PZU on the capital market

The event, which became an additional catalyst for change and PZU’s turn toward modernity, was its IPO in 2010. The value of the offer was almost PLN 8.1 bn making it the largest initial public offering (IPO) not only in the history of the Polish capital market, but also in Central and Eastern Europe since the beginning of economic transformation, as well as in Europe since 2007. PZU shares were subscribed for by 250 thousand individual investors and 2.5 thousand institutional investors.

PZU shareholder structure as at 31 December 2013

PZU’s strategic investor is the State Treasury of Poland, which, at the end of 2013, held a 35.19% share of the Issuer’s share capital.

PZU has distributed the profit generated to its shareholders since going public on the Warsaw Stock Exchange (WSE). PZU has a clearly defined dividend policy. The main objective of the PZU Group’s equity and dividend policy for the years 2013–2015, which was adopted in August 2013, is to reduce the cost of capital by optimizing the balance sheet structure by converting a portion of equity into less expensive debt capital, while maintaining a high level of security and development funding. The dividends paid from 2010–2012 profits gave PZU’s shareholders high rates of return compared with other large companies listed on a regulated market.  Shareholders who acquired PZU’s shares during the IPO in May 2010 have grown their investment by 78.6% (TSR) as at the end of 2013.