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PZU Annual Report 2013
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PZU Group in 2013
Brief description of the PZU Group
PZU on the capital market
Strong customer orientation
High operational efficiency
Social responsibility
Share price from IPO
Main financial data
2013 highlights
External Environment
Main trends in the Polish economy
Gross Domestic Product
The labour market and consumption
Inflation, monetary policy and interest rates
Public finance
Situation on the financial markets
The insurance sector compared with Europe
Regulations on the insurance market in Poland
Other regulations in Poland
Ukraine and the Baltic States
Ukraine
Baltic States
Macroeconomic factors in 2014
Activities
Structure of the PZU Group
PZU – activities on the non-life insurance market in Poland
Situation on the market
PZU’s activities
Factors affecting non-life insurance sector in 2014
PZU Życie – activities on the life insurance market in Poland
Situation on the market
PZU Życie’s activities
Factors affecting activities of the life insurance sector in 2014
PTE PZU – activities on the pension funds market
Situation on the market
Activities of PTE PZU
Factors affecting the activities of pension funds in 2014
TFI PZU – activities on the investment fund market
Situation on the market
Activities of TFI PZU
Factors affecting the activities of investment funds in 2014
Foreign operations
Activities of PZU companies in the Baltic States
The Ukrainian market
The Lithuanian market
The Latvian market
The Estonian market
Other areas of activity
Business Strategy
Focus in 2014
Implementation of Strategy 2.0
Conditions for implementation
Planned key development directions
Organization
Organizational and functional structure
Sales and service channels
IT and operations
Human resource management
Level of employment
Salary policy
Recruitment and training
Marketing
Financial Results
Key factors affecting results
Income
Premiums
Fee and commission income
Net investment income
Other operating income/expenses (net)
Claims and technical provisions
Acquisition costs and administrative expenses
Structure of assets and liabilities
Share of the industry segments in the results
Corporate insurance – non-life
Mass insurance – non-life
Group insurance and individually continued insurance – life insurance
Individual insurance – life insurance
Investments
Pension insurance
Ukraine
Baltic States
Investment contracts
Profitability ratios
Operating efficiency ratios
Consolidated Financial Statements
Consolidated Statement of Financial Position
Consolidated income statement
Consolidated statement of comprehensive income
Statement of changes in consolidated Equity
Consolidated statement of Cash Flows
Additional information and explanatory notes
1. Introduction
2. Structure of the Capital Group
2.1 PZU
2.2 PZU Group companies
2.3 Changes in the scope of consolidation and structure of the PZU Group
3. Key accounting principles (policy)
3.1 Introduction of new IFRS
3.2 Changes in accounting principles (policy)
3.3 Changes in method of preparation of the consolidated financial statements in comparison to previous year
3.4 Consolidation principles
3.5 Currency exchange rates
3.6 Intangible assets
3.7 Goodwill
3.8 Property, plant and equipment
3.9 Impairment of property, plant and equipment and intangible assets
3.10 Investment property
3.11 Financial instruments
3.12 Recoveries and recourses in non-life insurance
3.13 Costs of acquisition and deferred costs of acquisition
3.14 Cash and cash equivalents
3.15 Assets held for sale
3.16 Equity
3.17 Classification of insurance products
3.18 Insurance contracts
3.19 Employee benefits
3.20 Revenue recognition
3.21 Taxes
3.22 Recognition of foreign currency transactions and balances
4. Key estimates and judgments
4.1 Consolidation principles
4.2 Impairment
4.3 Assumptions made in estimation of technical provisions for non-life insurance
4.4 Assumptions made in estimation of technical provisions for life insurance products
4.5 Classification of insurance contracts in accordance with IFRS 4
4.6 Classification of property used for internal purposes and treated as investment property
4.7 Unrecognized deferred tax assets
4.8 Calculation of provisions for employee benefits
4.9 Estimated provisions for disputes
4.10 Presentation of transactions with entities related to the State Treasury
5. Segment reporting
5.1 Reportable segments
5.2 Settlements among segments
5.3 Measure of profit of a segment
5.4 Segments characteristics
5.5 Polish Accounting Standards applied
5.6 Structure of the segment reporting note and reconciliations
5.7 Simplifications in the segment note
6. Risk management
6.1 Introduction
6.2 Description of the risk management system
6.3 Organizational structure and accountability in risk management process
6.4 Risk appetite, risk profile and risk tolerance
6.5 Risk identification, measurement, assessment, monitoring and reporting methods
6.6 Significant events in risk management in 2013
6.7 Risk profile
7. Fair value
7.1 Measurement techniques
7.2 Fair value hierarchy
7.3 Reclassifications between Levels I and II
7.4 Change in the balance of assets repeatedly measured at fair value and classified to Level III
7.5 Changes in fair value measurement of financial instruments measured at fair value
