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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
Banking sector on the Warsaw Stock Exchange
Context in the banking sector
In 2021, the WIG Banks index1 was one of the strongest sector indices on the WSE, increasing by 81.3% y/y. The correlation between the WIG Banks index and the WIG20 index decreased to 77% (-11 p.p. y/y). The beta coefficient (in relation to WIG20) increased to 1.17, or by 0.04 y/y. The significant change in these indicators resulted from the excellent performance of the WIG Banks index (+81.3%) compared to the main WIG20 index (+14.3% y/y).
In 2021, the strongest growth was experienced by Alior Bank, which is part of the PZU Group, which increased by 222.3% y/y. In the corresponding period, the other bank in the PZU Group, i.e. Pekao, increased by 99.7% y/y (this without the dividend paid out in 2021 at PLN 3.21 per share).
The bull market in the banking sector in 2021 was very dynamic and unexpected. In 2020, most investors were convinced of the increasing risk related to the deterioration of Polish economy due to the COVID-19 pandemic, which was to lead to an increase in provisions for non-performing loans. As a result, in 2020 WIG Banks was the weakest sector index, declining by almost 30% y/y. The year 2021 brought a very different scenario altogether. Economic recovery led to increased lending and transaction activity, which, combined with a broad range of optimization efforts and digitalization of operations, resulted not only in a more optimistic view of the sector’s future, but also in measurable financial results. According to the NBP , after 12 months of 2021, the net profit of the banking sector rose to PLN 8.9 billion compared to a loss of 0.3 billion at the end of 2020.
The increase in the valuation of banks was also driven by expectations of interest rate increases in response to a dynamic rise in inflation. In Q4 2021, the NBP2 increased the main interest rate from the historically lowest level of 0.1% to 1.75%, which was higher than the pre-pandemic rates – a promise of significantly higher profits on interest margins for banks.
WSE-listed banks in 2021
Source: www.infostrefa.com
1 It is an income-based index (when it is calculated, it accounts for the prices of the underlying shares and the income from dividends and subscription rights)
2 https://www.nbp.pl/home.aspx?f=/statystyka/pieniezna_i_bankowa/naleznosci.html
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