Operating activities

In the mass insurance segment, PZU:

• made its offering to SMEs more attractive, including:
  • introduced a single, unified GTCI for a domestic carrier, international carrier and freight forwarder;
  • updated the GTCI in 10 clauses, for example, extended the scope of liability to include damage caused when the means of transport is parked outside guarded parking lots and at rest areas called MOPS (in case of transporting high-risk or non-high-risk goods);
  • extended the carrier’s TPL to include coverage for environmental damage – incorporation of ESG factors;
  • introduced worldwide insurance coverage to the basic scope of the freight forwarder’s TPL, and included coverage for financial losses up to the amount of the guarantee sum;
  • added the cost of parking fees after the accident – including abroad – to the coverage provided for in the clauses on the cost of lifting or pulling out the means of transport and the cost of parking fees;
  • extended the coverage for damage caused by the malfunction or devastation of refrigerating appliances, also when the damage was not the carrier’s fault;
• in the area of travel insurance (PZU Wojażer):
  • possibility to enter into insurance agreements with higher sums insured (especially for medical expenses);
  • buy purchase a policy with a liability period starting on the date of the agreement;
• • in the area of housing insurance, amendments were made to the PZU Dom (PZU Home) GTCI by introducing:
  • a grace period for flood risk in new agreements;
  • higher liability limits for individual assistance services in the Pomoc w Domu (Home Help) insurance;
• • refreshed PZU Uprawy (PZU Crops) offering, including:
  • clarified the provisions of GTCI regarding damage caused by the risk of spring frost in the rapeseed crop;
  • supplemented GTCI with provisions allowing damage estimation on the basis of the amounts as determined for damage to crops occurring in a given region (comparative method), and introduced a definition of a region (when using the comparative method of damage estimation);
  • supplemented GTCI with additional time bands and the value of the maximum percentage of damage for these time bands in the scope of total damage caused to ground vegetable crops;
  • improved the competitiveness of the product and met formal obligations, by:
    • increasing liability for total damage occurring after 31 May, from 90% to 95%,
    • increasing liability for total damage to pip fruit (pear, apple), from 75% to 80%,
    • amending the provisions so that the value of damage is determined according to the value of agricultural crops as determined on the conclusion of the insurance agreement, and not according to the value on the date of damage, as it was before,
    • adding provisions to the GTCI of PZU Uprawy (PZU Crops) that before the insurance agreement is entered into, standards for determining the amount of damage to crops are to be delivered as a component of the model insurance agreement,
    • introducing the possibility of abolishing the deductible in subsidized insurance with premium subsidies from the state budget,
    • adding provisions for an additional – 35% limit of liability in the risk of negative overwintering effects for total damage caused to cereal and rapeseed crops incurred before 15 April,
    • reducing the minimum plant density for winter rye and winter barley accepted for insurance against the risk of negative overwintering effects;
    • reducing the minimum plant density for winter wheat and winter rye to qualify damage caused by the risk of negative overwintering effects;
• provided a private TPL product in the sales path of PZU Gospodarstwo Rolne (PZU Farming);
• pursued further integration with the system of the Central Register of Vehicles and Drivers (CEPiK), thanks to which PZU may download and automatically process details of drivers with regard to their entitlements and traffic offenses, if any (including information on penalty points). The integration allowed further development of MTPL and MOD pricing models, and consequently, better matching of price to insurance risk and maintaining the competitiveness of PZU offering;
• provided tied agents with a new sales path for motor insurance in the transaction system, taking full advantage of the benefits brought by the integration with the Central Register of Vehicles. The reduction in the amount of data vendors have to enter and new validations, as well as the acquisition of reference data from the public database, cause the number of quotes to increase and improve profitability for this business line;
• expended additional products in the line of motor insurance, including:
  • with regard to PZU AUTO Assistance, increased the number of insurance options available to clients from two to three, and at the same time, introduced the highest limit on the market for towing the insured vehicle in the case of the broadest option;
  • with regard to the auto glass insurance, introduced, as the only one in the market, the option of financing the original manufacturer’s glass instead of the so-called replacement;
  • with regard to the car tire insurance, extended the offering for the most demanding clients in terms of financing new tires if it is impossible to repair damaged ones (a unique solution on the market)

