Powszechny Zakład Ubezpieczeń (PZU) Q2 2025 earnings summary

Executive summary

• Net profit for H1 2025 reached PLN 6,625 million, up from PLN 5,636 million year-over-year, with strong contributions from both insurance and banking segments.

• Revenue increased by nearly PLN 1 billion year-over-year, with high profitability and adjusted ROE above 20%.

• Dividend per share set at PLN 4.47, with a yield of approximately 7%.

• Solvency II ratio at 225%–226%, well above regulatory minimums and the European average.

• Dynamic growth driven by a 50% year-over-year increase in insurance and improvements in banking, services, and investment portfolios.

Financial highlights

• Insurance revenue for H1 2025 was PLN 15,226 million, up from PLN 14,295 million year-over-year.

• Net profit attributable to equity holders was PLN 3,230 million, with non-controlling interests at PLN 3,395 million.

• Operating margin at 26.1%, combined ratio improved to 87.9% from 92.5% in H1 2024.

• Total profitability reached PLN 3.2 billion.

• Basic and diluted EPS for H1 2025 was PLN 3.74, up from PLN 2.83 in H1 2024.

Outlook and guidance

• Strategic goals for 2027: gross insurance revenue > PLN 36 billion, net profit > PLN 6.2 billion, ROE > 19%, Solvency II ratio > 190%.

• Strategy for 2025–2027 focuses on expanding health services, cross-selling, and digitalization.

• Combined ratio target for 2027 set at <90%, EPS > PLN 5.1, and DPS ≥ PLN 4.5.

• Dividend policy targets at least 50% payout of consolidated net profit, with the remainder supporting growth and innovation.

• Plans to launch new investment products, including those linked to gold and higher-risk profiles.