Powszechny Zakład Ubezpieczeń (PZU) Q3 2025 earnings summary

Executive summary

• Net profit attributable to parent company shareholders reached PLN 5,225 million, up 42.7% year-over-year, with total net profit for the 9 months ended 30 September 2025 at PLN 10,580 million, a 20.1% increase year-over-year.

• Achieved strong revenue growth in 3Q25, with gross insurance revenue at PLN 23.1 bn, up PLN 1.3 bn year-over-year.

• Maintained high profitability with an aROE of 22.1% and operating margin of 28.1%.

• Dividend per share paid in 2025 was PLN 4.47, with a yield of approximately 8%.

• Solvency II ratio remains robust at 234% for the Group, well above the European average.

Financial highlights

• Insurance revenue increased by 5.9% year-over-year to PLN 23,129 million.

• Net profit attributable to equity holders reached PLN 5,225 million, up 42.7% year-over-year.

• Insurance service result increased to PLN 3,660 million (from PLN 2,293 million in 09.2024), and investment portfolio result rose to PLN 2,213 million (from PLN 1,808 million in 09.2024).

• Combined ratio improved to 85.8% from 94.7% year-over-year.

• Total assets grew to PLN 519,462 million from PLN 503,257 million at year-end 2024.

Outlook and guidance

• Strategic goals for 2027 include gross insurance revenue over PLN 36 bn, ROE above 19%, net profit over PLN 6.2 bn, and Solvency II ratio above 190%.

• EPS target for 2027 is above PLN 5.1, with a dividend per share of at least PLN 4.5.

• Health pillar revenue is expected to exceed PLN 3 bn by 2027.

• The group expects continued growth in insurance and banking segments, supported by favorable macroeconomic conditions and ongoing cost discipline.

• The capital and dividend policy targets a solvency ratio of 200% (180% post-Solvency II amendments) and a financial leverage ratio not exceeding 25%.