Warsaw, 26 March 2025

Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna

Motion

to the PZU SA Ordinary Shareholder Meeting

regarding:

the approval of the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards.

Content of the motion:

We request that the PZU SA Ordinary Shareholder Meeting approve the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards.

Reasons:

The subject of the Ordinary Shareholder Meeting should be the consideration and approval of the Group's financial statements as defined in the accounting regulations. In addition, the annual consolidated financial statements are subject to approval by the Ordinary Shareholder Meeting no later than within 6 months of the balance sheet date (pursuant to Article 395 § 1 and § 5 of the Commercial Company Code, in conjunction with Article 63c(4) of the Accounting Act of 29 September 1994 and § 10(1) and § 18(1) of the Articles of Association of PZU SA).

The Management Board of PZU SA, by Resolution No. UZ/54/2025 of 26 March 2025, approved and the PZU SA Supervisory Board, by Resolution No. URN/37/2024 of 26 March 2025, positively evaluated the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards, and recommended their approval to the PZU SA Ordinary Shareholder Meeting.

Present on behalf of the PZU SA Management Board:

/Maciej Fedyna/ /Tomasz Kulik/

Attachment:

1) draft resolution of the Shareholder Meeting of PZU SA on approval of the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards with justifications.

RESOLUTION NO. …./2025 ADOPTED BY THE ORDINARY SHAREHOLDER MEETING OF POWSZECHNY ZAKŁAD UBEZPIECZEŃ SPÓŁKA AKCYJNA on 25 June 2025 regarding the approval of the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards

Pursuant to Article 395 § 5 of the Commercial Company Code, in conjunction with Article 63c(4) of the Accounting Act of 29 September 1994 (as amended) and § 18(1) of the Articles of Association of PZU SA, the PZU SA Ordinary Shareholder Meeting hereby resolves as follows:

§ 1

The PZU SA Ordinary Shareholder Meeting, after consideration, approves the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards, including:

  1. consolidated statement of financial position as of 31 December 2024, which shows a total of PLN 503,257 million (in words: five hundred and three billion, two hundred and fifty-seven million zlotys) on the assets and capitals and liabilities side,

  2. consolidated profit and loss account for the period from 1 January to 31 December 2024, showing a net profit of PLN 12,221 million (in words: twelve billion two hundred and twenty-one million zlotys),

  3. consolidated statement of comprehensive income for the period from 1 January to 31 December 2024, showing a comprehensive income of PLN 12,890 million (in words: twelve billion eight hundred and ninety million zlotys),

  4. consolidated statement of changes in equity for the period from 1 January to 31 December 2024, showing an increase in equity in the amount of PLN 4,705 million (in words: four billion seven hundred and five million zlotys),

  5. consolidated statement of cash flows for the period from 1 January to 31 December 2024, showing a decrease in cash in the amount of PLN 2,575 million (in words: two billion five hundred seventy-five million zlotys),

  6. supplementary information and notes.

§ 2

The Resolution comes into force when adopted.

Chairman

of the PZU SA Ordinary Shareholder Meeting

REASONS for the draft resolution on the approval of the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards

Pursuant to Article 395 § 5 of the Commercial Company Code, the subject of the Ordinary Shareholder Meeting should be the consideration and approval of the Group's financial statements as defined in the accounting regulations. In addition, in accordance with Article 395 § 1 and § 5 of the Commercial Company Code, in conjunction with Article 63c (4) of the Accounting Act of 29 September 1994, and § 10 (1) and § 18 (1) of the Articles of Association of PZU SA, the annual consolidated financial statements are subject to approval by the Ordinary Shareholder Meeting no later than 6 months after the balance sheet date. The detailed reasons are contained in the motion of the PZU SA Management Board submitted to the PZU SA Ordinary Shareholder Meeting on the approval of the consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2024, prepared in accordance with International Financial Reporting Standards. The PZU SA Supervisory Board positively assessed the consolidated financial statements of the PZU SA Group for the year ended 31 December 2024 and recommended that the PZU SA Ordinary Shareholder Meeting approve them.

Powszechny Zakład Ubezpieczeń Spółka Akcyjna

Group

Consolidated financial statements for the year ended 31 December 2024 prepared in accordance with International Financial Reporting Standards





Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Consolidated financial statements in accordance with IFRS for the year ended 31 December 2024

Table of contents

Consolidated profit and loss account 4

Consolidated statement of other comprehensive income 5

Consolidated statement of financial position 6

Consolidated statement of changes in equity 8

Consolidated cash flow statement 10

Supplementary information and notes 12

  1. Introduction 12

  2. Composition of PZU Group 15

  3. Shareholder structure 29

  4. Key management 29

  5. Supervisory Board of the parent company 32

  6. Significant accounting policies and significant estimates and judgments 33

  7. Segment reporting 49

  8. Risk management 56

  9. Equity management 103

  10. Fair value 104

  11. Insurance and reinsurance contracts 117

  12. Result on investment activity 182

  13. Interest income calculated using the effective interest rate, and equalized to them 185

  14. Other net investment income 186

  15. Result from derecognition of financial instruments and investments not measured at fair value through

    profit or loss 186

  16. Result from allowances for expected credit losses 187

  17. Net movement in fair value of assets and liabilities measured at fair value 188

  18. Revenue from commissions and fees 188

  19. Fee and commission expenses 189

  20. PZU Group operating expenses not related to insurance services 189

  21. Interest expenses 190

  22. Employee expenses 191

  23. Other operating income 191

  24. Other operating expenses 192

  25. Income tax 192

  26. Earnings per share 195

  27. Goodwill 195

  28. Intangible assets 198

  29. Property, plant and equipment 202

  30. Investment property 204

  31. Entities accounted for using the equity method 206

2



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PZU - Powszechny Zaklad Ubezpieczen SA published this content on May 30, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 30, 2025 at 18:27 UTC.