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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).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
Human capital
Financial capital
Intellectual capital
Natural capital
Social capital
Policies
Health
Banks
Investments
Insurance
BUSINESS
PRACTICES
Capitals (IIRC)
Business

In the Chapter

CSR strategy (2017-2020)
Client at the center
Responsible sales
Cybersecurity
Human capital management
Working conditions
Employee development
Knowledge sharing
Diversity and respecting human rights
PZU Group’s social commitment
Improvement of living conditions in local communities
Direct and indirect impact on the natural environment
ESG risks
Whistleblowing System
Ethical foundations of doing business
Preventing corruption and conflicts of interest
Transaction security
Tax transparency
Cooperation with suppliers
Application of corporate governance rules
PZU's investor relations

GRIs

102-8 Information on employees and other workers
102-9 Description of the supply chain
102-11 Precautionary Principle or approach
102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
102-15 Description of key impacts, opportunities and risks
102-16 Organization’s values, code of ethics, principles and norms of behavior
102-17 Mechanisms for advice and concerns about ethics; internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-20 Executive-level responsibility for environmental, social and corporate governance topics
102-41 Employees subject to collective bargaining agreements
103-2 Approach fto management and its components
103-3 Evaluation of the management approach
205-1 Operations assessed for risks related to corruption
205-2 Communication and training on anticorruption policies and procedures in the organization
205-3 Confirmed cases of corruption and actions taken
206-1 Legal steps taken against the organization for anti-competitive behavior, anti-trust, and monopoly practices
207-1 Approach to tax
207-2 Tax governance, control, and risk management
207-3 Stakeholder engagement and management of concerns related to tax
207-4 Country-by-country reporting
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
401-1 New employee hires and employee turnover
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
404-3 Percentage of employees receiving regular performance and career development reviews, by gender and employment category
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
405-2 Ratio of basic salary and remuneration of women to men
406-1 Incidents of discrimination and corrective actions taken
417-1 Internal requirements for product and service information and labeling
417-2 Incidents of non-compliance with regulations and voluntary codes for product and service information labeling
417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
418-1 Substantiated complaints regarding breaches of client privacy and data loss
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary

In the Chapter

Employee matters
Human capital management
Working conditions
Employee development
Knowledge sharing
Additional HR data
Diversity and respecting human rights

GRIs

102-8 Information on employees and other workers
102-41 Employees subject to collective bargaining agreements
103-2 Approach to management and its components
103-3 Evaluation of the management approach
401-1 New employee hires and employee turnover
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
404-3 Percentage of employees receiving regular performance and career development reviews, by gender and employment category
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
405-2 Ratio of basic salary and remuneration of women to men
406-1 Incidents of discrimination and corrective actions taken
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary

In the Chapter

About the Group
Financial effectiveness

List of GRIs

102-1 Name of the organization
102-2 Description of the organization’s activity, primary brands, products, and/or services
102-4 Location of organization’s headquarters
102-6 Markets served
102-7 Scale of the organization
201-1 Direct economic value generated and distributed (taking into account revenues, operating expenses, employee salaries, subsidies and other investments for communities, retained profits and disbursements for capital owners and state institutions)
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons

In the Chapter

Business in the face of climate change
Direct and indirect impact on the natural environment

GRIs

102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
103-2 Approach to management and its components
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection

In the Chapter

Client at the center
Innovations
Responsible sales
Cybersecurity

GRIs

102-15 Description of key impacts, opportunities and risks
103-2 Approach to management and its components
103-3 Evaluation of the management approach
417-1 Internal requirements for product and service information and labeling
417-2 Incidents of non-compliance with regulations and voluntary codes for product and service information labeling
417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
418-1 Substantiated complaints regarding breaches of client privacy and data loss
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services

In the Chapter

PZU Group’s social commitment
Medical care
Safety
Cultural patronage
Improvement of living conditions in local communities

GRIs

102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
103-2 Approach to management and its components
103-3 Evaluation of the management approach

In the Chapter

Stakeholders
Contribution made by the market segments to the consolidated result
Polish and Baltic States insurance sector compared to Europe
Insurance
Non-life insurance (PZU, LINK4 and TUW PZUW)
Life insurance (PZU Życie)
Insurance (international operations)
About the Group
Financial effectiveness
Client at the center
Innovations
Responsible sales
Cybersecurity
Working conditions
Employee development
Knowledge sharing
Diversity and respecting human rights
Medical care
Safety
Improvement of living conditions in local communities
Business in the face of climate change
Direct and indirect impact on the natural environment
Risk appetite
PZU Group's risk profile
Reinsurance operations
Preventing corruption and conflicts of interest
Whistleblowing System
Transaction security
Cooperation with suppliers

