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(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
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Natural capital
Social capital
Policies
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BUSINESS
PRACTICES
PRACTICES
Capitals (IIRC)
Business
In the Chapter
GRIs
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GRIs
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List of GRIs
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GRIs
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GRIs
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GRIs
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GRIs
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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!
54. Notes to the consolidated cash flow statement
PZU AR 2020 > Results > Supplementary information and notes > 54. Notes to the consolidated cash flow statement
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| Movement in liabilities attributable to financial activities in the period ended 31 December 2020 | As at the beginning of the period | Changes resulting from cash flows | Interest accruals and payments as well as settlements of discount and premium | Foreign exchange differences | Other changes | End of the period |
| Loans received | 5,427 | 716 | - | 296 | - | 6,439 |
| Liabilities on the issue of debt securities | 9,273 | (1,816) | 67 | 19 | (11) | 7,532 |
| Bonds | 3,976 | 583 | 40 | (1) | (1) | 4,597 |
| Certificates of deposit | 3,940 | (2,355) | 27 | 1 | (2) | 1,611 |
| Covered bonds | 1,357 | (44) | - | 19 | (8) | 1,324 |
| Subordinated liabilities | 6,700 | (162) | 138 | 3 | - | 6,679 |
| Liabilities on account of repurchase transactions | 599 | 556 | 5 | - | (6) | 1,154 |
| Lease liabilities | 1,066 | (275) | 37 | - | 236 | 1,064 |
| Total | 23,065 | (981) | 247 | 318 | 219 | 22,868 |
| Movement in liabilities attributable to financial activities in the period ended 31 December 2019 | Beginning of the period | Recognition of lease liabilities (IFRS 16) | Changes resulting from cash flows | Interest accruals and payments as well as settlements of discount and premium | Foreign exchange differences | Change in the composition of the Group | Other changes | End of the period |
| Loans received | 4,386 | - | 938 | 6 | 33 | 53 | 11 | 5,427 |
| Liabilities on the issue of debt securities | 12,009 | - | (2,828) | 103 | (1) | - | (10) | 9,273 |
| Bonds | 5,922 | - | (2,022) | 74 | 2 | - | - | 3,976 |
| Certificates of deposit | 4,542 | - | (631) | 29 | - | - | - | 3,940 |
| Covered bonds | 1,545 | - | (175) | - | (3) | - | (10) | 1,357 |
| Subordinated liabilities | 6,061 | - | 453 | 176 | - | 10 | - | 6,700 |
| Liabilities on account of repurchase transactions | 540 | - | 55 | 4 | - | - | - | 599 |
| Liabilities for borrowings | - | - | (5) | - | - | 5 | - | - |
| Lease liabilities | 10 | 1,301 | (297) | (24) | (1) | 23 | 54 | 1,066 |
| Total | 23,006 | 1,301 | (1,684) | 265 | 31 | 91 | 55 | 23,065 |
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