In 2025, the issuer (PZU) recorded a technical result of PLN 1,640 million, compared to PLN 1,069 million in 2024, an increase by 53.4% (571 million y/y). Net profit was PLN 5,062 million, up 30.6% compared to PLN 3,877 million generated in the previous year. Disregarding the dividends received from PZU Życie, PZU’s net profit was PLN 3,169 million, and was by PLN 974 million, i.e. 44.3 %, higher compared to 2024.
- an increase in gross written premium to PLN 18,095 million, or 1.9% (PLN 338 million), more than in the previous year. The higher level of premium is the product of:
- an increase in sales of insurance of damage caused by natural forces, other property damage and thirdparty liability (mainly PZU DOM, PZU Firma insurance and the acquisition of several large contracts in reinsurance with TUW PZUW);
- a decrease in premiums in motor insurance, both MTPL and MOD. After the reinsurers’ share and change in the provision for unearned premiums, net earned premium was PLN 16,130 million and was 6.7% higher than in 2024;
- higher level of claims and benefits – amounting to PLN 9,951 million, which means an increase by PLN 108 million, i.e., 1.1% compared to 2024. Significant increases in the level of claims and benefits were recorded in the MOD insurance group and the provision of assistance. The increase was partially offset by a decrease in claims and benefits in the fire and other property damage insurance group (the effect of the occurrence in 2024 of numerous mass damages caused by natural perils – heavy rainfall, inundation and flooding);
- an increase in the result from investment activities1 to PLN 4,566 million (by 21.4% y/y). The increase was mainly due to higher results from derivatives hedging the Private Equity portfolio (with the hedged assets recognized by the change in revaluation reserve) and the purchase of debt instruments for the portfolio at favorable yields in the market as well as higher dividends from PZU Życie and Alior Bank;
- higher by PLN 176 million, or 5.3%, compared to 2024, including acquisition expense, including reinsurance commissions, as a consequence of the growing insurance portfolio and different insurance portfolio structure and change in the mix of sales channels;
- a 4.5% increase in administrative expenses, from PLN 973 million in 2024 to PLN 1,017 million in 2025. Increase mainly as a consequence of higher personnel costs (impact of employee salary increases as a result of the increase in the minimum wage in the economy from January 2025). The increase was also driven by higher IT costs (the effect of ongoing projects), marketing and sponsorship costs (a larger scale of campaign activities than last year), as well as the implementation of consulting services and the indexation of rents and postage;
- the MOD motor insurance premiums accounted for 24.8% of PZU’s total gross premiums written, a 0.9 percentage point decrease in share compared to the previous year. In the period under review, gross premiums written in the Auto Casco group decreased by 1.7% (PLN 79 million) y/y. The decline was primarily a consequence of the drop in average premiums;
- premiums on insurance against fire and property damage accounting for 25.6% of PZU’s premium portfolio. Compared to 2024, their share in the insurance portfolio increased by 0.6 p.p., while their written value was up 4.3%. Premium growth was driven by higher sales of home insurance and PZU Firma, among other factors;
- premiums from other liability insurance accounting for 7.4% of the PZU’s insurance portfolio. The premiums were 10.0% higher y/y and their share in the portfolio increased by 0.5 percentage points. This resulted from the growth of the TPL portfolio offered with PZU Firma and PZU DOM, as well as medical and general TPL;
- other insurance premiums, which accounted for 13.1% of the portfolio, up 0.7 p.p. compared to 2024. The increase in premiums is the result of higher sales of assistance benefit insurance (mainly PZU Auto Pomoc, PZU Auto Szyba and travel insurance – PZU Wojażer). In addition, there was an increase in sales of business insurance, providing protection against financial losses. This increase was partially offset by a decline in premiums written in the accident insurance group.
The main contributors to the increase in 2025 earnings from investment activities were higher dividends from PZU Życie and an increase
in earnings from debt securities as a result of the purchase of Polish government bonds for the portfolio at high yields in the market. The performance of subordinated companies also increased. The impact of the above factors was partially offset by higher costs of investment activities.
In 2025, net claims and benefits, with the change in PZU’s provisions, totaled PLN 9,951 million, i.e. 1.1% more than in 2024. The most significant factors that contributed to the change in the net value of claims and benefits were as follows:
- increased claims and benefits in the group of motor MOD insurance. The change in the level of claims and benefits is mainly a consequence of an increase in the average payout with a leveled frequency of events;
- a higher level of claims in the assistance benefits insurance group, particularly under the PZU Auto Pomoc, PZU Auto Szyba and PZU Wojażer travel insurance products (including, the impact of portfolio development);
- an increase in the value of claims and benefits in the general liability insurance group, as a result of, among other things, a decline in third-party liability insurance under PZU Firma and an increase in claims in medical liability (an increase in the provision for unreported claims for the event years 2005–2021 due to the observed unfavorable development of claims – long delays in reporting resulting from, among other things, court cases);
- decrease in claims in fire and other property damage insurance, mainly as a result of a lower number of claims of a mass nature caused by atmospheric events than in 2024 (flooding in Q3 2024 in southwestern Poland with a negative impact of more than PLN 250 million).
(including reinsurance commissions) amounted to PLN 3,513 million in 2025, increasing by 5.3% in comparison to 2024, which along with an 6.7% increase in net earned premium y/y translated into improvement of the acquisition expense ratio by 0.3 p.p. The dynamics of the acquisition expense ratio was driven by the modification in the product mix, among other factors.
