As at 31 December 2025, the PZU Group’s total assets were PLN 535,483 million, up PLN 32,226 million compared to the end of 2024.
Assets
As at 31 December 2025, loan receivables from clients constituted 46.5% of the Group’s assets (versus 46.1% at the end of 2024). Their balance reached PLN 249,098 million. Compared to 2024, it increased by PLN 16,932 million, mainly due to an increase in business segment loans as well as mortgage loans for individual clients.
Deposits accounted for 46.1% of assets (versus 46.2% at the end of 2024). These include investment financial assets, investment real estate, derivatives, and assets pledged as collateral for liabilities. They totaled PLN 246,716 million, and were up by PLN 14,454 million as compared to the end of last year. The investment portfolio, excluding banks, increased due to inflow of premiums as a result of the growth in business, as well as the profit or loss on investments. The balances were also impacted by higher value of investment financial assets associated with banking activities, and was related to the higher value of the portfolio of debt securities.
Similarly to the end of 2024, 2.1% of assets were fixed assets in the form of intangible assets, goodwill and property, plant and equipment. They totaled PLN 11,228 million, and were up by PLN 435 million as compared to the end of 2024. This increase mostly pertained to property, plant and equipment.
Cash and cash equivalents amounted to 3.0% of assets both at the end of 2025 and 2024. Their value was PLN 16,233 million, and was PLN 1,106 million higher than in 2024. This was mainly determined by a growth in the cash balance in the central bank and in bank accounts at Alior Bank.
0.9% of assets (versus 1.0% at the end of 2024) represented the PZU Group’s receivables, including receivables under the current income tax. They totaled PLN 4,680 million, and were down PLN 584 million as compared to the end of 2024. The decrease arose primarily due to a lower balance of receivables from unsettled transactions on financial instruments and security deposits.
Assets held for sale constituted 0.1% of assets, similarly to the end of 2024. In 2025, their balance fell by PLN 10 million, to PLN 585 million. This mainly concerned the properties held for sale by real estate sector mutual funds since the expected investment horizon was reached.
Equity and liabilities
The value of the non-controlling interests increased by PLN 4,036 million to PLN 37,182 million. This results from:
- the result attributable to non-controlling shareholders of PLN 7,288 million (generated by Alior Bank and Bank Pekao),
- Pekao’s dividend allocation of PLN 4,819 million and Alior Bank’s of PLN 1,200 million (including a total of PLN 4,671 million for minority shareholders);
- an increase in the valuation of debt instruments measured at fair value through other comprehensive income.
Equity attributable to the parent company’s shareholders increased by PLN 3,360 million to PLN 35,471 million. This results from:
- an increase in the valuation of debt and hedging instruments measured at fair value through other comprehensive income;
- an increase in the net profit attributable to the parent company for 2025 in the amount of PLN 6,699 million;
- a negative effect of a change in discount rates for the valuation of insurance liabilities due to a decrease in the level of risk-free interest rates from the end of 2024;
- allocating PLN 3,860 million to dividend (distribution of PZU’s profit for 2024 of PLN 3,877 million, plus PLN 1,080 million transferred from the supplementary capital created from net profit for 2023).
As at 31 December 2025, 65.1% of the Group's liabilities consisted of deposit liabilities to clients. They amounted to PLN 348,642 million, and were by PLN 14,449 million higher as compared to the end of 2024. This was mainly due to an increase in current deposits at Bank Pekao and Alior Bank, offset in part by a decline in time deposits at Bank Pekao.
As at 30 June 2025, the PZU Group had liabilities arising from own debt securities totaling PLN 22,449 million, including:
- PLN 20,921 million on bonds issued by Bank Pekao and Alior Bank;
- PLN 53 million on certificates of deposit issued by Bank Pekao and Alior Bank;
- PLN 1,475 million on covered bonds issued by Bank Pekao.
Subordinated liabilities of the PZU Group as at 31 December 2025 reached PLN 7,951 million, up by PLN 2,852 million as compared to 2024.
The value of net insurance contract liabilities amounted to PLN 45,910 million as at the end of 2025, and accounted for 8.6% of total equity and liabilities. Compared to the liabilities as at 31 December 2024, they increased by PLN 2,233 million.
3.3% of equity and liabilities at year end 2025 was other liabilities in the amount of PLN 17,872 million. They were PLN 1,926 million higher than at the end of 2024. The change in the balance was mainly due to an increase in liabilities from transactions involving financial instruments and liabilities to participants in consolidated investment funds, as well as a decrease in liabilities from securities lending.
Cash flow statement
At the end of 2025, net cash flow was PLN 1,230 million, up by PLN 3,772 million compared to the previous year. This increase was recorded in particular in net cash flows from investment activity.
Material off-balance sheet line items
The value of contingent liabilities at the end of 2025 was PLN 94,701 million, that is PLN 8,007 million more year on year. The balance consisted primarily of the following items:
- PLN 5,875 million in contingent liabilities for renewable limits in settlement accounts and credit cards;
- PLN 60,421 million in liabilities from loans in tranches;
- PLN 12,135 million in liabilities in the form of awarded guarantees and sureties;
- PLN 11,265 million in factoring liabilities.
