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Representations of the Management BoardRisk management objective

Risk management

We are constantly developing our risk management system and process. We believe that well-fitting procedures will contribute to maintaining the greatest security for our clients while also growing value and ensuring the PZU Group’s stability.

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  • PZU Group in 2015
    PZU Group in 2015
    • Business areas
    • PZU values, goals, and aspirations
    • PZU Group’s Clients and product offer
    • Value for shareholders
    • Capital position
    • Social Responsibility
    • Business strategy
      • Realization of key projects and initiatives in 2015
      • Key development directions of PZU Group in the years 2016–2020.
    • External environment
      • Main trends in the Polish economy
      • Financial markets situation
      • Polish insurance sector compared with Europe
      • Regulations on the insurance and financial markets in Poland
      • External environment in the Baltic states and Ukraine
      • Macroeconomic factors which can affect the operations of the Polish insurance sector and PZU Group’s activities in 2016
    • Main consolidated financial data for 2011–2015
    • Foreign operations
    • The main events
    • Selected awards and prizes
  • Activity of PZU Group
    Activity of PZU Group
    • Structure of PZU Group
    • PZU, Link4 and TUW PZUW – activity on the Polish non-life insurance market
    • PZU Życie – activity in the life insurance market in Poland
    • PTE PZU – activities in the pension funds market
    • TFI PZU – activity on the investment fund market
    • Foreign activity
    • PZU Zdrowie – activity on the health care market
    • Organization, infrastructure and human resources
      • Sales and service channels
      • Human resources management
      • Marketing
    • Alior Bank – banking activity
    • Other areas of activity
  • Corporate social responsibility
    Corporate social
    responsibility
    • We address the needs
    • We value our people
    • We support the society
    • We care for the environment
    • CSR Reports
  • Stock Exchange
    Stock Exchange
    • Share and bond market
    • PZU’s share prices
    • Debt financing
    • Investor relations
    • Analysts’ recommendations
    • Dividend policy
    • Rating
    • Calendar
  • Corporate governance
    Corporate governance
    • Corporate governance principles applied by PZU
    • Application of Good Practices of Companies quoted on WSE
      • EBI
    • Application of Corporate Governance Principles to Supervised institutions
    • Control system applied during preparation of the financial statements
    • Entity authorized to audit financial statements
    • Share capital and shareholders of PZU; stock held by members of its authorities
    • By-laws of PZU
    • General Shareholders’ Meeting, Supervisory Board, and Management Board
    • Remuneration of the members of the Group’s bodies
    • Representations of the Management Board
  • Risk management
    Risk management
    • Risk management objective
    • Risk management system
    • Risk appetite
    • Risk management process
    • Risk profile of PZU Group
    • Sensitivity to risk
    • Reinsurance activity
    • Capital management
  • Financial results
    Financial results
    • Consolidated financial results
      • Key factors affecting the achieved financial results
      • Income
      • Claims and technical provisions
      • Acquisition expenses and administrative expenses
      • Structure of assets and liabilities
      • Share of the industry segments in the results
    • Consolidated statement of profit or loss
    • Consolidated statement of comprehensive income
    • Consolidated statement of financial position
    • Statement of changes in consolidated equity
    • Consolidated cash flows statement
    • Additional information and notes
      • 1. Introduction
      • 2. Structure of PZU Group
        • 2.1 PZU
        • 2.2 PZU Group entities, associates and joint ventures
        • 2.3 Non-controlling interest
        • 2.4 Changes in the scope of consolidation and structure of PZU Group
      • 3. The shareholding structure
        • 3.1 Transactions involving significant packages of PZU shares
        • 3.2 Highest-level parent entity of PZU
      • 4. Composition of the Management Board, Supervisory Board and Directors in the Group
