Return on equity from core operations increased by 4.7 percentage points year-on-year to 21%. The result achieved in 2025 is the result of effective implementation of the business strategy, strengthening of the insurance business, development of healthcare services, unlocking synergies in investment and banking, as well as ongoing streamlining and optimization processes.
The PZU Group's gross insurance revenues increased by PLN 1.5 billion in 2025, reaching a historic high of nearly PLN 30.9 billion – 5% more than the year before. Net profit for PZU shareholders reached a record PLN 6.7 billion in 2025, representing a 25.4% increase compared to 2024. Adjusted return on equity (aROE) was 20.7%, and the capital adequacy ratio after three quarters was 234% for the PZU Group and 245% for PZU.
The contribution of banking activities to net profit attributable to shareholders of the parent company, at nearly PLN 2.2 billion in 2025, strengthens the resilience and confirms the strength of the PZU Group's integrated insurance and banking model. At the same time, the increase in investment portfolio profit to PLN 2.78 billion, from PLN 2.46 billion a year earlier, reflects utilization of synergies within the Group and effectiveness of asset management in a volatile market environment.
Despite the challenging market environment and competitive pricing pressure, the fourth quarter was a period of growth, with slightly lower insurance revenue growth than in the first half of the year. The Group maintained high profitability in motor insurance (COR in both segments at 95.3%), effectively offsetting the impact of persistent loss inflation and loss frequency, particularly visible through the year-on-year increase in the number of road accidents. At the same time, despite unfavorable weather conditions in the fourth quarter of 2025, high profitability was also recorded in non-motor insurance, with a significant improvement in the corporate segment, which is particularly exposed to high-value claims.
The 2025 results confirm the PZU Group's very strong capital position. The solvency ratio reached 234% at the end of September 2025, significantly exceeding the European average. The Group has effective reinsurance support – 45% of reinsurers have an AA rating, and the remaining A–, which increases its resilience to catastrophic events. Importantly, its strong financial condition enables the PZU Group to pursue a stable and attractive dividend policy, as evidenced by the payment of PLN 3.86 billion, or PLN 4.47 per share, in October 2025.
"The exceptional results achieved in a year of intense technological change, fierce competition, tightening regulations, and rising customer expectations have confirmed our resilience, flexibility, and ability to operate effectively. This is the result of consistent strategy implementation, prudence, and operational discipline — strengthening efficiency, investing in technology, and optimizing the product portfolio, supported by the efforts of the entire PZU Group team. The particularly impressive 40% increase in net profit on insurance and other activities demonstrates high effectiveness of our business model", said Bogdan Benczak, CEO of PZU. " We have strengthened our leadership position in life and retained our position in property, confirming that PZU responsibly sets the direction for the entire industry in Poland. Double-digit growth rates in non-motor insurance, individual protection, health, and investment fund companies, along with a significant improvement in the current operating margin (COR) to 86.2% from 92.5% a year earlier, demonstrate our ability to responsibly scale our operations while simultaneously improving quality and profitability", the CEO added.
The full report can be found here.
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