Slides
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PZU Group’s financial results Warsaw, 27 March 2025 in 2024 and 4Q24
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Contents Main achievements and plans Business development in 4Q24 Financial results in 4Q24 PZU Group Strategy 2021–2024 Annexes 3 8 16 27 29
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Scale-up, high profitability and secure capital position 4 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 4 Profitability Capital position Revenue 2024 2024 09.2024 PLN 29.4 bn insurance revenues net profit1 solvency II ratio2 PZU SA 244% 1. Attributable to equity holders of the parent company 2. Calculation according to the existing methodology, i.e., own funds are adjusted by dividends calculated on the basis of the i nterim result. It does not take into account the new rules included in the KNF’s circular letter to insurance companies dated 16 April 2021, according to which, starting from 1Q21, a new element in the calcula tion of company and group solvency in interim periods is an adjustment for the entire amount of dividends expected for the year. The ratio under the new rules and financial statements was 227% for the PZU Group and 238% for PZU SA +2.6 bn y/y PLN 5.3 bn aROE 18.0% PZU Group 234% Achieved results and capital position create a very good base for dividend payment in 2025
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20242023 7.6 6.9 8.6 7.9 1.9 2023 2024 1.6 52.2 65.8 2023 2024 Insurance revenue Gross written premium Scale-up and development of complementary offerings 5 PLN 503.3 bn of assets +35.3 bn y/y PZU Group Premium and revenue from non-motor insurance (PLN bn) Health pillar revenue (PLN bn) Assets of external clients of TFI PZU, Pekao TFI and Alior TFI (PLN bn) TFI PZU – #1 among “non-bank TFIs” +PLN 2.4 bn in inflows Growing importance of remote service channels for patients Sales growth in insurance against fire and other damage to property Increase y/y +15.1% +13.1% Increase y/y +18.1% Increase y/y +25.9% 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes
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Stable results in 2024 6 Net profit (PLN m) 2024 1. Margin for group and individually continued insurance segment 2. Non-life insurance in PZU Group (Poland) 3. Non-life insurance in PZU Group (Poland), excluding the effect of profitability deterioration in agricultural insurance (includi ng the impact of weather damage), the impact of the floods and profitability deterioration in non-motor insurance 4. aROE in 2024, attributable to owners of the parent company, return on equity excluding the cumulative effect of change in discount rates for valuation of insurance liabilities 5. The impact of the following: a) deterioration of profitability in agricultural insurance (including the impact of weather damage) and deterioration of profitability in non-motor insurance (impact of -PLN 224 m) b) impact of the floods – impact on the result from the PZU share after adjusting for income tax (impact of -PLN 210 m) c) reversal of impairment losses on Alior Bank's trademark and client relationships (impact of +PLN 30 m) Insurance service result PLN 3.5 bn (vs. PLN 4.0 bn in 2023) Result on investment portfolio PLN 2.5 bn (vs. PLN 2.5 bn in 2023) Operating margin1 25.2% (vs. 21.9% in 2023) Combined ratio2 92.5% 89.1%3 normalized (vs. 85.3% in 2023) aROE 18.0%4 1,995 2,107 3,785 3,235 404 2023 2024 5,780 5,746 5 Flood and other one-off events BanksInsurance 5,342 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes
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High rating and secure foundation for doing business 234% SII Solvency II ratio significantly over 200% • Solvency II for PZU Group at 234%1 • Average for European insurers is 212% 100% ≥ A Effective reinsurance protection • The reinsurance program to limit the impact of catastrophic events and others • 45% of PZU reinsurers with A rating3 and 55% with AA rating3 Dominant share of bonds in the investment portfolio • Bonds represent 83% of the investment portfolio, including 64% represented by sovereign bonds • Stability of return rates owing to the portfolio structure and long-term management strategy • Closed currency position >80% bonds A- POSITIVE Credit rating and financial strength rating 1. As at 30 September 2024. Calculation according to the existing methodology, i.e., own funds are adjusted by dividends calculated on the basis of the i nterim result. It does not take into account the new rules included in the KNF’s circular letter to insurance companies dated 16 April 2021, according to which, starting from 1Q21, a n ew element in the calculation of company and group solvency in interim periods is an adjustment for the entire amount of dividends expected for the year. The ratio under the new rules and financial statement s was 227% in 3Q24 2. Rating S&P/AM Best 7 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 2024 4. Strategy 5. Annexes
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Premium growth in all groups Non-motor insurance • The increase mainly in insurance against fire and other damage to property, as well as TPL insurance, combined with a decline in ADD and other insurance • In 4Q24, continued growth in mass insurance (13.9% y/y), in the corporate segment seasonally high premiums (PLN 1.4 bn), slightly lower y/y due to a long term contract in 2023 Motor insurance • Higher motor insurance sales (+6.2% y/y), largely due to an increase in average premiums • Premium growth in MTPL (+5.4% y/y) as a result of higher average prices keeping pace with rising damage costs 9 1. Gross written premium – external 2. PZU, based on active policies, standardized ratio Gross written premium (PLN bn)1 and its dynamics (%, y/y) 2.79 1.25 2.72 1.34 1.41 1.17 4Q23 4Q24 5.22 5.45 +4.4% Non-motor MOD MTPL 20232018 20202019 20222021 2024 MOD to MTPL (%)Ratio of MOD to MTPL policies (%)2 PZU Group in Poland PZU Group in Poland – non-motor insurance 1 2 1 2 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 0,8 0,4 0,0 1,0 0,2 0,6 1,2 1,4 1,6 1,8 4Q224Q20 4Q21 4Q23 1.37 1.42 4Q24 Corporate Mass -6.8% y/y +13.9% y/y