GRIs

102-1 Name of the organization
102-2 Description of the organization’s activity, primary brands, products, and/or services
102-4 Location of organization’s headquarters
102-6 Markets served
102-7 Scale of the organization
102-9 Description of the supply chain
102-11 Precautionary Principle or approach
102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
102-13 Membership in associations and organizations
102-15 Description of key impacts, opportunities and risks
102-17 Mechanisms for advice and concerns about ethics; internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-40 List of stakeholder groups engaged by the reporting organization
102-41 Employees subject to collective bargaining agreements
102-42 Basis for identification and selection ofstakeholders engaged by the organization
102-43 Approach to stakeholder engagement, including the frequency of engagement
102-44 Approach to stakeholder engagement, including the frequency of engagement
103-2 Approach to management and its components
103-3 Evaluation of the management approach
201-1 Direct economic value generated and distributed (taking into account revenues, operating expenses, employee salaries, subsidies and other investments for communities, retained profits and disbursements for capital owners and state institutions)
205-1 Operations assessed for risks related to corruption
205-2 Communication and training on anticorruption policies and procedures in the organization
205-3 Confirmed cases of corruption and actions taken
206-1 Legal steps taken against the organization for anti-competitive behavior, anti-trust, and monopoly practices
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
404-3 Percentage of employees receiving regular performance and career development reviews, by gender and employment category
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Incidents of discrimination and corrective actions taken
417-1 Internal requirements for product and service information and labeling
417-2 Incidents of non-compliance with regulations and voluntary codes for product and service information labeling
417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
418-1 Substantiated complaints regarding breaches of client privacy and data loss
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary

In the Chapter

Contribution made by the market segments to the consolidated result
Polish banking sector compared to Europe
Banking and strategic partnerships
Banking (Bank Pekao, Alior Bank)
About the Group
Client at the center
Innovations
Responsible sales
Working conditions
Employee development
Diversity and respecting human rights
PZU Group’s social commitment
Improvement of living conditions in local communities
Business in the face of climate change
Direct and indirect impact on the natural environment
Risk appetite
PZU Group's risk profile
Capital management
Ethical foundations of doing business
Preventing corruption and conflicts of interest
Whistleblowing System
Transaction security
Cooperation with suppliers
Banking sector on the Warsaw Stock Exchange

GRIs

102-1 Name of the organization
102-2 Description of the organization’s activity, primary brands, products, and/or services
102-4 Location of organization’s headquarters
102-6 Markets served
102-7 Scale of the organization
102-9 Description of the supply chain
102-11 Precautionary Principle or approach
102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
102-15 Description of key impacts, opportunities and risks
102-16 Organization’s values, code of ethics, principles and norms of behavior
102-17 Mechanisms for advice and concerns about ethics; internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-41 Employees subject to collective bargaining agreements
103-2 Approach to management and its components
103-3 Evaluation of the management approach
205-1 Operations assessed for risks related to corruption
205-2 Communication and training on anticorruption policies and procedures in the organization
205-3 Confirmed cases of corruption and actions taken
206-1 Legal steps taken against the organization for anti-competitive behavior, anti-trust, and monopoly practices
301-1 Raw materials/materials used by weight and volume
302-1 Zużycie energii przez organizację z uwzględnieniem rodzaju surowców
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
403-2 Wskaźnik urazów, chorób zawodowych, dni straconych oraz nieobecności w pracy oraz liczba wypadków śmiertelnych związanych z pracą
404-1 Średnia liczba godzin szkoleniowych w roku przypadających na pracownika
404-3 Odsetek pracowników podlegających regularnym ocenom jakości pracy i przeglądom rozwoju kariery zawodowej, według płci i kategorii zatrudnienia
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Incidents of discrimination and corrective actions taken
417-1 Wymogi wewnętrzne w zakresie oznakowania produktów i usług oraz informacji na ich temat
417-2 Przypadki niezgodności z regulacjami oraz dobrowolnymi kodeksami dotyczącymi oznakowania produktów i usług oraz informacji na ich temat
417-3 Przypadki niezgodności z regulacjami i dobrowolnymi kodeksami dotyczącymi komunikacji marketingowej
419-1 Niezgodność z przepisami prawa i regulacjami społeczno-ekonomicznymi
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services

In the Chapter

Contribution made by the market segments to the consolidated result
Situation on the financial markets
Investments
Investments (PZU TFI)
Investments (PTE PZU)
Banking (Bank Pekao, Alior Bank)
Client at the center
Working conditions
Diversity and respecting human rights
PZU Group's risk profile
ESG risks
Transaction security

