# Powszechny Zaklad Ubezpieczen (PZU.WAR)

Canonical: https://gigainvestors.com/s/PZU.WAR

Analysis as of: 2026-10-16T07:35:00.703Z. Financial observations: FY2015–FY2025.

Listing currency: PLN. Reporting currency: PLN.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: PLN 73.62 per share; close as of 2026-10-15.

Estimated value: low PLN 104.82 per share, central PLN 128.79 per share, high PLN 166.99 per share. Buy at or below the central value PLN 128.79 per share. Valuation as of 2026-10-16T07:35:00.703Z; scenarios are not confidence intervals.

Expected annual return: 13.6% at the stated quote. About 13.6% a year at today's price (required return 10.4%). required return 10.4% a year (PL 10-year bond 6.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.18×

Chart: Net income; fiscal year observations.

- FY2016: PLN 1.9B

- FY2017: PLN 2.9B

- FY2018: PLN 3.2B

- FY2019: PLN 3.3B

- FY2020: PLN 1.9B

- FY2021: PLN 3.3B

- FY2022: PLN 3.4B

- FY2023: PLN 5.8B

- FY2024: PLN 5.3B

- FY2025: PLN 6.7B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Underwriting economics assessed through return on tangible common equity

- Bank / P&C ROTE, median of available years: 26.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 19.4%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 19.4%

- FY2017: 39.4%

- FY2018: 40.8%

- FY2019: 36.5%

- FY2020: 14.9%

- FY2021: 30.6%

- FY2022: 29.6%

- FY2023: 24.3%

- FY2024: 20.9%

- FY2025: 23.2%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 24.3%

- Book return interval: 10 years

- Starting book value per share: PLN 14.97

- Ending book value per share: PLN 41.09

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 14.6%

- FY2017: 21.7%

- FY2018: 16.9%

- FY2019: 24.5%

- FY2020: 34.8%

- FY2021: 7.1%

- FY2022: 12.2%

- FY2023: 83.5%

- FY2024: 19.4%

- FY2025: 22.5%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.0%

- Share growth excluding flagged crisis recapitalisations: -0.0%

- Five-year share growth excluding flagged crisis recapitalisations: 0.0%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.76×

- Book value created per share: PLN 26.12

- Earnings retained per share after dividends and buybacks: PLN 14.83

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 100

- FY2024: 100

- FY2025: 100

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 2.1% a year forever · net income +25.4%

Story as of 2026-10-16T10:00:03.330Z; price observation 2026-10-15.

The price assumes profits grow 2.1% a year forever

### Net income · FY2025

net income +25.4%; source https://filings.xbrl.org/QLPCKOOKVX32FUELX240/2021-12-31/ESEF/PL/0/pzu-2021-12-31-pl/reports/pzu-2021-12-31-pl.xhtml; observed 2022-03-29.

- FY2016: PLN 1.9B 

- FY2017: PLN 2.9B 

- FY2018: PLN 3.2B 

- FY2019: PLN 3.3B 

- FY2020: PLN 1.9B 

- FY2021: PLN 3.3B 

- FY2022: PLN 3.4B 

- FY2023: PLN 5.8B 

- FY2024: PLN 5.3B 

- FY2025: PLN 6.7B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance property & casualty; annual sales are PLN 66.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); FY2025: revenue 66725000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PZU.WAR: Powszechny Zaklad Ubezpieczen SA provides life and non-life insurance products and services in Poland, the Baltic States, and Ukraine. It operates through Corporate Insurance; Mass Insurance; Group Insurance and Individually Continued Insurance; Individual Insurance; Life Investment Insurance; Investments; Banking; Pension Insurance; Baltic Countries; Ukraine; and Investment Contracts segments. The company offers motor, property, casualty, agricultural, fire, and third-party liability insurance, as well as health and accident insurance. It also provides banking, asset management, brokerage, investment and transaction advisory, finance leasing, and factoring; and transfer agent, call center, business consulting, IT, venture capital fund management, medical, training, assistance, data center, printing, human resources and payroll, and financial and accounting services, as well as manages pension and mutual funds. In addition, the company is involved in buying, operating, leasing, and selling real estate; property management; rental of office and commercial space; investment activities; and investment of free funds and development activity in the construction of commercial real estate. Further, it engages in the manufacture and sale of bathroom and kitchen taps, aluminum central heating radiators, shower cabins, valves, and screens; and auxiliary activities associated with insurance and pension funds. Powszechny Zaklad Ubezpieczen SA was founded in 1803 and is headquartered in Warsaw, Poland.

