Baltic states & UkraineThin moat

PZU (PZU) — moat facet

A tenth of revenue abroad, growing faster than Poland and earning less than a year ago.

PZU's foreign business is in the Baltic states and Ukraine. Its insurance revenue was 2 925 million złoty in 2024 and 3 148 million in 2025, of which the Baltic states 2 876 million and Ukraine 272 million 1, about 10% of PZU's insurance revenue 2.

Foreign segments, first half (zl m)1 394Baltic revenue H1 20251 483Baltic revenue H1 2026245Baltic profit H1 2025206Baltic profit H1 2026PZU H1 2026 interim financial statements; Ukraine revenue 118 to 165
Baltic revenue grew 6% while operating profit fell 16%.

It is mostly non-life. Operating profit was 408 million złoty in 2024 and 501 million in 2025, of which the Baltic states 453 million and Ukraine 48 million 3, a margin of about 16% 4.

The latest half grew in revenue and fell in profit. Baltic revenue rose 6,4% to 1 483 million złoty while operating profit fell 15,9% to 206 million; Ukraine's revenue rose 39,8% to 165 million and its profit fell to 20 million from 24 million 5. In the second quarter Baltic non-life ran at a combined ratio of 85,9% against 85,0% 6.

PZU is adding to Ukraine. It signed a conditional agreement to buy MetLife's Ukrainian life insurer, which has about half of that life market and around 900 000 customers, with 2025 net profit of 21 million euros on 38 million euros of insurance revenue 7.

The segment is a tenth of revenue and grows faster than Poland, but its profit has not kept up this year. The number to watch is Baltic operating profit: two more halves below the prior year would mean growth is being bought on price.

Moat trajectory: Holding steady

Revenue grew 6,4% in the Baltics and 39,8% in Ukraine in the first half of 2026, but Baltic operating profit fell 15,9%.

The number that tests this moat
Reported
Baltic operating profit, first half
206m zł in H1 2026, -15,9%

Two more halves below the prior year would mean foreign growth is being bought on price.

Source: PZU H1 2026 interim financial statements ↗
References
  1. ReportedIts insurance revenue was 2 925 million złoty in 2024 and 3 148 million in 2025, of which the Baltic states 2 876 million and Ukraine 272 million , about 10% of PZU's insurance revenue .
    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 calcIts insurance revenue was 2 925 million złoty in 2024 and 3 148 million in 2025, of which the Baltic states 2 876 million and Ukraine 272 million , about 10% of PZU's insurance revenue .
    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. ReportedOperating profit was 408 million złoty in 2024 and 501 million in 2025, of which the Baltic states 453 million and Ukraine 48 million , a margin of about 16% .
    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 calcOperating profit was 408 million złoty in 2024 and 501 million in 2025, of which the Baltic states 453 million and Ukraine 48 million , a margin of about 16% .
    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. ReportedBaltic revenue rose 6,4% to 1 483 million złoty while operating profit fell 15,9% to 206 million; Ukraine's revenue rose 39,8% to 165 million and its profit fell to 20 million from 24 million .
    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 ↗
  6. ReportedIn the second quarter Baltic non-life ran at a combined ratio of 85,9% against 85,0% .
    PZU Group financial results for 2Q and 1H26 (results presentation) - segment revenue, results and combined ratios by line; gross written premium; market shares; MetLife Ukraine — H1 2026 · publ. 20 August 2026 · source ↗
  7. ReportedIt signed a conditional agreement to buy MetLife's Ukrainian life insurer, which has about half of that life market and around 900 000 customers, with 2025 net profit of 21 million euros on 38 million euros of insurance revenue .
    PZU Group financial results for 2Q and 1H26 (results presentation) - segment revenue, results and combined ratios by line; gross written premium; market shares; MetLife Ukraine — H1 2026 · publ. 20 August 2026 · source ↗
Sources
Generated September 24, 2026