Dividend

On March 25, 2021, the PZU’s Supervisory Board adopted a resolution approving the PZU Group's Capital and Dividend Policy for 2021-2024. The adopted policy is a continuation of the principles set out in the PZU Group's Capital and Dividend Policy for 2016-2020.

 

In accordance with the Policy, the PZU Group endeavors to do the following:

1) manage capital effectively by optimizing the usage of capital from the Group’s perspective;

2) maximize the rate of return on equity for the parent company’s shareholders, in particular by maintaining the level of security and retaining capital resources for strategic growth objectives through organic growth and acquisitions;

3) ensure sufficient financial means to cover the Group’s liabilities to its clients.

 

The capital management policy rests on the following principles:

1) manage the PZU Group’s capital (including excess capital) at the level of PZU SA;

2) sustain target solvency ratios at the level of 200% for the PZU Group, PZU SA and PZU Życie SA (according to Solvency II);

3) maintain the financial leverage ratio at a level no higher than 25%;

4) ensure funds for growth and acquisitions;

5) maintain the financial conglomerate’s surplus own funds above the pertinent requirements for solvency;

PZU SA will not issue any new shares for the duration of this Policy.

It is assumed that certain temporary deviations in the actual solvency ratio above or below the target level may occasionally occur.

 

The PZU SA and PZU Group’s dividend policy rests on the following principles:

1) The PZU Group endeavors to manage capital effectively and maximize the rate of return on equity for the parent company’s shareholders, in particular by maintaining the level of security and retaining capital resources for strategic growth objectives through acquisitions;

2) the dividend amount proposed by the parent company’s Management Board which PZU SA pays for the respective financial year is determined on the basis of the PZU Group’s consolidated financial result attributable to equity holders of the parent company, where:

a) no more than 20% will be earmarked as retained earnings (supplementary capital) for goals associated with organic growth and innovations as well as execution of growth initiatives;

b) no less than 50% is subject to payment as an annual dividend;

c) the remaining part will be paid in the form of annual dividend or will increase retained earnings (supplementary capital) if significant expenditures are incurred in connection with the execution of the PZU Group Strategy, including, in particular, mergers and acquisitions

- subject to items 3 and 4;

4) according to the Management Board’s plans and risk and solvency self-assessment of the parent company, the own funds of the parent company and the PZU Group following the declaration or payment of a dividend will remain at a level that will ensure fulfillment of the conditions specified in the capital policy;

5) when determining the dividend the regulatory authority’s recommendations concerning dividends will be taken into consideration.

On 18 June 2024, the Ordinary Shareholder Meeting of the Company (“OSH”) passed a resolution to distribute PZU SA’s net profit for the year ended 31 December 2023 increased by the amount transferred from the supplementary capital created from the net profit for the year ended 31 December 2022; by this resolution, the OSH decided to allocate PLN 3,747,689,820.00 (said: three billion seven hundred and fortyseven million six hundred and eighty-nine thousand eight hundred and twenty Polish zloty and zero groszy), i.e. PLN 4.34 per share (said: four Polish zloty and thirty-four groszy), for the disbursement of dividends. The number of shares covered by dividends is 863,523,000. 17 September 2024 was set as a date by which the list of shareholders entitled to dividends for the financial year ended 31 December 2023 shall be determined. The dividend payout date was set for 8 October 2024.

On 7 June 2023, the Ordinary Shareholder Meeting of the Company adopted a resolution on the distribution of net profit of PZU SA for the year ended 31 December 2022 increased by the amount transferred from the supplementary capital created from the net profit for the year ended 31 December 2021, in which it decided to allocate the amount of PLN 2,072,455,200.00 (in words: two billion seventy-two million four hundred and fifty-five thousand two hundred zloty 00 grosz), i.e. PLN 2.40 (in words: two zloty 40 groszy) per share, for the payment of the dividend. The number of shares covered by the dividend is 863,523,000. The record date as at which the list of shareholders entitled to the dividend for the financial year ended 31 December 2022 is established has been set for 7 September 2023. The dividend payment date has been set for 28 September 2023. 

On 29 June 2022 the Company’s Ordinary Shareholder Meeting adopted a resolution on the distribution of PZU SA’s net profit for the year ended 31 December 2021 and the amount transferred from supplementary capital created from the net profit generated for the year ended 31 December 2020, in which it decided to allocate for the payment of a dividend the amount of PLN 1,675,234,620.00 (one billion six hundred seventy-five million two hundred thirty-four thousand six hundred twenty Polish zloty), or PLN 1.94 (one Polish zloty and 94/100) per share. The number of shares covered by the dividend is 863,523,000.

The record date as at which the list of shareholders entitled to the dividend for the financial year ended 31 December 2021 is established has been set for 29 September 2022. The dividend payment date has been set for 20 October 2022. 

16 June 2021 the Company’s Ordinary Shareholder Meeting adopted a resolution on the distribution of PZU SA’s net profit for the year ended 31 December 2020 and the amount transferred from supplementary capital created from the net profit generated for the year ended 31 December 2019, in which it decided to allocate for the payment of a dividend the amount of PLN 3,022,330,500.00 (three billion twenty-two million three hundred-thirty thousand five hundred Polish zloty), or PLN 3.50 (three Polish zloty and 50/100) per share. The number of shares covered by the dividend is 863,523,000.

The record date as at which the list of shareholders entitled to the dividend for the financial year ended 31 December 2020 is established has been set for 15 September 2021. The dividend payment date has been set for 6 October 2021. 

On 24 May 2019 the Company’s Ordinary Shareholder Meeting earmarked 2,417,864,400.00 (in words: two billion four hundred and seventeen million eight hundred and sixty-four thousand four hundred zlotys), i.e. PLN 2.80 (in words: two zlotys and eighty groszy) per share as a result of distributing the earnings for the financial year ended 31 December 2018. 

The date for determining the list of shareholders entitled to the dividend payout for the financial year ended 31 December 2018 has been set for 14 August 2019. The dividend payout date has been set for 5 September 2019.