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PZU Życie with stable 4% growth in the written premiums from group and individually continued insurance, acceleration of individual insurance growth (23% y/y) PZU Życie gross written premiums from group and individually continued insurance (PLN m) PZU Życie gross written premiums from individual insurance (PLN m) 10 Group and individually continued insurance • The growth in premiums from health insurance, thanks to the acquisition of new players and the revision of rates in the portfolio in response to the rising cost of medical services • Development of the portfolio of other group protection insurance and investment insurance (PPE) Individual insurance • Portfolio development and sales growth of individual life and endowment insurance, including a new offering of insurance with bonuses (PZU Perspektywa na Przyszłość) and package insurance (PZU Pakiet na Życie i Zdrowie), tailored to life situation, age, and individual needs • Growth in written premiums from bancassurance due to (among other things): • insurance of loans and borrowings • investment banking products • high sales of life and endowment insurance with guaranteed sums insured … … … … … … 385416 421 4Q234Q19 4Q20 4Q21 509 413 4Q22 4Q24 421 466 346 476 474 393 487 444 434 275 258 392 526 378 430 447 513 +23% Protection products Single premium investment products Periodic investment products 1 1 2 2 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 1,741 1,754 1,759 1,754 1,746 1,748 1,757 1,753 1,757 1,763 1,788 1,780 1,793 1,805 1,828 1,840 1,856 1,872 1,894 1,904 1,920 1,942 4Q204Q19 4Q21 4Q22 4Q23 4Q24 +4%
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PZU is actively and dynamically developing in the health pillar, achieving 18% y/y revenue growth in 2024 Revenue (PLN m) Number of contracts at the end of the period (m) 3.23 3.43 3.55 12.202312.2022 12.2024 +3.4% 11 Appointments arranged online through mojePZU Number of telemedicine consultations (to total consultations) 42.7% 31.3% 12.202312.2022 12.2024 37.1% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 72% 96%99% 1% 8%4% 96% 67% 4% 92% 84% 28% 16% 69% 31% 70% 63% 30% 33% 37% Services (subscriptions and health insurance) provided in own facilities and partner network 703 904 1,083 569 697 8071,272 12.2022 12.2023 12.2024 1,601 1,890 +18.1% Medical facilities Insurance/subscriptions Business results • More than 18% revenue growth thanks to higher average premiums – mainly due to PZU Zdrowie’s insurance and own products (subscriptions) • Nearly 16% increase in revenue of medical facilities mainly due to sales to the National Health Fund Product offering Growth in the number of health product contracts at the end of 2024, thanks to, among others, the sale of add-ons to protection products (including access to specialists, outpatient rehabilitation, selected tests and treatments). Digitization of the service model The growing importance of remote service channels for patients, the share of appointments made through mojePZU rose to 42.7% in December 2024. +15.8% +19.8% 1 2Increase y/y Partner network Own facilities 12.202412.2022 37.1% 12.2023 33.4% 33.0% 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Gross written premium raised by PZU through cooperation with PZU Group banks up 58.8% y/y Gross written premium raised in cooperation with Bank Pekao and Alior Bank (PLN m) 12 Gross written premium raised in cooperation with banks (PLN m) 112 124 158 155 151 69 66 58 125 92 119 139 78 4842 4Q23 4862 1Q24 80 91 2Q24 3Q24 62 4Q24 280 303 394 457 444 +58.8% Banking SPE Life and investment insurance Life protection insurance Non-life insurance 399 596 4Q23 4Q24 +49.4% Bancassurance • Continued high sales growth for products with a guaranteed rate of return (SPE) • Unit-linked product sales growth declines after very strong third quarter 2024 results • Stable high sales of products linked to loan and mortgage at PZU Group banks Assurbanking • Sales of Bank Pekao accounts (ROR) for individual clients of PZU is currently offered in 239 PZU branches • In 2024, ROR sales in the Tied Agents channel were expanded. More than 100 Agencies have been implemented • Total clients’ loans and deposits acquired by PZU for the bank at the end of December 2024 is PLN 2.5 bn 1 2 3 1 2 3 1. Premiums written from SPE bank products also include investment contracts 1 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Assets under management at PZU Group companies with impressive growth y/y of over 25% Assets of external clients of TFI PZU and PTE PZU1 (PLN bn) Assets of external clients of TFI banks of the PZU Group (PLN bn) 13 26.4 30.4 28.4 29.0 12.202412.2023 59.3 54.8 +8.2% PTE PZU TFI PZU 1. Assets managed by PTE PZU are not included as an objective in the PZU Group's new strategy for 2021–2024. 24.2 32.2 3.2 12.2024 1.6 25.8 12.2023 35.4 +37.0% TFI Pekao Alior TFI +2.0% +15.0% Increase y/y +98,5% +31,8% Increase y/y TFI PZU – #1 among ‘non-bank TFIs’ and #6 in the market for net sales from external clients +PLN 2.4 bn in 2024 – In 2024, market inflows to funds amounted to PLN 43.5 bn – TFI PZU's share at 5.6% – ECS assets at the end of 2024 amounted to PLN 6.6 bn (an increase of 43.2% y/y) – TFI PZU's second place in the ECS market in terms of the value of assets under management with a share of 21.8% as of the end of 2024 – more than double the next entity's lead 1 2 3 4 +99.8% +32.9% 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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First mass deployments of GenAI at PZU • Poland's first manufacturing insurance process using GenAI • Artificial intelligence, thanks to its knowledge of the T&C, verifies the existence of PZU's liability for the damage based on the description sent by the client • With this improvement, compensation payments can be made in less