Structure of the PZU Group

The PZU Group conducts various activities in the area of insurance and finance. The Group’s companies provide services in life insurance, other non-life insurance and asset management for customers within the open-ended pension fund and mutual funds.

Structure of the PZU Group (as at 31 December 2013)

By performing control functions in the supervisory authorities of the companies, PZU – as the parent company – makes key decisions regarding both the scope of activities and the finances of the entities making up the Group. PZU’s capital ties with the companies additionally strengthen the business bonds, whereby these transactions are conducted on an arm’s length basis.

The following changes took place in the structure of the PZU Group in 2013:

  • A new company, PZU Finanse Sp. z o.o., was established on 30 October 2013. The Company’s capital is PLN 50 thousand and is divided into 100 shares, at PLN 500 per share. All shares were acquired by PZU. The Company was registered in the National Court Register on 8 November 2013.
  • In 2013, the PZU Group increased its share of the capital of Instytut Medyczny SA (EMC) (from 25.31% of the votes at the shareholder meeting at the beginning of 2013 to 29.87% at the end of 2013) through PZU FIZ AN BIS 2, by acquiring the additional shares in stock exchange transactions. The Company has been valued using the equity method in the PZU Group’s consolidated financial statements since 30 June 2013.
  • On 23 December 2013, PZU FIZ AN BIS 2 concluded a final agreement on the acquisition of 948,370 shares in EMC from the new issue at a nominal value of PLN 4 per share and an issue price of PLN 19.50 per share. The total purchase price for the acquisition of the new issue was PLN 18,493 thousand. Because the increase in the capital had not been registered by 31 December 2013, the amount was disclosed in receivables in the financial statements. 
  • On 24 September 2013, PZU FIZ Aktywów Niepublicznych BIS 2 sold 310,620 shares in an associated company, Kolejka Gondolowa Jaworzyna Krynicka (KGJK), representing 37.525% of its share capital, for PLN 24,850 thousand. As a result of the settlement of this transaction, the PZU Group does not hold any shares in KGJK, which ceased to be an associate of the PZU Group. A profit of PLN 8,263 thousand was realized in the transaction of the sale of the shares in KGJK.
  • On 26 March 2013, the General Meeting of Sigma Investments in liquidation passed a resolution to terminate the liquidation of the Company. The Company was deleted from the register on 11 May 2013.
  • On 23 April 2013, the General Meeting of ICH Center in liquidation passed a resolution to wind up the Company. The Company was deleted from the register on 20 May 2013.