Navigation Map
- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
Corporate Governance
List of GRIs
List of GRIs
List of GRIs
List of GRIs
- About the report
- Results
- Comment on the financial results for 2021
- 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)
- 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 Changes in accounting policies and estimates, errors from previous years
- 5.2 Amendments to the applied IFRS
- 5.3 Explanation of the difference between the 2020 annual consolidated financial statements and these consolidated financial statements
- 5.4 Consolidation principles
- 5.5 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.6 Purchase method
- 5.7 Classification of insurance contracts in accordance with IFRS 4
- 6. Segment reporting
- 7. Risk management
- 8. Equity management
- 9. Fair value
- 10. Gross written premiums
- 11. Revenue from commissions and fees
- 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, benefits and movement in technical provisions
- 19. Fee and commission expenses
- 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 measured by the equity method
- 34. Loan receivables from clients
- 35. Financial derivatives
- 36. Investment financial assets, including assets securing liabilities
- 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 2021
- Financial data (2017-2021) Focus on: Results - check the highlights of the year!
- Comment on the financial results for 2021
- Market and business
- Capitals (IIRC)
- Strategy and outlook 2021+
- Risk management
- Ethics and governance
- Ethical foundations of doing business
- Application of corporate governance rules
- Financial statements control system
- Audit firm auditing the financial statements
- PZU’s share capital and shareholders
- Rules for amending PZU’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: Ethics and governance - check the highlights of the year!
- Shares and bonds
Highlights
FINANCIAL RESULTS
BUSINESS
EXTERNAL ENVIRONMENT
RISK MANAGEMENT
CORPORATE GOVERNANCE
INVESTORS
Assets PLN 402,129 million (+6.1% y/y)
Equity attributable to equity holders of the parent company PLN 17,080 million (-9.0% y/y)
Net profit PLN 5,434 million (+114.8% y/y)
Net profit attributable to equity holders of the parent company PLN 3,336 million (+74.5 y/y)
Gross written premium PLN 25,080 million (+5.1% y/y)
Net earned premium PLN 23,232 million (+0.9% y/y)
Net insurance claims and benefits PLN 15,731 million (+1.0% y/y)
Net results on investing activities excluding interest expenses PLN 9,555 million (+12.6% y/y)
ROE attributable to equity holders of the parent 18.6% (+7.7 p.p. y/y)
Combined ratio COR (Poland) 89.1% (+0,7 p.p. y/y)
Operating margin in group and individually continued insurance 12.4% (-7,5 p.p. y/y)
31.6% PZU Group's non-life insurance market share (direct activity) after three quarters of 2021, including of LINK4's share 2.7%
33.3% PZU Group's motor insurance market share (direct activity) after three quarters of 2021
44.0% PZU Życie's share of periodic gross written premium in the first threee quarters of 2021
PLN 24.2 bn TFI PZU's net assets under management, representing a 8.0% market share at the end of 2021
13.7% OFE PZU Złota Jesień's share of total assets in the open-end pension funds operating in Poland at the end of 2021
29.7% Lietuvos Draudimas' share of the non-life insurance market in Lithuania at the end of 2021
28.8% AAS Balta's share of the non-life insurance market in Latvia at the end of 2021
14.5% Lietuvos Draudimas branch's share of the non-life insurance market in Estonia et the end of 2021
3.8% PZU Ukraine's share of the non-life insurance market in Ukraine in the first three quarters of 2021, 15.2% PZU Ukraine Life's share of the life insurance market in Ukraine in the first three quarters of 2021
2 and 8 market position held by Bank Pekao and Alior Bank, respectively, measured by assets at the end of Q3 2021
3 PZU Group's 3rd market position measured by revenue in health at the end of 2021
Poland's GDP growth in 2021 by 5.7% y/y after a 2.5% decline in 2020
Decrease in the rate of registered unemployment in Poland in December 2021 to 5.4% from 6.2% in December 2020
Growth in average monthly wages in the corporate sector in Poland in 2021 by 8.8% versus 4.7% in 2021
Increase in consumer price inflation (CPI) in Poland in 2021 by 5.1% annually on average versus 3.4% in 2020
Increasing the interest rates by the Monetary Policy Council in 2021, reference interest rate at the end of 2021 at 1.75%
Insurance penetration rate of 2.6% in Poland below the European average (4.8% in 2020)
