Corporate insurance (Poland)Narrow moat

PZU (PZU) — moat facet

Business cover grew 10% in 2025 and written premium 18% in the latest quarter, with much of the risk reinsured.

Corporate insurance is PZU's non-life cover for companies in Poland, including property, liability and motor fleets. Its insurance revenue was 4 704 million złoty in 2024 and 5 187 million in 2025, up 10,3% 1, 17% of PZU's insurance revenue 2.

Reinsurance premium allocated by segment, 2024 (zl m)1 629Corporate176Mass74Baltic statesPZU 2025 financial statements, segment note (2024 comparatives)
Corporate cover cedes nine times as much to reinsurers as the much larger mass book.

Much of the risk is passed on: in 2024 the reinsurance premium allocated to corporate insurance was 1 629 million złoty, against 176 million for the much larger mass segment 3.

Profit rose with revenue. Segment operating profit was 749 million złoty in 2024 and 1 075 million in 2025 4, about 21% of revenue 5. The first half of 2026 was flatter: revenue rose 1,1% to 2 562 million and operating profit fell 3,8% to 507 million 6.

Premium written is accelerating even where revenue is not. Corporate gross written premium was 1 294 million złoty in the second quarter of 2026, up 17,7%, at a combined ratio of 84,4% 7. Written premium becomes revenue over the life of the policy, so the growth should reach revenue in later quarters.

This is the line that follows Polish investment, including the energy projects covered under The Future Bets. The number to watch is the corporate combined ratio: 84,4% in the second quarter 8. Growth is only worth having here if large claims stay below that level.

Moat trajectory: Holding steady

Revenue rose 10,3% in 2025 and 1,1% in the first half of 2026, with written premium up 17,7% in the second quarter.

The number that tests this moat
Reported
Corporate gross written premium, latest quarter
1 294m zł in Q2 2026, +17,7%, at an 84,4% combined ratio

Growth is only worth having while large claims keep the ratio in the mid-80s.

Source: PZU 1H26 results presentation ↗
References
  1. ReportedIts insurance revenue was 4 704 million złoty in 2024 and 5 187 million in 2025, up 10,3% , 17% 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 4 704 million złoty in 2024 and 5 187 million in 2025, up 10,3% , 17% 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. ReportedMuch of the risk is passed on: in 2024 the reinsurance premium allocated to corporate insurance was 1 629 million złoty, against 176 million for the much larger mass segment .
    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. ReportedSegment operating profit was 749 million złoty in 2024 and 1 075 million in 2025 , about 21% of 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 ↗
  5. Moat Explorer calcSegment operating profit was 749 million złoty in 2024 and 1 075 million in 2025 , about 21% of 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 ↗
  6. ReportedThe first half of 2026 was flatter: revenue rose 1,1% to 2 562 million and operating profit fell 3,8% to 507 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 ↗
  7. ReportedCorporate gross written premium was 1 294 million złoty in the second quarter of 2026, up 17,7%, at a combined ratio of 84,4% .
    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 ↗
  8. ReportedThe number to watch is the corporate combined ratio: 84,4% in the second quarter .
    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