Within corporate insurance, most changes which PZU focused on making the offering more appealing for fleet clients and leasing companies, and continuously making cooperation with intermediaries more effective. Major new products included:

• introducing a new environmental liability insurance – an offer intended for entities using the environment within the meaning of the Environmental Damage Prevention and Remedy Act of 30 April 2007. Insurance covers administrative liability, civil liability and defense costs;
• further development and popularization of the Risk PRO program, including expansion of the program to include an offer for small-scale corporate entities.

In financial insurance, PZU was unswerving in its support for the Polish economy by providing insurance guarantees and securing the performance of contracts in such key areas as energy, construction, science and innovation, with the impact of the geopolitical situation taken into account. In order to mitigate emerging risks, PZU monitors potential threats on an ongoing basis and incorporates them into current operations as necessary.

The most important actions in terms of financial insurance product offering in 2023 were as follows:

• introducing amendments to periodic guarantee contract applications and insurance guarantee contract-of-mandate forms, adapting them to the clients’ needs as well as to the current geopolitical situation;
• resuming sales of guarantees securing rent payment;
• continuing to cooperate with leasing companies on financial loss insurance and working on insurance for machinery and equipment;
• continuing to cooperate with banks (including PZU Group banks) in the area of mortgage loan repayment insurance;
• continuing to cooperate in the area of insurance of receivables with existing clients.

Activities of PZU Życie under group, individually continued and health insurance included:

• introducing new insurance packages additional to PZU Na Życie Plus (PNŻ Plus) in Q1 2023, including:
  • Recepta na Twoje zdrowie (Prescription for Your Health) – a drug card,
  • Recepta na Twoje zdrowie Plus (Prescription for Your Health Plus) – a drug card,
  • W Razie Wypadku (Once an Accident) – basic and extended coverage;
• expanding the offering to include an insurance rider for hospital treatment, heart attack, stroke or malignant neoplasm in individually continued protection insurance. With the new insurance, clients can avail themselves of financial support in the event of their hospital stay due to the most common civilization diseases;
• implementing systemic changes to the group life and health insurance titled Opieka Medyczna S (Medical Care S), which streamlined the sales process and allowed for adapting the premium, without the need for a new declaration.

PZU Życie’s efforts in the area of individual protection insurance and protection and unit-linked insurance:

• aligning key information documents with the Commission Delegated Regulation (EU) 2021/2268 of 6 September 2021 amending the regulatory technical standards laid down in Commission Delegated Regulation (EU) 2017/653) – applies to PZU Gwarantowane Jutro, PZU Na Dobry Początek, PZU Cel na Przyszłość, PZU Pogodna Jesień oraz PZU Firma;
• increasing the minimum premium in individual life insurance for the following products: PZU Gwarantowane Jutro, PZU Ochrona Każdego Dnia, PZU Wsparcie Najbliższych oraz PZU Na Dobry Początek;
• updating the assumed share-to-profit ratio used in the simulation of insurance history for the following products: PZU Gwarantowane Jutro, PZU Na Dobry Początek, PZU Wsparcie Najbliższych. Following the change in this ratio, clients could be offered potentially higher benefit amounts for insurance purchased after 18 March 2023;
• designing new life insurance of a protective nature in a package form. The new solution will enable flexible and time-efficient creation of package solutions tailored to the current needs of clients as well as specifics of sales channels.

