A week ago, PZU informed its Management Board decided to submit a motion to PZU's Ordinary Shareholder Meeting on the distribution of FY2019 PZU's net profit.
Thus, the PZU's Management Board recomandation on net profit of PLN 2.65 billion (about EUR 600 million) distribution aims its division as follows:
1) allocate PLN 7.27 million to the Company Social Benefit Fund;
2) PLN 2.64 billion to supplementary capital.
At that time PZU informed:
"The proposed profit distribution complies with the stance of the KNF - Polish Financial Supervision Authority expressed in its letter of 26 March 2020 and sent to insurance and reinsurance undertakings in which KNF indicates that having regard for the current situation involving the epidemic announced in Poland and its possible further adverse economic consequences as well as their expected adverse impact on the insurance sector, the regulatory authority expects that insurance undertakings retain the entirety of profit earned in previous years, notwithstanding the actions previously undertaken in this area."