Announcement • May 27
Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 18, 2026 Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 18, 2026, at 11:00 Central European Standard Time. Location: warsaw at rondo ignacego, daszynskiego 4, 00843 warsaw., warsaw Poland Declared Dividend • May 17
Dividend increased to zł4.80 Dividend of zł4.80 is 7.4% higher than last year. Ex-date: 16th September 2026 Payment date: 8th October 2026 Dividend yield will be 7.7%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (75% cash payout ratio). The dividend has increased by an average of 4.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 15
Powszechny Zaklad Ubezpieczen SA announces Annual dividend, payable on October 08, 2026 Powszechny Zaklad Ubezpieczen SA announced Annual dividend of PLN 4.8000 per share payable on October 08, 2026, ex-date on September 16, 2026 and record date on September 17, 2026. Reported Earnings • May 15
First quarter 2026 earnings: EPS misses analyst expectations First quarter 2026 results: EPS: zł1.58 (down from zł2.04 in 1Q 2025). Revenue: zł15.1b (down 4.7% from 1Q 2025). Net income: zł1.36b (down 23% from 1Q 2025). Profit margin: 9.0% (down from 11% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.4%. Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.7%. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 28
Full year 2025 earnings released: EPS: zł7.76 (vs zł6.19 in FY 2024) Full year 2025 results: EPS: zł7.76 (up from zł6.19 in FY 2024). Revenue: zł63.0b (up 3.5% from FY 2024). Net income: zł6.70b (up 25% from FY 2024). Profit margin: 11% (up from 8.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.2%. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Major Estimate Revision • Nov 26
Consensus EPS estimates increase by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from zł7.08 to zł7.90. Revenue forecast steady at zł31.3b. Net income forecast to shrink 10% next year vs 8.4% growth forecast for Insurance industry in Poland . Consensus price target broadly unchanged at zł64.92. Share price rose 5.8% to zł63.10 over the past week. Reported Earnings • Nov 21
Third quarter 2025 earnings released: EPS: zł2.31 (vs zł1.41 in 3Q 2024) Third quarter 2025 results: EPS: zł2.31 (up from zł1.41 in 3Q 2024). Revenue: zł16.0b (up 2.1% from 3Q 2024). Net income: zł2.00b (up 64% from 3Q 2024). Profit margin: 13% (up from 7.8% in 3Q 2024). The increase in margin was primarily driven by lower expenses. Revenue is expected to decline by 19% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 17
Upcoming dividend of zł4.47 per share Eligible shareholders must have bought the stock before 24 September 2025. Payment date: 16 October 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 7.4%. Within top quartile of Polish dividend payers (7.3%). Higher than average of industry peers (4.4%). Reported Earnings • Aug 31
Second quarter 2025 earnings: Revenues and EPS in line with analyst expectations Second quarter 2025 results: EPS: zł1.70 (up from zł1.38 in 2Q 2024). Revenue: zł15.8b (up 7.7% from 2Q 2024). Net income: zł1.47b (up 23% from 2Q 2024). Profit margin: 9.3% (up from 8.1% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is expected to decline by 20% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jun 03
Bank Polska Kasa Opieki S.A. (WSE:PEO) signed a memorandum of cooperation to acquire Powszechny Zaklad Ubezpieczen SA (WSE:PZU). Bank Polska Kasa Opieki S.A. (WSE:PEO) signed a memorandum of cooperation to acquire Powszechny Zaklad Ubezpieczen SA (WSE:PZU) on June 2, 2025. To create a single, highly capitalized company on the Warsaw Stock Exchange, Powszechny Zaklad Ubezpieczen SA will first separate its holding company from its non-life insurance subsidiary. Then, Powszechny Zaklad Ubezpieczen SA holding company will merge with the acquiring company Bank Polska Kasa Opieki S.A. The transaction is subject to approval by regulatory board / committee, approval of offer by acquirer shareholders and approval of offer by target shareholders. The expected completion of the transaction is mid-2026. Announcement • Jun 02
Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 25, 2025 Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 25, 2025, at 11:00 Central European Standard Time. Location: at the company`s registered office in warsaw, rondo ignacego daszynskiego 4, 00-843 warsaw Poland Reported Earnings • May 16
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: zł2.04 (up from zł1.45 in 1Q 2024). Revenue: zł15.8b (up 5.8% from 1Q 2024). Net income: zł1.76b (up 40% from 1Q 2024). Profit margin: 11% (up from 8.4% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 37%. Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 5.6%. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • May 08
Dividend increased to zł4.47 Dividend of zł4.47 is 3.0% higher than last year. Ex-date: 24th September 2025 Payment date: 16th October 2025 Dividend yield will be 7.4%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (71% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has increased by an average of 3.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 13% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 07