The most important issues in individual pension insurance were the following:

• updating the GTCI with regard to the manner of presenting fees in unit-linked life insurance contracts – applies to the GTCI of the individual unit-linked life insurance IKE PZU and the GTCI of the group pension insurance Pogodna Jesień (GTCI code PJKP42 – continued insurance) – incorporating the position of the Polish Financial Supervision Authority (KNF);
• adapting handling processes of the group unitlinked life insurance Pogodna Przyszłość (PPE) to the Employee Pension Schemes Act of 20 April 2004, as amended.

Aside from business-as-usual activities and the improvement of existing products, the main activities include:

• updating the GoLD sales platform – more insurance products are being introduced;
• continuing the development of the general TPL product – the products are available on the GoLD platform; state-of-the-art pricing and automation systems have been developed for them, and the pricing process for simpler risks has been streamlined, allowing vendors to independently arrange insurance cover according to client preferences. Clients have easier access to a wider range of choices and receive offers in a shorter period of time;
• implementing an automated payment process through the SEB bank account, which accelerated the process of clients recovering overpaid premiums and receiving claim payouts. The fourth quarter also saw the implementation of an automated process for reconciling overpayment and commission balances through SEB Bank. An automated process for claim payouts in Swedbank is scheduled to be implemented in 2024. The automated process significantly improves the quality and efficiency of operations, in addition to encouraging clients to use the self-service functionality.

In 2023, PZU Lithuania Life focused on developing new business options. In October, the Sėkmės kelias (Path of Success) pilot project was launched in three sales units with a view to developing an effective model for consultants and managers. Key components include training sessions, a system for recording, monitoring and compiling feedback from conversations with clients, setting appropriate operational goals, daily debriefing meetings and individual development meetings.

September saw a change in the Unit Linked’s product portfolio. The investment funds offered to clients were reviewed and modified. The changes led to a wider range of products provided to clients and more efficient management of the entire investment portfolio.

AAS BALTA is a company with leading position on the Latvian non-life insurance market. In 2023, Balta set its sights on clients and their cooperation experiences. At the end of 2023, a team responsible for client experience management was established as a separate unit within the structure. The team is currently working on several projects to improve the overall client experience. The projects include analyzing the insurance renewal process, reviewing the content of the website www.balta.lv, and preparing customer service training for all Balta employees.

Lietuvos Draudimas – the Estonian branch – the company is working towards an increase in the number of clients. Compared to 2022, in 2023, the number of retail clients increased by 3% and the number of corporate clients – by 5%.

SEB Bank’s e-shop (SEB e-shop) was launched in January. SEB e-shop connects to the SEB Internet bank, thanks to which an SEB client enters PZU Estonia’s e-shop via the SEB Internet bank and has access to insurance products dedicated to SEB.

A predictive analysis and valuation tool – which uses Machine Learning – is being successively implemented. This will allow such solutions to be used in improving risk models, interest rates and in the area of housing insurance.

PZU Ukraine – non-life insurance company operating in the Ukrainian market. In 2023, PZU Ukraine worked on structuring its product portfolio. A number of changes were made in the product range, with the key ones being:

• updating forms for cargo insurance agreements, rolling stock own damage insurance, carrier’s and freight forwarder’s TPL, maritime and aviation risks including martial law (additional stipulations added);
• changing the renewal terms of non-life insurance (the condition is to carry out an inspection of the site and analyze the risk coverage even for damage-free renewals);
• updating the terms of movable property insurance in accordance with the new Underwriting Guidelines of the PZU Group;
• updating the authorization limits of underwriters and vendors to accept the terms of insurance agreements in the field of non-life insurance;
• amending the underwriting and acquisition policies for the conclusion of travel insurance agreements;
• implementing the programs of comprehensive insurance for tourists: “Business” and “Without Borders” with the inclusion of non-life insurance “Safe Travel” on the EWA platform for the Partner “KREDOBANK” SA;
• implementing a motor TPL product on the platforms of Privatbank and the online partner Finbest.

Sales development was pursued in various distribution channels. Within corporate insurance, sales were mainly focused on health insurance. The area of voluntary health insurance was actively developed, with electronic medical cards implemented. New clients were acquired from among companies relocating from eastern to western regions of Ukraine.

