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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
PRACTICES
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List of GRIs
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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!
4.1 Composition of the parent company’s Management Board
From 1 January 2020, the PZU Management Board consisted of the following persons:
- Paweł Surówka – President of the PZU Management Board;
- Aleksandra Agatowska – Member of the PZU Management Board;
- Adam Brzozowski – Member of the PZU Management Board;
- Marcin Eckert – Member of the PZU Management Board;
- Elżbieta Häuser-Schöneich – Member of the PZU Management Board;
- Tomasz Kulik – Member of the PZU Management Board;
- Maciej Rapkiewicz – Member of the PZU Management Board;
- Małgorzata Sadurska – Member of the PZU Management Board.
On 19 February 2020, Aleksandra Agatowska tendered her resignation as a PZU Management Board Member, effective on the same date.
On 12 March 2020, Paweł Surówka tendered his resignation in consultation with the Supervisory Board from serving in the capacity of President of the PZU SA Management Board as of the same date.
On 12 March 2020, the PZU Supervisory Board adopted a resolution to appoint Beata Kozłowska-Chyła to the PZU Management Board and entrust her with discharging the function of the President of the PZU Management Board (she served in the capacity of the acting President of the Management Board until the date of obtaining the Polish Financial Supervision Authority’s consent, i.e. 2 October 2020 to the extent permissible by the pertinent regulations). The resolution came into force upon its adoption. This appointment took place on 12 March 2020 for a joint term of office spanning the three full financial years from 2020 to 2022.
On 12 March 2020, the PZU Supervisory Board adopted a resolution to appoint Małgorzata Kot to the PZU Management Board and entrust her with discharging the function of a PZU SA Management Board Member. The resolution came into force upon its adoption, and the appointment was to take place for a joint term of office spanning the three full financial years from 2020 to 2022, with effect from 1 June 2020. On 15 April 2020, the PZU Supervisory Board adopted a resolution repealing the resolution of 12 March 2020 to appoint Małgorzata Kot to the PZU Management Board.
On 15 April 2020, the PZU Supervisory Board adopted a resolution to appoint Ernest Bejda to the PZU Management Board and entrust him with discharging the function of a PZU Management Board Member. The resolution came into force upon its adoption. This appointment Took place with effect as of 4 May 2020 for a joint term of office spanning the three full financial years from 2020 to 2022.
On 9 September 2020 Elżbieta Häuser-Schöneich and Adam Brzozowski tendered their resignations from serving as PZU Management Board Members.
On 9 September 2020 the PZU Supervisory Board PZU adopted resolutions to appoint Małgorzata Kot and Krzysztof Szypuła to the PZU Management Board and entrusted them with serving as PZU Management Board Members. These resolutions took force on the date of their adoption. Their appointment is for a joint term of office spanning the three full financial years from 2020 to 2022 with effect as of 10 September 2020.
From 10 September 2020 to the date of conveying this periodic report, the PZU Management Board consisted of the following persons:
- Beata Kozłowska-Chyła – President of the PZU Management Board;
- Ernest Bejda – Member of the PZU Management Board;
- Marcin Eckert – Member of the PZU Management Board;
- Małgorzata Kot – Member of the PZU Management Board;
- Tomasz Kulik – Member of the PZU Management Board;
- Maciej Rapkiewicz – Member of the PZU Management Board;
- Małgorzata Sadurska – Member of the PZU Management Board;
- Krzysztof Szypuła – Member of the PZU Management Board.
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