demonstrate exceptionally effective management and efficient adjustment to new market conditions. The PZU Group utilized this time to grow dynamically while simultaneously maintaining a high level of safety in its business. It ended the year of the pandemic among the groups reporting the highest solvency ratios in the world. It discharged other obligations in addition to its business objectives. It accomplished an important social goal by getting involved in the fight against the COVID-19 pandemic.

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m

PZU in numbers - see what we have accomplished and how we built the value of the PZU Group

PZU in numbers

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Financial
performance

Share
performance

Sustainable
growth

Business
performance

Financial performance
PLN 23.9 bn Gross written premium
PLN 23.9 bn 2020
PLN 24.2 bn 2019
PLN 23.5 bn 2018
PLN 8.5 bn Net Investment result
PLN 8.5 bn 2020
PLN 11.3 bn 2019
PLN 9.9 bn 2018
PLN 4.1 bn Operating profit
PLN 4.1 bn 2020
PLN 7.1 bn 2019
PLN 7.1 bn 2018
PLN 1.9 bn Net profit after minorities
PLN 1.9 bn 2020
PLN 3.3 bn 2019
PLN 3.2 bn 2018
PLN 149 m Net result of banks attributed to the PZU
PLN 149 m 2020
PLN 515 m 2019
PLN 654 m 2018
10.9% Return on equity (ROE)
10.9% 2020
21.2% 2019
22.1% 2018
88.5% Combined ratio (COR)
88.5% 2020
88.5% 2019
87.1% 2018
19.7% Group and individual continued insurance margin
19.7% 2020
21.3% 2019
22.1% 2018
Share performance
PLN 32.36 Share price
PLN 32.36 2020
PLN 40.03 2019
PLN 43.90 2018
PLN 34.6 bn Market capitalization
PLN 27.9 bn 2020
PLN 34.6 bn 2019
PLN 37.9 bn 2018
-19.2% Total shareholder return (TSR)
-19.2% 2020
-2.4% 2019
10.1% 2018
- Dividend yield
- 2020
6.4% 2019
5.9% 2018
PLN 2.2 Earning per share (EPS)
PLN 2.2 2020
PLN 3.8 2019
PLN 3.7 2018
- Dividend per share (DPS)
- 2020
PLN 2.8 2019
PLN 2.5 2018
PLN 21.7 BVPS
PLN 21.7 2020
PLN 18.7 2019
PLN 17.3 2018
14.8 P/E
14.8 2020
10.5 2019
11.8 2018
Sustainable growth
0.3t Emissions (scope 1 and 2 using the market-based method) per million of consolidated assets (tons CO2e / million of consolidated assets)
0.3t 2020
0.4t 2019
0.5t 2018
2.6t Emissions (scope 1 and 2 using the market-based method) per employee (tons CO2e / employee)
2.6t 2020
3.6t 2019
4.0t 2018
PLN 77 m Donations given to the PZU Foundation
PLN 77 m 2020
PLN 84 m 2019
PLN 87 m 2018
22.2% NPS ratio
22.2% 2020
18.7% 2019
6.4% 2018
98.1% Examining of complaints ratio to 28 days
98.1% 2020
97.4% 2019
97% 2018
54.8% Respect for diversity - % of women in managerial positions
54.8% 2020
53.5% 2019
53.1% 2018
61% Employee engagement rate
61% 2020
51% 2019
40% 2018
22.9 Number of hours of training during the year per employee
22.9 2020
23.2 2019
25 2018
98% Percentage of suppliers accepting the “Code of CSR Best Practices for PZU’s Suppliers”
98% 2020
- 2019
- 2018
Business performance
32.1% Market share (non-life insurance)
32.1% 2020
33.8% 2019
36% 2018
45.6% Market share in periodical premium in Life insurance
45.6% Q3 2020
45.9% 2019
45.9% 2018
PLN 32 bn Assets under management - third party(TFI and OFE PZU)
PLN 32 bn 2020
PLN 31 bn 2019
PLN 29 bn 2018
PLN 19.3 bn Assets under management (TFI Pekao)
