PZU: forecast dividend of PLN 4.61 per share – PLN 3.98bn in total, a 7.4% yield in 2026

PZU: PLN 4.61 dividend per share, PLN 3.98bn total payout – a 7.4% yield and PLN 1.35bn for the State Treasury

The base-scenario forecast from mBank's brokerage points to Powszechny Zakład Ubezpieczeń paying shareholders a dividend of PLN 4.61 per share from 2025 profit – a total of around PLN 3.98bn (PLN 4.61 × 863 million shares). At the current share price of PLN 63.60, the dividend yield reaches 7.4% – one of the highest in the WIG20 index in 2026.

The payout is well covered by earnings: according to the 2025 financial statements, the PZU group generated PLN 6.7bn in net profit – up from PLN 5.3bn a year earlier, a rise of roughly 25% year on year. The main beneficiary of the dividend is the State Treasury, which holds around 34% of PZU shares as a strategic investor – meaning around PLN 1.35bn flows to the state budget. The remainder (around PLN 2.6bn) goes to pension funds (OFE), investment funds and retail shareholders. The forecast follows directly from the PZU group's 2025–2027 dividend policy, which assumes distributing at least 50% of annual net profit, where solvency ratios (Solvency II) and decisions of the KNF (financial-supervision authority) allow.

The largest CEE insurer, headquartered in Warsaw

PZU – a joint-stock company with KRS number 0000009831, headquartered in Warsaw in the Mazowieckie voivodeship – is the largest insurer in Poland and across Central and Eastern Europe. The capital group services around 22 million policies in the property and life segments, making it one of the largest entities in Poland's financial sector by customer count. PZU shares trade on the WSE under the ticker PZU and are part of the WIG20 index.

The ownership structure is defined by the strategic position of the State Treasury – with around 34% of the shares, it is the dominant shareholder, deciding the supervisory board's composition and the dividend policy. The same dependence that makes PZU one of the pillars of dividend revenue for the state budget also makes it the coordinator of the state's capital presence in the financial sector – primarily in banking.

PZU as a capital hub: control of Pekao and Alior

What sets PZU apart from other state-controlled companies is that it is not just an insurer – it is also a banking capital hub. The group controls around 20% of Bank Pekao and around 32% of Alior Bank. That means that, in addition to its own insurance revenue, PZU receives a significant dividend stream from two commercial banks in Poland's top ten.

In practice: of Pekao's PLN 5.2bn dividend for 2026, around PLN 1bn flows to PZU (20% × PLN 5.2bn), and of Alior Bank's PLN 1.17bn dividend – around PLN 370 million (32% × PLN 1.17bn). Together that amounts to roughly PLN 1.37bn of dividend inflows from banking holdings – a meaningful component of consolidated profit, which in turn feeds the payout to PZU's own shareholders.

In the broader context – alongside PKO BP, the second flagship State Treasury entity in the financial sector – PZU forms the axis around which the state's capital strategy in Polish banking is built. The ownership chain (State Treasury → PZU → Pekao plus Alior) is visible in the "Beneficial owners" section of each of these profiles.

The outcome: PLN 1.35bn for the 2026 state budget

From the budget's perspective, the PZU payout is one of the year's three largest dividend items – alongside PKO BP (around PLN 2.2bn to the Treasury) and Orlen (around PLN 2.3bn). Together these three companies deliver roughly PLN 5.9bn in dividend revenue to the state in 2026 – against a planned PLN 7.9bn from this source, meaning PZU, PKO BP and Orlen cover around 75% of the government's annual dividend plan.

“PZU is to today's state budget what utility and telecom dividends used to be - a predictable, multi-billion-zloty annual stream with a double lever: insurance profit plus dividends from Pekao and Alior. There is no other entity like it in the Polish financial sector.”

A 7.4% dividend yield at PLN 63.60 puts PZU at the top of the WIG20 yield ranking – alongside Pekao (7.3%) and above PKO BP (6.5%). For retail shareholders and pension funds, it extends a period in which Poland's largest insurer has become one of the most predictable sources of passive income among Polish blue chips. An important caveat: PLN 4.61 remains a forecast from mBank's brokerage – the final figure will only be approved by the PZU general meeting, following a management-board recommendation, in the second quarter of 2026.

What you'll find in the PZU profile

The PZU SA profile in our database carries the full financial history of the capital group (over 20 subsidiaries – from PZU Życie and PZU Zdrowie to TFI PZU, PZU Pomoc and PTE PZU), the current management board, and the complete KRS registry-event history. The "Subsidiaries" section shows the full ownership graph with the Pekao and Alior stakes highlighted, the "Beneficial owners" section traces the chain through the State Treasury to the ultimate decision-making centre, and "Financial statements" lets you track how gross written premium, net profit and the Solvency II ratio have evolved over the past dozen or so years – with particular relevance for 2023–2025, which translates directly into rising dividends.

Data: Strefa Inwestorów / PPCG Stock – PZU 2026 dividend forecast (mBank brokerage, base scenario); GPW – PZU share price on 1 May 2026; PZU – 2025–2027 dividend policy; Polish KRS Court Register – current readout; financial statements filed with KRS, as of 2026-07-27.