In 2022, acquisition expenses increased by PLN 331 million, or 9.3%, in comparison to the previous year, and stood at PLN 3,903 million. The increase is mainly attributable to the modification in the product and sales channel mix, including a higher share of the multiagency channel in the mass client segment.

In 2022, PZU Group’s administrative expenses amounted to PLN 7,575 million, compared to PLN 6,826 million in the previous year, i.e. up by PLN 749 million. In terms of the banking activity segment (exclusive of adjustments on account of the valuation of assets and liabilities to fair value), they rose to PLN 562 million, mostly at Bank Pekao, due to higher personnel and IT costs. In the segment of insurance business in Poland, they rose by PLN 153 million which resulted from, among others, increasing personnels costs brought about by wage pressure, intensification of sponsoring activity, increase in the real estate maintenance expenses, purchase of equipment and furniture and the move to the new central headquarters.

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3,903
PLN million
Acquisition costs
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7,575
PLN million
PZU Group administrative expenses
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