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!
46. Other liabilities
46.1 Accounting policy
Financial liabilities are recognized in the statement of financial position when the PZU Group company becomes a party to a binding contract in which it assumes the risk associated with the financial instrument. In the case of transactions concluded on an organized market, the purchase or sale of financial liabilities are recognized in the books on the date of the transaction.
A financial liability (or part thereof) is excluded from the consolidated statement of financial position when the obligation specified in the contract is discharged or canceled or expires.
Financial liabilities measured at fair value through profit or loss included in particular:
- liabilities on borrowed securities (short sale);
- investment contracts for the client’s account and risk (unit-linked);
- liabilities to members of consolidated mutual funds.
Financial liabilities measured at amortized cost included in particular liabilities on account of repurchase transactions.
Due to the short-term nature, trade liabilities are recognized at the amount of the required payment.
Accrued expenses resulting from benefits provided for PZU Group companies by external business partners or from an obligation to provide benefits whose value can be estimated, despite the fact that the date when the liability is created is not yet known, is measured at the amount of estimated future cash flows.
The cost of employee vacation time is recognized on an accrual basis, using the liability method. The liability on account of employee vacation time is determined based on the difference between the actual amount of vacation time used by employees and the amount that would have been used if the vacation time had been taken pro rata to the elapse of time in the period when the employees are entitled to their vacation time.
46.2 Quantitative data
| Other liabilities | 31 December 2020 | 31 December 2019 (restated) |
| Liabilities measured at fair value | 1,389 | 675 |
| Liabilities on borrowed securities (short sale) | 851 | 293 |
| Investment contracts for the client’s account and risk (unit-linked) | 268 | 259 |
| Liabilities toward participants in consolidated mutual funds | 265 | 90 |
| Liability on the settlement of the acquisition of Tomma shares | 5 | 33 |
| Accrued expenses | 1,963 | 2,030 |
| Accrued expenses of agency commissions | 359 | 390 |
| Accrued payroll expenses | 609 | 635 |
| Accrued reinsurance expenses | 731 | 706 |
| Other | 264 | 299 |
| Deferred revenue | 395 | 322 |
| Other liabilities | 8,687 | 7,572 |
| Liabilities on account of repurchase transactions | 1,154 | 599 |
| Lease liabilities | 1,064 | 1,066 |
| Liabilities due under transactions on financial instruments | 1,044 | 905 |
| Liabilities to banks for payment documents cleared in interbank clearing systems | 1,140 | 1,096 |
| Liabilities on direct insurance | 915 | 892 |
| Liabilities on account of payment card settlements | 354 | 408 |
| Regulatory settlements | 223 | 289 |
| Liabilities for contributions to the Bank Guarantee Fund | 514 | 356 |
| Reinsurance liabilities | 223 | 197 |
| Estimated non-insurance liabilities | 143 | 161 |
| Liabilities to employees | 42 | 47 |
| Estimated refunds of compensation in connection with banks’ clients lapsing or withdrawing from insurance purchased during the sale of credit products | 30 | 69 |
| Trade liabilities | 611 | 258 |
| Current income tax liabilities | 355 | 352 |
| Liabilities on account of employee leaves | 156 | 139 |
| Liabilities to the state budget, other than income tax liabilities | 116 | 182 |
| Liabilities on account of donations | 21 | 23 |
| Alior Bank’s liabilities for insurance of bank products offered to the bank’s clients | 21 | 12 |
| Insurance Guarantee Fund | 14 | 15 |
| Liability for the refund of loan costs | 88 | 106 |
| Liabilities for direct claims handling | 31 | 29 |
| Other | 428 | 371 |
| Other liabilities, total | 12,434 | 10,599 |
As at 31 December 2020 and 31 December 2019, the fair value of other liabilities did not differ significantly from their carrying amount, primarily due to fact that over 90% of them are short-term liabilities.
| Other liabilities by maturity | 31 December 2020 | 31 December 2019 (restated) |
| Up to 1 year | 11,246 | 9,592 |
| 1 to 5 years | 759 | 544 |
| Over 5 years | 429 | 463 |
| Total other liabilities by maturity | 12,434 | 10,599 |
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