Research reports & databases
80 publications covering banking, insurance, payments, mortgage lending and asset management across Poland and Central & Eastern Europe.
Investment funds and asset management market in Poland, 2025
In recent years, the asset management sector in Poland has demonstrated healthy growth, recovering from the contraction observed in 2022. All key market segments* have experienced consistent expansion, leading to a combined total of PLN 907 billion (EUR 214 billion) in assets under management (AuM) by Q2/Q3 2025. Investment funds remain the dominant segment, with AuM of PLN 390 billion, followed by second-pillar pension funds (OFE) at PLN 270 billion and insurance companies’ reserves at PLN 180 billion.
Investment funds and asset management market in Poland, 2024
Over the past two years, the asset management sector in Poland has shown healthy growth, recovering from the contraction seen in 2022 due to geopolitical tensions following the outbreak of the war in Ukraine. Since late 2022, all key market segments have experienced consistent expansion, leading to a combined total* of PLN 811 billion (EUR 188 billion) in assets under management (AuM) by the first half of 2024. Investment funds remain the dominant segment, with AuM of PLN 352 billion, followed by second-pillar pension funds (OFE) at PLN 232 billion, and insurance companies’ reserves at PLN 172 billion. The most dynamic growth has been observed in third-pillar pension funds, which reported a remarkable increase in AuM, reaching PLN 55 billion (excluding PPK) as of June 2024. Market leadership in the asset management industry is concentrated among a few key players. PZU holds the leading position, managing PLN 163 billion in assets and capturing a 21% market share. Allianz follows with AuM of PLN 97 billion and a 13% share. Two mid-tier players, Nationale Nederlanden and PKO, each command approximately 9% of the market. Collectively, the top four players account for over 52% of the total market share, highlighting the fairly consolidated nature of the industry. Poland has the largest investment funds sector in Central and Eastern Europe, with over 86 billion EUR in assets under management (AuM). Recently, the growth of fund assets in Poland has accelerated, and the country's share of the region's AuM exceeded 45% in 3Q 2024. However, despite having the highest market value, Poland still lags behind some of its peers in terms of asset value per capita and assets relative to GDP. The outlook The asset management market, which includes three main segments—investment funds, insurance reserves, and pension assets—is expected to grow by more than 25% between the first half of 2024 and 2026. By December 2026, total assets under management (AuM) are projected to exceed PLN 1 trillion, with particularly strong growth anticipated for pension assets. *key categories included: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities, and bonds held directly --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2023
Over the last five years, the asset management sector in Poland has experienced stagnation, characterized by temporary fluctuations but lacking substantial growth in managed assets. However, 2023 brought some relief, with total assets under management in key segments* reaching over PLN 700 billion in the third quarter of the year, compared to PLN 636 billion at the end of 2022. Investment funds remained the key asset group, surpassing PLN 304 billion, followed by second-pillar pension funds with PLN 179 billion and insurance companies' reserves at PLN 162 billion. The smallest segment, third-pillar pension funds, saw a surge to PLN 60 billion in assets under management, exhibiting the fastest growth among all categories. If compared to the other markets in the region, Poland has clearly the largest investment funds sector within the CEE. However, the value of managed assets has been growing slower than in most other CEE markets recently.Consequently, despite having the largest fund market by value, Poland is still behind a few peers in terms of assets value per capita or assets per unit of GDP. The outlook The total value of assets under management in Poland is anticipated to grow by over 40% between 2022 and 2025, marking the end of multi-year stagnation. High growth is expected in pension assets, particularly within the "new" third pillar (PPK). *key categories included: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2022
2022 was a difficult year for asset managers operating in Poland. The industry had to deal with a rare case of simultaneous declines in valuations of multiple asset classes including stocks and bonds. Nevertheless, asset managers coped well with lower asset prices and with increased funds volatility. Total assets* under management in Poland fell sharply in the first half of 2022, reaching PLN 621 billion as compared to PLN 708 billion at the end of 2021, and they remained in a declining trend through the third quarter of the year. The outlook The total value of assets under management is expected to recover in 2023 and then to grow subsequently in 2024 and 2025. A likely rebound in asset valuations will provide a relief while new flows, in particular within insurance 3rd pillar and retail investment funds are likely to drive total AuM to new highs in 2024/2025. The planned dismantling of the old 2nd pillar pension funds (OFE) is still a big question mark and the government might postpone the decision past the upcoming 2023 parliamentary elections. * Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly by private individuals --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2021
