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- 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
- 9.1 Description of valuation techniques
- 9.2 Fair value hierarchy
- 9.3 Reclassification between fair value hierarchy levels
- 7.1 Introduction
- 7.2 Split of duties and tasks
- 7.3 Risk appetite, risk profile and risk tolerance
- 7.4 Risk identification, measurement, assessment, monitoring and reporting methods
- 7.5 Risk profile
- 6.1 Reportable segments
- 6.2 Inter-segment settlements
- 6.3 Segment’s measure of profit
- 6.4 Accounting policies applied according to PAS
- 6.5 Simplifications in the segmental note
- 6.6 Quantitative data
- 6.7 Information on key customers
- 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
- 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
35.3 Quantitative data
PZU AR 2021 > Results > Supplementary information and notes > 35. Financial derivatives > 35.3 Quantitative data
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| Derivatives as at 31 December 2021 | Base amount by maturities | Assets | Liabilities | ||||
| Up to 3 months | Over 3 months up to 1 year |
Over 1 year to 5 years | Over 5 years | Total | |||
| Related to interest rates | 24,408 | 48,118 | 211,279 | 60,467 | 344,272 | 6,706 | 10,372 |
| Fair value hedging instruments – swap transactions | 102 | - | 2,004 | 287 | 2,393 | 24 | 91 |
| Cash flow hedging instruments – swap transactions | 885 | 6,032 | 39,031 | 7,380 | 53,328 | 30 | 3,513 |
| Instruments carried as held for trading, including: | 23,421 | 42,086 | 170,244 | 52,800 | 288,551 | 6,652 | 6,768 |
| – forward contracts | 4,397 | 2,035 | - | - | 6,432 | 7 | 13 |
| – swap transactions | 18,576 | 38,383 | 167,628 | 50,103 | 274,690 | 6,621 | 6,729 |
| – call options (purchase) | 268 | 999 | 1,638 | 413 | 3,318 | 16 | 20 |
| – put options (sale) | - | 325 | 896 | 2,284 | 3,505 | 6 | 4 |
| – cap floor options | 180 | 344 | 82 | - | 606 | 2 | 2 |
| Related to exchange rates | 46,466 | 17,073 | 9,470 | - | 73,009 | 797 | 727 |
| Cash flow hedging instruments – swap transactions | 6,804 | 2,999 | - | - | 9,803 | 63 | 31 |
| Instruments carried as held for trading, including: | 39,662 | 14,074 | 9,470 | - | 63,206 | 734 | 696 |
| – forward contracts | 11,844 | 7,588 | 6,343 | - | 25,775 | 361 | 393 |
| – swap transactions | 24,376 | 3,961 | 1,228 | - | 29,565 | 287 | 254 |
| – call options (purchase) | 1,797 | 1,296 | 953 | - | 4,046 | 83 | 24 |
| – put options (sale) | 1,645 | 1,229 | 946 | - | 3,820 | 3 | 25 |
| Related to prices of securities | 386 | 456 | 1,629 | - | 2,471 | 69 | 41 |
| – call options (purchase) | 366 | 456 | 1,629 | - | 2,451 | 69 | 41 |
| – forward contracts | 20 | - | - | - | 20 | - | - |
| Related to commodity prices | 1,975 | 347 | 871 | - | 3,193 | 756 | 740 |
| – forward contracts | 182 | 179 | - | - | 361 | 12 | 7 |
| – swap transactions | 1,583 | 168 | 871 | - | 2,622 | 729 | 717 |
| – call options (purchase) | 137 | - | - | - | 137 | 15 | 14 |
| – put options (sale) | 73 | - | - | - | 73 | - | 2 |
| Total | 73,235 | 65,994 | 223,249 | 60,467 | 422,945 | 8,328 | 11,880 |
| Derivatives as at 31 December 2020 | Base amount by maturities | Assets | Liabilities | ||||
| Up to 3 months | Over 3 months up to 1 year | Over 1 year to 5 years | Over 5 years | Total | |||
| Related to interest rates | 22,096 | 50,251 | 175,484 | 45,384 | 293,215 | 5,453 | 5,212 |
| Fair value hedging instruments – swap transactions | 280 | 776 | 1,236 | 1,101 | 3,393 | - | 206 |
| Cash flow hedging instruments – swap transactions | 1,091 | 2,386 | 29,802 | 5,988 | 39,267 | 1,113 | 729 |
| Instruments carried as held for trading, including: | 20,725 | 47,089 | 144,446 | 38,295 | 250,555 | 4,340 | 4,277 |
| – forward contracts | 3,306 | 1,176 | - | - | 4,482 | 1 | 1 |
| – swap transactions | 16,964 | 44,563 | 141,616 | 37,883 | 241,026 | 4,333 | 4,274 |
| – call options (purchase) | - | 891 | 2,426 | 385 | 3,702 | 5 | 1 |
| – put options (sale) | 455 | - | 404 | 27 | 886 | 1 | 1 |
| – cap floor options | - | 459 | - | - | 459 | - | - |
| Related to exchange rates | 57,722 | 19,473 | 6,936 | 27 | 84,158 | 660 | 877 |
| Cash flow hedging instruments – swap transactions | 9,141 | 4,608 | 461 | - | 14,210 | 5 | 264 |
| Instruments carried as held for trading, including: | 48,581 | 14,865 | 6,475 | 27 | 69,948 | 655 | 613 |
| – forward contracts | 26,427 | 8,192 | 3,634 | 27 | 38,280 | 340 | 277 |
| – swap transactions | 18,811 | 2,796 | 787 | - | 22,394 | 225 | 257 |
| – call options (purchase) | 2,162 | 2,602 | 1,304 | - | 6,068 | 67 | 38 |
| – put options (sale) | 1,181 | 1,275 | 750 | - | 3,206 | 23 | 41 |
| Related to prices of securities | 237 | 1,935 | 667 | - | 2,839 | 93 | 61 |
| – call options (purchase) | 229 | 1,935 | 667 | - | 2,831 | 93 | 61 |
| – put options (sale) | 8 | - | - | - | 8 | - | - |
| Related to commodity prices | 1,222 | 1,572 | 184 | - | 2,978 | 133 | 131 |
| – forward contracts | 235 | 115 | - | - | 350 | 3 | 7 |
| – swap transactions | 622 | 887 | 117 | - | 1,626 | 74 | 72 |
| – call options (purchase) | 216 | 570 | 67 | - | 853 | 19 | 1 |
| – put options (sale) | 149 | - | - | - | 149 | 37 | 51 |
| Total | 81,277 | 73,231 | 183,271 | 45,411 | 383,190 | 6,339 | 6,281 |
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