Dividend policy

PZU GROUP’S CAPITAL AND DIVIDEND POLICY 2016-2020

3 October 2016 the Company’s Supervisory Board adopted a resolution to approve the PZU Group’s Capital and Dividend Policy for 2016 - 2020 („Policy”).

The introduction of the Policy ensues from the implementation as of 1 January 2016 of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), as amended, the Act on Insurance and Reinsurance Activity of 11 September 2015 and the expiration of the „PZU Group’s Capital and Dividend Policy for 2013 – 2015” updated in May 2014.

According to the Policy, the PZU Group strives to achieve the following objectives:

  1. manage capital effectively by optimizing the utilization of capital from the Group’s perspective;
  2. maximize the return on equity from the viewpoint of the parent company’s shareholders, in particular while observing the level of security and maintaining capital resources for the purposes of strategic growth through acquisitions;
  3. ensure sufficient financial resources to cover the Group’s obligations to clients.

The Capital Management Policy is based on the following principles:

  1. managing the PZU Group’s capital (including its excess capital) at the level of PZU SA as the parent company; maintaining the target solvency ratios at the level of 200% for the PZU Group, PZU SA and PZU Życie SA (according to Solvency II); maintaining the PZU Group’s financial leverage ratio at a level no higher than 0.35; ensuring funds for growth and acquisitions in the upcoming years; having PZU SA refrain from a secondary public offering during the term of validity of the Policy.

The Dividend Policy of the PZU Group and PZU SA is based on the following principles:

  1. the PZU Group strives to manage capital effectively and maximize the return on equity from the viewpoint of the parent company’s shareholders, in particular while observing the level of security and maintaining capital resources for the purposes of strategic growth through acquisitions;
  2. the dividend proposed by the parent company’s Management Board, to be paid by PZU SA for a given financial year, is determined on the basis of the PZU Group’s consolidated financial result attributable to the parent company, where:
    1. no more than 20% will be allocated to retained earnings (supplementary capital) for purposes related to organic growth and innovation and to pursue growth initiatives;
    2. no less than 50% will be subject to payment in the form of an annual dividend;  the rest will be paid in the form of an annual dividend or will be allocated to retained earnings (supplementary capital) in the event of incurring extensive capital expenditures in a given year related to the pursuit of the targets underpinning the PZU Group’s Strategy, including in particular mergers and acquisitions;
      subject to items 3 and 4 below;
  3. according to the Management Board’s plans and the parent company own risk and solvency assessment, the own funds of the parent company and the PZU Group, after the declaration or payment of a dividend, will remain at a level ensuring satisfaction of the conditions prescribed by the Capital Policy;
  4. the regulatory authority’s dividend-related recommendations will be taken into consideration when specifying the dividend.

Additional materials:

Presentation – dividend policy PZU
- IR release

Dividend for 2017

On 28 June 2018 the Company’s Ordinary Shareholder Meeting earmarked 2,158,807,500.00 (two billion one hundred fifty eight million eight hundred seven thousand five hundred Polish zloty and 00 grosz), i.e. PLN 2.50 (two Polish zloty and 50 grosz) per share as a result of distributing the earnings for the financial year ended 31 December 2017.

The date for determining the list of shareholders entitled to the dividend payout for the financial year ended 31 December 2017 has been set for 12 September 2018. The dividend payout date has been set for 3 October 2018.

 

Dividend for 2016

On 29 June 2017 the Company’s Ordinary Shareholder Meeting earmarked 1,208,932,200.00 (one billion two hundred eight million nine hundred thirty two thousand two hundred Polish zloty) as the dividend for shareholders, which constitutes PLN 1.40 (one Polish zloty and forty grosz) per share as a result of distributing the earnings for the financial year ended 31 December 2016.

The date for determining the list of shareholders entitled to the dividend payout for the financial year ended 31 December 2016 has been set for 29 September 2017. The dividend payout date has been set for 19 October 2017.

Dividend for 2015

On 30 June 2016 the Company’s Ordinary Shareholder Meeting earmarked 1,796,127,840.00 PLN (one billion seven hundred ninety-six million one hundred twenty-seven thousand eight hundred forty Polish zloty) as the dividend for shareholders, which constitutes PLN 2.08 (two Polish zloty and 08 grosz) per share as a result of distributing the earnings for the financial year ended 31 December 2015.

The date for determining the list of shareholders entitled to the dividend payout for the financial year ended 31 December 2015 has been set for 30 September 2016. The dividend payout date has been set for 21 October 2016.

Dividend for 2014

On 30 June 2015 the Company’s Ordinary Shareholder Meeting earmarked PLN 2,590,569,000.00 (say: two billion five hundred ninety million five hundred sixty-nine thousand Polish zloty and 00 grosz) as the dividend for shareholders, which constitutes PLN 30.00 (say: thirty Polish zloty) per share as a result of distributing the earnings for the financial year ended 31 December 2014.

The date for determining the list of shareholders entitled to the dividend payout for the financial year ended 31 December 2014 has been set for 30 September 2015. The dividend payout date has been set for 21 October 2015.

History by year

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