Dividend

1. manage the PZU Group’s capital (including excess
   capital) at the level of PZU;
2. maintain target solvency ratios of 200% for the PZU
   Group, 200% for PZU SA and 200% for PZU Życie SA
   (according to Directive 2009/138/EC of the European
   Parliament and of the Council of 25 November 2009
   on the taking-up and pursuit of the business of
   Insurance and Reinsurance, hereinafter referred to as
   the “Solvency II Directive”) in the period until the
   date of entry into force of the amendments to the
   Solvency II Directive and at the level of 180% for the
   PZU Group, 200% for PZU SA and 200% for PZU Życie
   SA in the period after the entry into force of the
   amendments to the Solvency II Directive;
3. maintain the PZU Group’s financial leverage ratio at
   a level no higher than 25%;
4. ensure funds for growth and acquisitions;
5. maintain the financial conglomerate’s surplus own
   funds above the pertinent requirements for solvency;
6. PZU will not issue any new shares for the duration of
   this Policy;
7. it is assumed that certain temporary deviations in the
   actual solvency ratio above or below the target level
   may occasionally occur.

1. The PZU Group endeavors to manage capital effectively and maximize the rate of return on equity for the parent company’s shareholders, in particular by maintaining the level of security and retaining capital resources for strategic growth objectives through acquisitions;
2. the amount of dividends proposed by the Management Board of the parent company, payable by PZU SA for a given fiscal year, is determined on the basis of the consolidated financial result of the PZU Group attributable to the owners of the parent company, whereby:
   1. no more than 20% shall augment retained earnings (reserve capital) for purposes of organic growth and innovation and implementation of growth initiatives;
   2. no less than 50% shall be paid as an annual dividend;
   3. the remainder shall be paid as an annual dividend or augment retained earnings (reserve capital) in the event that significant expenditures are made in connection with the implementation of the PZU Group’s Strategy, including, in particular, M&A transactions; subject to points 3 and 4;
3. according to the Management Board’s plans and risk and solvency self-assessment of the parent company, the own funds of the parent company and the PZU Group following the declaration of payment or payment of a dividend will remain at a level that will ensure fulfillment of the conditions specified in the capital policy;
4. the dividend determination takes into account the recommendations of the supervisory authority on dividends for all PZU Group companies.

(RB 16/2025) – Motion of the PZU Management Board regarding the distribution of the profit generated in 2023 and the amount transferred from the supplementary capital created from the profit generated in 2023

In connection with the aforementioned recommendation of the KNF, the PZU SA Management Board recommended distribution of the profit generated in 2024 (and the amount transferred from the supplementary capital created from the profit generated in 2023). The proposed dividend amount was over PLN 3.8 billion, i.e., PLN 4.47 per share.

(RB 20/2025)

The Supervisory Board positively evaluated the Management Board’s proposal of 6 May 2025.

(RB 28/2025) – Ordinary Shareholder Meeting’s resolution on the distribution of PZU’s net profit

The Ordinary Shareholder Meeting of PZU adopted a resolution on distribution of PZU’s net profit, in which it decided to distribute the profit generated in 2024 increased by the amount transferred from the supplementary capital created from the profit generated in 2023. The amount of over PLN 3.8 billion was designated for the dividend payment. The dividend record date was set for September 25, 2025 and the dividend payout date was set for October 16, 2025.