Transparent communication with all market participants is crucial for the PZU Group. In order to meet the highest information governance requirements for public companies and fulfilling information needs of different groups of stakeholders, the Management Board of PZU undertakes various investor relations activities aimed at improving transparency of the company.
In order to meet the highest information governance requirements for public companies and fulfilling information needs of different groups of stakeholders, the Management Board of PZU undertakes various investor relations activities aimed at improving transparency of the company. Therefore, PZU has consistently applied „Principles for PZU to Conduct its Information Policy for Capital Market Participants”.
PZU creates value through proactive communication with capital market participants, building trust and caring for good relationships.
As at 31st December 2014, the shareholders of PZU with significant blocks of shares were: the State Treasury (35.2% of the share capital) and Aviva OFE Aviva BZ WBK (5.00% of the share capital).
In 2014 the shareholding structure of PZU was analysed. Compared with 2013, there was a noticeable increase of Polish institutional investors by 2.7 p.p. at the expense of individual and foreign investors. The increase in the share of institutional investors in Poland is primarily the result of the increased interest of the part of PZU from the open pension fund (OFE), whose share rose to 18.3% from 16.7% in 2013.
Geographic structure of the2014 was similar to the structure from the previous year. Main changes concerned the involvement of institutional investors from Western Europe, who have increased their holdings to 42.3 million shares (an increase of 8.5% y/y).
PZU shareholding structure in 2014
PZU shareholding structure in 2013
Communication with capital market participants
The financial performance of PZU Group (for 2013, Q1 2014, 1H 2014 and Q3 2014) were presented and discussed by the Management Board of PZU during meetings with capital market analysts (all also broadcast live on the Internet).
Additionally, on 17th April 2014, a meeting was organized with the aim of presenting and discussing the acquisition of insurance companies from the Baltic States and Poland.
In 2014, PZU first time presented on-line annual report with the most important events, achievements and plans.
Activities aimed at institutional investors – share investors
- 3 non-deal road show in Boston (USA), Edinburgh (Great Britain) and Los Angeles, San Francisco and San Diego (USA);
- 13 financial conferences held abroad with global institutional investors;
- 2 conferences for institutional investors in Warsaw;
- a number of group, one-on-one meetings and teleconferences with investors and stock portfolio managersheld in PZU office.
In 2014 PZU organized 186 meetings with nearly 300 institutional investors and 112 meetings with analysts issuing recommendations concerning PZU shares.
Investor centres visited in 2014 - share investors
Institutional investors - geographical structure
Activities aimed at individual investors
In 2014 PZU continued also communication activites addressed to the large group of individual investors. With them in mind, we:
- participated in 2 conferences for individual investors organized in Poland by Individual Investors’ Association (SII): the 18th edition of the WallStreet Conference in Karpacz – the largest meeting of individual investors in Central and Eastern Europe and in the 7th edition of Professional Investor Conference 2014 in Zakopane;
- organized 4 chats with individual investors, in which the Member of the Management Board of PZU who is in charge of Finance Division in PZU Group also participated, after each publication of the results;
We provide honest information everywhere and at all times – this helps to better understand the company and ensures peace of mind and security to those who invest in PZU shares. We set directions for development of investor relations in Poland.
- we participate in the “10 na 10 – komunikuj się skutecznie” programme (Ten to Ten: Effective Communication) aimed Non-Deal Roadshows Deal Roadshow conferences for institutional investors investor meetings at creating of high communication standards for listed companies to reach individual investors;
- since its IPO, PZU has been partnering and actively participating in Akcjonariat Obywatelski project; it is an initiative for private investors started by the Ministry of Treasury during the IPO of such companies as PZU or WSE.
Activities aimed at institutional investors – investing in bonds
In connection with the issuance of eurobonds in June 2014, the representatives of PZU participated in the Roadshow, in which there were held 24 meetings with almost 50 institutional investors (in the major financial centres of Europe). The effectiveness of the bonds placement was confirmed by the lowest coupon obtained in the region of Central and Eastern Europe and the lowest margin in the region since 2007.
Awards and prizes for IR activities
Activities of PZU regarding investor relations are highly appreciated both by investors, analysts and media. In 2014, PZU received in this area the following awards and prizes:
- Granted in the Thomson Reuters Extel survey:
- PZU was ranked first in Corporate Best for Investor Relations in Poland;
- PZU was ranked first in the category of IR Professional Best for IR awarded to Piotr Wiśniewski who managesinvestor relations in PZU.
- PZU was ranked first in the category of “Investor Relations” and second in the main ranking “WSE Company of the Year” of the contest organised by Puls Biznesu. PZU was also ranked second in the categories “Competencies of the Board” and “Success 2013”. The following factors were evaluated in the category of “Investor Relations”: quality of information and communication with all capital market participants.
- The award for best investor relations in the survey of theWSE magazine “Parkiet”. The survey of investor relationswas conducted in the WIG30 companies by “Parkiet”,Chamber of Brokerage Houses and PwC.
PZU won the distinction of „Heros rynku kapitałowego” - Capital Market Hero in the second edition of this survey held by Individual Investors’ Association (SII) among its members. The association awarded companies that meet top standards in communication with individual investors and individuals who contributed to the building of knowledge of the capital market and its transparency.
- Spółka przyjazna inwestorom certificate (Investor Friendly Company) – awarded by the association to the companies that maintain high reliability of its information policy and protect the rights of investors.
- Distinction for the highest useful value of annual report for 2013 in the „Banks and financial institutions” category in the Best Annual Report competition organised by Polish Institute of Accounting and Taxes. In the main awards category, PZU ranked third among banks and institutions.
IR aims for 2015
The following are the main IR aims in 2015:
- building understanding and approval for the PZU 3.0 strategy among the investors;
- providing a broad market for PZU shares – by continuing pro-investors activities aiming to create a diversified (geographically, numerically and in terms of their profiles) group of investors who know the company and are wellinformed;
- adequate coverage for PZU shares by analysts of investment banks and brokerages (sell-side) and ensuring the fair valuation of PZU shares by providing analysts with high-quality information on the activities of PZU, industry trends, factors affecting the financial results and feedbackon the analysis of the issued recommendations;
- providing a broad market for PZU bonds by carrying out pro-investors activities addressed to debt investors;
- creating standards of investor relations for other listed companies to emulate;
- monitoring changes in the shareholding structure in order to take on appropriate targeting of actions and assess the effectiveness of IR plans.