Navigation Map Download our best practices

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.

Letter to Shareholders

CEO and the chairman introduce to You the most important achievements of the year. By reading those letters you will find out, what was the main achievement. Whatever on those statements will make you interested, for sure you will find it further on this website.

Paweł Surówka CEO of PZU

Dear Shareholders,

On behalf of the Management Boards of the PZU Group companies, I hereby convey to you our activity report for 2018.

Last year, economic conditions on the global capital markets were challenging for investors. High volatility returned to the financial markets. Positive sentiments persisted only at the outset of the year, riding the wave of optimism from 2017 when the main indices of the Polish stock exchange rose by more than 20%.

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Maciej Łopiński Chairman of the PZU Supervisory Board

Dear Stakeholders,

2018 was a very successful year for the Polish economy. High GDP growth, equilibrium in the current account balance, the extremely low public finance sector’s deficit and the unemployment rate coming in at a level unrecorded in nearly 30 years formed great conditions for doing business. Relying on its strong brand and economies of scale, the PZU Group leveraged this period to strengthen its competitive edge and develop all areas of its operations.

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Tomasz Kulik the PZU Group’s CFO

These results affirm our unwavering strategy execution, not just in terms of the overarching objective of return on equity (ROE) but also in terms of various lines of business, efficiency and profitability parameters.

In 2018, the PZU Group attained a very robust combined ratio (COR) in non-life insurance – 86.6% in Poland.

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Roman Pałac CEO of PZU Życie

2018 confirmed PZU Życie’s strong position as the leader in the periodic premium segment. PZU Życie’s share of the periodic premium insurance market at the end of Q3 2018 was at its highest since 2010 and was equal to 46%. Such a superb result was possible thanks to maintaining the very high attractiveness of the product offer, including an ever higher number of riders coupled with suitable risk pricing.

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Financial results

PZU in numbers - see what we have accomplished and how we built the value of the PZU Group in 2018

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Financial performance
PLN 23.5 bn Gross written premium
PLN 23.5 bn 2018
PLN 22.8 bn 2017
PLN 20.2 bn 2016
PLN 10.6 bn Net Investment result
PLN 10.6 bn 2018
PLN 8.5 bn 2017
PLN 3.5 bn 2016
PLN 7.1 bn Operating profit
PLN 7.1 bn 2018
PLN 5.5 bn 2017
PLN 3.0 bn 2016
PLN 3.2 bn Net profit after minorities
PLN 3.2 bn 2018
PLN 2.9 bn 2017
PLN 1.9 bn 2016
PLN 654 mln Net result of banks attributed
 to the PZU
PLN 654 mln 2018
PLN 393 mln 2017
PLN 181 mln 2016
22.1% Return on equity (ROE)
22.1% 2018
21.0% 2017
14.9% 2016
87.1% Combined ratio (COR)
87.1% 2018
89.6% 2017
94.9% 2016
22.1% Group and individual continued insurance margin
22.1% 2018
20.6% 2017
25.8% 2016
245% Solvency II
245% Q3 2018
211% 2017
250% 2016
Share performance
PLN 43.90 Share price
PLN 43.90 2018
PLN 42.16 2017
PLN 33.21 2016
PLN 37.9 bn Market capitalization
PLN 37.9 bn 2018
PLN 36.4 bn 2017
PLN 28.7 bn 2016
10.1% Total shareholder return (TSR)
10.1% 2018
31.2% 2017
3.7% 2016
5.9% Dividend yield
5.9% 2018
4.2% 2017
6.1% 2016
PLN 3.7 Earning per share (EPS)
PLN 3.7 2018
PLN 3.4 2017
PLN 2.2 2016
PLN 2.5 Dividend per share (DPS)
PLN 2.5 2018
PLN 1.4 2017
PLN 2.1 2016
PLN 17.3 2018
PLN 16.3 2017
PLN 15.0 2016
11.8 P/E
11.8 2018
12.6 2017
14.8 2016
2.5 P/BV
2.5 2018
2.6 2017
2.2 2016
Sustainable growth
PLN 21 m Donations given to the PZU Foundation
PLN 21 m 2018
PLN 12 m 2017
PLN 2 m 2016
PLN 66 m Total amount of funds donated during the year to social causes other than the funds given to the PZU
PLN 66 m 2018
PLN 62 m 2017
PLN 74 m 2016
11 674 Number of hours of work by volunteers
11 674 2018
10 807 2017
8 923 2016
80% Proprietary branches adapted to meet the needs of disabled clients
80% 2018
76% 2017
75% 2016
53% Respect for diversity - % of women in managerial positions
53% 2018
54% 2017
54% 2016
41 345 Number of employees converted into FTEs as of the balance sheet date
41 345 2018
41 391 2017
27 090 2016
25 Number of hours of training during the year per employee (in FTEs)
25 2018
17 2017
20 2016
68% % of women employed by the PZU Group
68% 2018
69% 2017
64% 2016
1 Number of probable cases of corruption reported to law enforcement authorities
1 2018
0 2017
2 2016
Business performance
35.9% Market share (non-life insurance)
35.9% Q3 2018
36.6% 2017
36.1% 2016
46.0% Market share in periodical premium in Life insurance
46.0% Q3 2018
45.8% 2017
45.1% 2016
PLN 29.4 bn Assets under management - third party
PLN 29.4 bn 2018
PLN 30.7 bn 2017
PLN 27.0 bn 2016
PLN 19.4 bn Assets under management (TFI Pekao)
PLN 19.4 bn 2018
PLN 18.4 bn 2017
PLN 16.8 bn 2016
PLN 264.0 bn Banking assets in PZU Group
PLN 264.0 bn 2018
PLN 255.0 bn 2017
PLN 61.0 bn 2016
2.3 mln Number of contracts of PZU Zdrowie
2.3 mln 2018
1.5 mln 2017
1.3 mln 2016

