close

Navigation Map

Download our best practices
Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
  • strategy (insurance, health, investments, finances);
  • sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
PZU Group

List of GRIs

List of GRIs

Facebook Twitter All
Insurance
Health
Investments
Banking
Best Pratices in PZU
Policy
Covid-19
Integrated Navigation
[GRI 102-15] [GRI 102-20]

On 25 March 2021, the PZU Group announced its new Strategy “Potential and Growth”, which identifies the opportunities and points to the main strategic ambitions of the PZU Group for the years 2021-2024. The strategic assumptions refer directly to customer needs, personalization and flexibility of the offer, and embedding of these requirements in specially created ecosystems. In order to achieve these goals, modern business models will be implemented while maintaining the principles of sustainable development, taking care of the natural environment, better quality of life for employees and clients, and involvement for the development of local communities. This area will be supported by the implementation of new technologies, innovation and further digitalization, which will allow us to better understand and satisfy the client’s needs in the shortest possible time using their preferred contact channels.

PZU Group Strategy in 2021-2024 sets out 4 main areas of ambition, in which the directions were set for strategic measures.

Area 1 -Stable dividend and growing gross written premium and revenue

  • Maintaining growth in key business areas

Insurance – kept the leading position and increased gross written premiums to PLN 26 billion, i.e. by 10%.

Health – the fastest-growing company on the health care market; PZU Zdrowie increased its revenues to PLN 1.7 billion, i.e. by 80%..

Investments – increased assets under management to PLN 60 billion, i.e. by 82%.

Banks – Alior Bank and Bank Pekao increased their contribution to the Group’s financial results to PLN 0.8 billion, i.e. by nearly 650%.

  • Maintaining cost discipline

The PZU Group plans to maintain its cost effectiveness in the post-pandemic period by applying cost discipline, investing in digitization and digitalization, and by changing its work model to remote or hybrid working. The goal is to reduce the administrative expense ratio by 0.1 p.p. in 2024.

  • Bolstering the potential to generate a high level of net profit

By harnessing consistent measures carried out on all the markets where the PZU Group is present, at the end of 2024 it will be possible to generate the highest net result since the time when PZU went public of roughly PLN 3.4 billion. This signifies an increase of approximately 79% versus 2020.

  • Delivering high business profitability

Maintaining and improving high profitability of business is an important part of the Group Strategy. Despite the negative effect of the COVID-19 pandemic, the PZU Group plans to increase its return on equity (ROE) to 17.4% by 2024. This goal will be achieved as a result of a safe and sound business model predicated on business diversification, further streamlining of business, product and distribution processes.

  • Maintaining an attractive dividend policy

The PZU Group intends to generate above-average profits, which it plans to pay out annually in the form of a dividend. It will amount from 50% to 100% of the consolidated annual profits.

Area 2 – Leveraging the PZU Group’s potential

  • Effective utilization of databases and knowledge of clients

The PZU Group plans to use knowledge about its clients even more effectively. It will enable the Group to develop a top-quality offering responding to real client needs. By harnessing the potential of databases, it will be possible to personalize the offering, as well as provide coordinated care of relationship managers at each stage of the process and acquire new clients. The Group’s strategic activities assume: harmonizing access to information sources and channels, rolling out analytical tools for machine learning and artificial intelligence, and incorporating them in our business processes.

  • Development of business collaboration with banks and strategic partners

Together with Bank Pekao and Alior Bank, the PZU Group wants to achieve cumulative gross written premium of about PLN 3 billion, by reaching the banks’ clients with a comprehensive and unique offer of combined insurance and banking products. It plans to broaden the PZU Cash offer, strengthen the insurance position on the energy market and develop cooperation with Strategic partners operating on the e-commerce market.

  • Utilization of all distribution channels

Through an omnichannel approach, the PZU Group will be able to reach clients through various distribution channels suited to their needs and preferences. Clients will receive access to a broad range of modern products, including life and non-life insurance as well as health, investment and banking products customized to their evolving needs at every stage of their life.

  • New approach to health care in Poland

The PZU Group plans to emphasize building health awareness and preventing diseases. The offering will include top quality personalized medical care services. By achieving these goals while keeping the business profitable, the Group will grow faster than the market and earn the leading position on the private health care market.

We do not wish merely to tend to the ill. Rather, we want to keep our clients healthy for as long as possible while augmenting their living standard. The foundation for this approach is rooted in prophylactics. It calls for tearing down the wall between the insurance business and health care.

