A detailed description of client and consumer relations is provided in the Society chapter.
The Group enjoys the trust of 22 million clients in five countries. It offers products and services to retail clients, small and medium enterprises and big business entities.
Poland is the PZU Group’s core market measured by its magnitude and client numbers. Nevertheless, the Group’s subsidiaries play an important role on the markets in Lithuania, Latvia, Estonia and Ukraine. Insurance is the core business of the PZU Group.
The core business of the PZU Group is insurance. PZU companies also offer investment, pension, and banking products as well as medical services. They render assistance services to retail clients and businesses through strategic partnerships.
The Group companies’ operations are founded on clients’ trust. PZU places the client in the center of attention and integrates all areas of activity around the client. This allows it to offer increasingly personalized, flexible and comprehensive products and services matching the needs of clients at every stage of their private and professional lives and at the suitable place and time.
Due to the scale and scope of its operations, the PZU Group has a significant impact on the economy, society and the environment. With several dozen thousand employees, it makes contributions to the state budget from the taxes it pays, invests its assets in stocks, providing the funding needed for the development of companies, and acquire bonds, helping finance investment, business and infrastructural projects.
By insuring millions of Poles, PZU has real influence on their lives. Above all, the claims and benefits paid out help families to maintain financial stability in difficult situations caused by sudden and unforeseen events. Additionally, thanks to its products and investment funds, PZU supports Poles in accumulating savings and increases their awareness in this area, thus improving the welfare of society.
From the corporate perspective, the claims paid out contribute to the stabilization of business operations, as well as improve competitiveness and economic viability. As climate change proceeds, this will be even more important, both for entrepreneurs themselves and from a systemic point of view, that is as a safety buffer against catastrophic events
By consuming energy, hiring employees and maintaining relationships with many entities, insurance companies can have a significant impact on the surrounding reality. The PZU Group, being an active participant in the market, takes pro-climate actions both in the product area and in the investment area. It also supports its partners in their efforts to reduce emissions. Details in this regard are presented in the Chapter “Strategy and Perspectives”.
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| Direct economic value generated and shared (data in PLN million) | 2020 | 2021 | 2022* | 2023 |
|---|---|---|---|---|
| Insurance revenue | 37,102 | 39,127 | 45,583 | 59,097 |
| Operating expenses excluding payroll, tax on financial institutions and investments in the community | (26,069) | (25,166) | (30,581) | (34,735) |
| Total costs from salaries and benefits for employees | (5,366) | (5,642) | (6,073) | (7,104) |
| Income tax | (1,841) | (1,492) | (1,672) | (3,126) |
| Levy on financial institutions | (1,203) | (1,290) | (1,452) | (1,496) |
| Voluntary contribution to invest funds in the wider community | (93) | (103) | (138) | (185) |
| Dividends paid to all shareholders | 0 | (3,696) | (2,578) | (3,206) |
| Economic value retained | 2,530 | 1,738 | 3,088 | 9,245 |
*) Restated data. Restatement of comparative data resulting from the application of IFRS 17