Following the lifting of most restrictions on crosssettlements with non-resident reinsurers under reinsurance agreements in March 2023, PZU Ukraine was included in the list of insurers that can conduct reinsurance transactions with non-resident reinsurers.

PZU Ukraine Life – in 2023, PZU Ukraine Life continued to provide life insurance services, ensuring the conclusion of new insurance agreements in all sales channels.

At present, new agreements are being entered into only in safe regions of Ukraine, i.e. in administrative regions of Ukraine not affected by any hostilities (in the west and center of Ukraine), and with restrictions on the sum insured, with the list of risks and special requirements due to the occupation and age of the insured. One of the company’s operational priorities is to provide quality service to the existing portfolio of agreements: timely and full payout of sums insured and redemption amounts, in addition to ensuring continuous operation of the contact center.

To improve customer service, in 2023, the company introduced a new mechanism for sending messages to clients: Viber + SMS. First, a message is sent in the Viber app, and if the client’s number is not registered with Viber, the next step is to send an SMS. This contributes to meeting clients’ expectations for the use of more technologically advanced communication channels, and increases the efficiency of sending information to clients who are staying abroad due to war, which in turn helps to maintain a high retention ratio of current business.

In Q1 2023, as a result of the VCHASNO KEP project, a multi-stage automated scheme was implemented, and it allows for signing insurance certificates with the insurer’s qualified electronic signature (KEP), saving the signed documents in the company’s electronic archive (EA) and sending them to clients via email.

Preparatory work was performed to implement a new Ukrainian law “On Insurance”; the company’s employees actively participated in discussions on the draft legislation of the National Bank of Ukraine (NBU) during meetings of the League of Insurance Organizations of Ukraine and meetings with the regulatory authority. Both IT systems and existing insurance products were started to be adapted to the requirements of the new law.

• the positive situation in debt and equity markets;
• the merger with TFI Energia;
• development of the inPZU service and offering and the support actions;
• systematic contributions as part of Employee Capital Schemes;
• ECS auto-enrollment;
• systematic contributions as part of Employee Pension Schemes;
• migration of selected EPS programs from FIO Parasolowy to SFIO inPZU;
• National Central Bank policy in the area of interest rates;
• declines in Polish bond yields, increasing their valuation;
• interest rate cuts by central banks.

In 2023, with regard to the offering for retail clients, Bank Pekao achieved its highest-ever account acquisition result by opening 583,000 accounts – sales growth was +5.5% y/y, and new clients accounted for 72% of these sales.

Bank Pekao continues its strategy of increasing digitalization, intensively developing digital channels and providing fast and convenient services that translate, among other things, into an increase in the number of accounts opened with a selfie (over 127,000 accounts, increase of 27% y/y). As part of a special offer, clients who used online identity verification could receive PLN 200 for opening an account and actively using a debit card.

In the pursuit of the goal to rejuvenate the demographic structure of retail clients, the bank aims to acquire 600,000 clients under the age of 26 by the end of 2024. Bank Pekao opened 204,000 accounts for young people in 2023, which accounted for 35% of retail account sales that year.

In 2023, the Bank continued to develop its offer dedicated to young clients by offering accounts for children (aged 0 to 17) and young people (aged 18-26). The PeoPay Kids app, aimed at children aged 6-13, features an educational game that introduces the world of finance; kids can solve quizzes, answer questions and complete tasks.

In 2023, Bank Pekao decided to extend a special offer for Ukrainian citizens, waving fees for account maintenance, card processing and ATM withdrawals, as well as for transfers to and from banks in Ukraine for transactions made by retail clients. 41,000 accounts were opened in 2023, compared to 96,000 in 2022.

In 2023, Bank Pekao reported a 65% y/y increase in credit card sales. By the end of 2023, 125,000 clients used the Credit Card with Bison, introduced in 2022.

