Q1 2026 Powszechny Zaklad Ubezpieczen SA Earnings Call Transcript
Key Points
- Powszechny Zaklad Ubezpieczen SA (PZAKY) reported record sales of PLN7.8 billion for Q1 2026, the highest ever for the first quarter.
- The company achieved a net profit of PLN1.4 billion, attributed to effective risk management and a diversified risk handling scheme.
- A stable solvency ratio of 239% was maintained, reflecting strong financial health.
- The supervisory board recommended a dividend payout of PLN4.80 per share, yielding approximately 7.6%.
- The mojePZU platform has gathered around 6 million users, enhancing customer engagement and service delivery.
- Volatility in international markets and a severe winter season negatively impacted the market situation.
- The Baltic States reported worse insurance results due to adverse weather conditions affecting motor and property insurance.
- The company faced increased claims costs in non-life insurance due to severe winter weather, impacting profitability.
- There is uncertainty regarding the impact of ground frost and rising fuel prices on future claims and profitability.
- The investment portfolio experienced lower revenues from property investments due to changes in swap points.
Good afternoon. Welcome to the press conference dedicated to this discussion on the financial results for Q1 2026. Weâre going to have this meeting moderated by CEO Bogdan Benczak, as well as Maciej Fedyna, our CFO. Mr. Benczak, over to you.
Good afternoon. Welcome to the financial results conference following Q1 2026 of PZU Group. It is my pleasure that Iâm going to co-moderate this conference for the first time together with Maciej Fedyna, responsible for finance and risk area at PZU Group. Welcome. Let us begin, shall we?
Q1 2026, PZU Group, well, we consider it a very solid opening of the current year. As far as the market situation goes, with respect to our organization, well, it has been less favorable as it was a year before. What are the factors behind that?
Firstly, volatility on international markets. Secondly, the fact that this yearâs winter season is indeed very wintery, unlike what we had in the past years. However, we are proud of the fact that
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