Quarterly consensus

PZU market consensus 3Q 2022

Average

Number of
estimations

Gross written premiums

6,134

10

Net earned premium

6,056

8

Investment result

821

8

Investment result excluding banks

173

10

Net claims and benefits

(4,033)

8

Acquisition costs 

n/a

n/a

Administrative costs

n/a

n/a

Net profit attributable to the equity holders of the parent company

537

10


PZU consensus as at 10.11.2022, based on forecasts of analysts from Autonomous, Citi Research, Erste Securities, HSBC, Ipopema Securities, mBank, PKO BP, Raiffeisen CB, Trigon, Wood & Company.

Annual consensus (2022-2023)

PZU market consensus FY 2022

Average

Number of 
estimations

Gross written premiums

25,995

11

Net earned premium

24,044

10

Investment result

10,909

8

Investment result excluding banks

747

7

Net claims and benefits

(15,448)

10

Acquisition costs 

(4,341)

10

Administrative costs

(6,368)

9

Net profit attributable to the equity holders of the parent company

3,058

12

DPS (from the 2022 profit)

2.25

11


PZU consensus as at 22.12.2022, based on forecasts of analysts from Citi Research, Erste Securities, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

PZU market consensus FY 2023

Average

Number of 
estimations

Gross written premiums

26,827

11

Net earned premium

25,004

10

Investment result

12,732

8

Investment result excluding banks

1,643

7

Net claims and benefits

(16,647)

10

Acquisition costs 

(4,502)

10

Administrative costs

(6,736)

9

Net profit attributable to the equity holders of the parent company

3,645

12

DPS (from the 2023 profit)

2.66

11


PZU consensus as at 22.12.2022, based on forecasts of analysts from Citi Research, Erste Securities, HSBC, Ipopema Securities, JP Morgan, mBank, PKO BP, Raiffeisen CB, Santander, Trigon, UBS, Wood & Company.

 

Changes in market consensus on  PZU 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 

37.4

 

Recommendation

Number

Buy

8

Hold

3

Sell

1

 

PZU consensus as at 22.12.2022, based on forecasts of analysts from Citi Research, Erste Securities, 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

Thomas Fossard

thomas.fossard@hsbc.com

+33 15
652 43 40

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

Oliver Simkovic

oliver.simkovic@rbinternational.com

+43 15
152 07 06

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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