Meanwhile, the business sector saw an almost 6-fold increase in credit card sales, which may be attributed, among other things, to the implementation of a new sales process and an attractive offering, including the MOTO Business card with a promotional interest rate of 9.99% and reimbursement of expenses for payments at gas stations of up to PLN 600 a year.

Cash and mortgage loan volumes increased significantly in 2023, compared to 2022. The value of cash loans, measured by net volume, increased to PLN 5.2 billion, up +16.4% y/y, compared to 2022. Sales growth was supported by the development and increased availability of remote loan processes and through the “Take a convenient loan where you want and for what you want” marketing campaigns on TV, VOD, the Internet, social media and the bank’s electronic channels.

In addition, Bank Pekao continues to provide a loan for medical studies with a repayment guarantee from Bank Gospodarstwa Krajowego. The loan offer is available for current students and candidates who will be starting medical programmmes at Polish higher education institutions. By the end of 2023, nearly 3,000 loan agreements were signed and PLN 133 million of term loan tranches were disbursed.

In 2023, sales of mortgage loans returned to the record level of 2021 and amounted to 10.4 billion, a 201.4% y/y increase compared to 2022. The key programs in the Bank’s offering in 2023 included “Bezpieczny Kredyt 2%” (2% Safe Mortgage) under the “Pierwsze Mieszkanie” (First Apartment) government’s program and mortgage loans under the “Mieszkanie bez wkładu własnego” (Housing without own contribution) program with a guarantee from the Bank Gospodarstwa Krajowego.

Since the beginning of October, Bank Pekao has been offering its clients a new settlement agreement aimed at borrowers with active CHF mortgage loans which are included in the bank portfolio almost entirely as a result of the merger of the spun-off part of BPH SA in 2007. Under this program, in Q4 2023, the bank prepared settlement offers for more than 4,000 clients, that is nearly 1/4 of all active CHF-denominated agreements. The program met with strong client interest, with nearly 70% of client choosing to sign settlements with the bank.

As part of its activities for entrepreneurs, in cooperation with the Agency for Restructuring and Modernization of Agriculture, Bank Pekao introduced two new loans: a liquidity loan and a purchase loan. They will provide comprehensive support for farmers, allowing, among other things, for subsidies to interest on loans and for securing repayment of loans (with a guarantee or surety) granted to finance part of the investment costs (purchase credit) or mitigate the risk of financial liquidity loss due to restrictions in the agricultural market caused by the aggression of the Russian Federation against Ukraine (liquidity loan). The interest rate on these loans is 2% per year.

As of 2023, Bank Pekao has a so-called Single European Passport, which allows it to provide cross-border banking services in the European Economic Area (EEA), without opening a branch. As a result, the Bank will be able to support, in a more active way, corporate clients operating outside Poland and to acquire new clients in Europe.

The Pekao Mutual Fund Management Company (Pekao TFI) is member of the Pekao Group. It is the oldest mutual fund management company in Poland. Pekao TFI provides clients with modern financial products and offers opportunities to invest in the largest capital markets on the globe. For many years it has been devising savings programs, including programs affording an opportunity to put aside more money for retirement under the third retirement pillar. Pekao TFI also offers portfolio management services and Employee Capital Schemes (ECSs). The company is in the ECS records and its offering is available also through the mojeppk.pl portal.

As at 31 December 2023, the net asset value of Pekao TFI’s investment funds (including Employee Capital Schemes) totaled PLN 24.2 billion, up by PLN 5.1 billion or 26.4% compared to the end of December 2022.

In 2023, the Bank continued its work on optimizing the existing and introducing new solutions for Alior Online and Alior Mobile. These efforts were correlated with the new strategy of Alior Bank and aimed at increasing revenue from the Internet and mobile channels. The bank continuously strives to improve the appeal of its flexible personal accounts offering by adding special options for key client segments (medical bundle, discounts and additional services for players). The focus on the continuous development of online processes and offers was reflected in the clients’ growing interest in the loan sales processes available online, and thus the Bank achieved excellent sales results. In 2023, the bank reported a 48.5% increase in online loan sales compared to the previous year.

