Structure of the Group

The PZU Group conducts various activities in insurance and finance. In particular, the PZU Group entities offer services in life insurance, non-life insurance, health insurance and they manage client assets within in an open-end pension fund and mutual funds. As a result of its investments in Bank Pekao and Alior Bank, the PZU Group also provides banking services.

Structure of the PZU Group (as at 31 December 2020)

¹ The following branches operate within PZU Zdrowie: CM FCM in Warsaw, CM Tarnów, CM Nasze Zdrowie in Warsaw, CM Medicus in Opole, CM Cordis in Poznań, CM in Warsaw, CM in Krakow, CM in Poznań, CM in Wrocław, CM Gdańsk Abrahama, CM Artimed in Kielce, CM Warsaw Chmielna
² The Centrum Medyczne Medica Group consists of the following companies: Centrum Medyczne Medica Sp. z o.o., Sanatorium Uzdrowiskowe “Krystynka” Sp. z o.o. with its registered office in Ciechocinek
³ The Elvita Group consists of the following companies: Przedsiębiorstwo Świadczeń Zdrowotnych i Promocji Zdrowia ELVITA – Jaworzno III Sp. z o.o., Przedsiębiorstwo Usług Medycznych PROELMED Sp. z o.o. in Łaziska Górne
⁴ The Alior Bank Group is composed of: Alior Bank SA, Alior Services Sp. z o.o., Alior Leasing Sp. z o.o., Meritum Services. ICB SA, Alior TFI SA, New Commerce Services Sp. z o.o., Absource Sp.z o.o., Serwis Ubezpieczeniowy Sp. z.o.o, CORSHAM Sp. z o.o. (which holds 20% in Pay Po Sp. z o.o.;), RBL_VC Sp. z o.o., RBL_VC sp. z o.o. ASI S.K.A., Harberton sp. z o.o
⁵ The Bank Pekao Group is composed of, among others: Bank Pekao SA, Pekao Bank Hipoteczny SA, Pekao Leasing Sp. z o.o., Pekao Investment Banking SA, Pekao Faktoring Sp. z o.o., Centrum Kart SA, Pekao Financial Services Sp. z o.o., Pekao Direct Sp. z o.o. (until 16 January 2020: Centrum Bankowości Bezpośredniej Sp. z o.o.), Dom Inwestycyjny Xelion Sp. z o.o., Pekao Investment Management SA (holding a 100% stake in Pekao TFI SA)
⁶ The Armatura Group is composed of the following companies: Armatura Kraków SA, Aquaform SA, Aquaform Ukraine TOW, Aquaform Romania SRL
⁷ The Tomma Group is composed of the following companies: Tomma Diagnostyka Obrazowa S.A., Bonus Diagnosta Sp. z o.o.
The structure chart does not include mutual funds or companies in liquidation or under bankruptcy.

PZU as the parent company, through its representatives in supervisory bodies of subsidiaries and voting at their shareholder meetings, exerts an impact on the selection of strategic directions regarding both the scope of business and the finances of the Group members. As selected companies focus on their specialization, they provide services to each other at an arm’s length basis, using the internal cost allocation model within the tax group.

The following changes transpired in the structure of the PZU Group in 2020 up to the date of publication of these financial statements:

• On 2 January 2020, Specjalistyczna Przychodnia Przemysłowa “PROF-MED” sp. z o.o. merged with Centrum Medyczne Medica Sp. z o.o.;
• On 19 February 2020, Alior Bank acquired a 100% stake in Harberton sp. z o.o.;
• On 17 April 2020, RBL_VC sp. z o.o. ASI S.K.A, a company established by Alior Bank and RBL_VC sp. z o.o. on 21 November 2019, was registered in the National Court Register;
• On 3 June 2020, Harberton Sp. z o.o., a wholly-owned subsidiary of Alior Bank SA, and Lurena Investments B.V., entered into a final share purchase agreement. On its basis, Alior Bank indirectly acquired 108,824,007 shares in RUCH SA, representing in total 100% of the company’s share capital, for the price of PLN 1. Haberton Sp. z o.o. became an indirect parent of the following wholly-owned subsidiaries of RUCH SA: Fincores Business Solutions sp. z o.o., RUCH Detal SA, RUCH Marketing sp. z o.o., RUCH Nieruchomości V sp. z o.o.;
• On 30 June 2020, PZU Zdrowie merged with Alergo-Med Sp. z o.o., and Bonus-Diagnosta Sp. z o.o. merged with Asklepios Diagnostyka Sp. z o.o.;
• On 1 September 2020, a joint stock company PZU Projekt 01 SA was established with the share capital of PLN 150 thousand;
• On 30 October 2020, PZU Zdrowie merged with FCM Zdrowie sp. z o.o. As a result of that transaction, all assets of FCM Zdrowie sp. z o.o were taken over by PZU Zdrowie and FCM Zdrowie sp. z o.o. ceased to exist;
• On 30 October 2020, PZU Zdrowie acquired 24,000 shares in CM Gamma sp. z o.o. with a par value of PLN 50 each, as a result of which the stake held by PZU Zdrowie in CM Gamma sp. z o.o. rose from 60.46% to 100%;
• On 3 November 2020, PZU acquired 96,000,000 shares in Armatura Kraków SA with a par value of PLN 1 each. The shares were released on 10 November 2020. Consequently PZU holds 100% of the share capital and has 100% votes in Armatura Kraków SA;
• On 24 November 2020, the ownership structure of RUCH SA changed, as a result of which PZU and PZU Życie now hold 14.5% each in the share capital and 14.5% each of votes in Ruch SA, while Alior Bank holds 6% in the share capital and 6% of votes in Ruch SA;
• On 7 January 2021 Corsham sp.z o.o. sold all owned shares of PayPo sp. z o.o.;
• On 1 February 2021 Haberton sp z o.o. was liquidated. National Court Register registered the change on 25 February 2021.

PZU Group’s market position in Poland and in Baltic states