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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
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Capitals (IIRC)
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- 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!
41.3 Quantitative data
PZU AR 2020 > Results > Supplementary information and notes > 41. Technical provisions > 41.3 Quantitative data
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| Technical provisions | 31 December 2020 | 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Technical provisions in non-life insurance | 25,276 | (2,100) | 23,176 | 24,457 | (1,856) | 22,601 |
| Provision for unearned premiums | 8,645 | (924) | 7,721 | 8,765 | (856) | 7,909 |
| Provision for unexpired risk | 32 | - | 32 | 14 | - | 14 |
| Provision for outstanding claims and benefits | 10,371 | (903) | 9,468 | 9,676 | (785) | 8,891 |
| - for reported claims | 3,590 | (738) | 2,852 | 3,414 | (670) | 2,744 |
| - for claims not reported (IBNR) | 4,573 | (146) | 4,427 | 4,210 | (90) | 4,120 |
| - for claims handling costs | 2,208 | (19) | 2,189 | 2,052 | (25) | 2,027 |
| Provision for the capitalized value of annuities | 6,226 | (273) | 5,953 | 5,999 | (215) | 5,784 |
| Provisions for bonuses and discounts for insureds | 2 | - | 2 | 3 | - | 3 |
| Technical provisions in life insurance | 23,195 | (1) | 23,194 | 22,872 | - | 22,872 |
| Provision for unearned premiums | 106 | (1) | 105 | 106 | - | 106 |
| Provision for unexpired risk | 51 | - | 51 | - | - | - |
| Life insurance provision | 16,309 | - | 16,309 | 16,346 | - | 16,346 |
| Provision for outstanding claims and benefits | 613 | - | 613 | 622 | - | 622 |
| - for reported claims | 175 | - | 175 | 167 | - | 167 |
| - for claims not reported (IBNR) | 433 | - | 433 | 449 | - | 449 |
| - for claims handling expenses | 5 | - | 5 | 6 | - | 6 |
| Provisions for bonuses and discounts for insureds | 6 | - | 6 | 6 | - | 6 |
| Other technical provisions | 190 | - | 190 | 214 | - | 214 |
| Technical provisions for life insurance if the policyholder bears the investment risk | 5,920 | - | 5,920 | 5,578 | - | 5,578 |
| Total technical provisions | 48,471 | (2,101) | 46,370 | 47,329 | (1,856) | 45,473 |
41.3.1. Technical provisions in non-life insurance
| Provisions (by accounting classes prescribed by section II of the attachment to the Insurance Activity Act) | 31 December 2020 | 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Results of accidents and illnesses (group 1 and 2) | 708 | (23) | 685 | 520 | (28) | 492 |
| Motor – third party liability (group 10) | 15,030 | (643) | 14,387 | 14,639 | (416) | 14,223 |
| Other motor (group 3) | 3,006 | (30) | 2,976 | 3,058 | (34) | 3,024 |
| Marine, air and cargo (groups 4, 5, 6, 7) | 169 | (82) | 87 | 137 | (66) | 71 |
| Fire and other property damages (groups 8 and 9) | 2,797 | (794) | 2,003 | 2,721 | (798) | 1,923 |
| Third party liability (groups 11, 12, 13) | 2,519 | (187) | 2,332 | 2,374 | (193) | 2,181 |
| Credit and guarantee (groups 14, 15) | 237 | (105) | 132 | 244 | (102) | 142 |
| Assistance (group 18) | 375 | (2) | 373 | 357 | (1) | 356 |
| Legal protection (group 17) | 20 | - | 20 | 15 | - | 15 |
| Other (group 16) | 415 | (234) | 181 | 392 | (218) | 174 |
| Total technical provisions | 25,276 | (2,100) | 23,176 | 24,457 | (1,856) | 22,601 |
| Technical provisions in non-life insurance | 31 December 2020 | 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Short-term | 5,216 | (550) | 4,666 | 5,124 | (501) | 4,623 |
| Long-term | 20,060 | (1,550) | 18,510 | 19,333 | (1,355) | 17,978 |
| Total technical provisions | 25,276 | (2,100) | 23,176 | 24,457 | (1,856) | 22,601 |
Non-current provisions are provisions from which projected cash flows will occur after elapse of more than 12 months of the end of the reporting period, i.e. 31 December 2020.