The statistical Pole's insurance spending was 359 euro which is almost 5 times less than the average for Europe (in 2020)
57% Bank loans stated as a percentage of GDP in the Polish banking system at 57% in 2020 versus the European average of 126%
Growth in Baltic States' GDP in Q3 2021: in Lithuania 6.0%, in Latvia 5.1%, in Estonia 8.6%
Deposits are the most popular form of accumulating financial assets in Poland 61% of all households use deposits
Ukraine's GDP growth in the third quarter of 2021 by 2.7%
Risk management prevents the acceptance of risk at a level that could pose a threat to the PZU Group's financial stability
Risk management process stages: identification, measurement and assessment, monitoring and control and management activities
The risk management structure in the PZU Group comprises 4 decisionmaking levels: (i) Supervisory Board, (ii) Management Board, (iii) Committess, (iv) three lines of defense as part of operations
Key risks in the PZU Group: actuarial, market, credit, concentration, liquidity, operational, model and compliance
The process of determining the risk appetite and risk limits for each risk category consistent with Group's process implemented in etitites in the PZU Group
Supervision over risk management systemts in the banking sector entities (Alior and Pekao) is exercised by the Supervisory Board of these banks, to which PZU designates its representatives
The risk appetite determined at least once a year in Pekao and Alior (after consultations with the parent company) ensures alignment of the banks' activities with the PZU Group's strategic plans and business objectives
Reinsurance providing security against negative impact of catastrophic events on the results of the PZU Group's insurance activity
Solvency II for PZU Group above average for European insurers
The Group's capital management (including excess capital) is conducted at the level of the PZU Group as the parent company
The credit rating of reinsurers is assessed on the basis of market data, data obtained from external sources, e.g. from S&P Global Rating, as well as on the basis of the model
3 Supervisory Board committees: audit committee, nomiation and compensation committee, strategy committee
18% Women constitute 18% of the PZU Supervisory Board
45% Women constitute 45% of the Management Boards in PZU and PZU Życie
PZU has been a signatory of the diversity charter since 2013
863,523,000 ordinary shares with a nominal value of PLN 0.10 each forming PZU's share capital
Long-term and stable shareholder 34.19% the percentage of the PZU shareholder structure held by the State Treasury
In the face of the was in Ukraine the Crisis Management Team in the Polish PZU HQ was monitoring the situation and decided on preventive actions and aid for the employees of the Ukrainian PZU Companies and the Ukrainian citizens.
PZU Group's Code of Best Practices is a set of ethical standards and standards of conduct according to which all PZU Group employees should conduct themselves
15 Supervisory Board meetings, 11 Audit Committee meetings in 2021
Daily application of The Best Insurance Practices laying down the principles according to which insurance sector companies as institutions of social trust should conduct themselves
Endorsement and application of Corporate Governance Rules for Regulated Institutions in accordance with the 2015 declaration
Dividend yield on PZU shares amounted to: 10.8%. Dividends per share paid in 2021 were: PLN 3.5. Earnings per share PLN 3.9
Dividend per share paid by Bank Pekao in 2021 was: PLN 3.21
The P/E ratio (price/earnings) 9.2x. P/BV (price/book value) 1.8x
The average value of trading in PZU shares per session was PLN 74 million and the average number of transactions per session 5.4 thousand
The percentage of foreign investors in PZU's shareholder structure at the end of 2022 32.8% with North American investors holding 13.2%
Number of remote meetings for institutional investors: 70, Number of remote conferences and roadshows: 12
Number of recommendations issued for PZU shares in 2021: 23, average target price at the end of December 2021 PLN 40.8
Share of domestic investors in PZU's shareholding structure 67.2%, including OFE: 17.6% and TFI: 4.1%
S&P Global Ratings financial strenght rating and credit rating: A- (stable)
PZU's market value at the end of 2021 was PLN 30.5 bn, Bank Pekao PLN 32.0 bn, Alior Bank PLN 7.1 bn
Individual investors' share in PZU's shareholding structure at the end of 2021 amounted to 8.8%
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