Striving to achieve the greatest possible transparency of the PZU Group’s business, the Management Board of PZU has regularly undertaken various investor relations activities aimed at ensuring equal access to information in accordance with the internally-adopted ”Principles for PZU to Conduct its Information Policy for Capital Market Participants”.
PZU’s shareholder structure
As at 31 December 2022, the State Treasury of the Republic of Poland held a 34% stake in the share capital and votes, and funds managed by Nationale-Nederlanden PTE held a 6% stake (according to PZU’s current report No. 25/2022). The remaining 60% stake was held by shareholders below the 5% threshold each.
According to a survey carried out at the end of 2022, PZU’s shareholder structure was stable in terms of the breakdown of stakes and geographies. The largest stakes, as in previous years, were held by investors from Europe, with Polish investors dominating.
As at the end of 2022, the stake of open-end pension funds (OFE) and mutual fund management companies (TFI) in PZU’s shareholder structure was 16.7% (down 0.8 p.p. y/y) and 3.6% (down 0.5 p.p. y/y), respectively.
Composition of PZU’s shareholders by geography
126.1 m shares (14.6% share in capital)
+1.4 p.p. y/y
(institutional investors excl. Polish State Treasury)* 307.6 m shares (35.6% share in capital)
-2.2 p.p. y/y
* Polish State Treasury– 295.2 m shares (34.2% share in capital)
42.8 m shares (5.0% share in capital)
-0.9 p.p. y/y
OFE and TFI in PZU’s shareholder structure
Retail investors
The percentage of retail investors in PZU’s shareholder structure as at the end of 2022 increased by 1.8 p.p. y/y to 10.6%. This means that at the end of 2022, this group of investors was holding almost 92 millions of shares with the total value of over PLN 3.2 billion (per price of the last 2022 session – PLN 35.4). This high growth rate was recorded in a difficult, declining market. From the perspective of the main market of WSE, the stake of investors in 2022 continued its downward trend.
Communication with capital market players
In 2022, all corporate events held with capital market participants in mind were transmitted live in the form of a webcast (with simultaneous translation into English). Quarterly financial performance was presented and discussed by the PZU Group’s Management Board at online conferences, during which their participants had the opportunity to ask questions. Recordings of these meetings are available on PZU’s website in the “Investor relations” section: https://www.pzu.pl/en/investor-relations/downloads
The most important events, achievements and plans were presented once again in the form of an online Annual Report at raportroczny2021.pzu.pl. Users have been provided with a comprehensive tool enabling a multi-directional analysis of corporate and macroeconomic events as well as financial results. The report included interactive infographics, animations and video clips, which offered a succinct presentation of the PZU Group’s activity in 2021.
Nadzwyczajne Walne Zgromadzenie
Zwyczajne Walne Zgromadzenie
Nadzwyczajne Walne Zgromadzenie
Locations of the head offices of institutional investors participating in meetings with PZU’s representatives
(marked on the map as “interested investors”)
Activities targeting institutional investors
In 2022, PZU’s representatives participated in 18 conferences (10 in 2021) held by global investment banks and brokerage houses in Poland. In total, more than 64 individual and group meetings were held (70 in 2021), which gathered a total of 169 managers and analysts (145 in 2021) representing mutual funds, pension funds and other asset management firms. The largest interest in PZU’s activity was shown by investors from financial centers in Warsaw, London, New York and Prague.
Activities addressed to retail investors
In 2022, communication with retail investors was carried out both indirectly, i.e., through online reports, newsletters, factsheets and other materials distributed by e-mail, as well as directly, which enabled them to ask questions to PZU’s representatives. The latter included in particular:
- 26th WallStreet conference (the 12th in which PZU participated) organized by the Polish Association of Individual Investors as an online event. The participants of the event had the opportunity to participate in an investor presentation, which was led by the PZU Management Board Member in charge of the Finance Division. During the conference there was also a PZU booth where it was possible to meet with Investor Relations representatives;
- chats dedicated to retail investors, organized after each publication of quarterly financial results and after the announcement of the strategy, attended by the Member of the PZU Management Board in charge of the Finance Division.
Since 2021, PZU has had a loyalty program for retail investors – mojeakcje.pzu.pl, thanks to which they may obtain:
- 10%, and after one year of participation – 20% discount for the insurance of: a vehicle (TPL, MOD, ADD Max), home, travel, crop, accident;
- 100% discount for annual basic membership or 50% discount for annual extended membership in the Polish Association of Individual Investors;
- access to specially prepared materials about PZU’s fundamental analysis.
In Q4 2022, a competition was organized for program participants in which they could test their knowledge on health, ecology, investments and information about PZU. Competition winners received discount codes, worth PLN 200 gross each, to use for PZU Zdrowie health prevention bundles.
In 2022, the program was extended by another brokerage house – Alior Bank. There were also efforts to join other brokerage houses.
Prizes and distinctions for IR activities
PZU’s investor relations activities are highly regarded by investors, analysts and the media.
This was confirmed by the awards and distinctions awarded in 2022, including the Best Annual Report 2021 contest organized by the Institute of Accounting and Taxes (Instytut Rachunkowości i Podatków):
- special award “The Best of the Best” (for the fourth time);
- special prize for the best integrated annual report in the Banks and Financial Institutions category.
IR strategy for 2023
- strengthen good relations between the PZU Management Board and the community of investors, both in the local market and in the global market;
- secure a deep and broad market for PZU’s shares by continuing to build a diversified base (in terms of geography, numbers and profile) of an appropriate number of wellinformed investors familiar with the company;
- ensure equal access to information;
- ensure sell-side research coverage;
- develop digital tools to address investor needs better, including by implementing new solutions in the online annual report and enhancing the functionality of the investor relations portal;
- extend the scope of non-financial reporting with additional elements related to climate change;
- increase the degree of integration in the online report;
- develop the loyalty program for retail investors.
- preparing investors and analysts for reporting under IFRS17 (financial statements and workshops for capital market players);
- extending disclosures related to the GRI Standard 2021 (non-financial report);
- extending disclosures related to Taxonomy (non-financial report).