In 2020, the net profit attributable to PZU Group’s parent company shareholders was PLN 1,912 million, compared to PLN 3,295 million in 2019 (down 42.0%). Net profit reached PLN 2,530 million, i.e. PLN 2,655 million less than in 2019, and profit before tax stood at PLN 4,058 million, compared to PLN 7,080 million in the previous year.
The net result declined 23.6% compared to last year, net of non-recurring events1.
Operating profit in 2020 was PLN 4,058 million, down PLN 42.7 million compared to the result in 2019.
Operating profit was driven in particular by the following:
In the individual operating result items, the PZU Group posted:
|Key data from the consolidated profit and loss account||2016||2017||2018||2019||2020|
|in PLN m||in PLN m||in PLN m||in PLN m||in PLN m|
|Gross written premiums||20,219||22,847||23,470||24,191||23,866|
|Net earned premium||18,625||21,354||22,350||23,090||23,024|
|Net revenues from commissions and fees||740||2,312||3,355||3,279||3,166|
|Net investment result*||3,312||7,893||9,931||11,298||8,486|
|Net insurance claims and benefits||(12,732)||(14,941)||(14,563)||(15,695)||(15,580)|
|Other operating income and expenses||(721)||(1,552)||(2,201)||(2,790)||(3,990)|
|Operating profit (loss)||2,991||5,458||7,087||7,084||4,058|
|Share in net profit (loss) of entities measured by the equity method||(3)||16||(1)||(4)||-|
|Profit (loss) before tax||2,988||5,474||7,086||7,080||4,058|
|Net profit (loss)||2,374||4,185||5,368||5,185||2,530|
|Net profit (loss) attributable to equity holders of the parent company||1,935||2,895||3,213||3,295||1,912|
restated data for 2016-2019
* Including: interest income calculated using the effective interest rate, other net investment income, discontinuation income recognition of financial instruments and
investments, change in write-offs to expected credit losses and impairment losses on financial instruments, net change in the fair value of assets and liabilities measured
at fair value
1 from the acquisition of Alior Bank (PLN 746 million) and Bank Pekao (PLN 555 million), the impairment loss on assets arising from the acquisition of Alior Bank (i.e. trademark and relations with clients) in the amount of PLN 161 million (after adjustment for the impact exerted by deferred income tax and minority shareholdings the impact exerted on the net result attributable to the parent company’s shareholders was PLN 42 million) and the conversion effect of changing long-term contracts into annual renewable contracts in type P group insurance
2 including: interest income calculated using the effective interest rate, other net investment income, discontinuation income recognition of financial instruments and investments, change in write-offs to expected credit losses and impairment losses on financial instruments, net change in the fair value of assets and liabilities measured at fair value, interest expense