Movement in provisions
| Movement in provision for unearned premiums in non-life insurance | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 8,765 | (856) | 7,909 | 8,416 | (594) | 7,822 |
| Increase (decrease) in provisions for policies concluded in the current year | 7,684 | (732) | 6,952 | 6,991 | (753) | 6,238 |
| Increase (decrease) in provisions for policies concluded in previous years | (7,851) | 659 | (7,192) | (6,649) | 494 | (6,155) |
| Foreign exchange differences in the period | 47 | 5 | 52 | 7 | (3) | 4 |
| Total technical provisions | 8,645 | (924) | 7,721 | 8,765 | (856) | 7,909 |
| Movement in provision for unexpired risk | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 14 | - | 14 | 10 | - | 10 |
| Increase (decrease) in provisions for policies concluded in the current year | 26 | - | 26 | 11 | - | 11 |
| Increase (decrease) in provisions for policies concluded in previous years | (10) | - | (10) | (7) | - | (7) |
| Foreign exchange differences in the period | 2 | - | 2 | - | - | - |
| As at the end of the period | 32 | - | 32 | 14 | - | 14 |
| Movement in provisions for outstanding claims and benefits in non-life insurance | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 9,676 | (785) | 8,891 | 9,098 | (724) | 8,374 |
| Claims paid for losses in previous years, including: | (2,964) | 282 | (2,682) | (3,170) | 248 | (2,922) |
| - claims paid | (2,559) | 278 | (2,281) | (2,745) | 243 | (2,502) |
| - claims handling expenses | (405) | 4 | (401) | (425) | 5 | (420) |
| Increase (decrease) in provisions, of which: | 3,635 | (406) | 3,229 | 3,734 | (302) | 3,432 |
| - for losses in current year | 3,595 | (217) | 3,378 | 3,831 | (264) | 3,567 |
| - for losses in previous years | 40 | (189) | (149) | (97) | (38) | (135) |
| Other changes | - | (4) | (4) | - | (1) | (1) |
| Foreign exchange differences in the period | 24 | 10 | 34 | 14 | (6) | 8 |
| As at the end of the period | 10,371 | (903) | 9,468 | 9,676 | (785) | 8,891 |
| Movement in provision for the capitalized value of annuities in non-life insurance | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 5,999 | (215) | 5,784 | 5,981 | (194) | 5,787 |
| Claims paid for losses in previous years | (272) | 7 | (265) | (309) | 8 | (301) |
| Increase (decrease) in provisions for losses in previous years | 196 | (76) | 120 | 66 | (30) | 36 |
| Change in assumptions resulting from a change of technical rates | (10) | - | (10) | (16) | - | (16) |
| Increase in provisions for losses in current year | 305 | 12 | 317 | 274 | 1 | 275 |
| Other changes | 8 | (1) | 7 | 3 | - | 3 |
| As at the end of the period | 6,226 | (273) | 5,953 | 5,999 | (215) | 5,784 |
41.3.2. Technical provisions in life insurance
| Movement in life insurance provisions, provisions for bonuses and discounts and other technical provisions - insurance contracts | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 16,566 | - | 16,566 | 16,464 | - | 16,464 |
| Increase (decrease) in provisions for policies concluded in current year | 357 | - | 357 | 392 | - | 392 |
| Increase (decrease) in provisions for policies concluded in previous years | (409) | - | (409) | (303) | - | (303) |
| Foreign exchange differences | (9) | - | (9) | 13 | - | 13 |
| As at the end of the period | 16,505 | - | 16,505 | 16,566 | - | 16,566 |
| Movement in technical provisions for life insurance movement if the policyholder bears the investment risk | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 5,578 | - | 5,578 | 5,176 | - | 5,176 |
| Fund increases due to premiums | 1,273 | - | 1,273 | 1,183 | - | 1,183 |
| Fees charged | (105) | - | (105) | (102) | - | (102) |
| Income on fund’s investments | 354 | - | 354 | 385 | - | 385 |
| Fund reductions due to claims, surrenders etc. | (1,143) | - | (1,143) | (1,024) | - | (1,024) |
| Other changes | (37) | - | (37) | (40) | - | (40) |
| As at the end of the period | 5,920 | - | 5,920 | 5,578 | - | 5,578 |
| Movement in provisions for outstanding claims and benefits | 1 January - 31 December 2020 | 1 January - 31 December 2019 | ||||
| gross | reinsurers’ share | net | gross | reinsurers’ share | net | |
| Opening balance | 622 | - | 622 | 592 | - | 592 |
| Claim reserves used during the year | (620) | - | (620) | (592) | - | (592) |
| Establishment of claims provisions during the year | 611 | - | 611 | 622 | - | 622 |
| As at the end of the period | 613 | - | 613 | 622 | - | 622 |
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