        • 4.1 Composition of the parent entity’s Management Board
        • 4.2 Composition of the parent entity’s Supervisory Board
        • 4.3 Directors of PZU Group
      • 5. Summary of significant accounting policies
        • 5.1 Changes in accounting policies, accounting estimates and errors
        • 5.2 Consolidation principles
        • 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
        • 5.4 Acquisition method
        • 5.5 Goodwill
        • 5.6 Intangible assets
        • 5.7 Tangible assets
        • 5.8 Impairment of property, plant and equipment and intangible assets
        • 5.9 Acquisition costs and deferred acquisition costs
        • 5.10 Salvages and subrogations in non-life insurance
        • 5.11 Investment property
        • 5.12 Associates and joint ventures
        • 5.13 Financial instruments
        • 5.14 Cash and cash equivalents
        • 5.15 Assets and liabilities held for sale and disposal groups
        • 5.16 Leasing
        • 5.17 Equity
        • 5.18 Insurance contracts
        • 5.19 Provisions for employee benefits
        • 5.20 Other provisions
        • 5.21 Recognition of revenue
        • 5.22 Taxes
        • 5.23 Earnings per share
      • 6. Key estimates and judgments
        • 6.1 Judgments made
        • 6.2 Estimates and assumptions made
      • 7. Segment reporting
        • 7.1 Reporting segments
        • 7.2 Settlements among segments
        • 7.3 Measure of profit of a segment
        • 7.4 Segments characteristics
        • 7.5 Polish Accounting Standards applied
        • 7.6 Structure of the segment reporting note and reconciliations
        • 7.7 Simplifications in the segment note
        • 7.8 Information on key accounts
      • 8. Risk management
        • 8.1 Introduction
        • 8.2 Organizational structure
        • 8.3 Risk appetite, risk profile and risk tolerance
        • 8.4 Risk identification, measurement, assessment, monitoring and reporting methods
        • 8.5 Risk profile
      • 9. Capital management
        • 9.1 Capital policy
        • 9.2 Dividend policy
        • 9.3 Equity management in Alior Bank
        • 9.4 External capital requirements
      • 10. Fair value
        • 10.1 Description of valuation techniques
        • 10.2 Fair value hierarchy
        • 10.3 Reclassifications between levels of fair value hierarchy
        • 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
        • 10.5 Changes in fair value measurement of financial instruments measured at fair value
        • 10.6 The highest and best use of a non-financial asset vs. its current use
      • 11. Gross written premiums
      • 12. Revenue from commissions and fees
      • 13. Net investment income
      • 14. Net result on realization and impairment losses on investments
      • 15. Net change in the fair value of assets and liabilities measured at fair value
      • 16. Other operating income
      • 17. Insurance claims and change in technical provisions
        • 17.1 Non-life insurance
        • 17.2 Life insurance
        • 17.3 Claims handling expenses
      • 18. Interest expense
      • 19. Acquisition expenses
      • 20. Administrative expenses
      • 21. Employee expenses
      • 22. Other operating expenses
      • 23. Income tax
      • 24. Earnings per share
      • 25. Income tax presented in other comprehensive income
      • 26. Goodwill
      • 27. Intangible assets
      • 28. Other assets
      • 29. Deferred acquisition costs
        • 29.1 Deferred acquisition costs – non-life insurance
        • 29.2 Deferred acquisition costs – life insurance
      • 30. Estimated subrogations and salvages
      • 31. Reinsurers’ share in technical provisions
      • 32. Tangible assets
      • 33. Investment property
      • 34. Entities measured using the equity method
      • 35. Financial assets
        • 35.1 Financial assets held to maturity
        • 35.2 Financial instruments available for sale
        • 35.3 Financial assets measured at fair value through profit or loss
        • 35.4 Loans
      • 36. Impairment of financial assets and receivables
      • 37. Change in deferred tax assets
      • 38. Receivables, including insurance receivables
        • 38.1 Other receivables
        • 38.2 Receivables from operating leases
      • 39. Current income tax receivables
      • 40. Cash and cash equivalents
      • 41. Assets held for sale