After multiple years of stagnation, the asset management sector experienced solid growth in H1 2021. Total assets* increased to PLN 702 billion in H1 2021 driven by favourable performance, a few consecutive quarters of positive inflows and an extra boost provided by the launch of new 3rd pillar vehicles (PPK). The outlook Overall assets under management in Poland are expected to grow steadily in 2022 and in following years while negative real interest rates, which are likely to persist, will further benefit investments linked to capital markets relative to no interest bank deposits. Besides investment funds, which are gaining interest of retail investors, it is also the 3rd pillar pension segment which will experience significant new flows with defined contributions driving AuM over initial years of the programme. * Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly by private individuals --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2020
In line with trends observed in previous years, assets under management in Poland remained very volatile in 2019 and in the 1st half of 2020. Total assets* went down to PLN 588 billion in H1 2020 and this drop could be attributed to a very weak performance of equity markets impacted by accelerating Covid-19. The extraordinary situation has negatively affected all segments of the AM sector, although this was not equally visible across particular segments, in particular in the case of the 3rd pillar, where strong new inflows more than offset falling valuations. As of June 2020, assets of investment funds** contracted to PLN 281 billion, reserves of insurance companies remained almost unchanged at PLN 148*** billion, second-pillar pension funds plummeted to 132 billion, and third pillar pension assets increased slightly to PLN 27 billion. Overall, the asset management sector remained medium-concentrated with the top four groups: PZU, Aviva, NN, and Ipopema controlling over 52% of the entire market. the outlook Overall assets under management in Poland are expected to fall in 2020 but then rebound through 2022. Particularly promising will be the 3rd pillar pension segment where significant new flows will drive AuM regardless of their initial performance. The new legal framework, in force since mid-2019, has mandated employers to enrol their employees and to match employee contributions. A further boost to 3rd pillar assets will be supplied by the final dismantling of 2nd pillar pension funds, expected around 2021-2022, although this is going to be a zero-sum game for the AM sector as a whole. As far as the profitability of asset managers is concerned, the fund management fee cap is a negative element, however, fund managers will intensify their efforts to offset limited revenues by reducing operating costs, increasing the share of passive strategies, and consolidating operations (through M&A). * Across key categories: Investment funds, Insurance assets, Pension assets (2nd and 3rd pillar); Excluded are bank and structured deposits, equities and bonds held directly by private individuals ** Figures reported by the National Bank *** Technical reserves of non-life and life insurers, including unit-linked life funds as reported by KNF --------------------------------------------------------------------------------------------------------------------------------------
Investment funds and asset management market in Poland, 2019
After the period of a very fast growth through 2017, total* assets under management in Poland decreased slightly to PLN 629 billion in H1 2019. The recently observed stagnation in total assets could be attributed to the weak performance of the local stock market. The recent correction affected mostly 2nd pillar pension funds, which by law have to overweight equities. Other segments remained relatively stable thanks to new contributions offsetting performance. As of June 2019, assets of regulated investment funds** reached PLN 293 billion, 3rd pillar pension assets exceeded PLN 25 billion and reserves of insurance companies remained almost unchanged at PLN 149*** billion. The asset management market remained medium-concentrated with top four groups: PZU, Aviva, NN and Ipopema managing roughly half of all assets in the market Outlook Assets under management in Poland are expected to sustain growth through 2021 while the most action is likely to take place within 3rd pillar pension funds. The new legal framework, in force since mid-2019, has mandated employers to enrol their employees and to match employee contributions. A further boost to 3rd pillar assets could be supplied by the final dismantling of 2nd pillar pension funds, although it would be initially a zero sum game or even a negative event for the sector as a whole
Investment funds and asset management market in Poland, 2018
After the period of a very fast growth during 2016-2017, total* assets under management in Poland decreased slightly in H1 2018 to PLN 627 billion. This was largely an effect of weaker performance of the local stock market in the first half of 2018 which translated into lower valuations of equity portfolios. The recent correction affected mostly 2nd pillar pension funds, which by law have to overweight equities. Other segments remained relatively stable thanks to new contributions offsetting weaker performance. As of June 2018, assets of regulated investment funds** reached PLN 297 billion, 3rd pillar pension assets exceeded PLN 23 billion and reserves of insurance companies stagnated at PLN 149*** billion. The asset management market remained medium-concentrated with top four groups: PZU, Aviva, NN and Ipopema managing roughly half of all assets in the market Outlook Assets under management in Poland are expected to sustain a solid growth through 2020. The most action is likely to take place within 3rd pillar pension funds since the new legal framework will mandate employers to enrol all employees and to finance contributions to employee plans. Also insurance assets and investment funds are likely to grow thanks to key driving forces: increasing wealth of individuals and low interest rates at banks.