than 24 hours • The solution covers simplified claims reported through self-services (>12 thousand claims per year), it will significantly improve PZU's processes for handling mass claims (improving t-t-m analysis of claims) • In 2H24, nearly 1,000 testers had pilot access to the AI Assistant (an intelligent chatbot based on the latest GenAI models) • The tool was evaluated positively by 82% of users, the NPS of the solution is 18 points • Active users of the tool save more than 4 hours per month on their most valuable task • Conversational, generative artificial intelligence tool was made available to all PZU employees at the end of March 2025, and its implementation is accompanied by a series of educational activities 14 Self-service NEXT – GenAI speeds up PZU Dom claims payout AI assistant – PZU employee productivity multiplier 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 1 2 3 4 1 2 3 4 We are leveraging generative artificial intelligence to expedite compensation payouts
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PZU Ready for Startups – effective cooperation with the startup ecosystem • We developed a report “PZU Ready for Startups. How does CEE's largest insurer work with start-ups?” summarizing PZU's existing cooperation with the start-up ecosystem (report available at www.pzu.pl/innowacje) • Over 7 years, more than 7,000 innovation ideas and startup solutions were analyzed. Best 77 projects have been selected for piloting, and 49 solutions have been forwarded for implementation (60% success rate) • The cumulative net benefits realized from the innovation projects implemented to date in the PZU Group under the PZU Ready for Startups program amount to more than PLN 200 m • In the last quarter of 2024, PZU partnered with 3 startups under accelerator programs run by Huge Thing and StartSmart CEE. Their goal is to develop and pilot the technology. • RIFFSEC provides cyber security departments with data on data leaks, darknet monitoring, Telegram or information about planned phishing attacks. • simpl.rent offers innovative solutions for improving standards in the residential rental market. One of the latest developments is Sherpa's proprietary technology, a universal online insurance distribution platform. • Muffintech is a startup focused on conversational artificial intelligence (AI) solutions, the kind you can talk to, distinguished by its focus on the insurance industry. Its large language model (LLM) is specially trained for insurance, making it better able to handle documentation overflowing with professional vocabulary. 15 Report summarizing 7 years of PZU Ready for Startups program Accelerators – 3 more startups invited to cooperate with PZU • We were named winner of the “Diamonds of Innovation” competition in the “Start-up patron of the year” category • The jury of the competition organized by the Executive Club appreciated the PZU Group's intensive involvement in supporting innovative startups Award to PZU for patronage over startups from Executive Club 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 1 3 2 1 1 2
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PZU Group results under IFRS 17 1. Excluding the investment component (mainly applies to unit-linked products) 2. aROE – adjusted return on equity, calculated on a capital basis excluding cumulative other comprehensive income relating to insurance and reinsurance financial income and expenses. Net result and equity attributable to owners of the parent company, annual return 3. Only for non-life insurance in PZU Group in Poland 4. Margin for group and individually continued insurance segment in Poland 17 * PZU Group restated financial data for prior periods in the 2023 interim reports due to: - the shaping of interpretations of the IFRS 17 standard and the development of consistent approaches among insurers and advisors - the ability to obtain historical data for unit-linked products, which at the same time resulted in a change in the accounting principle of calculation for the transition date. Changed measurement method from fair value approach to modified retrospective approach (MRA) - addressing the auditor's comments after the first full audit The restatement also applied to all comparative periods, so effectively the financial figures from 1Q22 were changed . In addition, the restatements result from changes in the recognition of the provision for legal risk of Swiss franc mortgages. 1 2 3 4 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes m PLN 4Q23* 3Q24 4Q24 Change y/y Change q/q PZU GROUP EXCL. ALIOR BANK AND BANK PEKAO Gross insurance revenue 6,909 7,541 7,587 9.8% 0.6% Net insurance revenue 6,509 7,060 7,084 8.8% 0.3% Insurance service expenses (net) (5,563) (6,367) (5,862) 5.4% (7.9%) Net insurance claims and benefits1 (3,762) (4,561) (4,031) 7.2% (11.6%) Administrative expenses (648) (595) (663) 2.3% 11.4% Acquisition expenses (1,137) (1,225) (1,226) 7.8% 0.1% Loss component amortization 254 305 295 16.1% (3.3%) Recognition of the loss component (270) (291) (237) (12.2%) (18.6%) Insurance service result 946 693 1,222 29.2% 76.3% Net financial revenue 266 247 349 31.2% 41.3% Insurance and outward reinsurance finance income or expenses (552) (374) (213) (61.4%) (43.0%) Result from investment activities - allocated to insurance segments 818 621 562 (31.3%) (9.5%) NET RESULT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY 1,089 626 1,138 4.5% 81.8% BANKS: ALIOR AND PEKAO Net profit (loss) attributable to equity holders of the parent company 523 589 543 3.8% (7.8%) NET RESULT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT COMPANY 1,612 1,215 1,681 4.3% 38.4% MAIN FINANCIAL RATIOS (%) aROE2 23.2 17.2 22.5 (0.7) p.p. 5.3 p.p. Claims ratio (with net loss component) 58.0 64.4 56.1 (1.9) p.p. (8.3) p.p. Administrative expense ratio 10.0 8.4 9.4 (0.6) p.p. 1.0 p.p. Acquisition expense ratio 17.5 17.4 17.3 (0.2) p.p. (0.1) p.p. Combined ratio3 86.6 98.6 86.1 (0.5) p.p. (12.5) p.p. Margin4 21.8 26.4 29.8 8.0 p.p. 3.4 p.p.