      • 42. Issued share capital and other equity attributable to the owners of the parent entity
        • 42.1 Share capital
        • 42.2 Other capitals
      • 43. Technical provisions
        • 43.1 Technical provisions – non-life insurance
        • 43.2 Technical provisions – life insurance
      • 44. Provisions for employee benefits
        • 44.1 Provisions for retirement benefits
        • 44.2 Provisions for death benefits
      • 45. Other provisions
      • 46. Deferred tax liabilities
      • 47. Financial liabilities
        • 47.1 Subordinated liabilities
        • 47.2 Liabilities arising from the issue of own debt instruments
        • 47.3 Investment contracts
        • 47.4 Liabilities from sell buy-back transactions
      • 48. Other liabilities
        • 48.1 Direct insurance liabilities
        • 48.2 Liabilities from operating leases
      • 49. Current income tax liabilities
      • 50. Notes to other inflows and outflows from operating activities
      • 51. Assets recognized as collateral of receivables, liabilities and contingent liabilities
        • 51.1 Financial assets recognized as collateral of liabilities
        • 51.2 Financial assets recognized as collateral for granted loans
        • 51.3 Tangible assets
      • 52. Contingent assets and liabilities
        • 52.1 Loan facility, loan collateral or guarantees granted by PZU or its subsidiaries
        • 52.2 Potential litigation related to the continued family insurance
      • 53. Litigation claims
        • 53.1 Resolution of the General Shareholders Meeting of PZU regarding 2006 profit distribution
        • 53.2 Proceedings conducted by the Office of Competition and Consumer Protection ("OCCP") against PZU
        • 53.3 Proceedings conducted by the Office of Competition and Consumer Protection against PZU Życie
        • 53.4 Dispute with CSC Computer Sciences Polska Sp. z o.o.
        • 53.5 Submission of PZU claims to the insolvency estate of PBG Capital Group companies
        • 53.6 Receivables arising from a mortgage agreement with Metro-Projekt Sp. z o.o.
      • 54. Related party transactions
        • 54.1Remuneration of Members of the Management and Supervisory Board
        • 54.2 Other related party transactions
        • 54.3 Presentation of transactions with entities related to the State Treasury
        • 54.4 Transactions with largest counterparties whose shares are held by the State Treasury
      • 55. Employment
      • 56. Other information
        • 56.1 Remuneration of the entity authorized to audit financial statements
        • 56.2 Employment restructuring process
        • 56.3 Loans to subsidiaries of PZU
        • 56.4 Issue of subordinated bonds by Alior Bank
        • 56.5 Inspection of the Polish Financial Supervision Authority in PZU Życie
        • 56.6 Inspection of the Polish Financial Supervision Authority in PZU
        • 56.7 Situation in Ukraine
        • 56.8 Revenue from the exchange of goods and services
        • 56.9 Events after the financial year
Risk management objective
Risk management system
Risk appetite
Risk management process
Risk profile of PZU Group
Sensitivity to risk
Reinsurance activity
Capital management
We give our clients the greatest amount of security
We care about the PZU Group’s financial stability
© 2016 PZUPrivacy PolicyOnline annual report 2014Annual report 2015 – download PDF
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  • PZU Group in 2015
    • PZU Group in 2015
    • Business areas
    • PZU values, goals, and aspirations
    • PZU Group’s Clients and product offer
    • Value for shareholders
    • Capital position
    • Social Responsibility
    • Business strategy
    • External environment
    • Main consolidated financial data for 2011–2015
    • Foreign operations
    • The main events
    • Selected awards and prizes
  • Activity of PZU Group
    • Activity of PZU Group
    • Structure of PZU Group
    • PZU, Link4 and TUW PZUW – activity on the Polish non-life insurance market
    • PZU Życie – activity in the life insurance market in Poland
    • PTE PZU – activities in the pension funds market
    • TFI PZU – activity on the investment fund market
    • Foreign activity
    • PZU Zdrowie – activity on the health care market
    • Organization, infrastructure and human resources
    • Alior Bank – banking activity
    • Other areas of activity
  • Corporate social responsibility
    • Corporate social responsibility
    • CSR Reports
    • We address the needs
    • We value our people
    • We support the society
    • We care for the environment
  • Stock Exchange
    • Stock Exchange
    • Share and bond market
    • PZU’s share prices
    • Debt financing
    • Investor relations
    • Analysts’ recommendations
    • Dividend policy
    • Rating
    • Calendar
  • Corporate governance
    • Corporate governance
    • Corporate governance principles applied by PZU
    • Application of Good Practices of Companies quoted on WSE
    • Application of Corporate Governance Principles to Supervised institutions
    • Control system applied during preparation of the financial statements
    • Entity authorized to audit financial statements
    • Share capital and shareholders of PZU; stock held by members of its authorities
    • By-laws of PZU
    • General Shareholders’ Meeting, Supervisory Board, and Management Board
    • Remuneration of the members of the Group’s bodies
    • Representations of the Management Board
  • Risk management
    • Risk management
    • Risk management objective
    • Risk management system
    • Risk appetite
    • Risk management process
    • Risk profile of PZU Group
    • Sensitivity to risk
    • Reinsurance activity
    • Capital management
  • Financial results
    • Financial results
    • Consolidated financial results
    • Consolidated statement of profit or loss
    • Consolidated statement of comprehensive income
    • Consolidated statement of financial position
    • Statement of changes in consolidated equity
    • Consolidated cash flows statement
    • Additional information and notes
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    ekspertów PZU
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Investor Relations Team

e-mail: IR@pzu.pl

Piotr Wiśniewski, Head of IR, tel. +48 (22) 582 26 23

Aleksandra Jakima-Moskwa, tel. +48 (22) 582 26 17

Janusz Krystosiak, tel. +48 (22) 582 27 83

Piotr Wąsiewicz, tel. +48 (22) 582 41 95

  • PZU Group in 2015
    • Business areas
    • PZU values, goals, and aspirations
    • PZU Group’s Clients and product offer
    • Value for shareholders
    • Capital position
    • Social Responsibility
    • Business strategy
      • Realization of key projects and initiatives in 2015
      • Key development directions of PZU Group in the years 2016–2020.
    • External environment
      • Main trends in the Polish economy
      • Financial markets situation
      • Polish insurance sector compared with Europe
      • Regulations on the insurance and financial markets in Poland
      • External environment in the Baltic states and Ukraine
      • Macroeconomic factors which can affect the operations of the Polish insurance sector and PZU Group’s activities in 2016
    • Main consolidated financial data for 2011–2015
    • Foreign operations
    • The main events
    • Selected awards and prizes
  • Activity of PZU Group
    • Structure of PZU Group
    • PZU, Link4 and TUW PZUW – activity on the Polish non-life insurance market
    • PZU Życie – activity in the life insurance market in Poland
    • PTE PZU – activities in the pension funds market
    • TFI PZU – activity on the investment fund market
    • Foreign activity
    • PZU Zdrowie – activity on the health care market
    • Organization, infrastructure and human resources
      • Sales and service channels
      • Human resources management
      • Marketing
    • Alior Bank – banking activity
    • Other areas of activity
  • Corporate social responsibility
    • CSR Reports
    • We address the needs
    • We value our people
    • We support the society
    • We care for the environment
  • Stock Exchange
    • Share and bond market
    • PZU’s share prices
    • Debt financing
    • Investor relations
    • Analysts’ recommendations
    • Dividend policy
    • Rating
    • Calendar
  • Corporate governance
    • Corporate governance principles applied by PZU
    • Application of Good Practices of Companies quoted on WSE
      • EBI
    • Application of Corporate Governance Principles to Supervised institutions
    • Control system applied during preparation of the financial statements
    • Entity authorized to audit financial statements
    • Share capital and shareholders of PZU; stock held by members of its authorities
    • By-laws of PZU
    • General Shareholders’ Meeting, Supervisory Board, and Management Board
    • Remuneration of the members of the Group’s bodies
    • Representations of the Management Board
  • Risk management
    • Risk management objective
    • Risk management system
    • Risk appetite
    • Risk management process
    • Risk profile of PZU Group
    • Sensitivity to risk
    • Reinsurance activity
    • Capital management
  • Financial results
    • Consolidated financial results
      • Key factors affecting the achieved financial results
      • Income
      • Claims and technical provisions
      • Acquisition expenses and administrative expenses
      • Structure of assets and liabilities
      • Share of the industry segments in the results
    • Consolidated statement of profit or loss
    • Consolidated statement of comprehensive income
    • Consolidated statement of financial position
    • Statement of changes in consolidated equity
    • Consolidated cash flows statement
    • Additional information and notes
      • 1. Introduction
      • 2. Structure of PZU Group
        • 2.1 PZU
        • 2.2 PZU Group entities, associates and joint ventures
        • 2.3 Non-controlling interest
        • 2.4 Changes in the scope of consolidation and structure of PZU Group
      • 3. The shareholding structure
        • 3.1 Transactions involving significant packages of PZU shares
        • 3.2 Highest-level parent entity of PZU
      • 4. Composition of the Management Board, Supervisory Board and Directors in the Group
        • 4.1 Composition of the parent entity’s Management Board
        • 4.2 Composition of the parent entity’s Supervisory Board
        • 4.3 Directors of PZU Group
      • 5. Summary of significant accounting policies
        • 5.1 Changes in accounting policies, accounting estimates and errors
        • 5.2 Consolidation principles
        • 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
        • 5.4 Acquisition method
        • 5.5 Goodwill
        • 5.6 Intangible assets
        • 5.7 Tangible assets
        • 5.8 Impairment of property, plant and equipment and intangible assets
        • 5.9 Acquisition costs and deferred acquisition costs
        • 5.10 Salvages and subrogations in non-life insurance
        • 5.11 Investment property
        • 5.12 Associates and joint ventures
        • 5.13 Financial instruments
        • 5.14 Cash and cash equivalents
        • 5.15 Assets and liabilities held for sale and disposal groups
        • 5.16 Leasing
        • 5.17 Equity
        • 5.18 Insurance contracts
        • 5.19 Provisions for employee benefits
        • 5.20 Other provisions
        • 5.21 Recognition of revenue
        • 5.22 Taxes
        • 5.23 Earnings per share
      • 6. Key estimates and judgments
        • 6.1 Judgments made
        • 6.2 Estimates and assumptions made
      • 7. Segment reporting
        • 7.1 Reporting segments
        • 7.2 Settlements among segments
        • 7.3 Measure of profit of a segment
        • 7.4 Segments characteristics
        • 7.5 Polish Accounting Standards applied
        • 7.6 Structure of the segment reporting note and reconciliations
        • 7.7 Simplifications in the segment note
        • 7.8 Information on key accounts
      • 8. Risk management
        • 8.1 Introduction
        • 8.2 Organizational structure
        • 8.3 Risk appetite, risk profile and risk tolerance
        • 8.4 Risk identification, measurement, assessment, monitoring and reporting methods
        • 8.5 Risk profile
      • 9. Capital management
        • 9.1 Capital policy
        • 9.2 Dividend policy
        • 9.3 Equity management in Alior Bank
        • 9.4 External capital requirements
      • 10. Fair value
        • 10.1 Description of valuation techniques
        • 10.2 Fair value hierarchy
        • 10.3 Reclassifications between levels of fair value hierarchy
        • 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
        • 10.5 Changes in fair value measurement of financial instruments measured at fair value
        • 10.6 The highest and best use of a non-financial asset vs. its current use
      • 11. Gross written premiums
      • 12. Revenue from commissions and fees
      • 13. Net investment income
      • 14. Net result on realization and impairment losses on investments
      • 15. Net change in the fair value of assets and liabilities measured at fair value
      • 16. Other operating income
      • 17. Insurance claims and change in technical provisions
