Powszechny Zakład Ubezpieczeń (PZU) AGM 2024 summary

Opening remarks and agenda

• The meeting was opened by the chair of the supervisory board, welcoming shareholders, management, and experts, and explaining the voting system using tablets.

• Marek Chmaj was nominated and appointed as chairman of the meeting through a secret ballot, with over 67% of share capital represented.

• The agenda was adopted unanimously, and the chairman outlined the procedure for efficient voting.

Financial performance review

• 2023 saw a record profit of almost PLN 6 billion for the group, with the parent company reporting nearly PLN 4 billion, driven by strong non-life insurance sales and banking sector contributions.

• Premium revenue increased by almost 9% to PLN 26.9 billion, and the solvency ratio reached 229%.

• Non-life insurance sales grew over 11% year-over-year, and life insurance sales reached PLN 8.1 billion with a 21% operational margin.

• Health insurance contracts rose to 3.4 million, with sales up 26% year-over-year.

• Assets managed by TFI PZU increased by almost 38% to over PLN 26 billion.

Board and executive committee updates

• The new Management Board took office in April, bringing extensive insurance expertise and focusing on professionalism and talent attraction.

• Organizational changes are underway, with a new strategy to be developed by year-end as the current one concludes.