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Non-life insurance under IFRS 17 – mass insurance segment 18 Insurance revenue (PLN m) Operating result (PLN m)Net insurance service expenses (PLN m) … ... 1,062 1,216 871 964 1,112 1,197 MOD 4Q23 TPL 4Q24 Non-motor 3,3773,045 +10.9% 690 741 1,695 1,858 249 105 -103 245 -139 2,766 4Q23 57 4Q24 2,632 +5.1% 107 148 260 379 96 135 4Q23 20 36 Non-motor TPL 4Q24 MOD Net financial revenue 483 698 +44.5% Mass insurance segmentCOR RATIO Mass insurance segment – motor Mass insurance segment – non-motor COR 4Q23 87.5% 94.1% 74.9% COR 4Q24 -37 -61 Reinsurance premium allocation Recognition of the loss component Amortization of the loss component Claims Acquisition expenses Administrative expenses • improvement of the results on both the non-motor insurance portfolio (+PLN 119 m y/y) and the motor insurance portfolio, including MOD insurance by PLN 39 m y/y. • higher excess of investment result over insurance finance expenses following the increase in the required balance of assets to cover liabilities and the purchase to the portfolio of Polish government bonds at high yields in the market • higher y/y current year claims liabilities – mainly in motor third-party liability insurance (impact of claims inflation) • higher costs of activities, including acquisition and administrative expenses attributable to insurance operations, with a simultaneous decrease in the share of expenses in the income • significantly lower y/y creation of new and higher amortization of existing loss component due to changes in the rate of increase in claims inflation and frequency of events (total impact on cost decrease: PLN 84 m y/y) • increase in amortization of liability for remaining coverage (LRC) for portfolios: - non-motor +16.4% y/y – a consequence of the development of PZU Dom insurance (impact of refreshed offering and higher propensity of clients to raise insured amounts), PZU Firma insurance offered to small and medium-sized enterprises and Assistance insurance - MOD +12.0% y/y – impact of high premium growth in 2H23 maintained in the following months of 2024 (increase in average premiums as a consequence of increasing value of vehicles and thus insured sums, as well as higher number of insurance contracts – among other things as a result of higher availability of vehicles than a year ago • a higher level of premiums allocated to cover acquisition expenses due to growing sales and declined share of own channels 83.4% 92.0% 67.6% 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Motor insurance market in Poland – change in average price and frequency of claims 19 1. Own compilation based on market reports of KNF and PIU 2. Own compilation based on police data Change in the average market price of MTPL and MOD insurance (%)1 • The acceleration in the motor and especially third-party liability insurance market continues (+11.6% and 10.1% y/y in the third quarter, respectively). Premium growth in third-party liability insurance excluding reinsurance of 13.7%, MOD growth of 9.3% • Despite price growth, market deepens loss (TPL technical result, direct business -PLN 165 m in 2Q24 and -PLN 329 m in 2024 ytd) 1.6 6.3 -1.6 2.1 9.1 2.7 -13.6 27.0 20.3 -1.3 -3.0 -3.8 -0.9 -0.7 2.1 3.3 7.1 8.0 8.7 3.8 -12.1 15.5 -0.7 -6.3 -8.8 4.6 -1.4 1.5 7.9 11.9 10.7 5.8 4.5 4.0 4.5 11.4 20182007 3.21.8 20112008 2009 -5.8 -2.4 2010 -0.8 2012 3Q2320202013 20222014 -3.5 2015 12.5 2016 3.6 2017 2019 2021 1Q23 2Q23 2.1 4Q23 1Q24 2Q24 3.0 3Q24 3.7 4Q24 -4.0 MTPL MOD 1 2 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Number of traffic incidents in 2024 and 2023 vs. pre-pandemic period (quarterly, in thousands)2 6 0 2 10 8 4 1Q 2Q 3Q 7.6 5.1 4Q +2.1% 2019 2023 2024
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Non-life insurance under IFRS 17 – corporate insurance segment • increase in amortization of liability for remaining coverage (LRC) for: - non-motor insurance (+14.7% y/y) – effect of earning 2023 premiums, including large contracts concluded in 4Q23 (contracts with fuel and power generation clients). In addition, high sales in 2024, in the strategic client area (renewal of several long -term contracts) - motor insurance (+6.3% y/y) – the impact of both growth in MOD insurance (the effect of an increase in average premium due to rising values of vehicles) and MTPL insurance • higher y/y levels of premium allocated to cover acquisition expenses due to portfolio development 20 • release of a lower y/y net excess of prior years' claims reserves over the current projected value of payouts – mainly in non-motor insurance • higher net liabilities y/y for the current year’s claims in MOD insurance • growth acquisition expenses with a simultaneous increase in the share of costs in revenue, mainly in non -motor insurance • lower result from insurance services, mainly in non-motor insurance mainly due to higher y/y level of net claims reserves from previous years • higher excess of investment result over insurance finance expenses following the increase in the required balance of assets to cover liabilities and the purchase to the portfolio of Polish government bonds at high yields in the marketCorporate insurance segmentCOR RATIO Corporate insurance segment – motor Corporate insurance segment – non-motor 679 779 245 267161 164MTPL Non-motor 4Q23 4Q24 MOD 1,2101,085 +11.5% 49 103 78 39 45 -9 -9 4Q23 4 4Q24 MTPL MOD Non-motor Net financial revenue 176 124 -29.5% Insurance revenue (PLN m) Net insurance service expenses (PLN m) Operating result (PLN m) -346 -424 Reinsurance premium allocation 82.8% 87.7% 77,1% 97.3% 92.9% 102.5% COR 4Q23 COR 4Q24 156 172 393 532 4Q23 31 -31 63 23 -27 65 4Q24 612 765 +25.0% Recognition of the loss component Claims Amortization of the loss component Administrative expenses Acquisition expenses 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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• a higher level of premiums to cover expected claims and benefits mainly as a result of a higher expected utilization of health insurance benefits • a higher level of expected expenses, mainly on the group insurance portfolio as a consequence of rising fixed expenses (including personnel and IT expenses) • an increase in CSM amortization, mainly in the portfolio of individually continued insurance, related