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40.3.1. Accounting policy

Treasury shares purchased and retained by consolidated PZU Group companies are shown at purchase price. 

The “Supplementary capital” item includes:

  • the effect of distribution of profit, in accordance with the legal regulations in effect in the country of the company's domicile (in Poland under the Commercial Company Code) and the articles of association of PZU Group companies;
  • the capital created upon the sale of investment property previously transferred from own property, according to the rules described in section 32;
  • the difference between the change in value of non-controlling interest and fair value of payment in transactions with non-controlling interests.

Results of the following are posted in the “Revaluation reserve” item:

  • revaluation of financial assets classified as assets measured at fair value through other comprehensive income;
  • revaluation of property to its fair value on the date when it is classified from own property to investment property;
  • measurement of hedging instruments, in respect to the part constituting effective cash flow hedge;

after taking into account the corresponding change in deferred tax assets or liabilities;

The item “Actuarial gains and losses related to provisions for employee benefits” includes amounts resulting from increases or decreases in the present value of the defined benefit obligation because of changes in actuarial assumptions and experience adjustments – demographic (e.g. mortality, employee turnover) and financial (e.g. discount rate or projected salary growth rate).

“Foreign exchange translation differences” include differences resulting from translation of financial data of foreign entities using exchange rates, in accordance with the rules described in section 5.6.

40.3.2. Quantitative data

Other capital 31 December 2021 31 December 2020
Treasury shares -5 -9
Supplementary capital 14 816 15 848
   Share premium account 538 538
   Distribution of results of PZU Group companies 14 220 15 264
   Other 58 46
Revaluation reserve -1 140 891
   Valuation of debt instruments measured at fair value through other comprehensive income -305 888
   Valuation of equity instruments measured at fair value through other comprehensive income -223 -262
   Reclassification of real property from property, plant and equipment to investment property 66 71
   Cash flow hedging -678 194
Other reserve capital 600 295
Actuarial gains and losses related to provisions for employee benefits 3 3
Foreign exchange translation differences 69 65
   LD 90 94
   Balta 29 31
   PZU Ukraine -45 -54
   PZU Ukraine Life -12 -12
   Other 7 6
Total other capital 14 343 17 093