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CEO STATEMENT

The level of gross written premium grew in 2014 by 2.5% from the previous year to PLN 16,884.6 million.This was another consecutive year which saw the rise of PZU insurance sales.

CHAIRMAN OF THE SUPERVISORY BOARD STATEMENT

The past 12 months were the final stage of PZU 2.0 strategy assumed for the years 2012-2014 and crowned with success. I am convinced that the established foundations will allow for the effective realisation of the new PZU 3.0 strategy.

ACTIVITIES

Property insurance

Within PZU Group, activities on the non-life insurance market in Poland are conducted by the parent company in the Group, i.e. PZU nad Link4.

Life insurance

PZU Życie SA (PZU Życie) operates on the life insurance market within PZU Group.

Pension fund market

The OFE PZU Złota Jesień, which is managed by PTE PZU SA (PTE PZU), is one of the largest players on the pension funds market in Poland.

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Investments fund market

The operations on the investment fund market in scope of PZU Group are carried out by Towarzystwo Funduszy Inwestycyjnych PZU SA (TFI PZU).

Health care market

PZU Group made the decision to intensify the operations oriented towards real presence on the health care market. The development will include successive acquisitions of health care centres. The systematic acquisition of the successive entities, which began in 2014, will increase the scope of the realised benefits.

STRATEGY 3.0 (2015-2020)

Non-life market share in Poland> 35%
Life market share in Poland (regular premium)> 43%
Share of PZU’s third party Customers assets in the TFI market’s assets (net of non-public assets)> 11.5%
PZU Health’s revenues [m PLN]> 650
Share of premium on foreign operations in the PZU Group’s premium> 8.0%
No. of products per Retail Customer >1.68
ROE>20%
Operating margin in group insurance and individual continuation>20%
Employee Engagement Index>65%

2015 - 2020: from an Insurer into a Group based on three strong pillars: insurance, asset management, and medical care
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Branch network revitalization

Highest level of Customer service
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Cost optimization

Achieved benchmark cost effectiveness
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Brand refreshment

Perception of PZU at the same level
as other leading financial institutions
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Acquisition of entities from the RSA Group

Geographic diversification,
implementation of dual brand strategy
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PERFORMANCE

PLN 3.0 bn

Group net profit in 2014

42.8%

Share in life insurance market in Poland, by regular premium

33.1%

Share in non-life insurance market in Poland

95.7%

Combined ratio (COR) in non-life insurance

PLN 26.3 bn

Gross written premium of non-life insurance companies

PLN 50.6 bn

Value of investments of non-life insurance companies

9.8%

Growth in total technical result of life insurance companies

11.31%

Growth in total net result of life insurance companies

Net profit of PLN 3.0 billion and the return on capital of 22.6% place us among the most profitable financial institutions both in the country and in Europe.

Our financial results already show the effects of our development efforts – our position as the leader of Polish insurance has strengthened and we continue to expand on the international market.

SHARE PERFORMANCE

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