In terms of mortgage loans, 2023 ended with record sales for Alior Bank, doubling the sales of 2022. The high sales resulted from the bank becoming one of the first to join the government program “Pierwsze Mieszkanie” (First Apartment). As part of the program, clients could, for example, take advantage of an attractive form of loan under the “Bezpieczny Kredyt 2 procent” (2% Safe Mortgage), which was based on a periodic fixed interest rate.

The bank also continued to offer mortgage loans with a variable rate as well as with a periodic fixed rate (for a term of 5 years). In the structure of sales in 2023, the share of the periodic fixed rate increased and reached nearly 80%. The above efforts ultimately increased the Bank’s market share in mortgage loan sales. It amounted to 6.6% in 2023.

As part of the government First Apartment Program, the bank clients also have the option to use the Home Savings Account, introduced in July 2023. With this account, clients can save for a long-term housing goal and get a housing bonus from the Government Housing Fund managed by the Bank Gospodarstwa Krajowego.

In 2023, the Bank also offered term deposits with fixed rates in PLN, USD and EUR to retail clients. Clients could choose the optimal option of the savings period and open a deposit in a selected distribution channel (including Alior Online and Alior Mobile). Clients showed a strong interest, especially in deposits for new funds in PLN. Continuing efforts to digitize clients, a mobile deposit was offered, available exclusively on Alior Mobile for new users of the app.

Insurance from the PZU Group’s offerings continued to play a dominant role in bancassurance in 2023. In Q4 2023, the Bank achieved record written premium in mortgage-linked life insurance, which was directly attributable to record mortgage sales.

In August 2023, to develop the offering as part of the cooperation with PZU Życie, a guaranteed fund was implemented in the individual life insurance product with unit-linked funds “Multi Kapitał II” – a guarantee was introduced to maintain or increase the value of the unit share, which translated into an increase in the premium generated from this product. Written premium in “Multi Kapitał II” insurance in all of 2023 was as much as about 60% higher than in 2022.

The Bank’s activities in the business segment focused on new advanced technologies, an efficient and fast lending process, and long-term relationships, based on four strategic pillars: a self-service module, a native mobile app, a modern online banking service, and integrated ERP tools.

Alior Towarzystwo Funduszy Inwestycyjnych or Alior TFI (formerly Money Makers) is part of the Alior Bank Group. The company was established in 2010 and its operations, originally as a brokerage house, focused on asset management services. Following a transformation, from July 2015, it has been operating as a Mutual Fund Management Company.

Alior Bank’s cooperation with its subsidiary Alior TFI comprises primarily the company’s core business, i.e. development and management of mutual funds and representing them vis-a-vis third parties.

As at 31 December 2023, the net asset value of Alior TFI’s investment funds totaled PLN 1.6 billion, up by PLN 0.8 billion or 101% compared to the end of December 2022.

PZU Pomoc provides auxiliary services to PZU Group companies:

• managing the PZU repair network – at the end of 2023, the company cooperated with 853 repair shops;
• organizing motor assistance services for LINK4 and InterEurope (a company outside the PZU Group), and additionally, providing assistance services for SOS Ukraine;
• conducting salvage auctions and sales after loss and damage incidents;
• supporting technical claims handling in motor claims;
• handling assistance products for PZU and PZU Życie (among others, legal consulting, organization of assistance services);
• managing the loyalty program, PZU Pomoc w Życiu Club — at the end of 2023, over 2.2 million club members were able to take advantage of insurance discounts and products of cooperating companies (rebate programs offered by partners).
• managing PZU Sport in the form of sports and recreation subscriptions, the PZU Benefits platform, and operating a loyalty program for individual shareholders of PZU called Moje Akcje PZU.

