Income from the investment segment comprises investments of the PZU Group’s own funds, understood as the surplus of investments over technical provisions in the leading PZU Group insurance companies (PZU and PZU Życie) plus the surplus of income earned over the risk-free rate on investments reflecting the value of PZU’s and PZU Życie’s technical provisions in non-investment products.

Additionally, the investment segment includes income from other free funds in the PZU Group.

Income on operating activities in the investments segment amounted to PLN 896.6 m (external operations only) and was 41.2% lower than in 2012. This was mainly the effect of a decline in bond prices.