Powszechny Zakład Ubezpieczeń (PZU) Acquisition presentation summary

Strategic rationale and market positioning

• Acquisition of 100% of MetLife Ukraine, the life insurance market leader with about 50% share, strengthens regional leadership and aligns with the 2025-2027 strategy.

• Expands presence in a market with strong growth potential and leverages existing operations.

• MetLife Ukraine brings a proven growth and profitability record, a strong balance sheet, and a broad, multi-channel distribution network.

• The transaction is expected to enhance dividend yield for shareholders.

• Regulatory approvals are required before completion, and the deal is insured against geopolitical risks.

Ukrainian market and economic context

• Ukraine's economy has shown resilience, with GDP expected to rebound and grow 2-4.5% in the medium term.

• The life insurance market has stabilized post-war, with significant consolidation reducing insurers from 233 to about 57.

• Life insurance penetration remains low, indicating substantial room for growth.

• Inflation is stabilizing, and potential EU accession is seen as a key stabilizing factor.

MetLife Ukraine financial and operational highlights

• Serves around 900,000 clients with a diversified product portfolio and distribution model.

• Demonstrated robust profitability with an average ROE of 20% (2023-2025) and stable revenue growth.

• Maintains a significant capital surplus and approval for monthly dividend distributions up to EUR 1 million.

• 2025 insurance revenue projected at EUR 38 million, net profit at EUR 21 million.