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(available in the report drop-down bar). New approach allowed to navigate in the two additional
business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
Human capital
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Natural capital
Social capital
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BUSINESS
PRACTICES
PRACTICES
Capitals (IIRC)
Business
In the Chapter
GRIs
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List of GRIs
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GRIs
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GRIs
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GRIs
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GRIs
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GRIs
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Operating model
GRIs
- About the report
- Results
- Comment on the financial results for 2020
- Major factors contributing to the consolidated financial result
- PZU Group’s income
- PZU Group’s claims paid and technical provisions
- PZU Group’s acquisition and administrative expenses
- Drivers and atypical events affecting the results
- PZU Group’s asset and liability structure
- Contribution made by the market segments to the consolidated result
- Issuer’s financial results – PZU (PAS)
- Impact of the COVID-19 pandemic on the PZU Group’s results
- Business strategy (2017-2020)
- CSR strategy(2017-2020)
- Supplementary information and notes
- 1. Introduction
- 2. Composition of PZU Group
- 3. Shareholder structure
- 4. Composition of the Management Board, Supervisory Board and PZU Group Directors
- 5. Key accounting policies, key estimates and judgments
- 5.1 Impact of the COVID-19 pandemic on the estimates and assumptions
- 5.2 Changes in accounting policies and estimates, errors from previous years
- 5.3 Amendments to the applied IFRS
- 5.4 Explanation of differences between the 2019 annual consolidated financial statements and these consolidated financial statements
- 5.5 Consolidation principles
- 5.6 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.7 Purchase method
- 5.8 Classification of insurance contracts in accordance with IFRS 4
- 6. Segment reporting
- 7. Risk management
- 8. Equity management
- 9. Fair value
- 10. Gross written premium
- 11. Fee and commission income
- 12. Interest income calculated using the effective interest rate
- 13. Other net investment income
- 14. Result on derecognition of financial instruments and investments
- 15. Movement in allowances for expected credit losses and impairment losses on financial instruments
- 16. Net movement in fair value of assets and liabilities measured at fair value
- 17. Other operating income
- 18. Claims and movement in technical provisions
- 19. Fee and commission expense
- 20. Interest expenses
- 21. Acquisition costs
- 22. Administrative expenses
- 23. Employee expenses
- 24. Other operating expenses
- 25. Income tax
- 26. Earnings per share
- 27. Goodwill
- 28. Intangible assets
- 29. Other assets
- 30. Deferred acquisition cost
- 31. Property, plant and equipment
- 32. Investment property
- 33. Entities carried by the equity method
- 34. Loan receivables from clients
- 35. Financial derivatives
- 36. Investment financial assets
- 37. Receivables
- 38. Impairment of financial assets
- 39.Cash and cash equivalents
- 40. Equity attributable to equity holders of the parent
- 41. Technical provisions
- 42. Subordinated liabilities
- 43. Liabilities on the issue of own debt securities
- 44. Liabilities to banks
- 45. Liabilities to clients under deposits
- 46. Other liabilities
- 47. Provisions
- 48. Deferred income tax
- 49. Assets and liabilities held for sale
- 50. Lease
- 51. Assets securing receivables, liabilities and contingent liabilities
- 52. Contingent assets and liabilities
- 53. Offsetting financial assets and financial liabilities
- 54. Notes to the consolidated cash flow statement
- 55. Disputes
- 56. Transactions with related entities
- 57. Headcount
- 58. Other information
- 9.1 Description of valuation techniques
- 9.2 Fair value hierarchy
- 9.3 Reclassification between fair value hierarchy levels
- 7.1 Introduction
- 7.2 Split of duties and tasks
- 7.3 Risk appetite, risk profile and risk tolerance
- 7.4 Risk identification, measurement, assessment, monitoring and reporting methods
- 7.5 Risk profile
- 6.1 Reportable segments
- 6.2 Inter-segment settlements
- 6.3 Segment’s measure of profit
- 6.4 Accounting policies applied according to PAS
- 6.5 Simplifications in the segmental note
- 6.6 Quantitative data
- 6.7 Information on key customers
- 5.1 Impact of the COVID-19 pandemic on the estimates and assumptions
- 5.2 Changes in accounting policies and estimates, errors from previous years
- 5.3 Amendments to the applied IFRS
- 5.4 Explanation of differences between the 2019 annual consolidated financial statements and these consolidated financial statements
- 5.5 Consolidation principles
- 5.6 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.7 Purchase method
- 5.8 Classification of insurance contracts in accordance with IFRS 4
- Financial data (2019-2020)
- Financial data (2016-2020) Focus on: Results - check the highlights of the year!
