Meeting stringent information governance requirements for public companies and fulfilling information needs of different groups of stakeholders, the Management Board of PZU undertakes various investor relations activities aimed at improving transparency in the company and procuring equal access to information. Therefore, PZU has consistently applied the “Principles for PZU to Conduct its Information Policy for Capital Market Participants”.
PZU shareholder structure
As at 31 December 2017, the only shareholder with a stake in PZU greater than 5% was the State Treasury of the Republic of Poland (34.2% of the share capital) SECTION 9.6 PZU’S SHARE CAPITAL AND SHAREHOLDERS.
According to a survey carried out at the end of 2017, PZU’s shareholder structure remained stable and diversified, with a slight increase in the share of foreign investors (+1.3 p.p.).
In the structure of Polish investors, a significant change took place in the share of retail investors, which increased by 2.2 p.p. up to 8.2% (70.8 million shares). It was a record high comparable to that of PZU’s IPO at which retail investors subscribed for more than 70 million shares. This structural change largely reflected the general trend on the WSE. In H1 2017, the share of retail investors in trading on the regulated market increased to 18% (+5 p.p.), the highest level in 5 years. The share of foreign individual investors remained unchanged compared to 2016 and stood at 1.1%.
PZU shareholder structure - main investor groups
As at the end of 2017, the share of Polish institutional investors declined by 3.5 p.p., partly caused by a reduction in exposures of open-end pension funds and mutual fund companies. As at the end of 2017, their shares were 18.0% (-1.1 p.p.) and 4.4% (-0.9 p.p.), respectively.
Geographical structure of PZU’s shareholders
North American investors 2014-2017
2017 marked another year in a row with an increase in the share of foreign investors in the PZU shareholder structure (+1.3 p.p. in 2017 compared to +1.2 p.p. in 2016). The change in this group of investors was mainly due to capital inflows from North America whose share increased by 0.9 p.p. y/y and stood at 12.9%. A structural change also occurred in this subgroup where investors from the United States strengthened their dominance, accounting for 94.5% of all investors as at the end of the year (+2.5% y/y).
As regards European institutional shareholders (excluding the State Treasury of the Republic of Poland), a further increase (+1.1 p.p.) was recorded in UK-based investors whose share as at the end of 2017 was 22.0%. Exposure of investors from the Netherlands also increased: by approx. 2.1 p.p. to 3.5%.
Communication with capital market players
In 2017, PZU broadcasted all key corporate events live, namely:
In 2017, PZU once again presented its key events, achievements and plans in the form of an online Annual Report at http://raportroczny2016.PZU.pl/. Users were provided with tools that enabled a multi-faceted analysis of corporate and macroeconomic events. The report includes interactive infographics, animations and video materials, which offer a succinct presentation of PZU Group’s activity in 2016.
Activities addressed to institutional investors
In 2017, PZU representatives participated in the following:
During which 161 meetings with 368 managers were held.
Additionally, in 2017 PZU actively met with investors and analysts at the company’s headquarters. Approximately 80 meetings and conference calls were held with more than 200 institutional investors and nearly 100 meetings and conference calls with analysts issuing recommendations concerning PZU’s shares.
Investment centers visited in 2017 (number of visits)
Activities addressed to retail investors
In 2017, PZU engaged in active dialogue with retail investors, in particular by providing reliable and up-to-date information on the activities of PZU, the insurance industry and financial markets. In this respect, PZU implemented both communication projects (e.g. the online report, a newsletter, a factsheet) and took active steps to enable direct contact between investors and the Company’s representatives, including, among others:
Without interruption since 2012, PZU has also been participating in a program conducted by the Association of Individual Investors called “10 of 10: Communicate Effectively) whose purpose is to develop high communication standards between public companies and retail investors.
Prizes and distinctions for IR activities
PZU’s investor relations activities are highly regarded by investors, analysts and the media. In 2017, PZU received the following prizes and distinctions in this area:
IR objectives in 2018
The main objectives of PZU’s investor relations function in 2018: