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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).
Corporate Governance
Capitals (IIRC)
Business
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
Analysts’ recommendations regarding PZU’s shares
Share on:
Insurance
Health
Investments
Banking
Best Pratices in PZU
Policy
Covid-19
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In 2021, 13 domestic and international financial institutions issued PZU stock recommendations. Sell side analysts published 23 recommendations, i.e. 2 less than in 2020. 96% of all recommendations issued in this period were either positive or neutral.
Statistics related to the recommendations published in 2021
Source: analysts’ recommendations; company
The difference between the target prices according to analysts’ recommendations and the PZU share price in 2021 was 10% on average and was much smaller than it was in 2020 (34%). The change was caused mainly by improved sentiments on global stock markets. The main reason was that investors were much calmer in their assessment of new reports on the development of the COVID-19 pandemic, which in 2020 caused sharp declines in global and local indices.
At the end of the year, the average price per PZU share in the recommendations was 15% higher than the market price.
Analysts’ expectations concerning PZU’s share price in 2022 based on recommendations in effect at the end of December 2021
Source: analysts’ recommendations; company
Deviation of the average valuation from a share price
Source: analysts’ recommendations; company
Statistics on target prices according to recommendations
| 31 December 2020 | 31 December 2021 | Change | Price variance between the recommendations and the share price at the end of 2021 (PLN 35.4) | |
| Highest target price | 39,3 | 50,0 | 27,2% | 41,4% |
| Average of the target prices | 34,7 | 40,8 | 17,6% | 15,4% |
| Median of the target prices | 36,1 | 40,1 | 11,1% | 13,4% |
| Lowest target price | 26,8 | 37,0 | 38,1% | 4,7% |
Source: analysts’ recommendations; company
Institutions issuing recommendations for PZU’s stock (as at 31 December 2021)
| Institution | Analyst | Contact data | |
| Autonomous Research | Youdish Chicooree | +44 207 776 3442 | ychicooree@autonomous.com |
| Citi | Andrzej Powierża | +48 22 690 35 66 | andrzej.powierza@citi.com |
| Erste Securities | Łukasz Jańczak | +48 22 257 57 54 | lukasz.janczak@erstegroup.com |
| HSBC | Thomas Fossard | +33 1 56 52 43 40 | thomas.fossard@hsbc.com |
| Ipopema | Marta Czajkowska-Bałdyga | +48 22 236 92 31 | marta.czajkowska-baldyga@ipopema.com |
| JP Morgan | Samuel Goodacre | +44 207 1346 720 | samuel.goodacre@jpmorgan.com |
| mBank | Michał Konarski | +48 22 697 47 37 | michal.konarski@mdm.pl |
| PKO BP | Jaromir Szortyka | +48 22 580 39 47 | jaromir.szortyka@pkobp.pl |
| Raiffeisen Centrobank | Oliver Simkovic | +43 1 51520 706 | oliver.simkovic@rbinternational.com |
| Trigon | Maciej Marcinowski | +48 22 4338 375 | maciej.marcinowski@trigon.pl |
| Santander | Kamil Stolarski | +48 22 588 81 00 | kamil.stolarski@santander.pl |
| UBS | Michał Potyra | +27 11 322 7320 | michal.potyra@ubs.com |
| Wood & Company | Marta Jeżewska-Wasilewska | +48 22 222 15 48 | marta.jezewska-wasilewska@wood.com |
Previous Year Content:
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