to an increase in the carrying amount of CSM • higher revenue to cover rising acquisition expenses Life insurance under IFRS 17 – group and individually continued insurance Insurance revenue (PLN m) Operating result (PLN m)Insurance service expenses (PLN m) 235 1,248 1,314 308 343 -26 -24 3333 109 1,880 208 4Q23 121 4Q24 2,022 +7.6% 232 227 1,220 1,204 109 85 4Q23 35 -79 -75 121 4Q24 1,567 1,512 -3.5% 97 93 313 510 4Q23 4Q24 603 410 +47.1% • lower total creation of the loss component as a result of a higher reversal of the loss component related to changes in actuarial assumptions by PLN 48 m y/y • lower claims and benefits – mainly the effect of a decrease in benefits from group insurance (-PLN 7 m y/y) and individually continued insurance (-PLN 11 m y/y), partially offset by utilization of health insurance, translating into an increase in profitability y/y • a slight increase in amortization of acquisition expenses (+ PLN 12 m y/y) • lower amortization of the loss component (PLN 4 m y/y) • higher insurance service result (+ PLN 197 m y/y) • a slight decline in net financial revenue (-PLN 4 m y/y) as a result of an increase in insurance finance expenses (PLN 6 m y/y) offset in part by an increase in investment income (PLN 2 m y/y) as a result of purchase to the portfolio of Polish government bonds at high yields in the market 29.8% Margin21.8%CSM amortization Expected expenses Release of non-financial risk adjustment Expected claims and benefits Premiums related to acquisition expenses Other Recognition of the loss component Administrative expenses Amortization of the loss component Claims and benefits Acquisition expenses 21 Insurance service result Net financial revenue * Net financial revenue – investment income less insurance finance income or expenses 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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PZU portfolio against mortality in Poland 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes • A 3.1% decrease in the number of deaths compared to the fourth quarter of 2023 • In 4Q24, an average of 8.1 thousand death certificates were issued per week, compared to 8.3 thousand in the same period last year • On an annual basis, an average of 7,800 deaths per week were recorded each from 2017–2019, with 7,900 deaths per week in 2023. By 2024, an average of 7,800 deaths per week were again recorded, a return to pre- pandemic levels. 13 000 6 000 7 000 8 000 12 000 9 000 10 000 11 000 14 000 15 000 16 000 17 000 Week 1 Week 52 Week 8 Week 32 Week 28 Week 4 Week 12 Week 16 Week 20 Week 24 Week 40 Week 36 Week 44 Week 48 PL 2024 PL 2021 PL 2020PL 2023 PL 2019 ** Includes all PZU products and the following risks: death of primary insured, death of spouse, death of parents, death of in - laws. Number of deaths per week in Poland from 2018 to 2024* Number of all death benefits paid in PZU** per week from 2018 to 2024 (by date of death) 5 000 20 000 10 000 25 000 15 000 35 000 30 000 Week 1 Week 4 Week 8 Week 12 Week 16 Week 20 Week 36 Week 24 Week 28 Week32 Week 40 Week 44 Week 48 Week 52 2024 2023 2021 2020 2019
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• creation of loss component as a result of the addition of a provision for litigation and dispute proceedings for annuities from the so-called “old portfolio” in the amount of PLN 9.4 m • higher realization of claims and benefits of the current period, mainly for bancassurance insurance (+PLN 6.1 m y/y), offset by a decrease for term life insurance (-PLN 3.1 m y/y) • higher acquisition expenses amortization • higher contractual service margin amortization mainly as a result of growth and higher profitability of bancassurance portfolio (+PLN 7 m y/y) • a higher level of premiums to cover expected claims and benefits – a product of a decline in the pensions portfolio and an increase in life and endowment insurance and term insurance • higher revenue to cover rising acquisition expenses Life insurance under IFRS 17 – individual protection insurance 23 Insurance revenue (PLN m) Operating result (PLN m)Insurance service expenses (PLN m) • an increase in insurance service result with higher margins realized on the individual protection insurance portfolio and lower margins realized on the individual bank protection insurance portfolio • an increase in net financial revenue (PLN 1 m y/y) 86 98 1 4Q23 2 100 4Q24 87 +14.9% Insurance result income Net financial revenue 38 43 24 27 34 40 65 80 5 0 6 4Q23 -3 193 4Q24 166 +16.3% CSM amortization Expected claims and benefits Release of non-financial risk adjustment Expected expenses Premiums related to acquisition expenses Other 38 43 26 28 14 17 12 4 4Q24 -2 4Q23 -5 80 95 +18.8% Recognition of the loss component Amortization of the loss component Acquisition expenses Claims and benefits Administrative expenses 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes * Net financial revenue – investment income less insurance finance income or expenses
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Life insurance in Poland under IFRS 17 – evolution of contractual service margin 24 Group and individually continued insurance – CSM (PLN m) … The change in CSM contractual service margin (value of future profits) between balance sheet dates is due to: • additional CSM from the sale of new business in the amount of PLN 218 m • positive change in the assumptions regarding the development of the insured portfolio (+PLN 30m), and re-sale of riders in individually continued insurance (+PLN +44 m) • CSM increase by the change in the time value of money – accrued interest • CSM release of PLN 343 m – profit attributable to the current period The change in CSM contractual service margin (value of future profits) between balance sheet dates is due to: • additional CSM from the sale of new business in the amount of PLN 105 m • variances in the development of the insured's portfolio (PLN -14 m) • CSM increase by the change in the time value of money – accrued interest • CSM release in the amount of PLN 80 m – profit attributable to the current period Individual protection insurance – CSM (PLN m) … ... 