Individual lifeNarrow moat

PZU (PZU) — moat facet

Three per cent of revenue, 55 groszy of profit per złoty, and growing 27%.

Individual life is PZU's smallest line: protection policies bought directly by individuals, plus life products with an investment component. Its insurance revenue was 848 million złoty in 2024 and 971 million in 2025, of which individual protection 870 million and investment insurance 101 million 1, 3% of PZU's insurance revenue 2.

Individual protection, first half (zl m)407Revenue H1 2025517Revenue H1 2026193Profit H1 2025271Profit H1 2026PZU H1 2026 interim financial statements, segment note
Revenue up 27% and operating profit up 40%: half of every złoty of revenue becomes profit.

It is the most profitable line per złoty. Operating profit was 434 million złoty in individual protection and 100 million in investment insurance in 2025, against 379 million and a loss of 3 million in 2024 3. In the second quarter of 2026 the individual insurance margin was 54,6%, against 46,6% a year earlier 4.

It is also the fastest-growing. In the first half of 2026 individual protection revenue rose 27,0% to 517 million złoty and its operating profit 40,4% to 271 million 5.

The investment side is shrinking. Single-premium investment products brought 280 million złoty of premium in the second quarter against 328 million a year earlier, and investment contracts 68 million against 113 million 6; PZU links the fall to lower rates, strong inflows into mutual funds and a shift to regular premiums to reduce legal risk 7.

This line is too small to move PZU, but it is where the margin is. The figure to watch is individual protection revenue growth, 27,0% in the first half: holding above 20% would make this the group's clearest growth business.

Moat trajectory: Widening

Individual protection revenue rose 27,0% and its operating profit 40,4% in the first half of 2026.

The number that tests this moat
Reported
Individual protection revenue growth, first half
+27,0% in H1 2026 (517m zł)

Holding above 20% would make this the group's clearest growth business.

Source: PZU H1 2026 interim financial statements ↗
References
  1. ReportedIts insurance revenue was 848 million złoty in 2024 and 971 million in 2025, of which individual protection 870 million and investment insurance 101 million , 3% 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 848 million złoty in 2024 and 971 million in 2025, of which individual protection 870 million and investment insurance 101 million , 3% 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 434 million złoty in individual protection and 100 million in investment insurance in 2025, against 379 million and a loss of 3 million in 2024 .
    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. ReportedIn the second quarter of 2026 the individual insurance margin was 54,6%, against 46,6% 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 ↗
  5. ReportedIn the first half of 2026 individual protection revenue rose 27,0% to 517 million złoty and its operating profit 40,4% to 271 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. ReportedSingle-premium investment products brought 280 million złoty of premium in the second quarter against 328 million a year earlier, and investment contracts 68 million against 113 million ; PZU links the fall to lower rates, strong inflows into mutual funds and a shift to regular premiums to reduce legal risk .
    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. ReportedSingle-premium investment products brought 280 million złoty of premium in the second quarter against 328 million a year earlier, and investment contracts 68 million against 113 million ; PZU links the fall to lower rates, strong inflows into mutual funds and a shift to regular premiums to reduce legal risk .
    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 ↗
Sources
Generated September 24, 2026