GRIs

102-15 Description of key impacts, opportunities and risks
102-41 Employees subject to collective bargaining agreements
103-2 Approach to management and its components
103-3 Evaluation of the management approach
206-1 Legal steps taken against the organization for anti-competitive behavior, anti-trust, and monopoly practices
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Incidents of discrimination and corrective actions taken
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons

In the Chapter

Health
Health (health companies)
About the Group
Client at the center
Innovations
Working conditions
Diversity and respecting human rights
Employee development
Medical care
Direct and indirect impact on the natural environment
Whistleblowing System

GRIs

102-1 Name of the organization
102-2 Description of the organization’s activity, primary brands, products, and/or services
102-4 Location of organization’s headquarters
102-6 Markets served
102-7 Scale of the organization
102-15 Description of key impacts, opportunities and risks
102-17 Mechanisms for advice and concerns about ethics; internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-41 Employees subject to collective bargaining agreements
103-2 Approach to management and its components
103-3 Evaluation of the management approach
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
404-3 Percentage of employees receiving regular performance and career development reviews, by gender and employment category
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Incidents of discrimination and corrective actions taken
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons

In the Chapter

Operating model
Stakeholders
About the Group
Financial effectiveness
Client at the center
Innovations
Responsible sales
Cybersecurity
Working conditions
Employee development
Knowledge sharing
Diversity and respecting human rights
PZU Group’s social commitment
Medical care
Safety
Improvement of living conditions in local communities
Business in the face of climate change
Direct and indirect impact on the natural environment
ESG risks
Ethical foundations of doing business
Preventing corruption and conflicts of interest
Whistleblowing System
Transaction security
Cooperation with suppliers

GRIs

102-1 Name of the organization
102-2 Description of the organization’s activity, primary brands, products, and/or services
102-4 Location of organization’s headquarters
102-6 Markets served
102-7 Scale of the organization
102-9 Description of the supply chain
102-11 Precautionary Principle or approach
102-12 External initiatives, externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
102-13 Membership in associations and organizations
102-15 Description of key impacts, opportunities and risks
102-16 Organization’s values, code of ethics, principles and norms of behavior
102-17 Mechanisms for advice and concerns about ethics; internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-40 List of stakeholder groups engaged by the reporting organization
102-41 Employees subject to collective bargaining agreements
102-42 Basis for identification and selection ofstakeholders engaged by the organization
102-43 Approach to stakeholder engagement, including the frequency of engagement
102-44 Approach to stakeholder engagement, including the frequency of engagement
103-2 Approach to management and its components
103-3 Evaluation of the management approach
201-1 Direct economic value generated and distributed (taking into account revenues, operating expenses, employee salaries, subsidies and other investments for communities, retained profits and disbursements for capital owners and state institutions)
205-1 Operations assessed for risks related to corruption
205-2 Communication and training on anticorruption policies and procedures in the organization
205-3 Confirmed cases of corruption and actions taken
206-1 Legal steps taken against the organization for anti-competitive behavior, anti-trust, and monopoly practices
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-5 Total water consumption by source
305-1 Total direct (Scope 1) gas emissions
305-2 Total energy indirect (Scope 2) greenhouse gas emissions)
305-3 Other indirect (Scope 3) greenhouse gas emissions
305-4 GHG emissions intensity
305-5 Reduction GHG emissions
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and transition assistance programs
404-3 Percentage of employees receiving regular performance and career development reviews, by gender and employment category
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Incidents of discrimination and corrective actions taken
417-2 Incidents of non-compliance with regulations and voluntary codes for product and service information labeling
417-3 Incidents of non-compliance with regulations and voluntary codes for product and service information labeling
418-1 Substantiated complaints regarding breaches of client privacy and data loss
419-1 Non-compliance with laws and regulations in the social and economic area
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary
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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
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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:
  • projections of macroeconomic assumptions, such as the expected level of the economic slowdown, GDP, employment, house prices, disruptions in capital markets;
  • possible disruptions in operations resulting from decisions made by state institutions, businesses and consumers to limit the spread of the pandemic;
  • effectiveness of the aid programs for businesses and consumers.
Deterioration of the macroeconomic situation was reflected in changes of the PD and LGD parameters. Moratoria for loan repayments by clients were introduced.
41.2 Technical provisions In the calculation of its technical provisions, the PZU Group monitors, among other things:
  • mortality, morbidity and accident rates;
  • unemployment rate;
  • rate of return on assets covering the technical provisions.
In the case of life insurance, some assumptions have been revised (technical rate, method of calculation of the provisions for the group insurance portfolio and mortality data). For group insurance, a provision for unexpired risk has been established.
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