In 2025, administrative expenses reached PLN 1,017 million, i.e., 4.5% higher than in the previous year, which alongside the increase in net earned premium by 6.7% y/y translates into a worse administrative expense ratio, by 0.1 p.p. The increase in the value of administrative expenses is primarily the result of higher personnel costs, including the impact of employee salary increases as a result of the increase in the minimum wage in the economy from January 2025. The increase was also driven by higher IT costs (the effect of ongoing projects), marketing and sponsorship costs (a larger scale of campaign activities than last year), as well as the implementation of consulting services and the indexation of rents and postage.
The balance of other technical income and expenses in 2025 remained negative and stood at PLN 248 million. The 37.2% growth of the expenses over 2024 is an outcome of a significantly lower level of policyholder impairment allowances for receivables, together with higher levels of contributions to organizations and mandatory fees, and a higher level of allowance to the prevention fund.
The balance of other operating income and expenses also remained negative. It amounted to – PLN 430 million and improved by 6.2% (by PLN 25 million) compared to 2024. The y/y change is the result of an increase in costs related to the tax on certain financial institutions (tax under assets + PLN 15.9 million y/y) and due to higher donation payments (+ PLN 13 million y/y).
At the end of 2024, PZU’s balance sheet total was PLN 60,915 million and was 8.6% higher compared to the previous year.
The main component of PZU’s assets were deposits which stood at PLN 53,799 million (up 9.3% compared to the end of 2024), which accounted for 88.3% of PZU’s total balance sheet value, compared to 87.8% as at the end of the previous year. The level of deposits, excluding deposits in subsidiaries, increased due to the achieved investment performance and the net inflow of funds from operations, partially offset by the payment of dividends.
As at the end of 2025, PZU’s receivables stood at PLN 3,184 million, and accounted for 5.2% of assets, whereas the year before they amounted to PLN 3,124 million (5.6% of assets). The increase in value is the result of higher reinsurance receivables (+ PLN 91 million y/y ) mainly due to an increase in current receivables from retrocessionaires. The increase was offset by a decrease on the direct insurance receivables line (- PLN 49 million y/y net of impairment charges)
Fixed assets, in the form of intangible assets, goodwill and property, plant and equipment were disclosed in the balance sheet at PLN 501 million (+ PLN 41 million y/y). They accounted for 0.8% of assets (similar to the previous year).
| Basic performance indicators of PZU | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Return on equity (ROE) (annualized net profit / average equity) x 100% |
12.1% | 10.4% | 21.7% | 17.8% | 20.6% |
| Return on assets (ROA) (annualized net profit / average assets) x 100% |
4.6% | 3.6% | 8.1% | 7.1% | 8.7% |
Their share of the balance sheet fell by -2.7 p.p. compared to 2024, while in value terms they increased by PLN 640 million, due in particular to:
- provisions for unpaid claims and benefits, mainly in the general liability, marine, aviation and transportation insurance group, and in the accident insurance group, with a decrease in the reinsurer’s share of the provision for unpaid claims by – PLN 486 million compared to last year;
- a higher level of premium reserve (an increase of PLN 226 million after taking into account the reinsurer’s share compared to the end of December 2024) mainly in fire and other property damage and general liability insurance. Effect partially offset by a decline in premium reserves (net of reinsurer’s share) in motor insurance, both MTPL and MOD.
As at the end of 2025, shareholders’ equity was PLN 26,442 million and accounted for 43.4% of equity and liabilities, up 2.9 p.p. compared to the end of 2024.
| Operational efficiency ratios | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Gross claims and benefits ratio (simple) (gross claims and benefits / gross written premium) x 100% |
57.2% | 62.6% | 59.3% | 61.4% | 56.7% |
| Claims and benefits ratio (net claims and benefits / net earned premium) x 100% |
61.7% | 61.9% | 60.5% | 65.1% | 61.7% |
| Insurance activity expense ratio (insurance business expense / net earned premium) x 100% |
27.3% | 28.0% | 29.4% | 28.5% | 28.1% |
| Acquisition expense ratio* (acquisition expenses / net earned premium) x 100% |
21.3% | 22.1% | 22.8% | 22.1% | 21.8% |
| Administrative expense ratio (administrative expenses / net earned premium) x 100% |
6.1% | 5.9% | 6.5% | 6.4% | 6.3% |
| Combined ratio in non-life and other personal insurance (net claims and benefits + insurance business expenses / net earned premium) x 100% |
89.1% | 89.9% | 89.9% | 93.6% | 89.9% |
Contingent receivables amounted to PLN 4,131 million, i.e. increased by PLN 131 million (+3.3%) in comparison to the previous year. These comprised of, among other things, guarantees and sureties received and other contingent receivables comprising mainly collateral received in the form of mortgages on the debtor’s assets and other contingent receivables.
The balance of contingent liabilities was PLN 1,365 million, which represents a growth by PLN 57 million (4.4% y/y) in comparison to 2024. This is the result of an increase in disputed claims, not recognized by the insurer referred by creditors to litigation and higher other contingent liabilities due to undisbursed loan tranches.
In 2025, PZU generated a return on equity (ROE) of 20.6%, up 2.8 p.p. compared to 2024. In 2021–2025, the average return on equity (ROE) was 16.5%.
1. Investing activities include investment income, unrealized gains on investments, costs of investing activities, unrealized losses on investments and share in net profit (loss) of subsidiaries measured by equity method.
