Powszechny Zaklad Ubezpieczen S.A.

Good morning ladies and gentlemen, welcome to this conference where we'll discuss the results of PZU group of the second quarter 2026 and the first half of 2026. The presentation will be delivered by Mr. Benczak, CEO as well as Maciej Fedyna who's responsible for risk and finance area. CEO, Mr. Benczak, without further ado, I pass the floor to you. Welcome to this press conference after the first six months of 2026. Ladies and gentlemen, we have looked into the results of the PZN group following the first six months of our operations this year, and I must tell you, we have been proud of them. And I rush to tell you why the sad six months have proven really demanding. And this demanding character was very much due to geopolitical environment, which had a lot to say as regards the situation on the financial markets, but also it was due to what happened on the Polish market. We had new tax regulations, we had new regulations of ECJ and regulations concerning the tax rates, plus the very character of the transportation system settlement in Poland. This notwithstanding, we have proven we are really resilient. Our ecosystem at Bizio Group has been resilient and thanks to that we have been able to manage and to have sales secured at 15.7 billion PLN, half a billion almost more year on year. We obtained 3 billion PLN net AROE exceeding the level of 17%. In parallel to that, we secured a very sound financial standing of PZU. That is, our capital position was at 230%, PZUSA at 233%. Moreover, we took a decision to pay off the dividend equivalent to 4.8 zlotys. Historically speaking, this has been one of the highest dividend levels This means we catered to the commitments we had once presented before our shareholders and all stakeholders. In May this year, SNP has made our credit rating stable at a minus with a positive outlook. Importantly, SAP has highlighted as a group we remain stable capital-wise and we are very flexible in terms of the growing capital requirements which are linked to the changing Solvency II entering force as of January 2027. Our Solvency II is at 230%. It is a bit conservative but at the same time is to be considered a very effective investment portfolio. This is another factor and yet another factor is our reinsurance program. What are the sources of the growth in question and the results we obtained in the first Six months of the 2026 well. For the details we will hear from Maciej Fedyna. We will go through each and every segment of our operations. Now we'd like to stress our major growth pillars have been group insurance revenue as well as individually continued insurance revenue. There is one factor that I particularly enjoy, that is, we have been following up on the growth in our individually protected insurance revenue. Furthermore, we have secured a 30% growth for the last six months in assets of external clients. It is a very positive information. Because in all these factors we have undertaken very effective actions and they have brought about some tangible results. And let me now refer to some of your comments. We have prepared some bits of information on PZU Zdrowie, where we have grown at a two digit speed. Well, you may recall when I joined the board, I kept stressing investments should remain central for our operations at PZU Group, so let me draw your attention to that. And happily, after six months, we have secured an almost 40% growth in the assets of external clients. which are managed by PZU group TFI, that is TFI PZU, PKO TFI and Allure TFI respectively. Now, moving on to PZU Zdrowie. Have a look. We have managed a revenue growth here. At the same time we have concentrated on making our offer as comprehensive as possible and linked to our life insurance scheme. Parallel to that, we have developed our offer in terms of PZU Zdrowie Services pillar. And here we focus on two elements. Number one, expansion of our own medical facilities in the number of 133 medical facilities. Yesterday we had a new entry of a 134th facility located this time in Bydgoszcz. Furthermore, we have followed up on our acquisitions in Poland. And adding to that, we are minded to expand our offer both at PZU Group and at our Capital Group. One example being the acquisition of Babka Medica. Plus Boramed, another company. And we really want to make the best of the potential those two companies present. They are especially good at women's healthcare. As regards CM Gamma, here we are happy we have obtained some Polish expert orthopaedics. Thanks to that we can guarantee to our customers some most sophisticated treatment options in the area of orthopaedics. Our network is well developed. But if there are any white spots, we intensely search for facilities that we could possibly acquire. One example being CM Osteotex. This particular facility covers one particular white spot that we had had in the past. And that's precisely the line we are minded to pursue in the future as well. with the overarching goal is to make the access to leading specialists easier and the same holds true for making access to some advanced treatment options. We want the offer for our customers to be as comprehensive, as holistic as possible. The first six months of 2026 have been marked by the constant expansion of our product offer. Examples? PZU Orthoplan, in addition to group life insurance programmes. It makes possible to cover the costs of planned orthopaedic surgeries connected to the ramifications of accidents and this is how we want to make our offer more and more comprehensive now non-life insurance segments we have supplemented our offer directed at SMEs expert network for our insurances, personal accident, NMW and business interruption, BI insurance. This is a segment that has started to play an ever more prominent role in our economy and that's why we want our customers to have access to modern solutions provided by the PZU Group. We coordinate also the insurance scheme which is addressed at the nuclear sector and my colleagues are very active in this domain preparing the offer for our partners. Let me get back briefly to the investment pillar. Now we managed as many as 139 million assets at ETF PZU.

And let me tell you this.

We are especially proud if the fact is that almost 60 million of these assets are connected to long-term saving schemes. They are both pension products as well as PPK scheme. There is yet another success worth mentioning. At TFE PZU they have received the level of more than 130 million and that's the fact that makes us all very happy and I trust it marks a new beginning on the path that we want to pursue. There are some new listings of other TFFs. And let me take this opportunity to tell you We are all sellers at PZU, we are all salespeople, and that's why we encourage you to take advantage of one particular discount at our TFE's, purchase them at very favourable conditions, and the discount will last by the end of the year. So we have discussed pure business, but there is also a whole range of other strategic projects that we have pursued and they are to boost our effectiveness. And especially we concentrate on boosting our effectiveness in terms of technological debt that we incurred in the past. We are very much minded towards an AI strategy and these steps are intended to make us AI ready. The last conference was about our technological platform. Now we speak of forthcoming projects or platforms that would be attached to very particular segments of our operations. The goal being boosting quality as well as effectiveness in terms of process management. We want our employees to be able to focus solely on customer experience and making our products and services as good as possible.