PLN 19.3 bn 2020
PLN 21.6 bn 2019
PLN 19.4 bn 2018
PLN 312.0 bn Banking assets in PZU Group
PLN 312.0 bn 2020
PLN 280.0 bn 2019
PLN 264.0 bn 2018
PLN 75 m Net result on asset management of TFI PZU and PTE PZU
PLN 75 m 2020
PLN 93 m 2019
PLN 97 m 2018
PLN 103 m Net result on asset management of TFI Pekao
PLN 103 m 2020
PLN 126 m 2019
PLN 90 m 2018
2.8 m Number of contracts of PZU Zdrowie
2.8 m 2020
2.7 m 2019
2.3 m 2018
PLN 23.9 bn Gross written premium
PLN 23.9 bn 2020
PLN 24.2 bn 2019
PLN 23.5 bn 2018
PLN 8.5 bn Net Investment result
PLN 8.5 bn 2020
PLN 11.3 bn 2019
PLN 9.9 bn 2018
PLN 4.1 bn Operating profit
PLN 4.1 bn 2020
PLN 7.1 bn 2019
PLN 7.1 bn 2018
PLN 1.9 bn Net profit after minorities
PLN 1.9 bn 2020
PLN 3.3 bn 2019
PLN 3.2 bn 2018
PLN 149 m Net result of banks attributed to the PZU
PLN 149 m 2020
PLN 515 m 2019
PLN 654 m 2018
10.9% Return on equity (ROE)
10.9% 2020
21.2% 2019
22.1% 2018
88.5% Combined ratio (COR)
88.5% 2020
88.5% 2019
87.1% 2018
19.7% Group and individual continued insurance margin
19.7% 2020
21.3% 2019
22.1% 2018
PLN 32.36 Share price
32.36 2020
PLN 40.03 2019
PLN 43.90 2018
PLN 27.9 bn Market capitalization
PLN 27.9 bn 2020
PLN 34.6 bn 2019
PLN 37.9 bn 2018
-19.2% Total shareholder return (TSR)
-19.2% 2020
-2.4% 2019
10.1% 2018
- Dividend yield
- 2020
6.4% 2019
5.9% 2018
PLN 2.2 Earning per share (EPS)
PLN 2.2 2020
PLN 3.8 2019
PLN 3.7 2018
- Dividend per share (DPS)
- 2020
PLN 2.8 2019
PLN 2.5 2018
PLN 18.7 BVPS
PLN 21.7 2020
PLN 18.7 2019
PLN 17.3 2018
14.8 P/E
14.8 2020
10.5 2019
11.8 2018
2.6t Emissions (scope 1 and 2 using the market-based method) per employee (tons CO2e / employee)
2.6t 2020
3.6t 2019
4.0t 2018
0.3t Emissions (scope 1 and 2 using the market-based method) per million of consolidated assets (tons CO2e / million of consolidated assets)
0.3t 2020
0.4t 2019
0.5t 2018
PLN 77 m Donations given to the PZU Foundation
PLN 77 m 2020
PLN 84 m 2019
PLN 87 m 2018
22.2% NPS ratio
22.2% 2020
18.7% 2019
6.4% 2018
98.1% Examining of complaints ratio to 28 days
98.1% 2020
97.4% 2019
97% 2018
54.8% Respect for diversity - % of women in managerial positions
54.8% 2020
53.5% 2019
53.1% 2018
61% Employee engagement rate
61% 2020
51% 2019
40% 2018
22.9 Number of hours of training during the year per employee
22.9 2020
23.2 2019
25 2018
98% Percentage of suppliers accepting the “Code of CSR Best Practices for PZU’s Suppliers”
98% 2020
- 2019
- 2018
32.1% Market share (non-life insurance)
32.1% 2020
33.8% 2019
36% 2018
45.6% Market share in periodical premium in Life insurance
45.6% Q3 2020
45.9% 2019
45.9% 2018
PLN 32 bn Assets under management - third party(TFI and OFE PZU)
PLN 32 bn 2020
PLN 31 bn 2019
PLN 29 bn 2018
PLN 19.3 bn Assets under management (TFI Pekao)
PLN 19.3 bn 2020
PLN 21.6 bn 2019
PLN 19.4 bn 2018
PLN 312.0 bn Banking assets in PZU Group
PLN 312.0 bn 2020
PLN 280.0 bn 2019
PLN 264.0 bn 2018
PLN 75 m Net result on asset management of TFI PZU and PTE PZU
PLN 75 m 2020
PLN 93 m 2019
PLN 97 m 2018
PLN 103 m Net result on asset management of TFI Pekao
PLN 103 m 2020
PLN 126 m 2019
PLN 90 m 2018
2.8 m Number of contracts of PZU Zdrowie
2.8 m 2020
2.7 m 2019
2.3 m 2018

