$PZU (-3,2%) Q1 '26 VS Q1 '25
Net Profit (attributable to parent)
1,362 bn zł VS 1,760 bn zł ➡️ -22.6% 🔴 ( Beat consensus (~1,270 ) 😀)
Insurance Service Result
1,137 bn zł VS 1,251 bn zł ➡️-9.1% 🔴 (Weather claims impact)
Insurance Revenue
7,776 bn zł VS 7,533 bn zł➡️+3.2%🟢
Gross Written Premiums (Non-life standalone)
4,376 bn zł VS 4,453 bn zł ➡️-1.7% 🔴
Profit Before Tax
3,746 bn zł VS 4,454 bn zł➡️-15.9% 🔴
aROE (annualized, adj.)
15.7% VS ~22.4%m ➡️-6.7 pp 🔴(Normalized still solid)
Investment Result
~655 VS 733 🔴(Rate normalization + FX)
Solvency II Ratio
239% 🟢(Stable/robust, Well above 190% target)
Insight :
- Insurance revenue grew +3.2% YoY, driven by non-motor, health (+8.1% pillar revenue), and protection lines. This aligns with the 2025-2027 strategy targeting >PLN 36 bn gross insurance revenue by 2027.
- Weather-related claims (frost/snow in property), lower banking contribution (rate cuts + higher bank tax), and normalized investment income drove the YoY drop. These are largely transitory.
- Capital position is fortress-like (Solvency II 239%). Management proposed PLN 4.80/share dividend for 2025 (~7.6% yield at ~63 PLN levels).