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Operating model


1. Introduction

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Compliance statement

These consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group (“consolidated financial statements” and “PZU Group”, respectively) have been prepared in line with International Financial Reporting Standards as endorsed by the European Commission (“IFRS”), published and in force as at 31 December 2020.

Period covered by the statements

These consolidated financial statements cover the period of 12 months from 1 January to 31 December 2020.

Approval of the statements

These consolidated financial statements were signed and authorized for publication by the Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna on 24 March 2021 and will be subject to approval by the shareholder meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna.

Functional and presentation currency

PZU’s functional and presentation currency is the Polish zloty. Unless noted otherwise, all amounts presented in these consolidated financial statements are stated in millions of Polish zloty.

The functional currency of the companies domiciled in Ukraine is the Ukrainian hryvnia, the euro is the functional currency of the companies domiciled in Lithuania, Latvia and Sweden and pound sterling – of the company domiciled in the United Kingdom.

Going concern assumption

These consolidated financial statements have been drawn up under the assumption that the PZU Group remains a going concern in the foreseeable future, i.e. in the period of at least 12 months after the end of the reporting period. As at the date of signing these consolidated financial statements, there are no facts or circumstances that would indicate a threat to the ability of the PZU Group to continue its activity in the period of 12 months after the end of the reporting period as a result of an intentional or an induced discontinuation or a material curtailment of its hitherto activity.

Making this assumption, in its assessment, the PZU Management Board took into account the impact of factors subject to uncertainty, in particular the COVID-19 pandemic, on the macroeconomic situation, and its own activity. More information on this matter is presented in section 5.1.

Discontinued operations

Both in 2020 and in 2019, the PZU Group did not discontinue any material type of activity.


The most important terms, abbreviations and acronyms used in the consolidated financial statements are explained below.

Names of companies

AAS Balta – Apdrošināšanas Akciju Sabiedrība Balta.
Alior BankAlior Bank SA.
Alior Bank GroupAlior Bank with its subsidiaries listed in section 2.2.
Pekao GroupPekao with its subsidiaries listed in section 2.2.
HarbertonHarberton sp. z o.o. in liquidation.
Idea BankIdea Bank SA.
LD – Lietuvos Draudimas AB.
Link4Link4 Towarzystwo Ubezpieczeń SA.
Pekao – Bank Pekao SA.
PFR – Polski Fundusz Rozwoju SA.
PIMPekao Investment Management SA.
PKN Orlen – Polski Koncern Naftowy Orlen Spółka Akcyjna.
PZU, parent company – Powszechny Zakład Ubezpieczeń Spółka Akcyjna.
PZU LT GD – UAB PZU Lietuva Gyvybes Draudimas.
PZU CO – PZU Centrum Operacji SA.
PZU Ukraine – PrJSC IC PZU Ukraine.
PZU Ukraine Life – PrJSC IC PZU Ukraine Life Insurance.
PZU Życie – Powszechny Zakład Ubezpieczeń na Życie Spółka Akcyjna.
RUCHRUCH Spółka Akcyjna.
TommaTomma Diagnostyka Obrazowa SA.
TFI PZU – Towarzystwo Funduszy Inwestycyjnych PZU SA.
TUW PZUW – Towarzystwo Ubezpieczeń Wzajemnych Polski Zakład Ubezpieczeń Wzajemnych.

Other definitions

BFG – Bank Guarantee Fund [Polish: Bankowy Fundusz Gwarancyjny].
BGK – Bank Gospodarstwa Krajowego.
CGU – cash generating unit.
EBA – European Banking Authority.
ECL – Expected Credit Loss.
Forbearance – tools used to restructure debt, most frequently taking the form of arrangements provided to the debtor by the creditor.
CODM – chief operating decision maker within the meaning of IFRS 8 – Operating segments.
IBNR – Incurred But Not Reported or 2nd provision – provision for losses and accidents incurred but not reported.
IBOR – Interbank Offered Rate.
IRS – interest rate swap.
KNF – Polish Financial Supervision Authority.
Commercial Company Code – Act of 15 September 2000 entitled Commercial Company Code (consolidated text: Journal of Laws of 2020, Item 1526, as amended).
LGD – loss given default, expressed as a percentage of the total exposure in case of a counterparty’s insolvency.
IFRS – International Financial Reporting Standards, as endorsed by the European Commission, published and in force as at 31 December 2020.
NBP – National Bank of Poland.
PD – Probability of Default (PD) – probability of default of a counterparty over a specified time horizon.
POCI – Purchased or originated credit-impaired financial assets.
Tax Group – PZU Tax Group – on 20 September 2017, a Tax Group agreement was signed, covering 13 companies: PZU, PZU Życie, Link4, PZU CO, PZU Pomoc SA, Ogrodowa-Inwestycje, PZU Zdrowie SA, Tulare Investments sp. z o.o., PZU CASH SA, Ipsilon sp. z o.o., PZU Finanse sp. z o.o., PZU LAB SA and Omicron Bis SA. The Tax Group was established for a period of 3 years – from 1 January 2018 to 31 December 2020 – and the Head of the First Mazowiecki Tax Office in Warsaw issued a registration decision on 21 November 2017. From 1 January 2021 the Tax Group also includes PZU Project 01 SA, in connection with another Tax Group agreement of 22 September 2020 (registration decision of 11 December 2020), which applies from 1 January 2021 to 31 December 2023. PZU is the parent company representing the Tax Group. The Tax Group performs settlements with the Tax Office on a monthly basis. PZU pays advances for corporate income tax that are due from all the companies to the Tax Office, while the companies transfer the CIT advances related to their business activities to PZU.
PAS – Accounting Act of 29 September 1994 (consolidated text: Journal of Laws of 2021 Item 217) and regulations issued thereunder.
PLET – Polish Life Expectancy Tables published annually by the Central Statistical Office of Poland.
RBNP – Reported But Not Paid, or 1st provision – provision for losses reported but not handled and handled but not paid.
IASB – International Accounting Standards Board.
Capital Requirements Regulation, CRR – Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012.
Consolidated financial statementsconsolidated financial statements of the PZU Group prepared in accordance with IFRS for the year ended 31 December 2020.
CJEU – Court of Justice of the European Union.
KNF Office – Office of the Polish Financial Supervision Authority.
BFG Act – Act of 10 June 2016 on the Bank Guarantee Fund, Guaranteed Deposits System and Forced Restructuring (consolidated text: Journal of Laws of 2020, Item 842).
Insurance Activity Act – Act of 11 September 2015 on Insurance and Reinsurance Activity (consolidated text: Journal of Laws of 2020, Item 895).
Act on the Rules for Terminating Employment Relationships – Act of 13 March 2003 on the Special Rules for Terminating Employment Relationships with Employees for Reasons Not Attributable to Employees (consolidated text: Journal of Laws of 2018, Item 1969).
Supplementary Oversight Act – Act of 15 April 2005 on supplementary oversight over credit institutions and insurance undertakings, reinsurance undertakings and investment firms comprising a financial conglomerate (consolidated text: Journal of Laws of 2020, Item 1413, as amended).
EBA Guidelines – guidelines on legislative and non-legislative moratoria on loan repayments applied in light of the COVID-19 crisis” (EBA/GL/2020/02) of 2 April 2020 (as amended).
PZU Ordinary Shareholder Meeting – Ordinary Shareholder Meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna.