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Recognition of revenue due to insurance contracts has been described in Note 5.18.1.
Interest
Income from interest is recognized on the accrual basis, based on the effective interest rates and it is recognized in the statement of profit or loss under "Net investment income".
Dividends
Dividends are recognized as revenue when the right to the dividend is acquired and they are recognized under "Net investment income".
Income from pension fund management services
Income from the management of OFE PZU is recognized on the accrual basis and presented under "Net investment income". The income includes in particular:
- fees on premiums transferred by ZUS to OFE PZU – in the amount specified in the By-laws of OFE PZU and in line with the limits stipulated in the Pension Funds Act;
- management fees specified in the By-laws of OFE PZU – in accordance with the limits specified in the Pension Funds Act;
- other fees determined in the By-laws of OFE PZU.
Revenue and payments received from funds and investment fund management companies
Revenue and payments received from funds and investment fund management companies are recognized on an accrual basis based on the value of assets invested in different investment funds and presented in the "Revenue from commissions and fees" line.
