Navigation Map
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
PRACTICES
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
List of GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
Operating model
GRIs
- About the report
- Results
- Comment on the financial results for 2020
- Major factors contributing to the consolidated financial result
- PZU Group’s income
- PZU Group’s claims paid and technical provisions
- PZU Group’s acquisition and administrative expenses
- Drivers and atypical events affecting the results
- PZU Group’s asset and liability structure
- Contribution made by the market segments to the consolidated result
- Issuer’s financial results – PZU (PAS)
- Impact of the COVID-19 pandemic on the PZU Group’s results
- Business strategy (2017-2020)
- CSR strategy(2017-2020)
- Supplementary information and notes
- 1. Introduction
- 2. Composition of PZU Group
- 3. Shareholder structure
- 4. Composition of the Management Board, Supervisory Board and PZU Group Directors
- 5. Key accounting policies, key estimates and judgments
- 5.1 Impact of the COVID-19 pandemic on the estimates and assumptions
- 5.2 Changes in accounting policies and estimates, errors from previous years
- 5.3 Amendments to the applied IFRS
- 5.4 Explanation of differences between the 2019 annual consolidated financial statements and these consolidated financial statements
- 5.5 Consolidation principles
- 5.6 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.7 Purchase method
- 5.8 Classification of insurance contracts in accordance with IFRS 4
- 6. Segment reporting
- 7. Risk management
- 8. Equity management
- 9. Fair value
- 10. Gross written premium
- 11. Fee and commission income
- 12. Interest income calculated using the effective interest rate
- 13. Other net investment income
- 14. Result on derecognition of financial instruments and investments
- 15. Movement in allowances for expected credit losses and impairment losses on financial instruments
- 16. Net movement in fair value of assets and liabilities measured at fair value
- 17. Other operating income
- 18. Claims and movement in technical provisions
- 19. Fee and commission expense
- 20. Interest expenses
- 21. Acquisition costs
- 22. Administrative expenses
- 23. Employee expenses
- 24. Other operating expenses
- 25. Income tax
- 26. Earnings per share
- 27. Goodwill
- 28. Intangible assets
- 29. Other assets
- 30. Deferred acquisition cost
- 31. Property, plant and equipment
- 32. Investment property
- 33. Entities carried by the equity method
- 34. Loan receivables from clients
- 35. Financial derivatives
- 36. Investment financial assets
- 37. Receivables
- 38. Impairment of financial assets
- 39.Cash and cash equivalents
- 40. Equity attributable to equity holders of the parent
- 41. Technical provisions
- 42. Subordinated liabilities
- 43. Liabilities on the issue of own debt securities
- 44. Liabilities to banks
- 45. Liabilities to clients under deposits
- 46. Other liabilities
- 47. Provisions
- 48. Deferred income tax
- 49. Assets and liabilities held for sale
- 50. Lease
- 51. Assets securing receivables, liabilities and contingent liabilities
- 52. Contingent assets and liabilities
- 53. Offsetting financial assets and financial liabilities
- 54. Notes to the consolidated cash flow statement
- 55. Disputes
- 56. Transactions with related entities
- 57. Headcount
- 58. Other information
- Financial data (2019-2020)
- Financial data (2016-2020) Focus on: Results - check the highlights of the year!
- Comment on the financial results for 2020
- Market and business
- External environment
- Business model
- Structure of the Group
- Operating model
- Brand management
- Insurance
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- Insurance (international operations)
- Investments
- Investments (PZU TFI)
- Investments (PTE PZU)
- Health
- Health (health companies)
- Banking and strategic partnerships
- Banking (Bank Pekao, Alior Bank)
- Other operating areas
Focus on: Market and business - check the highlights of the year!
- Capitals (IIRC)
- Strategy and outlook 2021+
- Risk and ethics
- Objective of risk management
- Risk management system
- Risk appetite
- Risk management process
- PZU Group's risk profile
- ESG risks
- Risk vulnerability
- Reinsurance operations
- Capital management
- Ethical foundations of doing business
- Preventing corruption and conflicts of interest
- Whistleblowing System
- Transaction security
- Tax transparency
- Cooperation with suppliers Focus on: Risk and ethics - check the highlights of the year!
- Corporate governance
- Application of corporate governance rules
- System of control in the process of preparing financial statements
- Audit firm auditing the financial statements
- PZU's share capital and its shareholders
- Rules for amending the Company's Articles of Association
- Shareholder Meeting and shareholder rights
- Supervisory Board and Management Board
- Compensation paid to members of supervisory and management bodies
- Diversity policy Focus on: Corporate governance - check the highlights of the year!
