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Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.

Pension funds (PTE PZU)

Annual Report 2018 > BUSINESS > Business operations > Pension funds (PTE PZU)
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Market situation

At yearend 2018, the net asset value of open-end pension funds was in excess of PLN 157 billion, down 12.4% versus the end of the previous year.

Operations of PTE PZU

The PZU Złota Jesień Open-End Pension Fund managed by PTE PZU (PTE PZU) is one of the largest players on the pension fund market in Poland. At the end of 2018, OFE PZU was the third largest pension fund, both in terms of the number of members, as well as in terms of net asset value:

  • the fund had 2,420 thousand members, i.e. 15.2% of all participants in open-end pension funds;
  • net assets stood at over PLN 22 billion, thereby representing 14.1% of the total asset value of the open-end pension funds operating in Poland;
  • in 2018 the merger of Pekao OFE and OFE PZU was completed; in accordance with the decision issued by the Polish Financial Supervision Authority, the funds officially merged on 12 October 2018.

Open-end Pension Funds – percentage of net asset value as at 31 December 2018 (%)

Źródło: KNF, Dane miesięczne o rynku OFE, Dane za grudzień 2018 roku

At yearend 2018, PZU’s Voluntary Pension Fund ran 74.1 thousand individual pension security accounts (IKZEs) in which assets of more than PLN 168 million were accumulated. Consequently, it retained its position as one of the leaders in the segment of voluntary pension funds. 

Factors, including threats and risks, which will affect the pension funds’ operations in 2019

The main challenges facing the pension fund market in 2019 are the following:

  • financial markets sentiment and, in particular performance of the Warsaw Stock Exchange, affecting the value of the funds’ assets and the level of management fees collected by pension fund companies;
  • opportunities arising from the achievement of the objectives specified in the Capital Accumulation Scheme and the Responsible Development Strategy the pursuit of which will depend on the development of detailed solutions and the entry into force of necessary legislative changes;
  • active participation in work on the adoption of solutions enhancing the performance of the third pillar and making it more attractive, as well as influencing the need in public awareness for accumulating additional savings for future retirement;
  • potential conclusions from the pension system review planned for 2019. 
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