PZU’s 2020 standalone financial statements are available on the PZU website at www.pzu.pl in the “Investor Relations” tab.
What is unique to PZU Życie is the rules of accounting for insurance agreements and investment contracts according to IFRS.
The fundamental difference between PAS and IFRS in respect of accounting for insurance agreements and investment contracts at PZU Życie is the classification of contracts. There is no term “investment contract” in PAS, as a consequence of which all agreements are classified as insurance contracts. According to IFRS agreements are classified according to the guidelines set forth under IFRS 4 “Insurance contracts” on the classification of products as insurance contracts (subject to IFRS 4) or investment contracts (measured according to IAS 9 “Financial instruments”). In the case of the latter the written premium is not recognized. The classification of those contracts is described in section 5.8.