- Comment on the financial results for 2020
- Market and business
- External environment
- Business model
- Structure of the Group
- Operating model
- Brand management
- Insurance
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- Insurance (international operations)
- Investments
- Investments (PZU TFI)
- Investments (PTE PZU)
- Health
- Health (health companies)
- Banking and strategic partnerships
- Banking (Bank Pekao, Alior Bank)
- Other operating areas
Focus on: Market and business - check the highlights of the year!
- Capitals (IIRC)
- Strategy and outlook 2021+
- Risk and ethics
- Objective of risk management
- Risk management system
- Risk appetite
- Risk management process
- PZU Group's risk profile
- ESG risks
- Risk vulnerability
- Reinsurance operations
- Capital management
- Ethical foundations of doing business
- Preventing corruption and conflicts of interest
- Whistleblowing System
- Transaction security
- Tax transparency
- Cooperation with suppliers Focus on: Risk and ethics - check the highlights of the year!
- Corporate governance
- Application of corporate governance rules
- System of control in the process of preparing financial statements
- Audit firm auditing the financial statements
- PZU's share capital and its shareholders
- Rules for amending the Company's Articles of Association
- Shareholder Meeting and shareholder rights
- Supervisory Board and Management Board
- Compensation paid to members of supervisory and management bodies
- Diversity policy Focus on: Corporate governance - check the highlights of the year!
- Shares and bonds
- Equity and bond market
- PZU's share price
- Banking sector on the Warsaw Stock Exchange
- PZU's investor relations
- Analysts' recommendations regarding PZU's shares
- PZU Group's Capital and Dividend Policy
- Debt financing of PZU, Bank Pekao and Alior Bank
- Rating
- Calendar of PZU's major corporate events in 2021 Focus on: Shares and bonds - check the highlights of the year!
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| Assets (PLN million) | 2016 | 2017 | 2018 | 2019 | 2020 |
| Intangible assets | 1,463 | 3,443 | 3,180 | 3,157 | 3,206 |
| Goodwill | 1,583 | 3,830 | 3,871 | 4,034 | 2,776 |
| Property, plant and equipment | 1,467 | 3,287 | 3,184 | 4,229 | 4,188 |
| Investment property | 1,738 | 2,355 | 1,697 | 1,981 | 2,493 |
| Entities measured using the equity method | 37 | 20 | 17 | 11 | 72 |
| Loan receivables | 44,998 | 169,457 | 182,054 | 194,868 | 197,288 |
| Derivatives | 953 | 2,351 | 2,487 | 3,107 | 6,339 |
| Financial assets | 59,335 | 110,046 | 101,665 | 111,416 | 140,922 |
| Receivables | 5,664 | 9,096 | 6,343 | 5,737 | 6,246 |
| Reinsurers’ share in technical provisions | 990 | 1,250 | 1,512 | 1,856 | 2,101 |
| Deferred tax assets | 641 | 1,590 | 2,234 | 2,313 | 2,511 |
| Deferred acquisition costs | 1,407 | 1,485 | 1,546 | 1,574 | 1,550 |
| Other assets | 866 | 692 | 562 | 734 | 753 |
| Cash and cash equivalents | 2,973 | 8,239 | 17,055 | 7,788 | 7,939 |
