In 2025, net profit attributable to the shareholders of the PZU Group’s parent company was PLN 6,699 million, compared to PLN 5,342 million in 2024 (up 25.4%). Net profit reached PLN 13,987 million, i.e. PLN 14,5% higher than in 2024, and profit before tax stood at PLN 17,842 million, compared to PLN 15,705 million the year before.
Net result rose by 11.8% compared to last year, net of non-recurring events.1
Operating profit in 2025 was PLN 17,847 million, up PLN 13.7% compared to the result in 2024.
- higher result in the mass non-life insurance segment (+ PLN 824 million), largely due to the growth in the insurance service result (+ PLN 798 million) both in non-motor and motor insurance. The increase in the segment revenue was connected with higher sales growth in non-motor insurance (mainly PZU Dom property insurance, and PZU Firma product offered to small and medium-sized enterprises) and motor insurance (increase in average premium). The lower net insurance service expenses by PLN 246 million y/y (-2.0 %) which together with an increase in the net insurance contract revenue by 4,3% y/y improved profitability by the combined ratio (COR) by 5.7 percentage point.
- higher results in the banking segment (+ PLN 597 million), mainly due to an increase in net interest income from higher loan volumes and a stable interest margin at Bank Pekao, higher fee and commission result, partially offset by increased operating expenses and higher legal risk costs related to foreign currency mortgage loans (at Alior Bank);
- an increase in operating profit in the investment segment (+ PLN 341 million), particularly as a result of higher investment profit on free funds including on the portfolio of debt instruments against last year’s sale of historical tranches with lower yields and reinvestment at higher yields, equity instruments due to favorable market conditions as well as commercial real estate due to higher swap point income;
- an increase in operating profit in the corporate non-life insurance segment (+ PLN 326 million) with a higher y/y insurance services result (+ PLN 333 million), as a result of an increase in revenues (+ PLN 328 million) in both motor and non-motor insurance and a lower level of insurance services expenses, which translated into an 8.3 p.p. improvement in profitability as measured by the combined ratio (COR);
- higher result in the investment life insurance segment (+ PLN 103 million) mainly as a result of changing assumptions regarding partial redemptions and costs in the IKE product translating into a decrease in the loss component;
- higher result in the Baltics segment (+ PLN 69 million) due to higher income from insurance contracts caused by an increase in sales in non-life and other personal insurance (mainly due to an increase in sales of non-life, health and MTPL insurance), with a simultaneous increase in the cost of claims in the current year as a result of an increase in the value of the portfolio;
- higher operating profit in the individual protection life insurance segment (+ PLN 55 million), mainly as a result of higher insurance revenues thanks to higher release of contractual margins and an increase in writing of premiums allocated to recovery of insurance acquisition cash flows, and expected claims and benefits as a result of developing the insurance portfolio;
- lower operating profit in the group and individually continued life insurance segment (- PLN 76 million), as a result of an increase in insurance service revenues through higher contractual margin release in all insurance groups and higher y/y insurance service costs through continued high utilization of health insurance benefits as well as higher claims cost in other group insurance.
- insurance revenues up by 5.0% – to PLN 30,882 million, (+1,310 million after reinsurance premium allocations), including:
- an increase in amortization of liability (LRC) as a consequence of higher sales growth, mainly nonmotor insurance and to a lesser extent motor insurance in both non-life insurance segments as well as in the Baltics segment as a result of higher sales in non-life and other personal insurance including non-life and health insurance and MTPL insurance;
- higher contractual margin release, including mainly in the individual insurance segment (in bancassurance, and in Type J and term insurance), and in the group and individually continued insurance segments in all insurance groups;
- decrease in premiums written to cover expected claims and benefits as a result of an increase in individual insurance as a consequence of the development of the insurance portfolio and a decrease in group and individually continued insurance (due to lower utilization in health insurance).
- lower level of insurance service expenses, which amounted to PLN 24,957 million, i.e., 0.6% less than in 2024. Expenses adjusted for the amounts recoverable from reinsurers increased by PLN 24 million, and this resulted from:
- higher claims liabilities of the current year mainly in the corporate insurance segment (in both nonmotor and motor insurance), in group and individually continued insurance, and in the Baltics segment. The increases were partially offset by a decline in current year claims liabilities in the mass insurance segment (mainly in non-motor insurance – with an above-normal number of mass claims caused by weather events in 2024);
- release of higher y/y excess net claims reserves from previous years over the value of payouts, mostly in the non-life corporate insurance segment;
- excess depreciation over the creation of a loss component in the mass non-life insurance segment, mainly on the MTPL portfolio, and a decrease in the loss component in the investment life insurance segment as a result of a change in assumptions for partial redemptions and costs in the IKE product;
- higher administrative expenses attributable to insurance operations due to increased personnel costs (impact of salary increases), higher IT costs due to the development of the IT area and building competencies in the area of system maintenance;
- higher amortization of acquisition cash flow as a consequence of growing sales while commission expenses increased (impact of change in distribution of sales by channel).
- 4.4% higher investment income, exclusive of interest expenses, and 10.3% higher income after factoring in the interest expenses2 (increase from PLN 19,965 million to PLN 22,024 million). Growth pertained to both investment results from banking and nonbanking activities. The increase in earnings from banking operations was, in particular, related to higher interest income resulting from growth at Bank Pekao and decline at Alior Bank. At Bank Pekao, interest income was shaped by higher loan volumes and stable interest margins, despite lower interest rates. At Alior Bank, there was a relatively limited decline in interest income, despite the 2025 interest rate cut. In addition, the y/y change in the banks’ interest income was positively affected by the effect of recognizing moratorium period costs of PLN 153 million at Bank Pekao and PLN 62 million at Alior Bank in 2024. At the same time, an increase in investment income was posted in investment activity, net of banking activity.3 It was higher than in 2024, mainly as a result of:
- higher income from debt portfolios measured at fair value through other comprehensive income due to, i.a., the purchasing of high-yield instruments for the portfolio;
- higher performance of equity instruments, in particular, due to favorable market conditions, stronger increases in the valuation of Private Equity funds as well as a gain from the sale of some of the stocks in the portfolio;
- higher swap point income, in particular, in the field of commercial real estate.
