Group & continued lifeWide moat

PZU (PZU) — moat facet

A quarter of revenue at about 24% margins, bought by employers and almost never re-tendered.

Group and individually continued life is PZU's steadiest line: life cover bought by employers for their staff, and the policies employees keep individually after they leave. Its insurance revenue was 7 840 million złoty in 2024 and 7 921 million in 2025 1, a quarter of PZU's insurance revenue 2.

Group and continued life, first half (zl m)3 937Revenue H1 20254 148Revenue H1 2026920Profit H1 2025970Profit H1 2026PZU H1 2026 interim financial statements, segment note
Revenue and profit both grew 5,4%: a steady margin of about a quarter.

It is sold to employers, renewed by human-resources departments and rarely re-tendered, which is why PZU's share of Poland's regular-premium life market was 41,0% after the third quarter of 2025, against 14,2% for Allianz 3.

It is profitable and hardly growing. Segment operating profit was 1 974 million złoty in 2024 and 1 898 million in 2025 4, a margin of about 24% of revenue 5. The contractual service margin released into profit, the part of future profit IFRS 17 recognises as the service is delivered, rose to 1 434 million from 1 267 million 6.

The latest half was better. Revenue rose 5,4% to 4 148 million złoty and operating profit 5,4% to 970 million 7. In the second quarter the margin on the line was 25,2% against 25,6% a year earlier 8.

Growth here follows employment and wages, and PZU's share of the market is edging down, from 41,8% after the third quarter of 2024 to 40,1% in the first quarter of 2026 9. The measure to watch is the line's revenue growth against Polish wage growth: falling behind would mean employers are cutting cover or moving it to rivals.

Moat trajectory: Holding steady

Revenue and operating profit both rose 5,4% in the first half of 2026; market share eased from 41,8% to 40,1%.

The number that tests this moat
Reported
Group and continued life operating profit, first half
970m zł in H1 2026, +5,4%

Growth below Polish wage growth would mean employers are cutting cover or moving it.

Source: PZU H1 2026 interim financial statements ↗
References
  1. ReportedIts insurance revenue was 7 840 million złoty in 2024 and 7 921 million in 2025 , a quarter 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 7 840 million złoty in 2024 and 7 921 million in 2025 , a quarter 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. ReportedIt is sold to employers, renewed by human-resources departments and rarely re-tendered, which is why PZU's share of Poland's regular-premium life market was 41,0% after the third quarter of 2025, against 14,2% for Allianz .
    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 ↗
  4. ReportedSegment operating profit was 1 974 million złoty in 2024 and 1 898 million in 2025 , a margin of about 24% 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 1 974 million złoty in 2024 and 1 898 million in 2025 , a margin of about 24% 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 contractual service margin released into profit, the part of future profit IFRS 17 recognises as the service is delivered, rose to 1 434 million from 1 267 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 ↗
  7. ReportedRevenue rose 5,4% to 4 148 million złoty and operating profit 5,4% to 970 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 ↗
  8. ReportedIn the second quarter the margin on the line was 25,2% against 25,6% a year earlier .
    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 ↗
  9. ReportedGrowth here follows employment and wages, and PZU's share of the market is edging down, from 41,8% after the third quarter of 2024 to 40,1% in the first quarter of 2026 .
    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