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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
42. Subordinated liabilities
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42.1 Accounting policy
Subordinated liabilities are recognized in the statement of financial position when the PZU Group company becomes a party to a binding contract in which it assumes the risk associated with the financial instrument.
In the next periods subordinated liabilities are measured at amortized cost.
Subordinated liabilities (or parts thereof) are excluded from the consolidated statement of financial position when the obligation specified in the contract is discharged or canceled or expires.
42.2 Quantitative data
| Par value | Currency | Interest rate | Issue date/ Maturity date | Carrying amount 31 December 2021 |
Carrying amount 31 December 2020 |
|
| Liabilities classified as PZU’s own funds | ||||||
| Subordinated bonds – PZU | 2 250 | PLN | WIBOR 6M + margin | 30 June 2017 / 29 July 2027 | 2 266 | 2 265 |
| Liabilities classified as Pekao’s own funds | ||||||
| A series bonds | 1 250 | PLN | WIBOR 6M + margin | 30 October 2017 / 29 October 2027 | 1 255 | 1 254 |
| B series bonds | 550 | PLN | WIBOR 6M + margin | 15 October 2018 / 16 October 2028 | 553 | 552 |
| C series bonds | 200 | PLN | WIBOR 6M + margin | 15 October 2018 / 16 October 2028 | 201 | 201 |
| D series bonds | 350 | PLN | WIBOR 6M + margin | 4 June 2019 / 4 June 2031 | 351 | 350 |
| D1 series bonds | 400 | PLN | WIBOR 6M + margin | 4 December 2019 / 4 June 2031 | 401 | 401 |
| Liabilities classified as Alior Bank’s own funds | ||||||
| F series bonds | 322 | PLN | WIBOR 6M + margin | 26 September 2014 / 26 September 2024 | 225 | 224 |
| G series bonds | 193 | PLN | WIBOR 6M + margin | 31 March 2015 / 31 March 2021 | - | 195 |
| I and I1 series bonds | 183 | PLN | WIBOR 6M + margin | 4 December 2015 / 6 December 202 | - | 147 |
| K and K1 series bonds | 600 | PLN | WIBOR 6M + margin | 20 October 2017 / 20 October 2025 | 604 | 604 |
| Meritum Bank series B bonds | 67 | PLN | WIBOR 6M + margin | 29 April 2013 / 29 April 2021 | - | 68 |
| EUR001 series bonds | 10 | EUR | LIBOR 6M+ margin | 4 February 2016 / 4 February 2022 | 47 | 47 |
| P1A series bonds | 150 | PLN | WIBOR 6M + margin | 27 April 2016 / 16 May 2022 | 151 | 151 |
| P1B series bonds | 70 | PLN | WIBOR 6M + margin | 29 April 2016 / 16 May 2024 | 70 | 70 |
| P2A series bonds | 150 | PLN | WIBOR 6M + margin | 14 December 2017 / 29 December2025 | 150 | 150 |
| Subordinated liabilities | 6 274 | 6 679 | ||||
The lower carrying amount of subordinated liabilities compared to the nominal value ensues from some of the bonds issued by Alior Bank were subscribed for by consolidated mutual funds.
| Subordinated liabilities by maturity | 31 December 2021 | 31 December 2020 |
| Up to 1 year | 198 | 410 |
| 1 to 5 years | 1 049 | 1 246 |
| Over 5 years | 5 027 | 5 023 |
| Total subordinated liabilities by maturity | 6 274 | 6 679 |
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