PZU Group

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

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Percentage share in the operating result

(adjusted for PZU's shares in banks)

75% insurance
21.1% banking

Percentage share in the operating result

(adjusted for PZU's shares in banks)

3.3% insurance (Baltic states)

Percentage share in the operating result

(adjusted for PZU's shares in banks)

3.3% insurance (Baltic states)

Percentage share in the operating result

(adjusted for PZU's shares in banks)

3.3% insurance (Baltic states)

Percentage share in the operating result

(adjusted for PZU's shares in banks)

0.6% insurance


Pekao TFI
PZU Zdrowie









# market position
Non-life insurance
Market position by assets under management
Life insurance
Insurance sold in direct sales channels via internet / telephone
Market position by assets
Market position by revenues

Stakeholders Map

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

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Investors and
Business partners:
agents and brokers
Local communities
and public


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;


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



Approach taken to the involvement of a given stakeholder group

Key issues and problems touched upon by stakeholders


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



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


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


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



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


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

supporting the development of communities;


being a responsible citizen;


encouraging employees to take part in social campaigns

Frequency of involving a given group


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


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


Our Strategy

See the implementation of the #nowePZU strategy in 2018 and see where we will be in 2020

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#NEWPZU 2020 2017 - 2020

Better utilization of data

“PZU will be a company predicated on working on data, an advisory and consulting company that specializes in risk management pertaining to its clients. Our client relationships and our knowledge of our clients are becoming our main value, while our chief product is our acumen in addressing client needs to build a stable future. That is why we devote so much space in this strategy to initiatives that will enrich our client knowledge and assist us in reaching clients even more quickly.” – Paweł Surówka, CEO of PZU

Digitalization of processes

“We want to become the most innovative financial company across Europe. We are betting on cooperation with entities that are engaged in innovation. We attempt to support startups and funds investing in new technologies. Our new strategy will show how we intend to tap into new technologies to pursue our “legacy insurance business.” – Paweł Surówka, CEO of PZU

Additional interaction with clients

“By defining the PZU Group’s mission anew, we have drawn conclusions from our own experience on one hand while pointing to the direction in which the entire industry will move on the other hand. We would like to do something different from the classical client relation model insurers follow in which the only contact clients have with their insurer after buying a policy is when a claim occurs. We want to do considerably more and effectively help clients solve their problems in many areas and during every stage of life. PZU’s new approach to building client relations are in the heart of this change.” – Paweł Surówka, CEO of PZU

Cross selling growth

“PZU’s clients make many important decisions that greatly influence their future security on top of their attempts to afford themselves, their loved ones, their firms and their employees insurance cover in their daily lives. The PZU Group wants to be part of all that – we want to help our clients make wise choices to protect their lives, health, assets, savings and finances. We want to give them tools to help them protect what is the most valuable to them. The New PZU is much more than insurance.” – Paweł Surówka, CEO of PZU

Key Projects

Better utilization of data


Revolutionary telematic solution for the security area. It was made available to the clients in December 2018. More than 300 deviced were already in operation at the end of February.

Taryfikacja 3.0.

Development work (including pilot programs) in the dynamic pricing area that facilitates optimization of prices in real time.

Data Lab

Execution of projects regarding underwriting based on pictures and rapid quotation when buying real estate on the web.

Cross selling growth

Cooperation with Alior Bank and Bank Pekao

24 insurance products were rolled out in the banking offer, thereby ensuring the presence of PZU’s products in all the banks’ product lines.

PZU Zdrowie – new products and network development

Introduction of new health insurance products and riders to group insurance products. Network development through further greenfield, M&A projects and partnerships. At the end of 2018, PZU Zdrowie cooperated with more than 2,100 partner centers in more than 500 towns and cities in Poland. Its own medical center network was comprised of more than 60 entities.

Digitalization of processes

Robotic Process Automation

Execution of pilot processes, e.g. processes upading the system of court proceedings Robots gather data for employees in a specific place and perform simple operations

Launch of a website that allows a reported claim to be valued in a record time. The outcome of these efforts is the shortening of the time it takes to register claims from 15 to 5 minutes. The number of cases registered by the Internet service has jumped up by 20% and the TPL/MOD service quality indicators improved more than 10-fold

Additional interactions with clients

Launch of a contemporary portal for clients, providing access to online product sales and booking appointments. Development work is carried out to provide further functions, including expansion of the product and service offering.

PZU Portal

The new unveiling of the portal providing access to claim reporting forms and contacts with an insurance agent.

Business: Value Creation Model

Every integrated report should have a Value Creation Model.
Reading our VCM will help you understand how PZU creates sustainable values.

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Smart client needs analysis

Utilization of Big Data

Solutions based on artificial Intelligence

Flexible and multi-channel distribution network

Innovative mobile solutions

Fast and efficient service


Advanced underwriting and
tariff-setting methods

Shareholders and performance map

Another year in a row with an increase in the share of foreign investors in the PZU shareholder structure. Check our interactive map

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  • Poland
  • United States
  • United Kingdom
  • Singapore
  • Japan
  • Germany
  • France
  • Canada
  • Sweden
  • Norway
  • Netherlands
  • Switzerland
  • Austria
  • China
  • Denmark
  • Estonia
  • Czech Republic
  • Belgium
  • Finland
  • Ireland
  • Italy
  • Romania
  • Malta
  • Hungary
  • Luxembourg
  • South Korea
  • Australia
  • Spain
  • Slovenia
  • Lithuania
  • Greece
  • Latvia
  • Croatia
Institutional investors
5,000,000 – 10,000,000 shares
1,000,000 – 5,000,000 shares
250,000 – 1,000,000 shares