At the same time, the results generated in the investment activity on the asset portfolio that constitute investment insurance coverage was higher than in 2024, which has no impact on the PZU Group’s total net result, as it is offset by the change in insurance financial income and expenses.
- an increase in commissions and fees to PLN 4,199 million in 2025, compared with PLN 3,842 million in 2024, mainly related to an increase in revenues from funds and investment fund companies, as a result of higher level of assets under management. There was also a higher result from brokerage commissions at banks, and an increase in margins on foreign currency transactions with customers;
- higher provision for legal risk related to foreign currency mortgages amounted to PLN 819 million versus PLN 729 million in 2024. in 2025 mainly due to an update of the expected financial impact of court judgments and a forecast of a future influx of lawsuits from borrowers;
- an increase in Group’s non-insurance operating expenses, from PLN 10,514 million in 2024 to PLN 11,206 million in 2025. The change was caused by the following factors:
- higher costs of third-party services, including in particular on banking operations;
- higher fees to the Bank Guarantee Fund by PLN 212 million, the total burden on banks in 2025 increased to PLN 491 million;
- a decrease in the levy on financial institutions which totaled PLN 1,558 million in 2025 compared with PLN 1,566 million in 2024 (as a result of a change in the level of assets subject to taxation, not the tax rate);
- movement in the balance of other operating income and expenses – to PLN 891 million, compared with PLN 1,043 million in 2024. The change was mainly due to the creation of provisions for consumer protection issues at Bank Pekao in the amount of PLN 202 million. The increase in costs was partially offset by higher revenues from the sale of medical services.
| Basic amounts of the consolidated profit and loss account | 1 January – 31 December 2022 PLN million |
1 January – 31 December 2023** PLN million |
1 January – 31 December 2024 PLN million |
1 January – 31 December 2025 PLN million |
|---|---|---|---|---|
| Insurance service result before reinsurance | 3,600 | 4,122 | 4,307 | 5,925 |
| Insurance revenue | 24,745 | 26,868 | 29,423 | 30,882 |
| Insurance service expenses | (21,145) | (22,746) | (25,116) | (24,957) |
| Net income or expenses from reinsurance contracts held | 63 | (103) | (792) | (1,124) |
| Reinsurance premium allocation | (1,126) | (1,514) | (1,882) | (2,031) |
| Amounts recoverable from reinsurers | 1,189 | 1,411 | 1,090 | 907 |
| Insurance service result | 3,663 | 4,019 | 3,515 | 4,801 |
| Insurance finance income or expenses | (408) | (1,786) | (1,565) | (2,023) |
| Finance income or expenses from reinsurance | 30 | 38 | 140 | (20) |
| Fee and commission result | 3,687 | 3,786 | 3,842 | 4,199 |
| Net investment result* | 15,353 | 28,125 | 28,208 | 29,439 |
| Operating costs of banks | (5,450) | n/a | n/a | n/a |
| PZU Group’s non-insurance operating expenses | n/a | (9,701) | (10,514) | (11,206) |
| Legal risk costs of foreign currency mortgage loans | n/a | (369) | (729) | (819) |
| Interest expenses | (4,767) | (8,890) | (8,243) | (7,415) |
| Other operating income and expenses | (3,946) | 913 | 1,043 | 891 |
| Operating profit (loss) | 8,162 | 16,135 | 15,697 | 17,847 |
| Share of the net financial results of entities accounted for using the equity method | (25) | 10 | 8 | (5) |
| Gross profit (loss) | 8,137 | 16,145 | 15,705 | 17,842 |
| Income tax | (2,471) | (3,626) | (3,484) | (3,855) |
| Net profit (loss) | 5,666 | 12,519 | 12,221 | 13,987 |
| Net profit (loss) attributable to the equity holders of the parent company |
3,781 | 5,780 | 5,342 | 6,699 |
* including: interest income calculated using the effective interest rate and equalized to them, other net investment income, result on derecognition of financial instruments and investments not measured at fair value through profit or loss, result from allowances for expected credit losses and net movement in fair value of assets and liabilities measured at fair value.
** Restated data.
** Restated data.
1. Non-recurring events in 2025 include:
- updating the provision for risks related to foreign currency mortgage loans at Bank Pekao and Alior Bank;
- recognition of provisions for client protection issues at Bank Pekao;
- revaluation of the level of deferred tax assets and liabilities at Bank Pekao and Alior Bank in connection with the increase in income tax rates for banks from 2026.
Non-recurring events in 2024 include:
- revaluation of the provision for risk associated with foreign currency mortgage loans at Bank Pekao;
- costs related to the modification of agreements for PLN mortgage loans granted to consumers due to their suspension of loan repayments (the so-called moratorium periods)
- effect related to the aforementioned above-normal number of mass damage caused by atmospheric events, mainly flooding;
- release of impairment allowance for assets arising from the acquisition of Alior Bank
2. including: interest income calculated using the effective interest rate and equalized to them, other net investment income, result on derecognition of financial instruments and investments not measured at fair value through profit or loss, result from allowances for expected credit losses and net movement in fair value of assets and liabilities measured at fair value, interest. expense
3. Banking activity: data of Bank Pekao and Alior Bank