### Why customers stay

It earns 26.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); 10-year return on tangible equity observations [[2016,0.194199116820554],[2017,0.3944141689373297],[2018,0.4080518161036322],[2019,0.36529933481152993],[2020,0.14943337241109808],[2021,0.30608312689237543],[2022,0.295990876392666],[2023,0.2426837972876517],[2024,0.2088840228356925],[2025,0.23235406333460512]]; median 0.26933733684015887. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); Dividend observations: [[2016,1796000000],[2017,1209000000],[2018,2159000000],[2019,2418000000],[2020,3022000000],[2021,3022000000],[2022,1675000000],[2023,2072000000],[2024,3748000000],[2025,3859000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 34.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); PZU.WAR SharesStats.PercentInsiders = 34.188 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 2.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2022-03-29); Price 73.62; FX 1; original perpetual distributable cash 6.117683026393044; discount 0.10372; growth 0.020621887715389253. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (PLN per share)

- 2016-10: PLN 27.24 per share

- 2016-11: PLN 29.57 per share

- 2016-12: PLN 33.21 per share

- 2017-01: PLN 35.20 per share

- 2017-02: PLN 36.07 per share

- 2017-03: PLN 34.80 per share

- 2017-04: PLN 42.80 per share

- 2017-05: PLN 44.33 per share

- 2017-06: PLN 44.59 per share

- 2017-07: PLN 44.29 per share

- 2017-08: PLN 48.50 per share

- 2017-09: PLN 46.00 per share

- 2017-10: PLN 46.98 per share

- 2017-11: PLN 44.44 per share

- 2017-12: PLN 42.16 per share

- 2018-01: PLN 45.74 per share

- 2018-02: PLN 42.73 per share

- 2018-03: PLN 41.75 per share

- 2018-04: PLN 42.92 per share

- 2018-05: PLN 36.31 per share

- 2018-06: PLN 38.98 per share

- 2018-07: PLN 42.00 per share

- 2018-08: PLN 44.66 per share

- 2018-09: PLN 39.70 per share

- 2018-10: PLN 39.18 per share

- 2018-11: PLN 42.87 per share

- 2018-12: PLN 43.90 per share

- 2019-01: PLN 44.66 per share

- 2019-02: PLN 40.80 per share

- 2019-03: PLN 40.50 per share

- 2019-04: PLN 42.00 per share

- 2019-05: PLN 41.43 per share

- 2019-06: PLN 43.66 per share

- 2019-07: PLN 41.81 per share

- 2019-08: PLN 37.39 per share

- 2019-09: PLN 37.38 per share

- 2019-10: PLN 36.95 per share

- 2019-11: PLN 38.70 per share

- 2019-12: PLN 40.03 per share

- 2020-01: PLN 40.22 per share

- 2020-02: PLN 34.75 per share

- 2020-03: PLN 31.33 per share

- 2020-04: PLN 30.28 per share

- 2020-05: PLN 29.84 per share

- 2020-06: PLN 28.93 per share

- 2020-07: PLN 27.02 per share

- 2020-08: PLN 27.17 per share

- 2020-09: PLN 24.79 per share

- 2020-10: PLN 21.60 per share

- 2020-11: PLN 25.12 per share

- 2020-12: PLN 32.36 per share

- 2021-01: PLN 29.83 per share

- 2021-02: PLN 29.27 per share

- 2021-03: PLN 34.10 per share

- 2021-04: PLN 32.67 per share

- 2021-05: PLN 37.06 per share

- 2021-06: PLN 36.70 per share

- 2021-07: PLN 37.60 per share

- 2021-08: PLN 40.60 per share

- 2021-09: PLN 36.50 per share

- 2021-10: PLN 39.90 per share

