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- 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
25.1 Accounting policy
Income tax shown in the profit and loss account includes the current and deferred parts.
The deferred part is the difference between the balance of deferred tax liabilities and assets at the end and at the beginning of the reporting period with a reservation that changes in deferred tax liabilities and assets related to operations charged to equity are also charged to equity.
25.2 Quantitative data
| Income tax | 1 January – 31 December 2021 | 1 January – 31 December 2020 |
| Profit before tax (consolidated) | 7 454 | 4 058 |
| CIT rate (or range of CIT rates) for the country of the parent company’s seat (%) | 19% | 19% |
| Income tax which would be calculated as the product of gross accounting profit of the entities and the CIT rate in the country of the parent company’s seat | 1 416 | 771 |
| Differences between the income tax calculated above and the income tax shown in the profit and loss account: | 604 | 757 |
| – levy on financial institutions | 238 | 223 |
| – provisions for credit receivables in the part not covered by deferred tax | 36 | 50 |
| – measurement of financial assets | 9 | 30 |
| – recognition/reversal of impairment losses for receivables, not classified as tax-deductible expenses | 45 | 34 |
| – recognition/reversal of other provisions and impairment losses for assets, not classified as tax-deductible expenses | 25 | 319 |
| – fee payable to BFG | 76 | 103 |
| – tax on foreign exchange differences levied in Sweden in connection with the case described in section 46.2 | 72 | - |
| – differences due to different tax rates | -11 | -17 |
| – taxation of insurance activities in Ukraine | 15 | 7 |
| – dividends | 38 | -9 |
| – tax losses | 38 | 10 |
| – other tax increases, waivers, exemptions, deductions and reductions | 23 | 7 |
| Income tax shown in the profit and loss account | 2 020 | 1 528 |
| Total amount of current and deferred tax | 1 January – 31 December 2021 | 1 January – 31 December 2020 |
| 1. Recognized in the profit and loss account, including: | 2 020 | 1 528 |
| – current tax | 1 492 | 1 841 |
| – deferred tax | 528 | -313 |
| 2. Recognized in other comprehensive income, including: | -1 209 | 356 |
| – deferred tax | -1 209 | 356 |
| Income tax on other comprehensive income items | 1 January – 31 December 2021 | 1 January – 31 December 2020 |
| Gross other comprehensive income | -6 357 | 1 958 |
| Income tax | 1 209 | -356 |
| Valuation of debt instruments | 522 | -213 |
| Measurement of loan receivables from clients | 9 | -4 |
| Cash flow hedging | 702 | -123 |
| Valuation of equity instruments | -17 | -17 |
| Actuarial gains and losses related to provisions for employee benefits | -7 | 1 |
| Net other comprehensive income | -5 148 | 1 602 |
The PZU Group is comprised of units operating in different countries and subject to different tax regulations. Regulations governing value added tax, corporate income tax, personal income tax or contributions to social security undergo frequent changes. The regulations in effect in the countries where the PZU Group operates also contain confusing provisions, which result in differences of opinion concerning their legal interpretation between various state authorities and enterprises. Tax and other settlements (e.g. regarding customs or foreign currencies) may be inspected by authorities (in Poland – for a period of five years), which may levy high fines and any additional liabilities assessed during the inspection bear interest. These phenomena generate tax risk, as a result of which the amounts reported in the consolidated financial statements may change at a later date after the final amounts are determined by tax authorities.
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