PZU Cash operates to provide employee benefits financial products for members of cooperating institutions. The company is an intermediary of Alior Bank and Bank Pekao, and also offers its own loan product as a lending institution.

PZU LAB is a company dealing with advisory services and assistance in implementation of all kinds of solutions improving the security of the strategic corporate clients of PZU and TUW PZUW.

The company cooperates with numerous academic centers and experienced experts (local and foreign). Constantly seeks new and effective technological solutions to enable mitigation of risks that have the greatest impact on the insurance activity.

The PZU LAB team has developed methods for cooperation with the existing and prospective clients. First, the engineers identify critical installation sites, simulate critical events such as fire, flooding or explosion, and determine their consequences. Then the possible scenarios and the methods of minimizing the negative consequences are discussed. Ultimately, PZU LAB engineers implement innovative technological solutions in client companies that are to improve their safety.

PZU LAB has implemented Poland’s first product certification system in property damage prevention. The purpose of the certification system is to improve the effectiveness of products deployed to ensure the safety of enterprises and thus to reduce the instances of damage and the scope of losses to company assets. Certified products are marked with the patented “PZU LAB Approved” logo.

The company conducts intense safety-related educational and promotional activities. At the initiative of PZU LAB, the Maritime Industry Safety Forum, the Energy Industry Safety Forum and the Wood Industry Safety Forum are held annually. Moreover, a series of training courses entitled “Pyramid of competences” was launched for all participants in the insurance market, aiming to increase the level of knowledge in risk management among businesses.

This approach signifies an evolution in client relations. PZU ceases to be only a seller of insurance and becomes a risk management advisor.

PZU Finanse sp. z o.o. is a service company established to keep accounting ledgers for subsidiaries of the PZU Group (excluding PZU and PZU Życie).

PZU Centrum Operacji provides services supporting the operation of PZU Group companies. PZU Centrum Operacji SA’s line of business is the provision of the following services:

1. auxiliary services related to insurance and pension funds;
2. 2) constant intermediation in conclusion of insurance agreements, financial and investment agreements, and assistance agreements;
3. Contact Center;
4. Data Center;
5. polygraphic services;
6. IT services;
7. keeping the accounting records;
8. human resources and payroll;
9. brokerage in selling and redeeming investment fund participation units and titles, as well as investment advice with regard to such instruments.

The company’s line of business is to invest available funds in real estate development initiatives, in particular in the construction of commercial properties.

The company conducted the office and retail project in a prestigious location in Wroclaw at ul. Oławska 35 (Plac Dominikański) in the space occupied for the past several decades by an office building owned by PZU. This project is partially intended for the PZU Group’s needs and partially for lease.

The company aims to begin preparations for launching activities in the field of institutional rentals.

The core business of the Company is the commercial rental of office and commercial space in the City Gate office building owned by the Company in Warsaw.

The services of the Conference Center are provided on a designated area of nearly 800 sq m; the scope of the services includes commercial rental of professionally equipped conference and training rooms for the organization of conferences, business meetings, training courses and seminars. The services of the Ogrodowa 58 Business Center are provided on a designated area of 1480 sq m; the scope of the services includes commercial rental of 135 modern workstations.

On 28 September 2017, PZU acquired shares in PZU Corporate Member Limited, entitling it to 100% of votes at the shareholder meeting. The company is a member of Lloyd’s, a market for insurance companies, brokers and agents, bringing together nearly 100 syndicates. PZU Corporate Member is handled by Argenta Holdings Limited agency, which deals with the ongoing activities of syndicates, invests their funds and employs underwriters.

The PZU Group has had a capital commitment to Armatura Kraków since October 1999, and PZU has owned 100% of the shares since November 2020. The business of Armatura Kraków lies outside the domain of financial and insurance services. The group is a leading manufacturer in the sanitary and heating industry in Poland. It specializes in the manufacture of bathroom and kitchen taps, aluminum central heating radiators, shower cabins and screens, and a wide range of valves.