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Due to the nature of operations undertaken by the companies of PZU Group, there are no accounts that would provide 10% or more of total revenues of PZU Group (defined as gross written premium). The Note 54.4 presents revenues from 10 biggest business partners of PZU Groups whose shares are held by the State Treasury. PZU Group does not recognize different entities controlled by the Polish government as a single customer (including government bodies and similar entities on the local, national or international level).
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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
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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
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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
- Corporate social responsibility
- Stock Exchange
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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
- Risk management
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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
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Additional information and notes
- 1. Introduction
- 2. Structure of PZU Group
- 3. The shareholding structure
- 4. Composition of the Management Board, Supervisory Board and Directors in the Group
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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
- 7. Segment reporting
- 8. Risk management
- 9. Capital management
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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
- 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
- 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
- 36. Impairment of financial assets and receivables
- 37. Change in deferred tax assets
- 38. Receivables, including insurance receivables
- 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
- 43. Technical provisions
- 44. Provisions for employee benefits
- 45. Other provisions
- 46. Deferred tax liabilities
- 47. Financial liabilities
- 48. Other liabilities
- 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
- 52. Contingent assets and liabilities
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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
- 55. Employment
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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
