• BP-1
  • BP-2
  • IRO-2
  • Act of 29 September 1994 on Accounting;
  • Act of 6 December 2024 on Amendments to the Act on Accounting, the Act on Statutory Auditors, Audit Firms and Public Supervision and Certain Other Acts;
  • Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment (the so-called “EU Taxonomy”);
  • Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021;
  • Commission Delegated Regulation (EU) 2021/2178 of 6 July 2021;
  • Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards.

In PZU Group documents, the terms “Sustainability Statement”, “Statement” and “Sustainability Reporting” are used interchangeably.

The Statement was prepared on a consolidated basis and covers the PZU Group’s operations from 1 January to 31 December 2025.

The scope of the consolidation is consistent with the principles applied in the consolidated financial statements of the PZU Group. The Statement applies to PZU as the parent company and to the PZU Group, in accordance with the list of entities included in the consolidation in the financial statements.

  • entities in liquidation;
  • entities with no business operations;
  • affiliates that were not required to report fully at the consolidated level (according to EFRAG IG 2 – Value Chain Implementation Guidelines);
  • investment funds and SPVs that have no or limited business operations (including SPVs of the PZU FIZ Real Estate Sector fund).

Given the availability of the data, full consolidation was applied to data concerning the investment taxonomy and the level of Scope 3 CO2 investment emissions.

The scope of consolidation for the PZU Group’s sustainability data includes information from the Pekao Group and the Alior Bank Group, both of which publish their own sustainability statements. PZU Życie, Link4, PZU Lietuvos Draudimas (including its branch in Estonia) and BALTA are subject to reporting requirements; however, pursuant to Article 19a(9) and 29a(3) of the CSRD, they benefit from the exemption available to entities belonging to the PZU Group and therefore do not prepare separate sustainability reports. Disclosures relating to PZU Życie, Link4, PZU Lietuvos Draudimas and BALTA have been incorporated into this Statement. Other PZU Group entities included in the consolidation are not required to publish a separate sustainability statement for the financial year ending 31 December 2025. Other PZU Group entities included in the consolidation are not required to publish a standalone Sustainability Statement for the financial year ending 31 December 2025.

The Sustainability Statement was revised in 2025. Its scope now includes Ukrainian companies and PZU Tech, which were excluded from the 2024 statement. Scope 3 Category 15 CO2e emissions for 2024 in insurance and in the scope of emissions reported by the Alior Group were recalculated. Changes in qualitative disclosures resulting from simplification and reduction of repetitions were implemented to better reflect the principle of materiality and qualitative characteristics of information.

PZU Group does not use the concept of disclosure by reference.

The Statement includes ESRS-required disclosures and provides contextual information for a more complete understanding.

Most of the PZU Group policies referenced in the Statement were prepared and implemented prior to the introduction of the ESRS, and therefore do not cover all MDR requirements. Also, not all targets, measures and activities are defined in line with MDR requirements. In the years to come, the PZU Group will strive to align existing policies and other documents with ESRS standards to ensure complete coverage of all requirements.

In preparing the Statement, the full value chain of the PZU Group was taken into account, including both downstream and upstream activities.

The PZU Group did not make use of exemptions on disclosures of information on intellectual property, results of innovation or information on expected events or negotiations.

The Statement was subject to an independent limited assurance engagement. The engagement was conducted in line with Polish standards for assurance services (3002 PL and 3000 Z), based on international principles.

Time horizons

Unless otherwise stated, the PZU Group classifies time horizons as short-term, medium-term, and long-term in accordance with the definition provided in ESRS 1, section 6.4. The short-term horizon refers to a period of one year from the end of the reporting period (i.e., the financial year 2026), the medium-term horizon covers the period from the end of the short-term horizon up to five years from the end of the reporting period (i.e., financial years 2027–2030) and the long-term horizon refers to the period after the end of the medium-term horizon (i.e., the financial year 2031 and beyond).

Use of estimates and assumptions

The preparation of the Sustainability Statement requires the PZU Group to apply certain estimates and assumptions. Where there are estimates or uncertainties about the indicators disclosed, the relevant information and data are highlighted in the individual sections. The estimates and assumptions made are based on the best available information within the limits of reasonable effort. Any changes to these assumptions and estimates may result in outcomes differing from those presented in this Sustainability Statement.

The estimates and assumptions used are continuously verified to enable potential improvements in the future. Below, sources of potential measurement uncertainties are presented.

Indicators related to non-employee personnel (S1 topic) have been prepared based on estimated values due to the lack of uniform tools allowing for the collection of precise data. The PZU Group has made every effort to identify data sources and ensure their completeness. Nevertheless, they may not cover all organizational units that employ individuals based on documents other than an employment contract.

Since the data necessary to calculate the gender pay gap are confidential, the PZU Group calculates a weighted average gender pay gap at the consolidated level.

Additionally, in terms of CO2 emission calculations, estimated data have been applied in accordance with the GHG Protocol and PCAF methodology, using external databases such as Bloomberg and PCAF for estimation purposes. The PZU Group identifies potential actions to improve the quality of calculated data, focusing on enhancing the PCAF score for calculated Scope 3, Category 15 CO2e emissions.

Taxonomy revenue disclosures are calculated using assumptions regarding, among other things, the share of climate losses in premiums, and have also been adjusted to comply with applicable laws, including with changes under IFRS 17. With the level of aggregation at which IFRS 17 calculations are made, the allocation key detailed in the PZU Group Taxonomy Disclosures section is used in the revenue calculation methodology.

The PZU Group benefits from the phased-in disclosure requirements under Appendix C ESRS 1 regarding the exemption from presenting expected financial impacts related to all risks and opportunities, including E1-9.

Rounding up indicators and targets in the Statement

Quantitative indicators in the Sustainability Statement are subject to rounding in some cases. The PZU Group applies rounding in cases where the omitted information as a result of rounding is not material and in situations where rounding can enhance the qualitative characteristics of the information. For example, rounding is used when it improves the clarity of disclosures or reduces misinterpretations regarding the precision of the data.

Inclusion of information under other standards, regulations, or reporting frameworks

The PZU Group does not include additional information in its Sustainability Statement beyond the taxonomy disclosures provided in the PZU GroupTaxonomy Disclosures section. Other disclosures, including those required under SFDR (Sustainable Finance Disclosure Regulation), are presented outside the Sustainability Statement.

The PZU Group has not used ISO/IEC or CEN/CENELEC standards in the preparation of this Sustainability Statement.

Process for determining material information in relation to identified material impacts, risks, and opportunities

Materiality was determined by disclosing information that relates to material impacts of risks and opportunities and/or that is relevant to the users of information in line with the guidelines.

The PZU Group’s Statement contains aggregated relevant information for the entire Group. Due to the nature of their operations, the Pekao Group and the Alior Group manage their ESG issues independently. In its Statement, the PZU Group identified key information from the Group’s perspective. Details concerning the management of impacts, risks and opportunities from a banking perspective are included in the statements of the Pekao Group and the Alior Group.

Where warranted by the transparency of the Statement or the nature of the impacts, risks and opportunities, disclosures have been disaggregated into individual components of the value chain or PZU Group companies.

Since the PZU Group does not have policies applicable to all its companies, the Statement identifies key policies and other documents from the perspective of managing individual impacts, risks and opportunities, along with an indication of which companies they apply to. A similar approach was applied to disclosures related to activities, indicators and targets.

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