- Shares and bonds
- Equity and bond market
- PZU's share price
- Banking sector on the Warsaw Stock Exchange
- PZU's investor relations
- Analysts' recommendations regarding PZU's shares
- PZU Group's Capital and Dividend Policy
- Debt financing of PZU, Bank Pekao and Alior Bank
- Rating
- Calendar of PZU's major corporate events in 2021 Focus on: Shares and bonds - check the highlights of the year!
Human capital management
The fundamental document regulating the issue of managing employee matters is the „Human capital management policy in the PZU Group” adopted in 2018. Its objective is, in particular, to lend support to the execution of the PZU Group strategy by doing the following:
- safeguarding business needs in human capital management;
- ensuring coherent and integrated rules for human capital management;
- conducting coherent actions in human capital management.
In addition, topics related to managing employee issues have been captured in the “Best Practices of the PZU Group” that define:
- common values and rules for ethical management;
- competence development;
- occupational safety and health.
[GRI 102-8]
Data pertaining to employees and other persons working for the organization
At the end of 2020, the PZU Group had 39,857 employees (converted into FTEs); 26% of them were employed in PZU and PZU Życie, 5% in the health area, 19% in the Alior Bank Group, 37% in the Pekao Group and 7% in foreign companies.
Total number of employees (converted into FTEs)
PZU Group employees by gender (converted into FTEs) in 2019 and 2020
Women account for the majority of employees across the PZU Group (67%).
Women constitute the largest percentage of the staff of PZU Zdrowie and its subsidiaries: approx. 85% of the persons employed. This percentage is 72% in the Pekao Group. Women account for a vast majority also in our foreign companies, i.e. as much as 74%.
PZU Group employees by type of contract (converted into FTEs) in 2019 and 2020
In the PZU Group, 87% of employees work under employment contracts executed for an indefinite term. The highest percentage of staff (converted into FTEs) who work under employment contracts for an indefinite term is in foreign companies (95%) and the lowest is in LINK4 (70%).
Total number of employees by age group (converted into FTEs) in 2019 and 2020
Among the three age groups identified above, the most numerous is the group of employees aged 30–50; it comprised 66% of employees in 2020 and 65% in 2019. LINK4 employs the highest number of people under 30 (33% in 2020). Conversely, the Pekao Group has the highest number of employees over 50 (31% in 2020).
Employees by FTE portion (converted into persons) in 2019 and 2020
Most PZU Group staff are employed full-time: 72%. The highest percentage of the staff are employed on such terms in LINK4 (97%), while the lowest – in PZU Życie (17%). The low percentage of people employed full-time at PZU Życie results from the fact that employment is often shared between PZU Życie and PZU.
PZU Group Employees by employment structure (converted into persons) 2019 and 2020
The employment structure did not change significantly in 2020 in the PZU Group. Persons employed in managerial positions accounted for 14% of the total, just as one year earlier (13%). In the Group, it is PZU Życie that has the highest percentage of persons holding managerial positions in relation to the number of employees in the company (20%). In other PZU Group companies this ratio was respectively: in PZU 16%, in LINK4 14%, in the Pekao Group 12%, in the Alior Bank Group 12%, in foreign companies 14%.
[GRI 401-1]
Total number of newly-hired employees by gender (converted into FTEs)
Total number of newly-hired employees by age (converted into FTEs)
Total number of cases of attrition among employees by gender (converted into FTEs)
Total number of cases of attrition among employees by age (converted into FTEs)
Total number of voluntary terminations and dismissals converted into FTEs in the PZU Group:
- in 2019: 6,519
- in 2020: 5,953
Turnover ratio (terminations, dismissals) among all PZU Group employees hired under employment contracts:
- in 2019: 15.9%
- in 2020: 14.9%
The ratio takes into account internal turnover, i.e. within the PZU Group.
[GRI 405-2]
Average base salary ratio of women to men: Gender Pay Gap (GPG)
Investor Relations Team
e-mail: IR@pzu.pl
Magdalena Komaracka, IR Director, tel. +48 (22) 582 22 93
Piotr Wiśniewski, IR Manager, tel. +48 (22) 582 26 23
Aleksandra Jakima-Moskwa, tel. +48 (22) 582 26 17
Aleksandra Dachowska, tel. +48 (22) 582 43 92
Piotr Wąsiewicz, tel. +48 (22) 582 41 95