Investment funds and asset management market in Poland, 2017
The growth in Poland's asset management sector has accelerated across all its segments, during 2016-2017H1. Assets of regulated investment funds reached PLN 272* billion, while reserves of insurance companies increased to PLN 148** billion, as of June 2017. At the same time, assets in the mandatory second pillar and in the voluntary third pillar III pension funds jumped to PLN 175 billion and PLN 21 billion respectively. As a consequence, the overall value of assets under management (AuM) in Poland topped PLN 632 billion or nearly EUR 150 billion in June 2017. Three largest firms: PZU, Aviva and NN managed AuM of over PLN 236 billion in total and their combined market share exceeded 40%. Outlook Assets under management in Poland are expected to experience solid growth in 2017 and to remain in an upward trend through 2019.
Investment funds and asset management market in Poland, 2016
Total assets under management in Poland topped PLN 562 billion or EUR 127 billion across all key categories in H1 2016. The largest part of AM market are investment funds with assets of PLN 272 billion. Outlook The asset management sector in Poland is likely to see a further growth in assets under management thanks to increasing households' wealth and corporate savings. Assets are expected to increase across all segments, whereas the highest growth rates could be anticipated in the third pillar pension sector. Although, until recently, most of newly created personal wealth has ended up in investments in productive assets, in banks as deposits or in real estate, future trends are likely to change. Based on historical evidence of more advanced economies, a gradual increase of fund component in savings, could be expected. This will, however, require asset managers to adjust the offer of vehicles and investment strategies to address key issues like: weak local equity market, low efficiency and regulatory developments. Moreover, the current fragmentation in fund management business is unlikely to persist, in view of ongoing consolidation in banking and insurance sectors. Therefore a new wave of consolidation of fund managers is likely to take place. Fund managers will need to increase the scale of operations or they will be forced to quit.
Investment funds and asset management market in Poland, 2015
The asset management industry in Poland remains in a fast-growing trend. The total value of assets under management (AuM) exceeded PLN 536 billion (EUR 128 billion) as of June 2015. While all key market segments have demonstrated positive developments, the growth in assets of investment funds has beaten other product groups. Assets of regulated investment funds topped PLN 230 billion, which corresponds to a 9% growth in the first half of 2015 alone. Outlook The asset management industry in Poland is expected to sustain a moderate growth at ~7% p.a. by 2017. In-line with historical trends it is investment fund assets, where the fastest growth is expected to occur. Nevertheless also insurance and pension assets are likely to demonstrate solid performance. A key growth factor will be increasing wealth of individuals thanks to the accelerating economy which supports private wealth formation and emergence of new clients. Today, the asset management industry in Poland is serving directly over 2 million clients which is a fraction of the population. However, growing disposable income and personal wealth could easily double this figure within the next decade.
Investment funds and asset management market in Poland, 2014
Poland's asset management industry saw stable growth across all but one segment in H1 2014. Assets of regulated investment funds and assets in voluntary pension plans - pillar III kept growing quickly and reached PLN 203 billion and PLN 15 billion, respectively. Also managed funds* of insurance companies showed positive development climbing to PLN 152 billion, as of H1 2014. In contrast, Pillar II assets plunged by nearly 50% to PLN 152 billion as the overhaul of the second-pillar pension system, in early 2014, resulted in a forced transfer of roughly half of segment's assets to the state-run social security institution. As a consequence, despite positive developments in most segments, the total value of assets under management (AuM) in Poland contracted to PLN 522 billion (� 124 billion) in H1 2014. Three large firms: PZU, Aviva and ING remained the key asset managers in the country with a combined value of AuM of over PLN 200 billion. However, most of major asset managers continued to lose market share in favor of smaller and more flexible specialists, growing quickly in market niches. OutlookThe asset management industry in Poland is expected to sustain a moderate growth of ~7% p.a. by 2016. New inflows from individual clients will fuel investment fund assets, unit-linked insurance and Pillar III pension plans. One of factors supporting new investments will be exceptionally low market interest rates which are backing up the process of bank deposits conversion. However, the most important growth factor will be constantly increasing wealth of individuals, which has persisted for over 10 last years. The institutional part of asset management business is also likely to expand in the future although at slower rates than the retail segment. As far as the profitability of asset managers is concerned, Inteliace Research expects that the pressure on margins will intensify inline with the growing number of competing asset managers operating in the market, which eventually will lead to market consolidation around the most efficient players. * Technical reserves of non-life and life insurers, including unit-linked life funds.