Speaking in a recent interview with XYZ journalists, Klesyk outlined a strategic shift aimed at addressing years of stagnation and underperformance within the group.
Klesyk’s vision hinges on four major priorities: transforming PZU into a holding company, optimizing banking assets, revitalizing health and asset management operations, and reclaiming technical leadership in core insurance segments.
Reclaiming Insurance Leadership
Once a technical and market leader in Poland's insurance sector, PZU has seen its edge erode. "In the past, we held a 30-35% market share and captured 65% of the sector’s technical result. Now, those numbers have aligned, which means a huge value has been lost," Klesyk said. He attributes this decline to years of leadership neglecting core insurance operations.
Klesyk plans to restore profitability and competitiveness, particularly in motor and corporate insurance lines. He acknowledged the need to streamline operations, citing the redundancy between PZU and its subsidiary Link4, which he described as confusing for consumers. Although Link4 will remain as a brand due to its market recognition, its role within the group will be clarified and potentially restructured.
Additionally, Klesyk emphasized PZU’s ambition to reassert its role in major national infrastructure projects, such as nuclear energy and transportation. These are areas where the company can offer its underwriting expertise in collaboration with international reinsurers.
Health and Asset Management: Engines for Growth
Klesyk sees significant untapped potential in the health insurance segment. Despite earlier efforts, he believes political interference hindered the growth of PZU Zdrowie. Now, his goal is to scale revenues from PLN 1.9 billion to at least PLN 5 billion. To achieve this, he plans to expand services in underserved regions, leverage the group’s 6 million group life customers, and explore partnerships or acquisitions to build a competitive healthcare network.
On the asset management front, Klesyk aims to make PZU the largest asset manager in Central and Eastern Europe. He believes this is achievable by attracting several billion euros in capital, especially from investors looking to participate in the region’s economic development. "Six of the world’s top ten asset managers are insurance-owned. There’s no reason we can’t lead in this space," he said.
Responding to Regulatory Challenges
A pressing regulatory challenge is the upcoming Solvency II revision in 2027, which will increase capital requirements and put pressure on PZU’s existing group structure. Klesyk’s solution is to transform PZU into a holding company, allowing it to maintain ownership of its banking assets—Alior and Pekao—while mitigating regulatory impact. "Selling banks is not a good solution for shareholders. We must act now," he warned.
Customer-Centric Innovation and Digital Strategy
Klesyk also plans to modernize customer interaction. While PZU’s physical branches still hold up, he stressed the need to reinvent how the company fits into the everyday lives of Poles, particularly younger customers who favor digital engagement. Insurance products should be simpler to buy and more tailored, potentially through partnerships with banks or digital channels.
Looking Ahead
Klesyk has promised a new five-year strategy by the end of 2025, signaling a clear departure from his predecessor’s roadmap. He believes PZU’s valuation—currently 1.5x book value—should climb closer to 2x under the new direction. "That would translate to an additional PLN 12–15 billion in value for our shareholders," he said.
Though state-owned, Klesyk maintains that predictability and market alignment will secure investor confidence. "I’m here to work for shareholders and clients—for as long as I’m given the opportunity. Insurance takes time to show results. But we’ll deliver."
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