close
Navigation Map
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
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!
5.1 Impact of the COVID-19 pandemic on the estimates and assumptions
PZU AR 2020 > Results > Supplementary information and notes > 5. Key accounting policies, key estimates and judgments > 5.1 Impact of the COVID-19 pandemic on the estimates and assumptions
Share on:
Insurance
Health
Investments
Banking
Best Pratices in PZU
Policy
Covid-19
Integrated Navigation
The PZU Group assessed the adopted estimates and assumptions taking into account the impact of the COVID-19 pandemic on individual line items of assets and liabilities, revenues and costs. Considering the significant uncertainty regarding the further development of the economic situation, the adopted estimates are subject to change.
The table below presents the elements of the consolidated financial statements impacted by the COVID-19 pandemic and points to notes in which detailed disclosures regarding the respective issues are presented.
| Note no. | Area | Impact of the COVID-19 pandemic on PZU Group’s activities |
| 7.5.3.1 | Interest rate risk | Reduction of net interest income due to interest rate cuts. |
| 7.5.4 | Liquidity risk | Increase in banking sector’s liquidity. No significant influence on the insurance operations of the PZU Group. |
| 9.3 | Fair value hierarchy | The increased volatility in the financial markets, reduced liquidity of some segments resulted in the reclassification of some assets to lower fair value levels. |
| 27.3 | Goodwill | The impairment losses for goodwill following from the acquisition of Alior Bank and Bank Pekao SA. |
| 28 | Intangible assets | The impairment losses for intangible assets following from the acquisition of Alior Bank. |
| 32.2 | Investment property | Decrease in the transaction volume and liquidity in the real estate market. As at 31 December 2020 some sectors returned to business as usual. |
| 38.1.1 | Expected credit losses – loan receivables from clients, investment financial assets |
The adverse impact on the economy that may exacerbate the financial standing of some borrowers. The PZU Group has modified its approach to the calculation of expected credit losses taking into account, among others:
|
| 41.2 | Technical provisions |
In the calculation of its technical provisions, the PZU Group monitors, among other things:
|
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