- 2021-11: PLN 35.94 per share

- 2021-12: PLN 35.35 per share

- 2022-01: PLN 36.20 per share

- 2022-02: PLN 31.54 per share

- 2022-03: PLN 33.85 per share

- 2022-04: PLN 30.70 per share

- 2022-05: PLN 32.38 per share

- 2022-06: PLN 29.98 per share

- 2022-07: PLN 30.28 per share

- 2022-08: PLN 28.16 per share

- 2022-09: PLN 23.16 per share

- 2022-10: PLN 26.80 per share

- 2022-11: PLN 31.60 per share

- 2022-12: PLN 35.42 per share

- 2023-01: PLN 36.72 per share

- 2023-02: PLN 36.62 per share

- 2023-03: PLN 35.08 per share

- 2023-04: PLN 38.30 per share

- 2023-05: PLN 38.58 per share

- 2023-06: PLN 39.41 per share

- 2023-07: PLN 40.53 per share

- 2023-08: PLN 41.33 per share

- 2023-09: PLN 41.37 per share

- 2023-10: PLN 47.61 per share

- 2023-11: PLN 45.60 per share

- 2023-12: PLN 47.27 per share

- 2024-01: PLN 48.36 per share

- 2024-02: PLN 49.11 per share

- 2024-03: PLN 48.81 per share

- 2024-04: PLN 51.28 per share

- 2024-05: PLN 50.00 per share

- 2024-06: PLN 51.54 per share

- 2024-07: PLN 48.52 per share

- 2024-08: PLN 46.64 per share

- 2024-09: PLN 42.08 per share

- 2024-10: PLN 39.70 per share

- 2024-11: PLN 44.20 per share

- 2024-12: PLN 45.84 per share

- 2025-01: PLN 50.00 per share

- 2025-02: PLN 53.92 per share

- 2025-03: PLN 56.00 per share

- 2025-04: PLN 58.84 per share

- 2025-05: PLN 61.18 per share

- 2025-06: PLN 63.00 per share

- 2025-07: PLN 63.02 per share

- 2025-08: PLN 60.56 per share

- 2025-09: PLN 54.36 per share

- 2025-10: PLN 59.06 per share

- 2025-11: PLN 62.86 per share

- 2025-12: PLN 66.74 per share

- 2026-01: PLN 70.08 per share

- 2026-02: PLN 67.64 per share

- 2026-03: PLN 64.06 per share

- 2026-04: PLN 63.60 per share

- 2026-05: PLN 64.40 per share

- 2026-06: PLN 65.62 per share

- 2026-07: PLN 71.08 per share

- 2026-08: PLN 74.20 per share

- 2026-09: PLN 71.30 per share

- 2026-10: PLN 73.68 per share

## Annual estimated value (PLN per share)

- FY2016: low PLN 33.58 per share, central PLN 40.64 per share, high PLN 51.47 per share

- FY2017: low PLN 26.90 per share, central PLN 32.85 per share, high PLN 42.18 per share

- FY2018: low PLN 27.94 per share, central PLN 33.13 per share, high PLN 40.67 per share

- FY2019: low PLN 34.01 per share, central PLN 41.79 per share, high PLN 54.19 per share

- FY2020: low PLN 42.15 per share, central PLN 49.01 per share, high PLN 58.52 per share

- FY2021: low PLN 37.67 per share, central PLN 44.09 per share, high PLN 53.15 per share

- FY2022: low PLN 29.02 per share, central PLN 31.82 per share, high PLN 35.22 per share

- FY2023: low PLN 89.80 per share, central PLN 110.34 per share, high PLN 143.07 per share

- FY2024: low PLN 96.43 per share, central PLN 118.49 per share, high PLN 153.62 per share

- FY2025: low PLN 108.71 per share, central PLN 133.58 per share, high PLN 173.19 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/QLPCKOOKVX32FUELX240/2021-12-31/ESEF/PL/0/pzu-2021-12-31-pl/reports/pzu-2021-12-31-pl.xhtml); period 2021-12-31, filed 2022-03-29.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations