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Powszechny Zakład Ubezpieczeń

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Powszechny Zakład Ubezpieczeń Spółka Akcyjna
Company typeSpółka Akcyjna
Traded asWSE: PZU
IndustryFinancial services
Founded1803
HeadquartersWarsaw, Poland
Area servedEurope
Key peoplePaweł Surówka (CEO)
Katarzyna Lewandowska (Chairman)
ProductsInsurance and Banking
RevenueIncrease €8.6 billion (2019)
Net incomeDecrease €684 million(2019)
Total assetsIncrease €54.14 billion (2019)
Number of employees41,470
Websitewww.pzu.pl
PZU Tower, headquarters of PZU Group in Warsaw

Powszechny Zakład Ubezpieczeń Spółka Akcyjna (PZU) (WSE: PZU) is a publicly traded insurance company, a component of the WIG20 and Poland's biggest and oldest insurance company. PZU is headquartered in Warsaw and also one of the largest financial institutions in Poland. It is also one of the top insurance companies in Central and Eastern Europe. The main advantages of the Group concern the strong competitive position, high level of equity and high effectiveness of business activity.

PZU Group offers the largest selection of insurance products on the Polish market (nearly 200 insurance products) and constantly enhances the scope of provided services. The activity of PZU group encompasses the comprehensive insurance-financial service. The Group entities provide services in the area of non-life insurance, personal and life insurance, investment funds and open pension fund.

History

Foundation

The company's origin dates back to 1803 when the first insurance company in Poland was established. In the years 1927-1952 the company operated under the name Powszechny Zakład Ubezpieczeń Wzajemnych and between 1952-1990 it was known as Państwowy Zakład Ubezpieczeń (State Insurance Company) as it was officially given a monopoly by the state and effectively became the largest insurance company in the country.

In 1991 PZU was turned into a joint stock company controlled by the state Treasury as a consequence of the political transformation after 1989.

In December 1991, the PZU Życie joint stock company was founded by polski Bank Rozwoju and Bank Handlowy in Warsaw. The PZU transferred its portfolio of life insurance contracts for PZU Życie.

In 1998, in relation with the reform of the pension insurance system in Poland, PZU Życie formed PTE PZU, a joint stock company, which operates the OFE PZU (Open Pension Fund).

On November 5, 1999, a share purchase agreement was concluded under which Eureko and BIG Bank Gdański SA acquired 20% and 10% respectively of the share capital of PZU. A dispute arose in connection with the implementation of the agreement, which was settled amicably in October 2009. A settlement and sale agreement were concluded between the parties.

Over the years

In 2002, the PZU Group started its activities on the Lithuanian insurance market by acquiring shares in UAB DK “Lindra” (PZU Lietuva).

In the first half of 2008 PZU Group received 11,882.5 million Polish zloty in insurance premiums. This is an increase of 50.6% over the same period in 2007.

PZU was first quoted on the Warsaw Stock Exchange in May 2010.

In March 2014, it was revealed that PZU and Vienna Insurance Group were in the race to acquire rival Lietuvos Draudimas for around $147 million.

Also in 2015 PZU acquired the direct insurer LINK4 in Poland and launched the PZU Zdrowie brand.

In 2015, the transaction to acquire a 25.19% stake in the share capital of Alior Bank SA was completed. The next step was the transaction carried out by Alior Bank to acquire a separate part of Bank BPH, including the core business.

Today the PZU SA Group holds 31.94% of shares of the Alior Bank.

In December 2016, PZU together with Polish Development Fund acquired Bank Pekao - Poland's second largest bank previously owned by Italian bank UniCredit by buying a 32.8 per cent stake in the bank for the amount of PLN 10.6 billion (EUR 2.6 billion).

Organizational structure

The PZU Group currently comprises a total of 88 companies, some of which include:

  • Powszechny Zakład Ubezpieczeń na Życie SA
  • Powszechne Towarzystwo Emerytalne PZU SA
  • Towarzystwo Funduszy Inwestycyjnych PZU SA
  • PZU Pomoc SA
  • PZU Centrum Operacji SA
  • PZU Tower Sp. z o.o.
  • PZU Asset Management Sp. z o.o.
  • Międzyzakładowe Pracownicze Towarzystwo Emerytalne PZU S.A.
  • PZU Lietuva (Lithuania)
  • PZU Ukraine
  • Apdrošināšanas Akciju Sabiedrība Balta (Latvia)
  • PZU Finance AB (Sweden)
  • LLC SOS Services (Ukraine)
  • Ogrodowa – Inwestycje Sp. z.o.o.
  • Alior Bank
  • Bank Pekao

List of CEOs

References

  1. ^ "About the company". Retrieved 2002-03-25.
  2. "Poland's ruling party tightens grip on big state firms". Reuters. 2017-10-10. Retrieved 2019-01-18.
  3. "Grupa PZU on the Forbes Top Regarded Companies List". Forbes. Retrieved 2019-01-18.
  4. "About the PZU Group". Retrieved 2018-03-25.
  5. "History". PZU. Retrieved 2020-03-25.
  6. Borish, Michael S., 1956- (1996). On the road to EU accession : financial sector development in Central Europe. Ding, Wei, 1960-, Noël, Michel, 1954-. Washington, D.C.: World Bank. ISBN 0-585-22421-8. OCLC 44958000.{{cite book}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
  7. ^ "Management Board's report on the activity of the PZU Group and PZU SA". Retrieved 2020-03-25.{{cite web}}: CS1 maint: url-status (link)
  8. "History". PZU. Retrieved 2020-05-15.
  9. "PZU (insurance group)". TAdviser.ru. Retrieved 2020-05-15.
  10. Editorial, Reuters. "PZU.WA - Powszechny Zaklad Ubezpieczen SA Profile | Reuters". www.reuters.comundefined. Retrieved 2020-05-15. {{cite web}}: |first= has generic name (help)
  11. "Eureko B.V. vs. Republic of Poland-Dissenting Opinion" (PDF). Retrieved 2020-05-15.{{cite web}}: CS1 maint: url-status (link)
  12. Investment arbitration in Central and Eastern Europe : law and practice. Nagy, Csongor István, 1979-. Cheltenham, UK. ISBN 1-78811-517-1. OCLC 1128970682.{{cite book}}: CS1 maint: others (link)
  13. "PZU - Clients - MakoLab". makolab.com. Retrieved 2020-05-28.
  14. "PZU, Vienna Insurance in the race for Lithuania's top insurer". Reuters. 27 March 2014. Retrieved 28 March 2014.
  15. "PZU Seeks to Create Top Polish Bank After $431 Million Deal". Bloomberg. Retrieved 2020-05-15.{{cite web}}: CS1 maint: url-status (link)
  16. "Alior Bank acquires the Core Business of Bank BPH from GE Capital". Finance Monthly | Monthly Finance News Magazine. Retrieved 2020-05-15.
  17. "Shareholders - Alior Bank - English version". www.aliorbank.pl. Retrieved 2020-05-15.
  18. "UniCredit sells Bank Pekao stake to Powszechny Zakład Ubezpieczeń and Polski Fundusz Rozwoju". 8 December 2016. Retrieved 19 December 2016.
  19. "Group structure". Retrieved 2018-03-24.

External links

Media related to Powszechny Zakład Ubezpieczeń at Wikimedia Commons

Poland WIG30 companies of Warsaw Stock Exchange
Major insurance and reinsurance companies
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Methodology: SWFI ranking by Total Assets
List of largest insurance companies


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