Polish insurer PZU Group reported net profit of approximately PLN 3 billion for the first half of 2026, an increase of nearly PLN 500 million year-on-year, as revenue reached PLN 15.7 billion.
The insurance service result, the strongest earnings component, totaled PLN 2.3 billion, while the investment portfolio contributed PLN 1.4 billion. The group’s main portfolio delivered an average return above 5%, with return on equity exceeding 17% on a trailing twelve-month basis through Q1 2026. The Solvency II ratio stood at 230% for the group and 233% for PZU SA.
Non-life insurance performance improved, with the combined ratio at 87.9% for H1 2026 and 89% in Q2, marking the fourth consecutive quarter below 90%. Life insurance operating margin was 27.2% for H1 and 29.1% in Q2.
PZU declared an interim dividend of PLN 4.8 per share, described as one of the highest in the group’s history, translating to a dividend yield of 6.69%. The shares were little changed following the announcement, rising 0.11% to $71.86.
The group’s insurance operations processed about 10,500 claims daily, paying out approximately PLN 35 million in claims each day. PZU Zdrowie, the group’s healthcare unit, expanded its medical network to 134 facilities, including a new center in Bydgoszcz.
Digital transformation efforts accelerated, with more than 30 AI solutions already deployed and over 30 additional initiatives in development. AI-generated code now accounts for 30% of all code written at the company, up from zero last year.
Strategic milestones include a planned merger with LINK4 in January 2027, the adoption of new Solvency II rules, and the expected closing of the MetLife Ukraine acquisition pending antitrust approval. The group also plans subordinated debt refinancing in the second half of 2027.
PZU’s credit rating was affirmed at A- with a stable outlook by S&P in May 2026. The group’s valuation metrics include a P/E ratio of 9.85.
PZU Group also highlighted corporate social responsibility initiatives, including water safety training for 47,000 children and the distribution of over 3,000 smoke detectors in 2026.
