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40.3.1. Accounting policy

Treasury shares purchased and retained by consolidated PZU Group companies are shown at purchase price. 

The “Supplementary capital” item includes:

  • the effect of distribution of profit, in accordance with the legal regulations in effect in the country of the company's domicile (in Poland under the Commercial Company Code) and the articles of association of PZU Group companies;
  • the capital created upon the sale of investment property previously transferred from own property, according to the rules described in section 32;
  • the difference between the change in value of non-controlling interest and fair value of payment in transactions with non-controlling interests.

Results of the following are posted in the “Revaluation reserve” item:

  • revaluation of financial assets classified as assets measured at fair value through other comprehensive income;
  • revaluation of property to its fair value on the date when it is classified from own property to investment property;
  • measurement of hedging instruments, in respect to the part constituting effective cash flow hedge;

after taking into account the corresponding change in deferred tax assets or liabilities;

The item “Actuarial gains and losses related to provisions for employee benefits” includes amounts resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments – demographic (e.g. mortality, employee turnover) and financial (e.g. discount rate or projected salary growth rate). 

“Foreign exchange translation differences” include differences resulting from translation of financial data of foreign entities using exchange rates, in accordance with the rules described in section 5.6.

40.3.2. Quantitative data

Other capital 31 December 2020 31 December 2019
Treasury stock (9) (7)
Supplementary capital 15,848 13,113
Share premium account 538 538
Distribution of results of PZU Group companies 15,264 12,523
Other 46 52
Revaluation reserve 891 294
Valuation of debt instruments measured at fair value through other comprehensive income 888 432
Valuation of equity instruments measured at fair value through other comprehensive income (262) (263)
Reclassification of real property from property, plant and equipment to investment property 71 77
Entities carried by the equity method - -
Cash flow hedging 194 48
Other reserve capital 295 (324)
Actuarial gains and losses related to provisions for employee benefits 3 1
Conversion FX differences 65 (41)
Lietuvos Draudimas AB 94 5
AAS Balta 31 4
PZU Ukraine (54) (40)
PZU Ukraine Life (12) (12)
Other 6 2
Total other capital 17,093 13,036