7,399 7,468218 100 94 Accrued interestAssumption change/variation 09.2024 12.2024CSM from the new business CSM release (343) 1,176 1,202105 15 Accrued interest (14) 09.2024 CSM from the new business Assumption change/variation (80) CSM release 12.2024 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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IFRS, PLN m 4Q23 4Q24 Change y/y Investment income less interest expenses 5,321 5,096 (4.2%) Investment result allocated to insurance segments in Poland ex unit-linked 466 595 27.7% Unit-linked 319 (40) x Investment result allocated to insurance segments abroad 33 20 (39.4%) Surplus portfolio, TFI, PTE 190 (44) x Banking activities including PPA 4,313 4,565 5.8% Total, insurance segments, investment activities and other 1,008 531 (47.3%) Main portfolio 597 655 9.9% Debt instruments - interest 537 583 8.7% Debt instruments - revaluation and execution (50) (20) x Equity instruments 42 46 7.9% Real estate 67 46 (32.0%) Investment products 319 (40) x Other 92 (84) x Investment result Structure of the core portfolio by asset class and methods of their valuation • Secure portfolio structure: debt instruments account for 83% of the portfolio, government debt is 64% of the portfolio • Profitability of the core portfolio with FX on liabilities at 5.0 % in 4Q 24 • Higher interest income y/y due to the purchase of Polish Treasury bonds at high yields in the market • Higher y/y result on valuation of debt instruments in particular due to a smaller impact of negative exchange rate differences on foreign currency portfolios (offset at the level of the PZU Group's net result by changes in the valuation of liabilities under insurance contracts) offset in part by the realization of a negative result on the sale of a portion of bonds from the Polish Treasury debt portfolio • Lower real estate portfolio due to negative impact of portfolio valuation mainly in office segment • Deterioration of the impact of other items, particularly with regard to exchange temporary differences relating to real estate valuation (value eliminating on a semi-annual basis) Core portfolio: PLN 50.9 bn Investment products: PLN 6.9 bn Return on FX core portfolio from liabilities (%) Investment result allocated to insurance segments in relation to net insurance expenses and revenue* (PLN m) * Excluding unit-linked and foreign operations 466 595 (212) (249) 346 4Q23 Insurance finance income and expenses 4Q24 254 Investment result allocated to insurance segments5.0 4,0 2,5 5,5 4,5 3,0 3,5 5,0 8,5 6,0 6,5 7,0 7,5 8,0 4Q19 4Q20 4Q21 4Q22 4Q23 4Q24 8% Cash Foreign government debt 59% 19% Government debt 5% Real estate 1% 14% 3% Corporate debt 41% 5% 8% 17% 5% Equity 5% 5% 4% Amortized cost Fair value through P&L F air value through other comprehensive income 1 2 3 4 5 *Restated data. 25 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 6 *
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High level of solvency of the Group Solvency II ratio1, 30 September 2024 26 1 Increase in own funds in 3Q24 by PLN 0.3 bn Main causes: • operating flows (+PLN +0.3 bn) • investment results (+PLN 0.6 bn) and higher bond valuation (+PLN 0.4 bn) • higher expected dividends estimated at 80% of consolidated net profit (-PLN 0.9 bn) SCR growth in 3Q24 by PLN 0.14 bn The main drivers of the q/q changes: • increase in basic solvency capital requirement (BSCR, +PLN 0.11 bn) following an increase in catastrophic risk in non-life insurance (floods); decrease in other insurance risks and market risk • higher capital requirements of banks (+PLN 0.06 bn) Solvency ratio calculated according to the formula: Own funds / Solvency requirement. Annual data based on audited reports on solvency and financial condition ( SFCR) available at https://www.pzu.pl/relacje-inwestorskie. Other unaudited data. 1. Infra-annual data presented in accordance with the previous methodology, according to which own funds were reduced by 80% of the PZU Group's consolidated result attributable to PZU shareholders. It does not take into account the new rules included in the KNF's circular letter to insurance companies dated 16 April 2021, according to which, starting from 1Q a new element in the calculation of company and group solvency in interim periods is an adjustment for the entire amount of dividends expected for the year. 25.6 25.0 25.4 24.6 24.5 24.7 25.4 26.4 26.7 27.2 27.8 28.0 28.9 30.0 30.3 10.9 11.1 11.0 11.1 11.0 10.9 11.0 11.0 11.3 11.9 12.1 12.3 12.7 12.8 13.0 235% 3Q211Q21 1Q23 240% 225% 2Q21 3Q22 230% 4Q21 221% 222% 1Q22 226% 2Q22 230% 4Q22 235% 227% 3Q242Q23 227%230% 3Q23 229% 4Q23 1Q24 233% 2Q24 234% Solvency II raio Own funds Solvency capital requirement 1 2 3 1 2 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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2024 strategic goals and their implementation Gross insurance revenue1 (PLN m) Health Pillar Revenue (PLN m) PZU Group net profit2 (PLN m) Solvency II ratio5 (%) Banks’ contribution to PZU Group’s net results2 (PLN m) Assets under management4 (PLN bn) 26,868 29,423 12.2023 12.2024 +9.5% 1,601 1,890 12.2023 12.2024 +18.1%+18.1% 52.2 65.8 12.2023 12.2024 +25.9% >PLN 28 bn FY2024 KPI aROE3 (%) PLN 4.3 bn FY2024 KPI 15.5% FY2024 KPI PLN 1.7 bn FY2024 KPI PLN 1 bn FY2024 KPI ≥ 200% FY2024 KPI PLN 60 bn FY2024 KPI 22.0 18.0 12.202412.2023 -4.0 p.p. 12.2023 2 1071 995 12.2024 +5.6% 5,780 5,342 12.2023 12.2024 -7.6% 230 234 23Q3 24Q3 1. Gross insurance revenues of PZU Group 2. Net profit attributable to the shareholders of the parent company 3. Adjusted return on equity (aROE %). Calculated on an equity basis excluding the cumulative effect of change in discount rates for valuation of insurance liabilities 4. External client assets under management of TFI PZU, Pekao TFI and Alior TFI 5. Excluding rules included in the KNF circular letter to insurance companies dated 16 April 2021. Value in line with new rules at 219% in 3Q 24 27.04.2023 – Presentation “The impact of the implementation of IFRS 17 and changes in the macroeconomic environment on the indicators of the PZU Group Strategy for 2021–2024” https://www.pzu.pl/_fileserver/item/1545909 124.2% 111.2% 105.1% 109.6% 210.7% 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes 28
