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

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

The base-scenario forecast from BM mBank's brokerage points to Powszechny Zakład Ubezpieczeń paying shareholders a dividend of PLN 4.61 per share from 2025 profits - a total of approximately PLN 3.98 bn (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 yields in the WIG20 index in 2026.

The main beneficiary is the State Treasury, which holds around 34% of PZU shares as a strategic investor - meaning approximately PLN 1.35 bn flows to the state budget. The remainder (around PLN 2.6 bn) 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 the distribution of at least 50% of annual net profit, where solvency ratios (Solvency II) and KNF (financial-supervision authority) decisions allow.

The largest CEE insurer, headquartered in Warsaw

PZU - a joint-stock company with KRS code 0000009831 and headquarters in Warsaw in Mazowieckie voivodeship - is the largest insurer in Poland and across Central and Eastern Europe. The capital group services approximately 22 million policies in 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 shares it is the dominant shareholder, deciding the supervisory-board composition and dividend policy. The same dependence that makes PZU one of the pillars of dividend revenue to the state budget also makes it the coordinator of Poland'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 approximately 20% of Bank Pekao and approximately 32% of Alior Bank. That means, 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 the PLN 5.2 bn 2026 Pekao dividend, approximately PLN 1 bn flows to PZU (20% × PLN 5.2 bn), and of the PLN 1.17 bn Alior dividend - approximately PLN 370 million (32% × PLN 1.17 bn). Together that gives around PLN 1.37 bn of dividend inflow from banking subsidiaries - a meaningful component of consolidated profit, which itself feeds the payout to PZU 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 + Alior) is visible in the "Beneficial owners" section of all of these profiles.

Outcome: PLN 1.35 bn into 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 (~PLN 2.2 bn to the Treasury) and Orlen (~PLN 2.3 bn). Together these three companies deliver approximately PLN 5.9 bn in dividend revenue to the state in 2026 - against a planned PLN 7.9 bn from this source, that means PZU + PKO + 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 continues a period in which Poland's largest insurer has become one of the most predictable sources of passive income among Polish blue-chips. Important caveat: PLN 4.61 remains a forecast from BM mBank - 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 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 evolved over the past dozen years - with particular relevance for 2023–2025, which translates directly into rising dividends.

Data: Strefa Inwestorów / PPCG Stock - PZU 2026 dividend forecast (BM mBank, base scenario); GPW - PZU share price 1 May 2026; PZU - 2025–2027 dividend policy; KRS - current readout, as of 2026-05-01.