PKN ORLEN to partner with PZU Group in setting up PPK
PKN ORLEN has signed an Employee Capital Plan (PPK) management agreement with PZU that will give several thousand employees of Central and Eastern Europe’s largest business organisation an opportunity to save for their retirement in a PPK scheme run by a leading financial group in this part of Europe.
The PPK scheme will be yet another area of collaboration between the PZU Group and PKN ORLEN. Poland’s largest insurer already provides the Group’s employees with a comprehensive health insurance cover under the PZU Zdrowie medical plans, and with a life insurance cover.
“At the ORLEN Group, we invest in the development of all our employees, taking care to ensure they are satisfied with the terms of employment and have a sense of security. A wide range of benefits is one of the ways to attract and retain top talent. PPK will be an important complement to these benefits, and we are happy that we can run the scheme together with a partner as trusted and reliable as PZU,” said Daniel Obajtek, President of the PKN ORLEN Management Board.
“Together we fuel the future, so runs PKN ORLEN’s motto. For PZU, the future means the financial security of employees who choose to join the PPK scheme. By offering attractive terms, we want to support Poles in building up their savings pot to have better lives as pensioners. The PZU Group is a safe, reliable and stable partner for both businesses and individuals. I would like to thank PKN ORLEN for placing their trust in us,” said Paweł Surówka, President of the PZU Management Board.
PKN ORLEN is a leading-edge player on the fuels and energy market, and the largest company in Central and Eastern Europe, listed in prestigious global rankings such as Fortune Global 500, Platts TOP250 and Thompson Reuters TOP100. The ORLEN Group has operations in six home markets: Poland, the Czech Republic, Germany, Lithuania, Slovakia, and Canada. The Group owns state-of-the-art integrated assets with an annual processing capacity of over 35 million tonnes of various types of crude oil, and markets its products through the region’s largest network of over 2,800 modern service stations. ORLEN’s offering includes over 50 top-quality petrochemical and refining products, sold in over 100 countries across six continents.
The Group is a major player on the Polish energy market and Poland’s largest industrial electricity producer, with a generation capacity of 1.9 GWe. The Group’s upstream assets include 2P oil and gas reserves estimated at close to 211 million boe at the end of 2018.
For several consecutive years, ORLEN has been recognised as the most valuable Polish brand, worth PLN 4.7bn. PKN ORLEN is the region’s only company to be listed for the sixth consecutive time among The Most Ethical Companies by the US-based Ethisphere Institute.
PZU stands out as one of the world’s most profitable and stable companies. Since the first listing of its shares in 2010, it has been a top stock on the Warsaw Stock Exchange in terms of market capitalisation and liquidity. The PZU Group has close to PLN 340bn of assets under management. In 2018, it delivered its highest consolidated net profit in five years, and achieved a return on equity of 22.1%, almost double the average for insurance companies in Europe.
The PZU Group has extensive experience as a provider of retirement saving solutions, being a leader in occupational pension schemes with almost half of the market’s assets under its management. Towarzystwo Funduszy Inwestycyjnych PZU, which is to operate and manage the PPK scheme for the PZU Group, is one of Poland’s largest investment fund companies by assets.