- PZU Group reported a net profit of PLN 3.0 billion attributable to equity holders for the first half of 2026.
- PZU’s insurance revenue reached PLN 15,652 million, driven by growth in Polish life insurance and international markets.
- The Polish non-life insurance segment maintained an 87.9% Combined Ratio, indicating resilient performance.
WARSAW, Poland — PZU Group generated a net profit of PLN 3.0 billion attributable to equity holders of the parent in the first half of 2026. The company cited its diversified business model for the strong performance.
According to the Management Board’s report on the activity, PZU’s financial performance positions it among Poland’s most profitable financial institutions. This result occurred despite a challenging market environment.
Financial Highlights
The Group’s insurance revenue amounted to PLN 15,652 million. This increase was primarily due to growth in the life insurance business in Poland. Higher insurance revenue from the Baltic Countries and Ukraine also contributed.
The banking business contributed PLN 801 million to the net profit attributable to equity holders of the parent. This was a decrease from the previous year, mainly due to lower net interest income from reduced market interest rates. Higher contributions to the Bank Guarantee Fund and an increased tax rate from 19% in 2025 to 30% in 2026 also impacted banking profits.
Operational Performance
PZU’s insurance service result increased. This was driven by strong performance in the Group and Individually Continued Insurance segment, where revenue growth outpaced claims and benefits expenses. The Individual Insurance segment also showed solid results.
The operating margin in the Polish life insurance business improved to 27.2%. The Polish non-life insurance segments remained resilient, despite persistent claims inflation and strong pricing pressure in motor insurance. The Combined Ratio (COR) for this segment was 87.9%, matching the level from a year earlier.
Performance was further supported by continued growth in the non-motor insurance portfolio within the mass customer segment. This included PZU Dom and PZU Firma products for small and medium-sized enterprises. These positive trends were partly offset by lower insurance revenue from motor insurance in the mass customer segment due to strong pricing pressure.
Market Challenges
PZU achieved its results despite several market challenges. These included lower interest rates, higher tax burdens, and the impact of CJEU rulings on its banking operations. The company also faced persistently elevated claims inflation and intense price competition in the motor insurance segment.