Powszechny Zaklad Ubezpieczen SA announces Annual dividend, payable on October 16, 2025 Powszechny Zaklad Ubezpieczen SA announced Annual dividend of PLN 4.4700 per share payable on October 16, 2025, ex-date on September 24, 2025 and record date on September 25, 2025. Reported Earnings • Mar 30
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: zł6.19 (down from zł6.68 in FY 2023). Revenue: zł61.0b (up 6.7% from FY 2023). Net income: zł5.34b (down 7.4% from FY 2023). Profit margin: 8.8% (down from 10% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is expected to decline by 23% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 18% per year. Reported Earnings • Nov 24
Third quarter 2023 earnings released: EPS: zł1.71 (vs zł0.84 in 3Q 2022) Third quarter 2023 results: EPS: zł1.71 (up from zł0.84 in 3Q 2022). Revenue: zł14.9b (up 47% from 3Q 2022). Net income: zł1.48b (up 104% from 3Q 2022). Profit margin: 9.9% (up from 7.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 12% p.a. on average during the next 4 years, while revenues in the Insurance industry in Europe are expected to grow by 5.1%. Valuation Update With 7 Day Price Move • Sep 17
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to zł39.15, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Insurance industry in Europe. Total returns to shareholders of 36% over the past three years. Upcoming Dividend • Sep 09
Upcoming dividend of zł4.34 per share Eligible shareholders must have bought the stock before 16 September 2024. Payment date: 08 October 2024. Trailing yield: 9.3%. Within top quartile of Polish dividend payers (7.8%). Higher than average of industry peers (4.9%). Reported Earnings • Sep 02
Third quarter 2023 earnings released: EPS: zł1.69 (vs zł0.84 in 3Q 2022) Third quarter 2023 results: EPS: zł1.69 (up from zł0.84 in 3Q 2022). Revenue: zł14.7b (up 45% from 3Q 2022). Net income: zł1.46b (up 101% from 3Q 2022). Profit margin: 9.9% (up from 7.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 12% p.a. on average during the next 4 years, while revenues in the Insurance industry in Europe are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Announcement • Jun 19
Powszechny Zaklad Ubezpieczen SA Approves Dividend for the year 2023, Payable on October 8, 2024 Powszechny Zaklad Ubezpieczen SA at its ordinary general meeting approved dividend of PLN 4.34 (EUR 1) per share for the year 2023. The dividend date was set for September 17, 2024 and the dividend is to be paid on October 8, 2024. Reported Earnings • May 24
Third quarter 2023 earnings released: EPS: zł1.69 (vs zł0.84 in 3Q 2022) Third quarter 2023 results: EPS: zł1.69 (up from zł0.84 in 3Q 2022). Revenue: zł14.7b (up 45% from 3Q 2022). Net income: zł1.46b (up 101% from 3Q 2022). Profit margin: 9.9% (up from 7.1% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 9.4% p.a. on average during the next 4 years, while revenues in the Insurance industry in Europe are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • May 16
Dividend increased to zł4.34 Dividend of zł4.34 is 81% higher than last year. Ex-date: 16th September 2024 Payment date: 8th October 2024 Dividend yield will be 8.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (42% earnings payout ratio) and cash flows (4% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 5.6% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 15
PZU SA Proposes Dividend for 2023, Payable on October 8, 2024 The Management Board of PZU SA proposed to pay PLN 4.34 dividend per share for 2023. Management Board recommends from the net profit for 2023 and from the reserve capital created from the net profit for 2022 to allocate PLN 3.74 billion for the payment of dividends. The management board recommends that PLN 8.6 million be allocated to the Corporate Social Benefit Fund ZFSS and PLN 1.08 billion to the reserve capital. The Management Board of PZU SA decided to propose to the ordinary general meeting that the dividend date be set for September 17, 2024 and the dividend payment date for October 8, 2024. It was reported that the proposed profit distribution is in line with PZU Group's Capital and Dividend Policy for 2021 - 2024, adopted on March 24, 2021, and takes into account the recommendations contained in the financial watchdog KNF's position on dividend policy in 2024 of December 14, 2023. This proposal of the company's management board to the OGM will then be submitted to the PZU supervisory board for evaluation. The final decision on the distribution of PZU SA's net profit for the 2023 financial year will be taken by the company's OGM. New Risk • Apr 10
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 3.2% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Feb 16
