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Interactive navigation is a tool that goes beyond the standard navigation of the integrated content
(available in the report drop-down bar). New approach allowed to navigate in the two additional
business dimensions of the PZU Group, i.e .:
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
Human capital
Financial capital
Intellectual capital
Natural capital
Social capital
Policies
Health
Banks
Investments
Insurance
BUSINESS
PRACTICES
PRACTICES
Capitals (IIRC)
Business
In the Chapter
GRIs
In the Chapter
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List of GRIs
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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!
PZU Group’s social commitment
GRIs
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Best Pratices in PZU
Policy
Covid-19
Integrated Navigation
Sponsorship and prevention - “prevention and sponsorship activities may take place solely in accordance with the binding regulations of law and the principles laid down in the PZU Group’s internal regulations. For many years now we have been administering our own prevention programs and we support projects that propagate safe behavior on the road and water and in the mountains. The high-profile PZU Foundation also acts charitably to benefit private persons and non-profit organizations. We also cooperate with organizations that help local communities”.
„Being a leader means not only acting responsibly but also forging appropriate models. This is a particularly important social commitment for insurance companies. Social investments were executed in the insurance industry long before management experts called them social commitment based on the concept of corporate shared value."Joanna Gorczyca, Director of the Sustainable Development Department
PZU Group’s policies [Accounting Act]
[GRI 103-2]
It is an ambition of PZU to retain our leadership position in prevention activities when it comes to safety and health in Poland. Apart from the sponsorship and charitable activity pursued by the PZU Foundation, the whole Group is engaged also in social investments, which serve risk reduction and at the same time bring commercial and social benefits. The major objective of these initiatives is to prevent accidents, reduce their repercussions and support activities advancing preventive health care.
LEGAL BASIS FOR PREVENTION
The prevention fund of PZU, PZU Życie and TUW PZUW operates under the Act of 11 September 2015 on Insurance and Reinsurance Activity
Prevention activities
The following are the strategic pillars of PZU’s social participation: (road, public, local) safety, health, culture and professional knowledge, which are reflected in the activity pursued by PZU Group entities. According to its strategy adopted for 2017–2020, the PZU Group planned to designate more than PLN 50 million per annum for social activities from the budgets of PZU and PZU Życie. In 2020, PZU and PZU Życie spent over PLN 77 million on prevention and sponsorship activities, and their employees offered 6,743 hours of volunteering. The sense of social responsibility of PZU employees and the participation in numerous programs of the Foundation, which thanks to that can provide educational support, reinforces integration and local social capital, make us proud. The PZU Foundation is involved in social activities according to its motto: “Close to people and their needs” and executes aid programs in cooperation with non-governmental organizations.
LEGAL BASIS OF OPERATION OF PZU FOUNDATION
The PZU Foundation operates on the basis of the Act of 6 April 1984 on Foundations (Journal of Laws of 1991, Number 46, Item 203 as amended) and of the clauses of the Foundation’s Articles of Association.
An important part of PZU’s activity is engagement of employees, advisers and customers in initiatives for the benefit of local communities. PZU focuses on projects that support positive social changes in the area of safety, health and education. Prevention, sponsorship and social actions are pursued at the corporate level by PZU and its various entities in Poland and abroad. PZU supports the Polish culture by means of numerous patronages and participates actively in major industry activities as an expert.
BEST PRACTICE
Bank Pekao carries out its charitable activity largely through the Doctor Marian Kanton Bank Pekao Foundation, which was established in 1997. The bank also cooperates directly with several public benefit organizations, to which it gives donations the support their statutory activities.
The issues of corporate social responsibility are regulated by the PZU Group in the “PZU Group’s corporate social responsibility strategy for 2018–2020”, which specifies the strategic pillars of PZU’s social commitment. The “PZU Group’s corporate social responsibility strategy for 2018–2020” has been adopted by PZU, PZU Życie, Tower Investments, PZU CO, PZU LAB and PZU Pomoc. From 2021 on, the document will be replaced with a new “ESG Strategy” covering a period corresponding to the timeframe of the PZU Group’s business strategy.
There is no single policy on charitable and sponsorship activity in force at the Group level.
[GRI 102-12]
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