◆ Inside the Latest Results (H1 2026)

PZU (PZU) — the variant view

Insurance profit up, bank profit down, motor losing money on own-damage: a flat half that is two stories.

📈 PZU valuation, revenue & earnings — P/E, P/S, revenue, EPS →

PZU's first half of 2026 looks flat and is not. Insurance revenue rose 2,8% to 15 652 million złoty, and net profit attributable to shareholders fell 6,8% to 3 009 million, from 3 230 million1. Underneath, the two halves of the group moved in opposite directions.

Attributable profit by source, H1 2026 (zl m)Insurance and other2 208Banks (Pekao, Alior)801PZU 1H26 results presentation; total 3 009 against 3 230 in H1 2025
Insurance is 73% of the half's profit; the fall in total came from the banks and the first quarter.

The insurance business improved. Its insurance service result rose to 2 290 million złoty from 2 155 million, the non-life combined ratio held at 87,9%, and the life margin rose to 27,2% from 26,1%2. In the second quarter alone, profit attributable to insurance and other activities rose 29,3% to 1 221 million złoty3.

The banks gave some of it back. Pekao and Alior contributed 426 million złoty of attributable profit in the second quarter against 526 million a year earlier, down 19,0%4. Banking was about a third of PZU's attributable profit in 2023 and about a quarter in the first half of 20265.

Motor is where the pressure shows. In the mass segment, own-damage cover ran at a combined ratio of 104,2% in the second quarter, against 93,0% a year earlier, while third-party motor revenue fell 5,7%6: one motor line losing money on underwriting and the other shrinking as PZU raises prices. The other mass products, mostly property, ran at 77,7%7, and that is where the quarter's underwriting profit came from.

The growth lines kept growing. Individual protection revenue rose 26,9% to 517 million złoty, the health pillar 10,4% to 1 161 million, and assets of external clients in the group's funds 28,2% to 93,0 billion8. PZU signed a conditional agreement to buy MetLife's Ukrainian life insurer, which holds about half of that market, and a plan to merge Link4 into PZU9.

Capital stayed strong. The Solvency II ratio was 230% at the end of March, against a European average of 214%, and the general meeting approved a dividend of 4,80 złoty a share, up 7,4%10. At about 9,8 times trailing earnings the shares yield about 6,5%11.

The Pekao merger, which was meant to be complete by now, is not; it is targeted for the end of 2026, still waiting on legislation12. The measure for the second half is the share of attributable profit that comes from insurance rather than banking: 73% in the first half. A rising share makes the case that PZU is an insurer first, which is what the merger's critics want it to stay.

References
  1. ReportedInsurance revenue rose 2,8% to 15 652 million złoty, and net profit attributable to shareholders fell 6,8% to 3 009 million, from 3 230 million.
    PZU Group condensed interim consolidated financial statements for the 6 months ended 30 June 2026 - insurance revenue 15 652m (15 226m); net profit attributable 3 009m (3 230m); shareholders; planned merger of PZU and Link4 — H1 2026 · publ. 20 August 2026 · source ↗
  2. ReportedThe insurance service result rose to 2 290 million from 2 155 million, the non-life combined ratio held at 87,9%, and the life margin rose to 27,2% from 26,1%.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  3. ReportedIn the second quarter, profit attributable to insurance and other activities rose 29,3% to 1 221 million złoty.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  4. ReportedPekao and Alior contributed 426 million złoty of attributable profit in the second quarter against 526 million, down 19,0%.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  5. Moat Explorer calcBanking was about a third of PZU's attributable profit in 2023 and about a quarter in the first half of 2026.
    Moat Explorer calculation from PZU's results presentations: banks' share of attributable profit (1 995 / 5 780 in 2023; 801 / 3 009 in H1 2026) and insurance share (2 208 / 3 009) — FY2023 to H1 2026 · publ. 2026-09-23 · source ↗
    Method: 1 995 / 5 780 = 34,5% (2023); 801 / 3 009 = 26,6% (H1 2026)
  6. ReportedMass own-damage cover ran at a combined ratio of 104,2% against 93,0%, while third-party motor revenue fell 5,7%.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  7. ReportedThe other mass products ran at a combined ratio of 77,7%.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  8. ReportedIndividual protection revenue rose 26,9% to 517 million, the health pillar 10,4% to 1 161 million, and external client assets 28,2% to 93,0 billion.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  9. ReportedPZU signed a conditional agreement to buy MetLife's Ukrainian life insurer, with about half of that market, and a plan to merge Link4 into PZU.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  10. ReportedThe Solvency II ratio was 230% against a European average of 214%, and the dividend of 4,80 złoty a share was up 7,4%.
    PZU Group financial results for 2Q and 1H26 (results presentation, 20 August 2026) - segment revenue, results and combined ratios; insurance vs bank profit by quarter; growth pillars; Solvency II 230%; dividend 4,80; Link4 merger plan of 29 May 2026; MetLife Ukraine; non-life share 29,2% and regular-premium life share 40,1% in 1Q26 — H1 2026 · publ. 20 August 2026 · source ↗
  11. ReportedAt about 9,8 times trailing earnings the shares yield about 6,5%.
    Market data (stockanalysis.com) - 73,66 złoty a share on 863,5 million shares, about 63,6 billion złoty; about 9,8 times trailing earnings; dividend yield about 6,5% — 22 September 2026 · publ. September 2026 · source ↗
  12. ReportedThe Pekao merger is targeted for the end of 2026.
    Capital.com, PZU stock forecast (7 April 2026), citing Bankier.pl of 26 February 2026 - finalisation of the PZU-Pekao merger now targeted for the end of 2026 amid ongoing legislative and regulatory processes — February-April 2026 · publ. 7 April 2026 · source ↗
Sources
Generated September 24, 2026