| Assets held for sale | 1,189 | 317 | 1,147 | 580 | 590 |
| Total assets | 125,304 | 317,458 | 328,554 | 343,385 | 378,974 |
Data from consolidated statement of financial position for 2016 restated - as at 1 January 2017
| Equity (PLN million) | 2016 | 2017 | 2018 | 2019 | 2020 |
| Share capital | 86 | 86 | 86 | 86 | 86 |
| Supplementary capital | 10,758 | 11,824 | 12,660 | 13,113 | 15,848 |
| Revaluation reserve | 106 | 157 | -65 | 294 | 891 |
| Actuarial profits and losses related to provisions for employee benefits | 3 | 4 | 0 | 1 | 3 |
| Own shares | (1) | 0 | (11) | (7) | (9) |
| Other reserve capital | 5 | 5 | 18 | (324) | 295 |
| Exchange differences | (2) | (73) | (36) | (41) | 65 |
| Retained profits (losses) | 100 | (299) | (940) | (248) | (314) |
| Net profit (loss) | 1,935 | 2,895 | 3,213 | 3,295 | 1,912 |
| Appropriations on net profit during the financial year | 0 | 0 | 0 | 0 | 0 |
| Minority interest | 4,067 | 22,961 | 22,482 | 23,119 | 24,626 |
| Total equity | 17,057 | 37,560 | 37,407 | 39,288 | 43,403 |
Data from consolidated statement of financial position for 2016 restated - as at 1 January 2017
| Liabilities (PLN million) | 2016 | 2017 | 2018 | 2019 | 2020 |
| Technical provisions | 42,194 | 44,558 | 45,839 | 47,329 | 48,471 |
| Unearned premium and unexpired risk reserve | 7,076 | 8,008 | 8,525 | 8,885 | 8,834 |
| Life insurance provisions | 15,928 | 16,060 | 16,204 | 16,346 | 16,309 |
| Outstanding claims provisions | 8,272 | 8,898 | 9,690 | 10,298 | 10,984 |
| Provision for annuities | 5,673 | 5,776 | 5,981 | 5,999 | 6,226 |
| Provisions for bonuses and discounts for the insured | 5 | 14 | 7 | 9 | 8 |
| Other technical provisions | 323 | 287 | 256 | 214 | 190 |
| Unit-linked technical provisions | 4,917 | 5,515 | 5,176 | 5,578 | 5,920 |
| Subordinated liabilities | 1,027 | 5,319 | 6,061 | 6,700 | 6,679 |
| Own debt securities liabilities | 6,449 | 9,610 | 12,009 | 9,273 | 7,532 |
| Liabilities to banks | 503 | 5,323 | 6,044 | 6,604 | 9,751 |
| Liabilities to clients for deposits | 48,472 | 198,163 | 207,635 | 218,588 | 241,975 |
| Derivatives | 787 | 3,474 | 3,365 | 3,018 | 6,281 |
| Other liabilities | 7,897 | 11,960 | 8,805 | 10,599 | 12,434 |
| Other provisions | 416 | 850 | 854 | 1,211 | 1,378 |
| Deferred tax liability provision | 469 | 638 | 486 | 746 | 949 |
| Liabilities directly associated with assets qualified as held for sale | 33 | 3 | 49 | 29 | 121 |
| Total liabilities | 108,247 | 279,898 | 291,147 | 304,097 | 335,571 |
| Total equity and liabilities | 125,304 | 317,458 | 328,554 | 343,385 | 378,974 |
Data from consolidated statement of financial position for 2016 restated - as at 1 January 2017
Previous Year Content:
Investor Relations Team
e-mail: IR@pzu.pl
Magdalena Komaracka, IR Director, tel. +48 (22) 582 22 93
Piotr Wiśniewski, IR Manager, tel. +48 (22) 582 26 23
Aleksandra Jakima-Moskwa, tel. +48 (22) 582 26 17
Aleksandra Dachowska, tel. +48 (22) 582 43 92
Piotr Wąsiewicz, tel. +48 (22) 582 41 95