7.6 The most extensive and best use of a non-financial asset vs. its actual use
8. Capital management
8.1 Capital Policy
8.2 Dividend Policy
8.3 External capital requirements
9. Intangible assets
10. Goodwill
11. Property, plant and equipment
12. Investment property
13. Entities measured using the equity method
13.1 Accounting for the acquisition of EMC shares
13.2 Impairment test
14. Financial assets
14.1 Financial instruments held to maturity
14.2 Financial instruments available for sale
14.3 Financial instruments measured at fair value through profit or loss
14.4 Loans
14.5 Exposure to debt securities issued by treasuries other than Polish treasury, companies and local government authorities
15. Receivables, including under insurance contracts
15.1 Other receivables
15.2 Receivables due to operating leases
16. Reinsurers’ share in technical provisions
17. Impairment of financial assets and receivables
18. Estimated recoveries and recourses
19. Deferred tax assets
20. Current income tax receivables
21. Deferred acquisition costs
21.1 Deferred acquisition costs – non-life insurance
21.2 Deferred acquisition costs – life insurance
22. Other assets
23. Cash and cash equivalents
24. Assets held for sale
25. Issued share capital and other equity attributable to the shareholders of the parent
25.1 Share capital
25.2 Revaluation reserve
25.3 Exchange differences from translation
26. Technical provisions
26.1 Technical provisions – non-life insurance
26.2 Technical provisions – life insurance
27. Investment contracts
28. Provisions for employee benefits
28.1 Provisions for retirement benefits
28.2 Provisions for death benefits
29. Other provisions
30. Deferred tax liability
31. Current income tax liabilities
32. Other liabilities
32.1 Liabilities due to direct insurance
32.2 Liabilities due to reinsurance
32.3 Liabilities due to sell-buy-back transactions
32.4 Operating lease liabilities
33. Gross written premium
34. Revenue from commissions and fees
35. Net investment income
36. Net profit/loss on realization and impairment loss on investments
37. Net change in the fair value of assets and liabilities measured at fair value
38. Other operating revenue
39. Insurance claims and change in technical provisions
39.1 Non-life insurance
39.2 Life insurance
39.3 Claims handling costs
40. Benefits and change in measurement of investment contracts
41. Acquisition costs
42. Administrative expenses
43. Employee expenses
44. Other operating expenses
45. Financial expenses
46. Exchange differences
47. Income tax
48. Income tax presented in other comprehensive income
49. Revenue from the exchange of goods and services
50. Assets used as security of receivables, liabilities and contingent liabilities
50.1 Financial assets used as security of liabilities
50.2 Financial assets used as collateral for originated loans
50.3 Property, plant and equipment
51. Contingent assets and liabilities
51.1 Credit facility/loan collateral or guarantees given by PZU or its subsidiaries
51.2 Potential litigation relating to the continued family insurance portfolio
52. Dispute
52.1 Resolution of General Shareholders meeting of PZU regarding 2006 profit distribution
52.2 Proceedings conducted by the Office of Competition and Consumer Protection against PZU
52.3 Proceedings conducted by the Office of Competition and Consumer Protection against PZU Życie
52.4 Dispute with CSC Computer Sciences Polska Sp. z o.o.
52.5 Submission of PZU claims to the bankruptcy estate of PBG Capital Group companies
52.6 Dispute with Comarch SA
52.7 Receivables arising from a mortgage agreement with Metro-Projekt Sp. z o. o.
53. Related party transactions
53.1 Remuneration of Members of the Management and Supervisory Board, high level management and supervisory boards of PZU Group
53.2 Other releated party transactions
53.3 Written premium and investment contracts in bancassurance transactions with banks controlled by the State Treasury
53.4 Transactions with largest counterparties whose shares are held by the State Treasury
54. Employment
55. Other information
55.1 Composition of the Parent’s Management Board
55.2 Composition of the Parent’s Supervisory Board
55.3 Directors of the Group
55.4 Remuneration of the entity authorized to audit financial statements
55.5 Employment restructuring in PZU and PZU Życie
55.6 Changes in the operation of open-end pension funds
Risk Management
Objective of risk management
Risk management system
Appetite for risk
Risk management process
Risk profile
Sensitivity to risk
Financial assets
Technical rates and mortality
Reinsurance operations
Capital management
PZU on the Capital Market
PZU on the WSE
Investor Relations
Analysts’ recommendations
Dividend policy
Rating
Corporate Social Responsibility
Corporate social responsibility PZU
Client relations
Ethics in action
Employee involvement
Social activities
Volunteers among the PZU Group employees
Environmental impact
Corporate Governance
Principles
Good practices
Control system
Entity authorized to audit financial statements
Share capital and shareholders
By-laws
General Shareholders’ Meeting
Supervisory Board
Composition
Competencies
Mode of operation
Management Board
Composition
Roles and responsibilities
Remuneration of the members of Group’s bodies
Group Directors
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