Powszechny Zaklad Ubezpieczen SA Announces Board Changes Powszechny Zaklad Ubezpieczen SA's extraordinary general meeting appointed nine new members to the company's supervisory board, proposed by the State Treasury. Wojciech Olejniczak, Michal Jonczynski, Adam Uszpolewicz, Anita Elzanowska, Michal Bernaczyk, Filip Gorczyca, Andrzej Kaleta, Malgorzata Kurzynoga and Anna Machnikowska have been appointed to the board. Robert Jastrzebski, Agata Gornicka, Radoslaw Sierpinski, Marcin Chludzinski, Maciej Zaborowski, Krzysztof Opolski, Jozef Wierzbowski were dismissed from the supervisory board. On February 14, the Minister of State Assets dismissed Pawel Gorecki from PZU's supervisory board. Price Target Changed • Dec 27
Price target increased by 9.2% to zł50.10 Up from zł45.90, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of zł47.83. Stock is up 38% over the past year. The company is forecast to post earnings per share of zł6.16 for next year compared to zł3.91 last year. New Risk • Dec 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Price Target Changed • Nov 28
Price target increased by 7.1% to zł45.34 Up from zł42.32, the current price target is an average from 9 analysts. New target price is approximately in line with last closing price of zł45.27. Stock is up 42% over the past year. The company is forecast to post earnings per share of zł5.74 for next year compared to zł3.91 last year. Reported Earnings • Nov 26
Third quarter 2023 earnings released: EPS: zł1.69 (vs zł0.76 in 3Q 2022) Third quarter 2023 results: EPS: zł1.69 (up from zł0.76 in 3Q 2022). Revenue: zł14.4b (up 37% from 3Q 2022). Net income: zł1.46b (up 121% from 3Q 2022). Profit margin: 10% (up from 6.3% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 22% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.5%. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 20% per year. Price Target Changed • Oct 24
Price target increased by 8.4% to zł45.86 Up from zł42.32, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of zł44.76. Stock is up 78% over the past year. The company is forecast to post earnings per share of zł5.42 for next year compared to zł3.91 last year. Major Estimate Revision • Sep 07
Consensus EPS estimates increase by 18% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from zł28.4b to zł29.7b. EPS estimate increased from zł4.58 to zł5.42 per share. Net income forecast to shrink 84% next year vs 16% growth forecast for Insurance industry in Poland . Consensus price target broadly unchanged at zł41.94. Share price fell 7.6% to zł38.19 over the past week. Reported Earnings • Sep 03
Second quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2023 results: EPS: zł14.95 (up from zł0.84 in 2Q 2022). Revenue: zł14.9b (up 32% from 2Q 2022). Net income: zł12.9b (up zł12.2b from 2Q 2022). Profit margin: 87% (up from 6.4% in 2Q 2022). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) exceeded analyst estimates by 76%. Revenue is expected to decline by 21% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 7.2%. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Sep 02
Powszechny Zaklad Ubezpieczen SA Provides Earnings Guidance for the Year 2023 Powszechny Zaklad Ubezpieczen SA provided earnings guidance for the year 2023. The company hopes that the company results will be "very good" in entire 2023. Upcoming Dividend • Aug 30
Upcoming dividend of zł2.40 per share at 5.9% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 28 September 2023. Payout ratio is a comfortable 57% and this is well supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of Polish dividend payers (7.5%). Higher than average of industry peers (5.2%). Reported Earnings • May 27
First quarter 2023 earnings released First quarter 2023 results: Revenue: zł14.8b (up 39% from 1Q 2022). Net income: zł1.16b (up 52% from 1Q 2022). Profit margin: 7.8% (up from 7.1% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 8.5%. Announcement • May 13
Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 07, 2023 Powszechny Zaklad Ubezpieczen SA, Annual General Meeting, Jun 07, 2023. Announcement • May 06
Powszechny Zaklad Ubezpieczen SA Recommends Dividend for 2022 Powszechny Zaklad Ubezpieczen SA recommended to pay out PLN 2.40 per share or PLN 2.072 billion total dividend from 2022 profit and 2021 retained earnings. Reported Earnings • Nov 26
Third quarter 2022 earnings released: EPS: zł0.76 (vs zł0.88 in 3Q 2021) Third quarter 2022 results: EPS: zł0.76 (down from zł0.88 in 3Q 2021). Revenue: zł10.3b (up 6.8% from 3Q 2021). Net income: zł660.0m (down 13% from 3Q 2021). Profit margin: 6.4% (down from 7.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Insurance industry in Europe are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 16% share price decline to zł23.16, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Insurance industry in Europe. Total loss to shareholders of 25% over the past three years. Upcoming Dividend • Sep 21
Upcoming dividend of zł1.94 per share Eligible shareholders must have bought the stock before 28 September 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 53% and this is well supported by cash flows. Trailing yield: 7.0%. Lower than top quartile of Polish dividend payers (8.9%). Higher than average of industry peers (5.6%). Reported Earnings • Aug 27