Gross written premium and net profit of PZU since the IPO on the stock exchange

Sales and net profit 2010-2020

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net
profit

gross written
premium

PZU Group’s ROE vs peers

ROE

Average
17.9% PZU
16.7% RSA
13.8% NN
11.4% Allianz
11% Zurich
9.8% Aviva
8.2% Hannover RE
7.9% VIG
7.7% Generali
6.6% Talanx
6.0% AXA
5.3% Munich RE
3.8% SCOR

Check out this interactive map.
See in which markets we are present in Europe.
We are leaders not only in Poland.

Market position

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Poland

# market position
#1
#2
#8
TFI PZU
#3
OFE PZU
#3
Pekao TFI
#5
PZU Zdrowie
#3

Estonia

#5

Lithuania

#1
#6

Latvia

#2

Ukraine

#7
#4
Non-life insurance
Market position by assets under management
Life insurance
Market position by assets
Market position by revenues

Meet the key groups of our stakeholders and see how we manage these relationships.

Stakeholders Map

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Employees

Clients

Suppliers

Investors and
shareholders

Business partners:
agents and brokers

Media

Local communities

Central
administration

Non-governmental
organization
and public
institutions

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close

Employees

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Annual/quarterly discussions;

Listening to opinions of employees;

internal meetings;

providing growth opportunities to employees;

internal portal/intranet;

creating a satisfactory workplace;

newsletter;

building understanding for strategy implementation and achieved results;

boxes to explicate things that are not clear;

activating employee to participate in new initiatives.

employee council and trade unions;

internal publications;

information campaigns expanding knowledge about the organization;

engagement survey;

broadcast meetings with Management Board members;

video materials shown in the Company’s head office.

Frequency of involving a given group

High

Clients

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Website;

Collecting client expectations and opinions;

client needs survey;

incorporating client opinions when designing business solutions;

satisfaction and opinion surveys;

creating products and services that match client needs;

Client Council;

create transparent terms and conditions in offers and contracts.

financial and insurance education programs;

Client Ombudsman.

Frequency of involving a given group

High

Suppliers

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Meetings with new and current suppliers;

Supporting the execution of the Group’s strategy and access to innovation;

CSR poll.

shaping business standards in our surroundings and promoting best procurement practices.

Frequency of involving a given group

High

Investors and shareholders

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Regular meetings during conferences, discussion panels (group meetings in the company and individual ones);

Ensuring information transparency;

quarterly financial reports, tables with data and results presentations;

creation of value;

constant cooperation between the Investor Relations department and stakeholders (institutional investors and retail investors), analysts and capital market organizations);

Distribution of profits to shareholders.

meetings and conference calls with the Management Board;

the Company’s website;

internet information channels.

Frequency of involving a given group

High

Business partners: agents and brokers

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Annual, monthly and ongoing meetings with agents;

Presentation of strategic plans;

satisfaction and opinion surveys;

addressing ongoing cooperation issues to ensure mutual benefits.

internal communication portal for agents;

sales training and support programs;

Elite Agent Club and Elite Advisory Group.

Frequency of involving a given group

High

Media

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Press releases: press conferences, expert interviews, industrial interviews, social services.

Transparency in operation;

 

building insurance awareness;

 

enhancing the level of knowledge concerning financial products.

Frequency of involving a given group

Average

Local communities

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Ongoing direct communication;

Execution of sponsorship and prevention projects;

supporting local initiatives through the program www.pomoctomoc.pl

supporting the development of communities;

 

being a responsible citizen;

 

encouraging employees to take part in social campaigns

Frequency of involving a given group

Average

Central administration

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Cooperation in debates and conferences;

Ensuring compliance with requirements and regulations;

answering inquiries and incorporation of recommendations;

support for the creation of new market principles, including best practices.

legislative cooperation with the Polish Insurance Association.

Frequency of involving a given group

Average

Non-governmental organization and public institutions

Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders

Building partnerships and conducting social diagnosis;

Implementation of educational and social programs promoting health, safety, social aid, culture and protection of cultural heritage

joint planning, implementation and evaluation of projects;

involvement in initiatives and projects to promote CSR and corporate foundation standards;

organization of joint conferences, seminars and seminars – activities benefiting the third sector and the academic community;

sharing know-how (training).

