Half Year 2026 PZU SA Earnings Call Transcript

Aug 20, 2026 / 11:00 AM GMT

Transcript

Key Points

Positve

Powszechny Zaklad Ubezpieczen SA (PZAKY) delivered strong financial results with net profit exceeding 3 billion Polish zlotys and an ROE above 17% for the first half of 2026.
The company maintains a very strong capital position with a Solvency 2 ratio of 230%, well above its internal benchmarks and regulatory requirements.
Powszechny Zaklad Ubezpieczen SA (PZAKY) achieved robust growth in its individual protection insurance segment, with a 26-27% growth dynamic, which carries higher margins than group insurance.
The company's non-life insurance combined ratio remained excellent at 87.9%, marking the fourth consecutive quarter below 90%, demonstrating strong underwriting discipline.
Powszechny Zaklad Ubezpieczen SA (PZAKY) is successfully executing its growth strategy, including a 30% increase in external client assets and the planned acquisition of MetLife Ukraine to become a market leader there.
The company is committed to shareholder returns, declaring a high dividend of 4.8 zlotys per share and reaffirming its dividend policy is not threatened by upcoming regulatory changes.

Negative

Powszechny Zaklad Ubezpieczen SA (PZAKY) faces a challenging motor insurance environment, with price pressure in the CASCO segment leading to lower written premiums due to decreasing car values.
The company's motor third-party liability (TPL) combined ratio remains high at 95%, indicating ongoing profitability pressures in this specific line of business.
Demographic trends in Poland, specifically a declining population, pose a long-term challenge to the growth of the life insurance portfolio.
The upcoming Solvency 2 regulatory changes are expected to reduce the company's solvency ratio from 239% to approximately 206%, requiring careful capital management.
Powszechny Zaklad Ubezpieczen SA (PZAKY) faces increased competition from new market entrants, including those using the MGA model, which could pressure market share and pricing.
The company's financial results are subject to volatility from geopolitical events and financial market fluctuations, as seen in the first quarter's impact from the Persian Gulf crisis.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PZU.WA - PZU SA
Half Year 2026 PZU SA Earnings Call
Aug 20, 2026 / 11:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, ladies and gentlemen. Welcome to this conference, where we'll discuss the results of PCU Group of the second quarter 2026 and the first half of 2026. The presentation will be delivered by Mr. Ben Chung, CEO, as well as Maggie Fedina, who's responsible for risk and finance area.

CEO, Mr. Benchak, without further ado, I pass the floor to you.

Welcome to this press conference after the first six months of 2026.

Ladies and gentlemen, we have looked into the results of the PCM group following the first six months of our operations this year and I must tell you we have been proud of them.

In our. I rushed to tell you why.

And this had six months have proven really demanding.

And this

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