PZU expects that after regulatory changes in capital requirements, the group's capital adequacy ratio will still be above 200%. and will be able to implement its dividend policy, and this will also enable possible acquisitions – said Maciej Fedyna, member of the PZU management board.
The PZU Management Board recommends to shareholders that the profit for 2025 increased by the amount transferred from the supplementary capital created from the profit for 2024 should be transferred to dividend. a total of PLN 4.14 billion, which gives PLN 4.8 dividend per share. This would be the second highest dividend in history.
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Since 2009, when the record payment to shareholders was related to the state taking over control of the company from Eureko, there has not been such a high payment. Back then, let us remind you, shareholders received PLN 12.7 billion, or PLN 14.77 per share. As much as PLN 12 billion came from reserve capital.
The State Treasury currently holds 34.2 percent. PZU shares, so the entire amount will not be transferred to his account. But at the same time it charges 19%. dividend tax on the entire amount. Let's count how much of the paid amount will go to the budget.
34.2 percent from PLN 4.14 billion gives PLN 1.42 billion. In addition, 19 percent from the amount paid to other shareholders, i.e. PLN 2.7 billion, is over PLN 0.52 billion. The total amount is PLN 1.93 billion.
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Not only the State Treasury will be happy, but also other shareholders. Shares are up 0.8% on Thursday. up to over PLN 64.
Regulatory changes
— Next year there will be some regulatory changes in capital requirements regarding how the banking sector is taken into account in the solvency of the insurance industry. It is true that the risk as such will not change, but the method of calculating the capital requirement will, and we also took this aspect into account when formulating this high dividend recommendation, Fedyna said at the conference.
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— We are convinced that the capital group will also maintain very good, very very safe solvency levels next year and our status of a company consistently implementing its dividend policy […] will remain steadfast also next year after these regulatory changes, he added.
After the first quarter of 2026, the adjusted return on equity (aROE) was 15.7%, and the capital adequacy ratio at the end of 2025 was 239%. for the PZU group and 237 percent for PZU SA.
– From what can be read from banks' reports, it can probably be estimated that this impact is today approximately PLN 2.5 billion of additional requirement – said Fedyna.
– If we were to add approximately PLN 2.5 billion to the requirement purely mathematically, the PZU group's requirement would still be above 200%. Then we still remain a very solid group with full dividend potential and the ability to operate on the market, either in terms of developing our own offer or in terms of possible acquisitions – he added.
He informed that PZU is also working on the so-called internal model and when it can be taken into account in the calculation of the group's capital requirement, it will be able to cover a “noticeable part” of the additional requirement.
— In order for this model to be used in the calculation of capital requirements, it requires the approval and consent of the supervisory authority, Fedyna said.
The PZU Group's profits decreased
Last year's profits of the PZU Group were record-breaking in history and amounted to PLN 6.7 billion at the net level, i.e. 25.4 percent. more y/y But this year did not start with further growth.
The insurer reported on Thursday that The group's net profit for Q1 2026 decreased by as much as 22.6%. y/y to PLN 1,362 million. And all this despite the increase in gross insurance revenues of the group, which amounted to PLN 7,776 million in the first quarter, i.e. increased by 3.2%. y/y and by 0.3 percent kdk. The target for 2027 is insurance revenues of PLN 36 billion.
The result on the investment portfolio, which was 10% lower, is responsible for the decline. y/y to PLN 655 million, as well as the result on insurance services – by 9.1%. lower y/y (PLN 1,137 million). In the latter case, the compensation increased by 5.6%. y/y to PLN 4.2 billion. The loss ratio increased by 2.7 percentage points. year on year to 58.7 percent
By as much as 24 percent YoY, the profit on mass insurance decreased to PLN 444 millionincl on AC communication by as much as 97%. up to PLN 3 million. On the other hand life insurance increased profit by 12.5%. y/y to PLN 610 millionincluding individual insurance by 33.3%. up to PLN 128 million. The margin increased in this group to as much as 50.2%. with 48.2 percent a year earlier.
— First of all, we focus on distribution, on the “odNowa” program, which is to support our exclusive agent channel. We improve the efficiency of claims handling and invest in innovation, said Bogdan Benczak, president of PZU.
— The MojePZU customer communication platform already serves over six million customers and we are gradually adding new functionalities there, he added.
Under the Health pillar, it is planned to open new facilities and expand the partner network.
