ESG strategy for 2021-2024
Balanced Growth

In response to the needs of the ever growing renewable energy market, PZU’s offer now includes insurance products for corporate clients investing in RES. PZU Wind Power and PZU Solar Power are products that extend insurance coverage to wind and solar power plants in the event of a failure, damage or destruction.  

On the other hand, PZU Eko Energia is a solution, among others, for households, small and medium-sized enterprises and agricultural farms that use photovoltaic cells, solar thermal collectors or heat pumps to produce energy for their own needs.

In 2022, we assessed the first group of clients against their ESG exposures in 2022. These were corporate insurance clients generating a significant share of PZU’s proceeds in terms of direct premium written from non-life insurance. All of them operate in sectors with medium to high ESG risks exposures. When identifying the industries with medium to high ESG risks exposure, PZU considered primarily the impacts of individual sectors of the economy on environmental and climate issues.

We also considered best market practices, the guidelines of international organizations (OECD, UNEP FI, ECB) and rating agencies, as well as the requirements laid down by environmental taxonomy regulations. The Client assessment was carried out using our proprietary ESG scoring methodologies for public and non-public entities.

As from the announcement of the ESG strategy in 2021, PZU has joined a number of large onshore wind projects, in which it has invested a total of almost PLN 420 million.  The annual volume of electricity generated by the wind farms funded by the PZU Group should provide green electricity to over 800,000 households across Poland.

TFI PZU has launched in its offer of passive funds the fund called inPZU Akcje Sektora Zielonej Energii (inPZU Green Energy Sector Equities), to enable everybody to invest in an index of the world’s leading companies in the RES industry.

TFI PZU and PZU have extended their traditional risk assessment criteria to include ESG risks. This includes among others proprietary scoring methodologies on the debt and equity markets, as well as incorporation of ESG criteria at all stages of the investment process. In 2022, we developed a uniform methodology of investment portfolio assessment and implemented tools for on-going portfolio monitoring aligned with this methodology.

In 2022, we evaluated PLN 55 billion worth of assets, out of which 2/3 are PZU Group’s portfolios. The analysis covered the following asset classes: bonds, equities, private debt portfolios, private equity and property. We have also developed a scoring methodology for Sovereigns and corporate issuers used by the PZU Group.

PZU Park, PZU’s head office, is a building in the center of Warsaw powered by green energy, which leads to significant reduction of CO2 emissions. The building uses environmentally friendly technologies, such as the system of grey and rain water recovery, which greatly lowers water consumption. Furthermore, PZU Park is equipped with a ventilation system furnished with high quality filters, which provides 30% more fresh air.

Employees have 187 bicycle racks for their disposal, as well as a number of electric vehicle charging stations. The air-conditioning system, based on a system of cooling beams, is quiet, ensures comfortable temperature, and is energy efficient. In the office building lobby, there is a 15-meter high green wall of the surface area of 330 m2, with cultivation of over six thousand plants. The oxygen they produce is sufficient for 150 people.

PZU continues its efforts to reduce in our properties the consumption of heat and electricity, as well as our gas emissions into the air. In 2022, we carried out a number of measures to lower electricity consumption. These measures included thermal modernization of five PZU’s and PZU Życie’ properties.

We also installed LED lighting in 85 properties. In 13 properties, we lowered the contractual heat capacity and installed 60 air conditioning devices using an environmentally friendly refrigerant. We installed further photovoltaic panels in seven locations, of the capacity of 121.54 kWp.

Following Russia’s invasion of Ukraine, the PZU Group actively joined the nationwide support campaign addressed to our war-stricken neighbors. Besides financial and in kind assistance delivered to refugees, reception centers at the border or hospitals in Ukraine, as well as ensuring healthcare to Ukrainian citizens, we initiated an unconventional campaign using our insurance competencies.

During the two months following the outbreak of the war, PZU issued more than 54 thousand 30-day motor TPL insurance policies for the vehicles of Ukrainian refugees entering Poland, while covering the cost of premiums at its own expense.

PZU Safe Fleet is a preventive training program of PZU. It gives the participating drivers an opportunity to improve their driving skills, eliminate bad habits behind the wheel and refresh their knowledge of road and traffic safety rules. Drivers can train on a sliding track, take lessons in defensive driving with elements of eco-driving in urban traffic, and in e-mobility. They can also take part in meeting with experts in transport psychology, first aid and traffic regulations.

In 2022, as part of PZU’s preventive healthcare measures and in cooperation with the Dutch startup SkinVision, we launched a national prevention program “Minuta dla skóry” (One minute for Your Skin). The purpose of the program is early detection of skin cancers with the use of an innovative, medically certified app powered by artificial intelligence. The app was made available to work establishments as a part of PZU’s prevention program.

In 2022, the PZU Foundation in collaboration with Fundacja Młodzieżowej Przedsiębiorczości (Young Entrepreneurship Foundation) carried out two projects aimed at insurance and financial education.

“Od grosika do złotówki” (From a cent to a dollar) - insurance education with the PZU Foundation” is a program addressed to pupils of Years 2 and 3 of primary schools, as well as their parents and teachers. The major aim of the project was insurance education, showing the benefits of insurance for the insured and their family. Moreover, the content of the program was expanded to also cover safety, making correct risk predictions and ways to avoid various types of risks.

“Moje finanse” (My finance) - insurance education with the PZU Foundation” is a program addressed to pupils of secondary schools. The main modules of the program provide teaching tools for economic and social education. A new module entitled “Świat ubezpieczeń” (The world of insurance) added contents covering health, life and motor insurances.

In 2021 PZU adopted a well-being campaign under the hashtag #DobryStan (#Well-Being). It is based on the following three key pillars: taking care of vital energy, building mental resilience and work style optimization. 

The well-being strategy promotes a healthy lifestyle, optimal work style, as well as inspires and encourages employees to develop habits that improve the efficiency and quality of their everyday lives. Moreover, it provides tips as to how to effectively combine professional and private roles: that of an employee, parent and guardian. It uses modern technologies to support employees in keeping fit and mentally well.