Credit rating and financial strength rating
On 23 May 2025, S&P Global Ratings reaffirmed PZU’s rating at A- with a positive outlook.
PZU’s rating was last revised on 28 May 2024. The agency’s analysts raised the rating outlook from stable to positive. In justifying the change in outlook, the agency recognized the PZU Group for its proven track record in implementing its strategy, including the ambitious goals set for its insurance and banking businesses. S&P noted in a recent report that it expects PZU Group to continue to outperform its competitors, generating annual profits of PLN 3.6–5.5 billion between 2024 and 2026, translating into a return on capital in the 13–17% range. The S&P report also highlighted the PZU Group’s strong capital position, despite regular payments of relatively high dividends. Analysts are expecting that PZU Group will maintain significant capital buffers under the S&P model in 2024–2026, despite capital market volatility affecting equity levels.
On 2 June 2025, S&P said that the announced memorandum on the reorganization of PZU Group and Pekao does not currently affect the ratings of these entities. PZU’s financial strength rating, according to the agency’s analysts, remains unchanged at this stage. However, given the scope of the potential transaction, the agency will monitor in particular its impact on PZU’s role in the holding company and capital structure in relation to PZU’s status as a government-related entity under the agency’s methodology, as well as PZU’s ability to pass a hypothetical stress test.
ESG ratings
ESG ratings reflect an assessment of companies’ sustainability in terms of their environmental, social and governance practices. They serve investors and stakeholders to pinpoint potential risks and opportunities, and help PZU better identify areas for improvement. The following table shows how selected rating agencies rated our management of ESG issues.
MSCI
In 2025, PZU was rated A by MSCI ESG Ratings, recording an increase from a BBB score. MSCI ESG Research provides ESG Ratings on a scale of AAA (leader) to CCC (laggard), according to exposure to industry-specific ESG risks and the ability to manage those risks relative to peers1.
FTSE Russel
PZU is a constituent of FTSE4Good Index Series, created by the global index provider FTSE Russell, to measure the performance of companies demonstrating strong ESG practices. In 2025, the score remained at 3.8 (on a scale of 0 to 5, with 5 being the highest rating). In the insurance sector, the result is in the 56th percentile.
S&P Global
In 2025, PZU had the S&P Global ESG Score of 46/100 and the S&P Global CSA Score of 44/100, achieving an upward trend from last year’s score. In the insurance sector, PZU ranked in the 71st percentile.
CDP
PZU was rated C for climate change disclosure based on data disclosed in the 2025 CDP questionnaire. CDP uses a scale from A (highest) to D- (lowest), reflecting the level of ambition, goal-setting and actions taken.
1 The use by PZU of any MSCI ESG Research LLC or its affiliates (“MSCI”) data, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement, recommendation, or promotion of PZU by MSCI. MSCI services and data are the property of MSCI or its information providers, and are provided “as-is” and without warranty. MSCI names and logos are trademarks or service marks of MSCI.