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Trends in the non-life insurance market in Poland • The acceleration in the motor and especially third-party liability insurance market continues (+11.6% and 10.1% y/y in the third quarter, respectively). Premium growth in third-party liability insurance excluding reinsurance of 13.7%, MOD growth of 9.3%, but the market deepens loss (TPL technical result, direct business -PLN 165 m in 2Q24 and -PLN 329 m in 2024 ytd) • Double-digit growth in non-motor insurance (+12.1% y/y). Non-life insurance (+PLN 478.3 m, +16.4% y/y), Assistance insurance (+PLN 143.3 m; +25.0% y/y) and accident insurance (+PLN 76.6 m, +8.2% y/y) were the biggest contributors to growth in value terms • PZU Group’s market share in non-life insurance (direct business) after 3Q24 was 31.7% • High share of PZU Group's technical result in the technical result of the market at 44.5%1 Market shares after 3Q242 Motor insurance market dynamics1, y/y Non-motor insurance market dynamics1, y/y 1. According to the KNF's report after 3Q24 2. According to the KNF's report after 3Q24; i.e., market and market share including PZU's inward reinsurance to LINK4 and TUW PZUW 3. ** PZU Group’s market share in non-life insurance on direct business after 3Q24 4. Change in share y/y, respectively: including PZU's inward reinsurance to LINK4 and TUW PZUW and from direct business 32.4%2 31.7%3 +0.3 p.p. 4 0.0 p.p. 4 10% 5% 25% -10% 15% 0% -5% 20% 30% 11.6% 3Q223Q20 3Q21 3Q23 3Q24 Motor TPL TPL direct business MOD 25% -10% -5% 5% 0% 10% 15% 20% 30% 12.1% 3Q213Q20 3Q22 3Q23 3Q24 Non-motor Other segmentsNon-life (Group 8+9) 30 1 2 3 4 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU, TUW PZUW, LINK4 Talanx 18.1%Ergo 16.0% VIG 10.4% UNIQA 7.3% Allianz 5.0% Generali 4.3% Others 6.5%
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Motor insurance market in Poland - profitability 31 TPL and MOD insurance market profitability, YTD, %1 • 2023 has marked the first technical loss on a TPL insurance product since 2016 • After gradually deteriorating for several quarters with a slight improvement in the last quarter of 2023, profitability lost again in 2024 • Maintaining MOD insurance profitability at a good high level (6.0% vs 7.8% in the same period of 2023) -16.4 -13.8 3.6 3.6 7.4 4.3 5.6 2.1 -0.8 -2.4 -2.6 -3.3 -2.5 0.6 6.4 10.5 5.6 9.3 6.8 9.5 8.3 5.8 5.8 6.0 2015 2016 20222017 20202018 202320212019 1Q24 2Q24 3Q24 MODTPL 4.5 3.3 -0.7 1.3 0.6 0.4 -4.1 0.1 -2.4 -2.6 -3.3 4Q233Q221Q22 2Q22 4Q22 1Q23 2Q23 3Q23 1Q24 2Q24 3Q24 TPL TPL market insurance profitability, on a quarterly basis, %1 1 Source: The Quarterly Bulletin of the Polish Financial Supervision Authority (www.knf.gov.pl). Insurance Market 3/2024 direct business; Profitability as a quotient of technical result and net earned premiums 1 2 3 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Life insurance market in Poland 32 -50% 100% -100% 0% 50% -13.8% 3Q20 3Q223Q21 3Q23 3Q24 One-off Life insurance Group 1 Insurance related to capital fund Insurance market with periodic premiums dynamics1, y/y Insurance market with single premiums dynamics 1, y/y 5.7% 12% 0% 2% 4% 6% 8% 10% 3Q20 3Q21 3Q22 3Q23 3Q24 Accident and illness insurance (riders) Periodic Life insurance Group 1 1. According to the KNF's report after 3Q 24 2. PZU Group's share of gross written premiums from insurance premiums paid periodically as reported by the KNF after 3Q24 Market shares in periodic premium2 after 3Q24 • Periodic premium insurance market (87% of the market) grew in 3Q with a y/y growth rate of 5.7% – biggest impact by value: Group I insurance (life insurance) +PLN 179.6 m, +9.0% y/y) and V – accident and illness (+PLN 141.4 m, +7.1% y/y) • Decline in insurance with single premiums (13% of the market) - 13.8% y/y. Biggest positive impact by value of unit-linked insurance (+PLN 90.8 m, +84.6% y/y), with a decrease in Group I – life insurance (-PLN 181.5 m, -29.1% y/y) • PZU Group’s share of the single-premium insurance market surged (55.6% in 3Q24 vs. 30.4% in 3Q23) – impact of high sales of insurance offered in cooperation with the Group’s banks, including: individual life and endowment insurance with guaranteed sums insured • PZU’s stable share of the periodically paid insurance market after 41.8% after 3Q24 1 2 3 4 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes PZU Życie 41.8% Allianz 14.1% Nationale Nederlanden10.7% Talanx 7.8% VIG 6.4% UNIQA 4.9% Generali 4.5% Others 9.9%
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Profitability by operating activities segments under IFRS 17 33 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Insurance segments Insurance revenue Result** m PLN, IFRS17 4Q23* 4Q24 Change y/y 4Q23* 4Q24 Change y/y 4Q23* 4Q24 Total non-life insurance – Poland 4,130 4,587 11.1% 659 822 24.7% 86.6% 86.1% Mass insurance – Poland 3,045 3,377 10.9% 483 698 44.5% 87.5% 83.4% Motor TPL 1,112 1,197 7.6% 20 36 80.0% 98.2% 97.0% MOD 871 964 10.7% 96 135 40.6% 89.0% 85.9% Other products 1,062 1,216 14.5% 260 379 45.8% 74.9% 67.6% Net financial revenue x x x 107 148 38.3% x x Corporate insurance – Poland 1,085 1,210 11.5% 176 124 (29.5%) 82.8% 97.3% Motor TPL 161 164 1.9% 4 -9 x 97.5% 105.5% MOD 245 267 9.0% 45 39 (13.3%) 81.2% 85.0% Other products 679 779 14.7% 78 -9 x 77.1% 102.5% Net financial revenue x x x 49 103 110.2% x x Total life insurance – Poland 2,067 2,241 8.4% 503 660 31.2% 24.3% 29.5% Group and individually continued insurance 1,880 2,022 7.6% 410 603 47.1% 21.8% 29.8% Individual insurance 166 193 16.3% 87 100 14.9% 52.4% 51.8% Investment insurance 21 26 23.8% 6 -43 x x x Total non-life insurance – Ukraine and Baltic States 692 741 7.1% 46 88 91.3% 95.1% 88.5% Baltic countries 639 686 7.4% 55 88 60.0% 92.8% 87.4% Ukraine 53 55 3.8% (9) 0 x 123.1% 101.8% Total life insurance – Ukraine and Baltic States 20 18 (10.0%) 7 2 (71.4%) 35.0% 11.1% Lithuania 12 13 8.3% 5 5 x 41.7% 38.5% Ukraine 8 5 (37.5%) 2 -3 x 25.0% -60.0% * Restated data ** Operating Result Insurance service result Combined ratio / Margin
