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The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
PZU Group

List of GRIs

List of GRIs

Glossary beginning with P

PZU AR 2021 > Lexicon > Glossary > Glossary beginning with P
P/BV (Price to Book Value)

Multiple specifying the ratio of the market price (per share) to the book value per share.

P/E (Price to Earnings)

Multiple specifying the ratio of the company’s market price (per share) to earnings per share.


Accounting Act of 29 September 1994 (consolidated text: Journal of Laws of 2021 Item 217) and regulations issued thereunder.

Payout ratio

Dividend payout ratio, in other words the quotient of the dividend paid and the company’s net result, stated as a percentage.


Probability of Default (PD) – probability of default of a counterparty over a specified time horizon.


Bank Pekao SA.

Pekao Group

Pekao with its subsidiaries listed in section 2.2.


Pekao Investment Management SA.


Polish Life Expectancy Tables published annually by the Central Statistical Office of Poland.


Purchased or originated credit-impaired financial assets.


Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 supplementing Regulation (EU) No. 1286/2014 of the European Parliament and of the Council on key information documents for packaged retail and insurancebased investment products.

profit margin in group and individually continued insurance (in PZU Życie)

Indicator computed as the ratio of operating profit to the gross written premium of the group and individually continued insurance segment, net of non-recurring effects such as, for instance, the conversion effect, i.e. the conversion of long-term agreements into yearly renewable term agreements and the change of technical rates, i.e. the discount rate for technical provisions for accounting purposes.

Prudent Person Principle

Principle expressed in article 129 of the Solvency II Directive of the European Parliament and of the Council on the Taking-up and Pursuit of the Business of Insurance and Reinsurance that imposes on insurance undertakings and reinsurance undertakings the requirement of investing assets in the policyholders’ best interest, properly matching investments to liabilities and duly incorporating the various types of financial risk, such as liquidity risk and concentration risk.

PZU Group’s debt ratio

(Leverage ratio) – quotient of debt on long-term financial liabilities (net of bank deposits) to the sum of the following: debt on long-term financial liabilities and the PZU Group’s equity minus intangible assets (including the intangible assets carried in the balance sheets of banks and by virtue of the acquisition of banks, including goodwill), deferred acquisition expenses and deferred tax assets carried in the PZU Group’s consolidated financial statements.

PZU Group’s solvency ratio

The level of coverage of the solvency capital requirement with the PZU Group’s own funds within the meaning of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), as amended and supplemented with related documents; an increase in the value of this indicator signifies an increase in the capital surplus.


UAB PZU Lietuva Gyvybes Draudimas.

PZU Ordinary Shareholder Meeting

Ordinary Shareholder Meeting of Powszechny Zakład Ubezpieczeń Spółka Akcyjna.

PZU Ukraine

PrJSC IC PZU Ukraine.

PZU Ukraine Life

PrJSC IC PZU Ukraine Life Insurance.

PZU Zdrowie’s EBITDA margin

Ratio of the sum of the operating result plus depreciation costs (for non-insurance activities) and the technical result (for insurance products) of PZU Zdrowie to the value of PZU Zdrowie’s revenues. PZU Zdrowie’s revenues include revenues from medical insurance sold by PZU Życie and other PZU Group companies, revenues from medical services sold by medical centers (including those provided by PZU Zdrowie), revenues from medical subscriptions and PZU Zdrowie’s revenues from medical benefits net of the impact of non-recurring transactions; an increase in the value of this indicator signifies an improvement in efficiency.

PZU’s standalone financial statements for 2020

Annual standalone financial statements of Powszechny Zakład Ubezpieczeń Spółka Akcyjna for 2020, prepared in accordance with PAS, signed by the PZU Management Board on 24 March 2021.