        • 17.1 Non-life insurance
        • 17.2 Life insurance
        • 17.3 Claims handling expenses
      • 18. Interest expense
      • 19. Acquisition expenses
      • 20. Administrative expenses
      • 21. Employee expenses
      • 22. Other operating expenses
      • 23. Income tax
      • 24. Earnings per share
      • 25. Income tax presented in other comprehensive income
      • 26. Goodwill
      • 27. Intangible assets
      • 28. Other assets
      • 29. Deferred acquisition costs
        • 29.1 Deferred acquisition costs – non-life insurance
        • 29.2 Deferred acquisition costs – life insurance
      • 30. Estimated subrogations and salvages
      • 31. Reinsurers’ share in technical provisions
      • 32. Tangible assets
      • 33. Investment property
      • 34. Entities measured using the equity method
      • 35. Financial assets
        • 35.1 Financial assets held to maturity
        • 35.2 Financial instruments available for sale
        • 35.3 Financial assets measured at fair value through profit or loss
        • 35.4 Loans
      • 36. Impairment of financial assets and receivables
      • 37. Change in deferred tax assets
      • 38. Receivables, including insurance receivables
        • 38.1 Other receivables
        • 38.2 Receivables from operating leases
      • 39. Current income tax receivables
      • 40. Cash and cash equivalents
      • 41. Assets held for sale
      • 42. Issued share capital and other equity attributable to the owners of the parent entity
        • 42.1 Share capital
        • 42.2 Other capitals
      • 43. Technical provisions
        • 43.1 Technical provisions – non-life insurance
        • 43.2 Technical provisions – life insurance
      • 44. Provisions for employee benefits
        • 44.1 Provisions for retirement benefits
        • 44.2 Provisions for death benefits
      • 45. Other provisions
      • 46. Deferred tax liabilities
      • 47. Financial liabilities
        • 47.1 Subordinated liabilities
        • 47.2 Liabilities arising from the issue of own debt instruments
        • 47.3 Investment contracts
        • 47.4 Liabilities from sell buy-back transactions
      • 48. Other liabilities
        • 48.1 Direct insurance liabilities
        • 48.2 Liabilities from operating leases
      • 49. Current income tax liabilities
      • 50. Notes to other inflows and outflows from operating activities
      • 51. Assets recognized as collateral of receivables, liabilities and contingent liabilities
        • 51.1 Financial assets recognized as collateral of liabilities
        • 51.2 Financial assets recognized as collateral for granted loans
        • 51.3 Tangible assets
      • 52. Contingent assets and liabilities
        • 52.1 Loan facility, loan collateral or guarantees granted by PZU or its subsidiaries
        • 52.2 Potential litigation related to the continued family insurance
      • 53. Litigation claims
        • 53.1 Resolution of the General Shareholders Meeting of PZU regarding 2006 profit distribution
        • 53.2 Proceedings conducted by the Office of Competition and Consumer Protection ("OCCP") against PZU
        • 53.3 Proceedings conducted by the Office of Competition and Consumer Protection against PZU Życie
        • 53.4 Dispute with CSC Computer Sciences Polska Sp. z o.o.
        • 53.5 Submission of PZU claims to the insolvency estate of PBG Capital Group companies
        • 53.6 Receivables arising from a mortgage agreement with Metro-Projekt Sp. z o.o.
      • 54. Related party transactions
        • 54.1Remuneration of Members of the Management and Supervisory Board
        • 54.2 Other related party transactions
        • 54.3 Presentation of transactions with entities related to the State Treasury
        • 54.4 Transactions with largest counterparties whose shares are held by the State Treasury
      • 55. Employment
      • 56. Other information
        • 56.1 Remuneration of the entity authorized to audit financial statements
        • 56.2 Employment restructuring process
        • 56.3 Loans to subsidiaries of PZU
        • 56.4 Issue of subordinated bonds by Alior Bank
        • 56.5 Inspection of the Polish Financial Supervision Authority in PZU Życie
        • 56.6 Inspection of the Polish Financial Supervision Authority in PZU
        • 56.7 Situation in Ukraine
        • 56.8 Revenue from the exchange of goods and services
        • 56.9 Events after the financial year