Dividend policy

Capital management
Maintain PZU Group’s own funds net of subordinated debt at no less than 250% of PZU Group’s solvency margin
Maintain assets to cover the provisions of PZU Group’s various companies, i.e. PZU and PZU Życie at no less than 110%
External Financing
Potential issuance of subordinated debt up to PLN 3 bn
Dividend Payout
50% - 100% of consolidated net profit of PZU Group under IFRS
Potential amount of dividends paid out from surplus capital up to PLN 3 bn (calculated based on the consolidated net profit for 2013-2015)
Dividend from 2013 profit of PLN 2.9 bn, i.e. PLN 34 per share
Dividend from surplus capital of PLN 1.7 bn, i.e. PLN 20 per share
Debt Issuance
Issue value: EUR 500 mln
Margin: 85 b.p. above Mid-Swap
5-year senior bonds
Lowest coupon in the history of the corporate bond market in the CEE region
Setting the benchmark for issuing subordinated bonds
Subordinated bond issue (work underway)