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21. Acquisition costs

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21.1 Accounting policy

Acquisition expenses include expenses related to the conclusion and extension of insurance agreements. Direct acquisition expenses include, among others, cost of commission for insurance intermediaries, employee remuneration costs associated with the conclusion of insurance agreements, cost of attestations, expert opinions and studies related to the accepted risk. Indirect acquisition costs include cost associated with the advertising and promotion of insurance products as well as general cost associated with the examination of proposals and issue of policies.

According to the accrual accounting principle, some of the acquisition expenses are amortized over time, in accordance with the principles described in sections 30.1.1 and 30.1.2.

21.2 Quantitative data

Acquisition expenses by type 1 January – 31 December 2020 1 January – 31 December 2019
Materials and energy used 25 29
External services 85 87
Taxes and fees 4 5
Employee expenses 635 631
Depreciation of property, plant and equipment 28 27
Depreciation of intangible assets 25 36
Other, including: 2,483 2,581
- commissions in insurance activities 2,416 2,508
- advertising 61 66
- other 6 7
Movement in deferred acquisition cost 32 (33)
Acquisition expenses, total 3,317 3,363