Second quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2022 results: EPS: zł0.84 (down from zł0.90 in 2Q 2021). Revenue: zł11.2b (up 16% from 2Q 2021). Net income: zł722.0m (down 6.7% from 2Q 2021). Profit margin: 6.4% (down from 8.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 37% compared to a 111% growth forecast for the Insurance industry in Poland. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • May 22
First quarter 2022 earnings: EPS misses analyst expectations First quarter 2022 results: EPS: zł0.88 (down from zł1.04 in 1Q 2021). Revenue: zł10.6b (up 8.2% from 1Q 2021). Net income: zł758.0m (down 16% from 1Q 2021). Profit margin: 7.2% (down from 9.2% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.4%. Over the next year, revenue is expected to shrink by 35% compared to a 16% growth forecast for the industry in Poland. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 31
Full year 2021 earnings: EPS exceeds analyst expectations Full year 2021 results: EPS: zł3.86 (up from zł2.22 in FY 2020). Revenue: zł36.3b (flat on FY 2020). Net income: zł3.34b (up 75% from FY 2020). Profit margin: 9.2% (up from 5.3% in FY 2020). Combined ratio: 89.2% (up from in FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 12%. Over the next year, revenue is expected to shrink by 27% compared to a 16% growth forecast for the insurance industry in Poland. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Nov 19
Third quarter 2021 earnings released: EPS zł0.88 (vs zł1.04 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: zł9.58b (down 2.0% from 3Q 2020). Net income: zł759.0m (down 16% from 3Q 2020). Profit margin: 7.9% (down from 9.2% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Sep 07
Upcoming dividend of zł3.50 per share Eligible shareholders must have bought the stock before 14 September 2021. Payment date: 06 October 2021. Trailing yield: 8.5%. Within top quartile of Polish dividend payers (5.8%). Higher than average of industry peers (4.7%). Reported Earnings • Aug 28
Second quarter 2021 earnings released: EPS zł0.90 (vs zł0.22 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: zł9.79b (down 5.6% from 2Q 2020). Net income: zł774.0m (up 310% from 2Q 2020). Profit margin: 7.9% (up from 1.8% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Executive Departure • Jun 12
Chairman of the Supervisory Board Maciej Lopinski has left the company On the 7th of June, Maciej Lopinski's tenure as Chairman of the Supervisory Board ended after 3.4 years in the role. We don't have any record of a personal shareholding under Maciej's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 2.63 years. Executive Departure • Jun 11
Group MD for Corporate Affairs & Member of the Management Board Marcin Eckert has left the company On the 7th of June, Marcin Eckert's tenure as Group MD for Corporate Affairs & Member of the Management Board ended after 2.2 years in the role. We don't have any record of a personal shareholding under Marcin's name. A total of 3 executives have left over the last 12 months. The current median tenure of the management team is 2.25 years. Reported Earnings • May 30
First quarter 2021 earnings released: EPS zł1.04 (vs zł0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: zł9.76b (up 8.2% from 1Q 2020). Net income: zł897.0m (up zł781.0m from 1Q 2020). Profit margin: 9.2% (up from 1.3% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 24
New 90-day high: zł31.71 The company is up 28% from its price of zł24.87 on 24 September 2020. The Polish market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł43.93 per share. Is New 90 Day High Low • Dec 08
New 90-day high: zł28.00 The company is up 2.0% from its price of zł27.48 on 09 September 2020. The Polish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł35.34 per share. Analyst Estimate Surprise Post Earnings • Nov 25
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates by 91%. Over the next year, revenue is expected to shrink by 38% compared to a 2.3% decline forecast for the Insurance industry in Poland. Reported Earnings • Nov 25
Third quarter 2020 earnings released: EPS zł1.04 The company reported a mediocre third quarter result with weaker revenues, although profit margins were flat and earnings were improved. Third quarter 2020 results: Revenue: zł9.39b (down 3.8% from 3Q 2019). Net income: zł899.0m (up 2.3% from 3Q 2019). Profit margin: 9.6% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 13
New 90-day low: zł24.40 The company is down 17% from its price of zł29.28 on 15 July 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł31.35 per share. Major Estimate Revision • Sep 29
Analysts update estimates The 2020 consensus earning per share (EPS) estimate was lowered from zł2.74 to zł2.15. Revenue estimate was approximately flat at zł24.3b. Net income is expected to grow by 17% next year compared to 8.6% growth forecast for the Insurance industry in Poland. The consensus price target was lowered from zł36.89 to zł35.82. Share price is down by 2.8% to zł24.95 over the past week. Is New 90 Day High Low • Sep 24
New 90-day low: zł25.31 The company is down 12% from its price of zł28.70 on 26 June 2020. The Polish market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is zł39.42 per share. 
