INTEGRATED REPORT 2022

INTEGRATED REPORT 2022

Strong sales performance and high profitability

In 2022, the PZU Group achieved its highest-ever gross premiums written at PLN PLN 26.7 billion, exceeding its 2024 strategic target by more than PLN 0.5 billion in advance. Profit attributable to equity holders of the parent company amounted to PLN 3.374 billion, implying a return on equity (ROE) of 19.5% - 2.1 p.p. above the strategic ambition and 0.9 p.p. above the 2021 level.

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Attractive dividend

PZU has paid PLN 1.675 billion, (PLN 1.94 per share) for dividend payments in 2022. Since its debut on the Warsaw Stock Exchange in 2010, this figure totaled PLN 27.2 billion. On June 7, 2023, PZU's General Meeting of Shareholders decided to pay a dividend of PLN 2.40 per share (from 2022 profit).

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Culture of innovation

PZU Group is using artificial intelligence algorithms and process automation (RPA) to streamline internal operations and improve the customer experience. Implemented solutions allow, among other things, to instantly and objectively analyze photos of vehicle damage and create repair estimates. Testing of AI algorithms in handling crop damage caused by hurricanes and torrential rains was completed in 2022. They analyze satellite images of crops, allowing them to accurately determine the area and extent of damage, thereby reducing handling time.

04

Sustainable growth

The PZU Group, as one of the largest financial institutions in Central and Eastern Europe, is aware that the insurance industry is important in the transformation of the economy towards climate neutrality. The PZU Group is intensifying its efforts and taking measures to contribute to climate change mitigation. This mainly concerns the development of product offerings, the way they are delivered, and the development of innovations in environmental risk mitigation and climate change mitigation. The Group is investing in projects that support the climate transition, including the development of the renewable energy sector.

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Given the dynamics of change and the difficult-to-predict conditions in which we had to operate, we can consider 2022 a time well spent, in which we achieved the goals we had set. Once again, we have proven the high resilience and effectiveness of our business model, the efficiency of those who manage and oversee our operations, and the commitment of our employees. This is evidenced by the financial results achieved, as well as the growth of operations in all of the PZU Group’s key markets, the certainty and quality of protection provided to clients, and the benefits generated for shareholders. The extraordinary challenges we faced last year confirmed that the goals we set in the Strategy for 2021-2024 and the decisions we made during its implementation were correct. Consistent implementation of strategic goals has been the best response to these challenges.

Beata Kozłowska-Chyła, Ph.D. Hab President of the PZU Management Board

The PZU Group’s operations, in this uncertain environment, have been characterized by great stability and resilience. Effective risk management and a secure investment portfolio structure have allowed the company to maintain a strong capital position under the Solvency II regime. During the past year, S&P Global Ratings’ ratings for PZU and PZU Life remained unchanged at a high level of A- with a stable outlook. The Group’s good condition was also evident in stock market valuations. In 2022, shares of PZU SA, which heads the Group, rose by 21.1 percentage points above the WIG20 price index, which recorded a 20.8% year-on-year loss. After adjusting the PZU share price for dividends, the total return on PZU shares last year was 5.7%.

Robert Jastrzębski, Ph. D. Hab., Assoc. Prof. Chairman of the PZU Supervisory Board
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ESG initiatives

Financing wind farms in Poland

In 2022, PZU and TFI PZU continued their efforts to finance the energy transition in Poland, which began the previous year. As of 2021, PZU and TFI PZU's commitment to investments supporting the climate and energy transition increased by PLN 716.7 million.

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Insurance for wind power plants and photovoltaic farms

In response to the needs arising from the growing renewable energy market, PZU offers insurance for corporate customers who invest in renewable energy. PZU Energia Wiatru and PZU Energia Słońca are products that protect wind power plants and photovoltaic installations in case of failure, damage or destruction.

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Fleet electrification

The growing interest of fleets in electric vehicles resulting from legislative changes in the European Union and the Polish law on electromobility and alternative fuels has contributed to the expansion of PZU's activities in this area. The goal of PZU iFlota EV is to support customers in increasing fleet safety while facilitating the electrification of fleets, which will be key to reducing CO2 emissions in the fleet market in the coming years.

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Good team" program - promotion of health and active lifestyle

PZU's Good Team is a nationwide, universal program aimed at organizers of sports activities for children and young people in any discipline. The captain of the Good Team is Iga Swiątek - a champion, an athlete for whom sport is a source of passion and success.

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Safety Academy

In 2022, the sixth and seventh editions of the project were successfully implemented. 26 elementary schools took part in it. Thus, the project reached twelve provinces and almost 12,000 students. In total, since the beginning of the program, the Academy has already visited more than 100 schools in Poland.

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Volunteer program is the joy of action

Within the framework of volunteering, PZU employees in 2022 carried out 78 original projects and devoted 8,024 hours to volunteering. In this way, they helped 39,300 beneficiaries, most of whom were children and young people. Volunteers' help also reached 1,360 animals.

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ESG management objectives

The General Meeting authorized the Supervisory Board to detail the management objectives assigned annually to the members of the Management Board, as well as to determine the weights for these objectives and the objective and measurable indicators for their implementation and accountability (KPIs), which are the basis for the amount of variable remuneration.

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Incorporating ESG factors into the evaluation of key customers and investments

PZU is committed to broader inclusion of ESG factors in the assessment of key customers and investments. According to the internal definition, major corporate insurance clients that operate in sectors that are highly and moderately sensitive to ESG risks and have a significant impact on PZU's revenues are assessed.

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Sustainability Week

In September 2022, PZU organized "Sustainability Week:. The event was part of a European initiative organized on the anniversary of the adoption of Agenda 2030 - the UN's 17 Sustainable Development Goals. For 4 days, employees were able to talk about ESG factors, sustainable approaches to living and doing business with PZU experts and invited guests.

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