Some simplifications in the segment note have been made, as compared with the requirements of IFRS 8. Justification of the simplifications:
- Withdrawal from presentation of information about allocation of all assets and liabilities to individual segments – resulting from failure to prepare and present such information to the entity’s chief operating decision maker. The key information submitted to the entity’s chief operating decision maker is the profit or loss of given segments, on which basis management decisions, including decisions about allocation of resources are made. Analysis of assets and liabilities allocated to the segments is limited to the monitoring of compliance with the regulatory requirement under PAS, i.e. having assets covering technical provisions exceed the sum of those provisions (analysis by individual insurance companies instead of product groups);
- Presentation of the net profit or loss on an investment with a single amount expressed as a difference between realised and unrealised revenue and expensed from investments – resulting from an internal assessment of the profit or loss of the segments on the basis of the total measure of the profit or loss on investments;
- Revenue and expenses other than realised and unrealised investment revenue and expenses not allocated to the “investments” segment – resulting from the method of analysis of data regarding that segment and from impracticality of such allocation;
- Presentation of other operating revenue and expenses and financial expenses of the companies PZU and PZU Życie for their operating segments combined (and as a result, not allocating any amounts in this respect to the “investment contracts” segment) – resulting from the measures of profit of the operating segments adopted and from impracticality of such allocation;
- Presentation of income tax charges expressed as a single sum of consolidated data – resulting from the measures of profit of the operating segments adopted and from impracticality of such allocation.
| Profit and loss account for the period from 1 January 2013 to 31 December 2013 | Corporate insurance (non-life) | Mass insurance (non-life) | Group and individually continued insurance (life) | Individual insurance (life) | Investments | Pension insurance | Ukraine | Lietuva | Investment contracts | Other operations | Presentation differences | Real estate and capital instruments | Investment contracts | Technical rate in life insurance | Prevention fund, equalization reserve and designation to the Company Social Benefit Fund | Consolidation adjustments and unallocated items | Consolidated value | Profit and loss account for the period from 1 January 2013 to 31 December 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PAS | PAS | PAS | PAS | PAS | PAS | IFRS | IFRS | PAS | PAS | PAS | PAS-IFRS | PAS-IFRS | PAS-IFRS | PAS-IFRS | IFRS | IFRS | ||
| Gross premium written externally | 1.735.259 | 6.533.743 | 6.415.178 | 1.329.894 | - | - | 203.640 | 262.289 | 1.097.951 | - | - | - | (1.097.951) | - | - | - | 16.480.002 | Gross insurance premium written externally |
| Gross premium written between segments | 4.898 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (4.898) | - | Gross insurance premium written between segments |
| Gross written insurance premium | 1.740.157 | 6.533.743 | 6.415.178 | 1.329.894 | - | - | 203.640 | 262.289 | 1.097.951 | - | - | - | (1.097.951) | - | - | (4.898) | 16.480.002 | |
| Reinsurers’ share in gross written premium |
(160.273) | (43.756) | (2.848) | (58) | - | - | (31.253) | (20.795) | - | - | - | - | - | - | - | 1.946 | (257.037) | Reinsurers’ share in gross written insurance premium |
| Net written premium | 1.579.884 | 6.489.987 | 6.412.330 | 1.329.836 | - | - | 172.387 | 241.494 | 1.097.951 | - | - | - | (1.097.951) | - | - | (2.952) | 16.222.966 | Net written premium |
| Movement in the unearned premium reserve and gross unexpired risk reserve | (35.703) | 64.717 | 1.739 | 946 | - | - | (9.036) | (17.606) | 606 | - | 19.631 | - | (606) | - | - | 1.115 | 25.803 | Movement in net unearned premium reserve |
| Reinsurer’s share in the unearned premium reserve and gross unexpired risk reserve | 11.571 | (2.419) | - | - | - | - | 7.221 | 3.258 | - | - | (19.631) | - | - | - | - | - | - | |
| Net earned premium |
1.555.752 | 6.552.285 | 6.414.069 | 1.330.782 | - | - | 170.572 | 227.146 | 1.098.557 | - | - | - | (1.098.557) | - | - | (1.837) | 16.248.769 | Net earned premium |
| 340.282 | - | 34.271 | - | - | (54.591) | 319.962 | Fee and commission income | |||||||||||
| Investment income, including: | 140.039 | 556.759 | 735.242 | 304.969 | 4.858.981 | 11.580 | 24.373 | 6.511 | 89.115 | 65.018 | (6.792.587) | - | ||||||
| Net result on investments (external activity) | 140.039 | 556.759 | 735.242 | 304.969 | 896.559 | 11.580 | 24.373 | 6.511 | 89.115 | 65.018 | (2.830.165) | - | ||||||
| Net result on investments (inter-segment activity) | - | - | - | - | 3.962.422 | - | - | - | - | - | (3.962.422) | - | ||||||
| 1.835.955 | - | - | - | - | 8.977 | 1.844.932 | Net investment income (external activity) | |||||||||||
| 3.962.422 | - | - | - | - | (3.962.422) | - | Net investment income (inter-segment activity) | |||||||||||
| 99.493 | 24.782 | - | - | - | (99.230) | 25.045 | Net result on the realization of investments and impairment charges | |||||||||||
| 781.576 | (105.879) | - | - | - | (57.606) | 618.091 | Net change in the fair value of assets and liabilities carried at fair value | |||||||||||
