Quarterly consensus (3Q23)

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PZU consensus as at 16.11.2023, based on forecasts of analysts from HSBC, Ipopema, Citi, PKO BP, Trigon, JPM, Wood, mBank, Santander, Erste

* Including: interest income calculated using the effective interest rate, other net investment income, result on derecognition of financial instruments and investments, movement in allowances for expected credit losses and impairment losses on financial instruments, net movement in fair value of assets and liabilities measured at fair value and interest expenses

Annual consensus (2023-2024)

PZU Group market consensus FY 2023

Average

Number of estimates

Gross written premiums

27,847

8

Net earned premium

25,604

7

Investment result

14,063

4

Investment result excluding banks

1,882

3

Net claims and benefits

(17,022)

8

Acquisition costs 

(4,243)

8

Administrative costs

(6,187)

8

Net profit attributable to the equity holders of the parent company

4,668

11

DPS (from the 2023 profit)

3,33

11


PZU consensus as at 11.01.2024, based on forecasts of analysts from Autonomous, Citi Research, Erste Securities, Haitong, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

* IFRS 17 data: Citi Research, HSBC, JP Morgan; IFRS 4 data: Autonomous, Erste Securities, Haitong, Ipopema Securities, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

 

PZU Group market consensus FY 2024

Average

Number of estimates

Gross written premiums

28,838

8

Net earned premium

26,616

7

Investment result

13,895

4

Investment result excluding banks

2,089

3

Net claims and benefits

(17,793)

8

Acquisition costs 

(4,450)

8

Administrative costs

(6,459)

8

Net profit attributable to the equity holders of the parent company

4,479

11

DPS (from the 2024 profit)

3.39

11


PZU consensus as at 11.01.2024, based on forecasts of analysts from Autonomous, Citi Research, Erste Securities, Haitong, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

* IFRS 17 data: Citi Research, HSBC, JP Morgan; IFRS 4 data: Autonomous, Erste Securities, Haitong, Ipopema Securities, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

Changes in market consensus on PZU Group net profit attributable to the equity holders of the parent company

Source: own compilation based on analyses by institutions and analysts.

Aggregated recommendations

Average target price 

45,90

 

Recommendation

Number

Buy

5

Hold

6

Sell

0

 

PZU consensus as at 21.12.2023, based on forecasts of analysts from Autonomous, Citi Research, Erste Securities, Haitong, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

Analyst contact details / Disclaimers

Institution

Analyst

Mail

Telephone

Autonomous Research

Youdish Chicooree

ychicooree@autonomous.com

+44 207
776 34 42

Citi

Andrzej Powierża

n/a

+48 22
690 35 66

Erste Securities 

Łukasz Jańczak

lukasz.janczak@erstegroup.com

+48 22
257 57 54

HSBC

Bhavin Rathod

bhavinkumarrathod@hsbc.co.in

+91 804
550 29 93

Ipopema

Marta Czajkowska-Bałdyga

marta.czajkowska-baldyga@ipopema.pl

+48 22
236 92 31

JP Morgan

Samuel Goodacre

samuel.goodacre@jpmorgan.com

+44 207
134 67 20

mBank

Michał Konarski

michal.konarski@mdm.pl

+48 22
697 47 37

PKO BP

Jaromir Szortyka

jaromir.szortyka@pkobp.pl

+48 22
580 39 47

Raiffeisen Centrobank

Rok Stibric

rok.stibric@rbinternational.com

+43 171 7075975

Trigon

Maciej Marcinowski

maciej.marcinowski@trigon.pl

+48 22
433 83 75

Santander

Kamil Stolarski

kamil.stolarski@santander.pl

+48 22
586 81 00

UBS

Michał Potyra

michal.potyra@ubs.com

+44 20 
756 81935 

Wood & Company

Marta Jeżewska-Wasilewska

marta.jezewska-wasilewska@wood.com

+48 22
222 15 48

 

Disclaimers

The PZU Group is not responsible for the effects of decisions made on the basis of the above information.

At the same time, the above information cannot be considered as part of an invitation or offer to purchase securities or to make an investment. Neither do they constitute an offer or invitation to conduct other transactions in securities.

The information presented is the Company's own compilation based on the analyses of the listed institutions and analysts and may not be considered summaries or extracts from recommendations made by third parties, as referred to in the Commission Delegated Regulation (EU) 2016/958 of March 9, 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards on technical measures for the objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and the disclosure of vested interests or indications of conflicts of interest.

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