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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
Financial capital
Intellectual capital
Natural capital
Social capital
Policies
Health
Banks
Investments
Insurance
BUSINESS
PRACTICES
PRACTICES
Capitals (IIRC)
Business
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
List of GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
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
- 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!
Share on:
Insurance
Health
Investments
Banking
Best Pratices in PZU
Policy
Covid-19
Integrated Navigation
| Consolidated cash flow statement | Note | 1 January – 31 December 2020 | 1 January – 31 December 2019 (restated) 1 |
| Profit before tax | 4,058 | 7,080 | |
| Adjustments | 24,521 | (6,032) | |
| Movement in loan receivables from clients | (5,514) | (14,959) | |
| Movement in liabilities under deposits | 25,221 | 10,522 | |
| Movement in the valuation of assets measured at fair value | (869) | (837) | |
| Interest income and costs | (2,608) | (2,574) | |
| Realized gains/losses from investing activities and impairment losses | 2,931 | 1,823 | |
| Impairment charges for property, plant and equipment, intangible assets and goodwill | 1,505 | 19 | |
| FX gains (losses) | (55) | 123 | |
| Movement in deferred acquisition cost | 24 | (28) | |
| Amortization of intangible assets and depreciation of property, plant and equipment | 1,319 | 1,293 | |
| Movement in the reinsurers’ share in technical provisions | (245) | (344) | |
| Movement in technical provisions | 1,142 | 1,490 | |
| Change in the balance of receivables | 277 | (644) | |
| Movement in liabilities | 1,616 | 2,454 | |
| Cash flow on investment contracts | 6 | (13) | |
| Acquisitions and redemptions of participation units and investment certificates of mutual funds | 313 | 158 | |
| Income tax paid | (1,886) | (2,084) | |
| Other adjustments | 1,344 | (2,431) | |
| Net cash flows from operating activities | 28,579 | 1,048 | |
| Cash flow on investing activity | |||
| Inflows | 866,620 | 759,573 | |
| - sale of investment property | 12 | 619 | |
| - proceeds from investment property | 260 | 305 | |
| - sale of intangible assets and components of property, plant and equipment | 29 | 87 | |
| - sale of ownership interests and shares | 682 | 3,061 | |
| - realization of debt securities | 407,813 | 157,856 | |
| - closing of buy-sell-back transactions | 246,687 | 281,450 | |
| - closing of term deposits with credit institutions | 182,521 | 289,755 | |
| - realization of other investments | 26,844 | 24,678 | |
| - interest received | 1,566 | 1,673 | |
| - dividends received | 149 | 55 | |
| - other investment proceeds | 57 | 34 | |
| Outflows | (894,247) | (764,426) | |
| - purchase of investment property | (200) | (198) | |
| - expenditures for the maintenance of investment property | (139) | (139) | |
| - purchase of intangible assets and components of property, plant and equipment | (1,264) | (903) | |
| - purchase of ownership interests and shares | (615) | (2,633) | |
| - purchase of ownership interests and shares in subsidiaries | (70) | (211) | |
| - decrease in cash due to the sale of entities and change in the scope of consolidation | - | (32) | |
| - purchase of debt securities | (436,679) | (165,545) | |
| - opening of buy-sell-back transactions | (247,271) | (282,273) | |
| - purchase of term deposits with credit institutions | (182,142) | (288,342) | |
| - purchase of other investments | (25,835) | (24,129) | |
| - other expenditures for investments | (32) | (21) | |
| Net cash flows from investing activities | (27,627) | (4,853) | |
| Cash flows from financing activities | |||
| Inflows | 91,069 | 106,012 | |
| - proceeds from loans and borrowings | 54 | 1,661 | 4,300 |
| - proceeds on the issue of own debt securities | 54 | 9,658 | 8,820 |
| - opening of repurchase transactions | 54 | 79,750 | 92,892 |
| Outflows | (92,050) | (111,499) | |
| - dividends paid to equity holders of the parent | 40.2.1.1 | - | (2,418) |
| - dividends paid to holders of non-controlling interest | - | (1,385) | |
| - repayment of loans and borrowings | 54 | (898) | (3,415) |
| - redemption of own debt securities | 54 | (11,473) | (10,845) |
| - closing of repurchase transactions | 54 | (79,194) | (92,837) |
| - interest on loans and borrowings | 54 | (47) | (75) |
| - interest on outstanding debt securities | 54 | (163) | (227) |
| - expenditures on leases | (275) | (297) | |
| Net cash flows from financing activities | (981) | (5,487) | |
| Total net cash flows | (29) | (9,292) | |
| Cash and cash equivalents at the beginning of the period | 7,788 | 17,055 | |
| Movement in cash due to foreign currency differences | 180 | 25 | |
| Cash and cash equivalents at the end of the period, including: | 39 | 7,939 | 7,788 |
| - restricted cash | 39 | 19 | 89 |
1 Information on restatement of data for the period from 1 January to 31 December 2019 is presented in section 5.4.
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