Frequency of involving a given group

Average

See the implementation of the #nowePZU strategy in 2020 and learn about the key elements of our new Strategy for 2021-2024.

Innovation Strategy

Discover more Play video
Strategy 2021-2024

GROWTH
AND DIVIDENDS

  • Higher gross written premium on insurance activity + 9.9% to PLN 26 billion
  • Higher revenue in our health business + 80% to PLN 1.7 billion/
    Leader position in asset management – higher AuM
    + 82% to PLN 60 billion
  • Leveraging the potential of the PZU Group’s banks – higher contribution of the PZU Group’s banks to the PZU Group’s financial net result + 648% to PLN 0.8 billion
  • Maintaining cost effectiveness – 7% administrative expense ratio
  • Ensuring a predictable and attractive model for generating shareholder value
Strategy 2021-2024

SCALEAND SYNERGIES

  • Strengthening benefits ensuing from the potential and scale of being the largest insurance and banking group in Central and Eastern Europe
  • Giving clients a comprehensive product offering thanks to the synergies afforded by the PZU Group by taking advantage of various distribution channels
  • Revolutionizing the approach to health care – comprehensive medical advice
  • Developing business ecosystems for new and current clients
Strategy 2021-2024

TECHNOLOGYAND DIGITALIZATION

  • Digitalization and streamlining processes
  • Utilization of AI, Big Data and advanced analytics
  • Utilization of new digital distributions channels to supplement the traditional ones
  • Implementation of cloud-based solutions
  • Introduction of tools for estimating cybersecurity risk in the financial sector
Strategy 2021-2024

SUSTAINABLEDEVELOPMENT

  • Achieving climate neutrality (scope 1 and 2) by 2024
  • Increasing the exposure in investments supporting climate and energy transformation
  • Developing our array of ESG insurance and investment products
  • Including ESG criteria in procurement processes
  • Including ESG targets among the strategic objectives of our companies and senior management
Strategy 2021-2024

As a result in 2024 we will achieve:

  • the highest net profit in PZU’s stock exchange history PLN 3.4 billion
  • above average return on equity (ROE) 17.4%

See how we manage capital, building value for our stakeholders.

Business: Value Creation Model

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Capital…

Financial capital – resource containing funds that arises by providing funding through loans or grants, or is generated through operating activity. These funds include shareholder funds, equity and external capital;

Financial capital

Intellectual capital – organization’s resource based on knowledge, experience, including among others intellectual property such as patents, copyrights, software, rights and licenses, the organization’s know how, motivation to improve and develop processes, leadership and cooperation and investments in new solutions and innovations facilitating development;

Intellectual capital

Infrastructural capital – physical objects used by the organization in the process of producing goods or rendering services (branches, centers) as well as the distribution network formed by agents, private persons conducting agency activity and other partners cooperating with the PZU Group;

Infrastructural capital

Human capital – competences, know how, skills, experience and motivation of employees to develop and innovate, including the capacity of grasping and implementing the organization’s strategy;

Human capital

Social and relational capital – reputation, earned trust and the quality of relations with clients, communities and other stakeholders;

Social capital

Natural capital – renewable and unrenewable natural resources (including water, minerals and air as well as biodiversity and the protection of ecosystems) and processes whereby products or services are delivered

Natural capital

Check our interactive shareholder's map.

Shareholders and performance map

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> 10,000,000 shares

List of countries
  • Poland
  • United States
  • United Kingdom
  • Luxembourg
  • Canada
  • Ireland
  • United Arab Emirates

5,000,000 – 10,000,000 shares

List of countries
  • Netherlands
  • Singapore
  • Hungary
  • Kuwait
  • Japan
  • Austria
  • Norway
  • Switzerland

1,000,000 – 5,000,000 shares

List of countries
  • Sweden
  • Saudi Arabia
  • China
  • Belgium
  • France
  • Germany
  • Czechia
  • Denmark
  • Korea

250,000 – 1,000,000 shares

List of countries
  • Malta
  • Slovakia
  • Austria
  • Finland
  • Andorra

< 250,000 shares

List of countries
  • Liechtenstein
  • Italy
  • New Zealand
  • Slovenia
  • Hong Kong
  • Cayman Islands
  • Taiwan
  • Normand Island
  • Bermudy
  • Bulgaria
  • Spain
  • Cyprus
  • Oman
  • Greece
  • Romania
  • Jordana
  • Ukraine
  • Lithuania