 

Aleksandra Agatowska, President of the PZU Życie Management Board

 

  • Introduction of a modern claims and benefits handling process using new technologies to automate and accelerate processes and reduce costs

Area 3 – Innovative financial group

The PZU Group plans to leverage the latest technologies in all areas of its activities:

  • digitalization and streamlining of processes – we continue to implement solutions for clients that are simple, intuitive and universal;
  • use of AI, Big Data and advanced analytics – implementation of new technologies should lead to improved operating efficiency and profitability of business, among others through automation and streamlining of decision-making processes;
  • mobility and omnichannel approach – utilization of new digital distributions channels to supplement the traditional ones;
  • cloud computing – support for technological transformation, including greater efficiency of the infrastructure;
  • cybersecurity – protection of our IT networks; introduction of tools for estimating cybersecurity risk in the financial sector.

Area 4 – Sustainable growth

The PZU Group will build its success based on contemporary business models, which include elements of sustainability. It will become an active participant in safe and responsible transition processes. The sales offering will be extended to include green products. Support for social initiatives is also planned, to be aimed at, among others, environmental protection as well as promotion of safety and a sustainable lifestyle. It will be PZU Group’s priority to always act transparently, relying on clearly defined ESG criteria.

ESG management in the PZU Group

In order to highlight the importance of the ESG aspects and capture them in business terms, the key performance indicators of the ESG Strategy have become an integral part of the PZU Group’s strategy. The Group’s companies have implemented selected elements of the ESG strategy, adapting them to the specific context of their respective operations.

To achieve efficient ESG management, the Sustainable Development Department was set up by the end of 2020, with the function of coordinating all actions in the area of the ESG Strategy implementation. The Director of the Department reports directly to a Management Board Member of PZU Życie.

In 2021, the ESG Committee was appointed. Its composition comprises representatives of the management boards of PZU, PZU Życie, PZU TFI, TUW PZUW, PZU PTE, as well as directors of the organizations’ key departments. The detailed principles of the ESG strategy implementation and cooperation among the Companies in this respect have been defined in the internal Sustainable Development Policy. The Sustainable Development Policy in the PZU Group lays down the basic principles of conducting the PZU Group’s business responsibly, while taking into consideration environmental, social and governance factors. It also defines the principles of cooperation and information exchange in this area in the PZU Group.

BEST PRACTICE

PZU Group ESG Committee

Purpose
To define consistent ESG actions in line with the PZU Group strategy

Tasks

    • supervision over the consistency of ESG activities with the PZU Group’s business objectives;
    • setting out general sustainability guidelines in the PZU Group;
    • building recognizability of the ESG Strategy inside and outside the PZU Group;
    • making recommendations on the implementation of the idea of sustainable development into the business practices of the Companies, and integrating business processes with ESG objectives, as defined in the ESG Strategy;
    • monitoring, providing opinions on and reviewing the implementation progress of the ESG strategy;
    • participation in the development and updating of the ESG Strategy;
    • giving opinions on actions, plans and projects connected with the ESG Strategy implemented in the PZU Group and presenting these opinions to the relevant governance bodies of the Companies;
    • giving opinions on the methods and directions of adapting the principles of the Companies’ business activity to ESG regulatory and reporting requirements.

    Composition
    President and Members of the Management Board of PZU, President and Members of the Management Board of PZU Życie, President of the Management Board of TUW PZUW, President of the Management Board of TFI PZU, President of the Management Board of PTE PZU, and in PZU and PZU Życie: Managing Directors, Director of the Corporate Communications Department, Director for Investor Relations, Director of the Sustainable Development Department.

    [GRI 102-12][GRI 102-15]

    ESG Strategy of the PZU Group [IIRC]

    The “Balanced Growth” ESG Strategy for 2021-2024 defines the primary objectives that should ensure sustainable development of the PZU Group. By the way of developing innovative products, services and partnerships, PZU wishes to become an active leader in the implementation of Agenda 2030. To this aim, PZU has defined Sustainable Development Goals that it can have the best impact on, and included them in the fundamental assumptions of its ESG Strategy.

    In 2015, 193 UN members states adopted a plan for a transformation of the world and improving the life of every human being on the planet - the Sustainable Development Agenda. The Agenda 2030 sets out 17 Sustainable Development Goals and 169 targets to be achieved, which clearly specify the actions to be taken to ensure than every person can use the fruits of this development. The Global Goals are pursued by all the stakeholders: governments, the world of science and research, society, as well as business.

    The Sustainable Development Goals are the largest global corporate undertaking. Enterprises integrate into their strategies and actions the universal values and principles in respect of human rights, work, environment and ethics. By subscribing to the sustainable development goals, business can join into sharing the responsibility and contribute to building of a better world.

    Investment strategy

    Innovation strategy

    Tax strategy