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PZU Group gross written premium 34 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes Insurance segments m PLN, local GAAP 4Q23 3Q24 4Q24 Change y/y Change q/q External gross written premium 8,269 7,481 8,729 5.6% 16.7% Total non-life insurance - Poland 5,223 4,286 5,452 4.4% 27.2% Mass insurance – Poland 3,308 3,274 3,571 8.0% 9.1% Motor TPL 1,152 1,178 1,189 3.2% 0.9% MOD 908 861 961 5.8% 11.6% Other products 1,248 1,235 1,421 13.9% 15.1% Corporate insurance – Poland 1,915 1,012 1,881 (1.8%) 85.9% Motor TPL 184 151 219 19.0% 45.0% MOD 262 223 293 11.8% 31.4% Other products 1,469 638 1,369 (6.8%) 114.6% Total life insurance – Poland 2,284 2,432 2,451 7.3% 0.8% Group and individually continued insurance - Poland 1,872 1,920 1,942 3.7% 1.1% Individual insurance – Poland 413 513 509 23.4% (0.7%) Premium on protection products 255 235 245 (3.6%) 4.3% Premium on periodic investment products 32 30 30 (7.0%) 0.3% Premium on single investment products 126 248 234 85.7% (5.6%) Total non-life insurance – Ukraine and Baltic States 710 727 784 10.4% 7.8% Baltic countries 648 672 725 11.9% 7.9% Ukraine 62 55 59 (4.8%) 7.3% Total life insurance – Ukraine and Baltic States 39 35 41 5.1% 17.1% Lithuania 26 26 30 15.4% 15.4% Ukraine 13 9 11 (15.4%) 22.2%
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Own funds PZU Group data in Solvency II as of 30 September 2024 (PLN bn) Comparison of own funds and consolidated equity under IFRS 35 Own funds according to Solvency II: • contractual service margin as the main reason for differences in technical provisions valuation • less anticipated dividends; in interim periods – 80% of the PZU Group's profit attributable to shareholders of the parent company • less projections of the amount of tax on assets expected to be paid by insurance companies within 12 months after the balance sheet date 30.3 8.3 2.3 7.2 PZU subordinated debt Equity attributed to the equity holders of the parent company Valuation of assets and liabilities to fair value Measurement of technical provisions (BEL+RM) -2.3 -1.0 Banks’ valuation -0.8 Deferred tax -2.1 Intangible assets -3.3 Anticipated dividends/asset tax 21.21.55 0.6 PZU Group’s own funds according to SII 30.3 0.0% 1 2 3 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Solvency capital requirement (SCR) PZU Group data in Solvency II as of 30 September 2024 (PLN bn) Basic solvency capital requirement (BSCR) 1. The difference between SCR and a total of: BSCR, operational risk, the requirement of the banking sector and other financial institutions is due to the tax adjustment (LAC DT). 2. Before the effects of diversification. Solvency capital requirement (SCR) Diversification effect -33% 13.0 36 Increase in solvency requirement in 3Q24 by PLN 0.14 bn. Main reasons for SCR changes: • increase in risk in non-life insurance (+PLN 0.25 bn2) mainly following floods – increase in catastrophe exposures calculated according to the SII standard formula above the catastrophe reinsurance limit • increase in premium risk and provisions in non-life insurance (+PLN 0.08 bn2) as a result of higher sales volume, and an increase in operational risk (+PLN 0.02 bn) following an increase in planned premiums • decrease in market risk by +PLN 0.1 bn2 mainly due to lower rate risk (impact of lower rates on long rate position); increase in equity risk (increase in investment fund valuation) • slight decreases in other risk modules and negative tax effects of the above changes • increase in bank requirements (+PLN 0.06 bn) mainly due to higher credit exposure 6.7 2.7 4.0 0.3 Counterparty insolvency (CDR) Non-life and health insurance Market risk Life insurance 9.2 1.0 3.9 0.3 BSCR Banks Operating risk Other (TFI, PTE) 1 1 2 3 4 5 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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37 Sustainable development in PZU Group 37 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes S G • Total greenhouse gas emissions for Scope 3 (Cat. 15): For the first time ever, the PZU Group included Scope 3 emissions in the calculation of its total carbon footprint 2024 at 28,670,457 tCO2e2. Greenhouse Gas Emission intensity of PZU Group amounted to 434.3 tCO2e per PLN 1 m revenues. • Financing the transformation: In 2021-2024 portfolio of investments supporting climate and Energy transition in PZU amounted to PLN 2.933 bn • Diversity of executives: women accounted for nearly 40% of PZU Group executives • Accessibility of PZU branches: 77% PZU branches are adapted for individuals with disabilities • Social activities targeted at health and safety: 15 million recipients of social initiatives including one on cybersecurity and a campaign aimed at raising awareness of the benefits of regular preventive health screenings „Don’t Wait, Get Checked” E • ESG targets: PZU Management and managements of subsidiaries delivered their ESG targets. PZU executives delivered 46 targets • ESG in procurement processes: ESG requirements were included in all key procurement processes in PZU Material sustainability topics ESRS1 in value chain of PZU Group: Environment – climate change (E1) • non-life insurance • life and health insurance • proprietary investments • business banking Social topics - employees of PZU Group (S1) • own operations - affected communities (S3) • own operations - customers and end - users (S4) • non-life insurance • life and health insurance • investment and pension funds • retail banking • healthcare Governance (G1) • supply chain • own operations Cybersecurity • own operations 1. ESRS – European Sustainability Reporting Standards 2. Market-based
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Legal disclaimers This presentation has been prepared by PZU SA ("PZU") and is for informational purposes only. Its purpose is to present selected data on the PZU Group, including growth prospects. PZU does not undertake to publish any updates, changes, or adjustments to information, data or statements contained in this PZU presentation if the strategy or plans of PZU shall change, or in the case of facts or events that shall affect the strategy or plans of PZU, unless such an obligation to inform resulted from applicable provisions of the law. PZU Group is not liable for the effects of decisions made following the reading of this presentation. At the same time, this presentation may not be treated as a part of a call or an offer to purchase securities or make an investment. It does not constitute also an offer or a call to effect any other transactions concerning securities. 1. Main achievements and plans 2. Business development in 4Q24 3. Results in 4Q 24 4. Strategy 5. Annexes
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Thank you Magdalena Komaracka, CFA mkomaracka@pzu.pl Piotr Wiśniewski pwisniewski@pzu.pl Contact: www.pzu.pl/ir