The Revenue LinesNarrow moat

PZU (PZU) — moat facet

Mass insurance is 44% of revenue and the line PZU is shrinking on purpose; the profit per złoty is in life.

PZU reports its insurance business in segments, and under IFRS 17 it books insurance revenue rather than written premium. In 2025 insurance revenue was 30 882 million złoty: mass insurance in Poland 13 655 million, group and individually continued life 7 921 million, corporate insurance 5 187 million, the Baltic states and Ukraine 3 148 million, and individual and investment life 971 million 1. Mass insurance, mostly motor and home cover sold to households, was 44% of the total 2.

Segment operating profit, 2025 (zl m)Mass insurance2 000Group and continued life1 898Corporate insurance1 075Individual life534Baltic states and Ukraine501PZU 2025 financial statements, segment note; banking (11 911) excluded
Mass and group life earn about the same, though mass has 1,7 times the revenue.

Profit is spread differently. Segment operating profit, which includes investment income allocated to each line, was 2 000 million złoty in mass insurance, 1 898 million in group life, 1 075 million in corporate, 534 million in individual and investment life, and 501 million in the Baltic states and Ukraine 3. Individual life earned about 55 groszy on each złoty of revenue; mass insurance about 15 4.

The chart leaves out the segment that reports the most operating profit: banking, 11 911 million złoty in 2025, more than all the insurance segments together 5. That figure consolidates Pekao and Alior in full, and most of it belongs to the banks' other shareholders; PZU's own share of bank profit was 2 183 million 6.

The latest half split the lines apart. Individual life revenue rose 27,0% and group life 5,4%, while mass insurance fell 0,9% and corporate grew 1,1% 7. The leaves follow the chart's five bands; the moat arguments are under The Moat. The test for the five together is mass insurance's share of revenue, 43% in the first half of 2026 8: a falling share means PZU is moving from the product customers compare on price toward the ones they do not.

Moat trajectory: Holding steady

Mass insurance fell to 43% of revenue in the first half of 2026 as life lines grew; total insurance revenue rose 2,8%.

The number that tests this moat
Moat Explorer calc
Mass insurance share of insurance revenue
43% in H1 2026 (6 722m zł of 15 652m zł), 44% in 2025

A falling share means PZU is moving from price-compared products toward those it can hold on value.

How it's calculated: Mass insurance revenue / total insurance revenue: 6 722 / 15 652; 13 655 / 30 882
Source: PZU H1 2026 interim financial statements ↗
Dig deeper
DIG DEEPER 01
Mass insurance (Poland)
The biggest line, where motor revenue fell in 2026 and own-damage cover lost money on underwriting.
DIG DEEPER 02
Group & continued life
A quarter of revenue at about 24% margins, bought by employers and almost never re-tendered.
DIG DEEPER 03
Corporate insurance (Poland)
Business cover grew 10% in 2025 and written premium 18% in the latest quarter, with much of the risk reinsured.
DIG DEEPER 04
Individual life
Three per cent of revenue, 55 groszy of profit per złoty, and growing 27%.
DIG DEEPER 05
Baltic states & Ukraine
A tenth of revenue abroad, growing faster than Poland and earning less than a year ago.
References
  1. ReportedIn 2025 insurance revenue was 30 882 million złoty: mass insurance in Poland 13 655 million, group and individually continued life 7 921 million, corporate insurance 5 187 million, the Baltic states and Ukraine 3 148 million, and individual and investment life 971 million .
    PZU Group consolidated financial statements for 2025 - segment note: insurance revenue, insurance service result, reinsurance and operating profit by segment for 2025 and 2024; insurance revenue note — FY2024-FY2025 · publ. March 2026 · source ↗
  2. Moat Explorer calcMass insurance, mostly motor and home cover sold to households, was 44% of the total .
    Moat Explorer calculation from PZU's segment notes: segment shares of insurance revenue, operating margins and growth rates — FY2024 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedSegment operating profit, which includes investment income allocated to each line, was 2 000 million złoty in mass insurance, 1 898 million in group life, 1 075 million in corporate, 534 million in individual and investment life, and 501 million in the Baltic states and Ukraine .
    PZU Group consolidated financial statements for 2025 - segment note: insurance revenue, insurance service result, reinsurance and operating profit by segment for 2025 and 2024; insurance revenue note — FY2024-FY2025 · publ. March 2026 · source ↗
  4. Moat Explorer calcIndividual life earned about 55 groszy on each złoty of revenue; mass insurance about 15 .
    Moat Explorer calculation from PZU's segment notes: segment shares of insurance revenue, operating margins and growth rates — FY2024 to H1 2026 · publ. 2026-09-23 · source ↗
  5. ReportedThe chart leaves out the segment that reports the most operating profit: banking, 11 911 million złoty in 2025, more than all the insurance segments together .
    PZU Group consolidated financial statements for 2025 - segment note: insurance revenue, insurance service result, reinsurance and operating profit by segment for 2025 and 2024; insurance revenue note — FY2024-FY2025 · publ. March 2026 · source ↗
  6. ReportedThat figure consolidates Pekao and Alior in full, and most of it belongs to the banks' other shareholders; PZU's own share of bank profit was 2 183 million .
    PZU Group financial results in 2025 and 4Q25 (results presentation) - market shares, motor pricing policy, bancassurance and investment products, banks' contribution to profit — FY2025 · publ. 26 February 2026 · source ↗
  7. ReportedIndividual life revenue rose 27,0% and group life 5,4%, while mass insurance fell 0,9% and corporate grew 1,1% .
    PZU Group condensed interim consolidated financial statements for the 6 months ended 30 June 2026 - segment note: insurance revenue and operating profit by segment for H1 2026 and H1 2025 — H1 2026 · publ. 20 August 2026 · source ↗
  8. Moat Explorer calcThe test for the five together is mass insurance's share of revenue, 43% in the first half of 2026 : a falling share means PZU is moving from the product customers compare on price toward the ones they do not.
    Moat Explorer calculation from PZU's segment notes: segment shares of insurance revenue, operating margins and growth rates — FY2024 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 24, 2026