| Other net technical income | 11.522 | 34.872 | 1.524 | 18.765 | - | - | - | - | 15.463 | - | (82.146) | - | ||||||
| Revenues on core business of non-insurance entities | - | - | - | - | - | 218.300 | - | - | - | 400.948 | (619.248) | - | ||||||
| Other operating income (not applicable to insurance entities) | - | - | - | - | - | 3.090 | - | - | - | 6.002 | 634.404 | (16.189) | (15.462) | - | - | (120.736) | 491.109 | Other operating income |
| Gross claims paid | (890.923) | (3.410.960) | (4.290.148) | (609.567) | - | - | (83.190) | (147.070) | (1.334.969) | - | (1.609.046) | - | 1.157.463 | - | 6.323 | 16.810 | (11.195.277) | Claims and movement in technical reserves |
| Movement in the gross claims reserve | (1.959) | (761.742) | (9.526) | (17.034) | - | - | (5.417) | (359) | 5.221 | - | 790.816 | - | ||||||
| Reinsurers’ share in claims paid | 112.577 | 154.450 | 164 | - | - | - | 2.516 | 10.829 | - | - | (242.600) | - | - | - | - | (3.883) | 34.053 | Claims and movement in insurance liabilities ceded to re-insurers |
| Reinsurer's share in the movement in reserves | (73.805) | (174.716) | - | - | - | - | 5.199 | (2.487) | - | - | 245.809 | - | ||||||
| Net insurance claims | (854.110) | (4.192.968) | (4.299.510) | (626.601) | - | - | (80.892) | (139.087) | (1.329.748) | - | (815.021) | - | 1.157.463 | - | 6.323 | 12.927 | (11.161.223) | Net insurance claims |
| Movement in other net technical reserves, life insurance reserves where the policyholder bears the investment risk, loss ratio (risk) equalization reserves | (5.887) | (436) | (270.964) | (712.390) | - | - | - | - | 172.272 | - | 817.405 | |||||||
| - | - | (77.715) | - | - | - | (77.715) | Claims and changes in valuation of investment contracts | |||||||||||
| Net premiums and rebates for insureds including the movement in reserves | (298) | - | (523) | - | - | - | - | - | (4) | - | 825 | - | ||||||
| Other net technical income | (47.428) | (261.850) | (108.433) | (12.924) | - | - | - | - | (4.683) | - | 435.318 | - | ||||||
| Acquisition cost | (300.302) | (1.141.493) | (322.765) | (109.519) | - | (16.776) | (62.446) | (67.137) | (18.318) | - | - | - | - | - | (126) | 22.944 | (2.015.938) | Acquisition cost |
| Administrative costs | (115.829) | (546.865) | (545.720) | (53.225) | - | (77.923) | (35.904) | (26.490) | (11.377) | - | - | 1.131 | - | - | (20.568) | 26.290 | (1.406.480) | Administrative costs |
| Reinsurance commissions and profit-sharing |
8.022 | 66.967 | 501 | - | - | - | - | - | - | - | (75.490) | - | ||||||
| Expenses of the core business of non-insurance entities | - | - | - | - | - | - | - | - | - | (369.897) | 369.897 | - | ||||||
| Other operating expenses (not applicable to insurance entities) | - | - | - | - | - | (839) | - | - | - | (6.519) | (874.683) | (8.946) | - | - | 84.583 | 100.805 | (705.599) | Other operating expenses |
| Result on insurance / Operating profit (loss) | 391.481 | 1.067.271 | 1.603.421 | 139.857 | 4.858.981 | 137.432 | 15.702 | 944 | 11.277 | 95.552 | 18.402 | (105.101) | - | - | 70.212 | (4.124.479) | 4.180.952 | Operating profit (loss) |
| Other operating income | 65.131 | 14.763 | 796 | 3.613 | (84.303) | |||||||||||||
| Other operating expenses | (58.067) | (50.159) | (874) | (4.075) | 113.175 | |||||||||||||
| Financial costs | (57.112) | (47.270) | 42.718 | (61.664) | Financial costs | |||||||||||||
| 1.404 | Share of profits (losses) of entities accounted for using the equity method | |||||||||||||||||
| 4.120.692 | Gross profit (loss) | |||||||||||||||||
| (825.579) | Income tax | |||||||||||||||||
| 3.295.113 | Net profit (loss) | |||||||||||||||||
| Profit and loss account for the period from 1 January 2012 to 31 December 2012 | Corporate insurance (non-life) | Mass insurance (non-life) | Group and individually continued insurance (life) | Individual insurance (life) | Investments | Pension insurance | Ukraine (non-life) | Baltic countries (non-life) | Investment contracts | Other operations | Presentation differences | Real estate and capital instruments | Investment contracts | Technical rate in life insurance | Prevention fund, equalization reserve and designation to the Company Social Benefit Fund | Consolidation adjustments and unallocated items | Consolidated value | Profit and loss account for the period from 1 January 2012 to 31 December 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PAS | PAS | PAS | PAS | PAS | PAS | IFRS | IFRS | PAS | PAS | PAS | PAS-IFRS | PAS-IFRS | PAS-IFRS | PAS-IFRS | IFRS | IFRS | ||
| Gross premium written externally | 1.837.619 | 6.613.586 | 6.364.007 | 1.089.970 | - | - | 142.228 | 195.721 | 1.859.439 | - | - | - | (1.859.439) | - | - | - | 16.243.131 | Gross insurance premium written externally |
| Gross premium written between segments | 2.293 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | (2.293) | - | Gross insurance premium written between segments |
| Gross written insurance premium | 1.839.912 | 6.613.586 | 6.364.007 | 1.089.970 | - | - | 142.228 | 195.721 | 1.859.439 | - | - | - | (1.859.439) | - | - | (2.293) | 16.243.131 | |
| Reinsurers’ share in gross written premium | (151.837) | (46.759) | (2.664) | (86) | - | - | (25.789) | (12.083) | - | - | - | - | - | - | - | 1.942 | (237.276) | Reinsurers’ share in gross written insurance premium |
| Net written premium | 1.688.075 | 6.566.827 | 6.361.343 | 1.089.884 | - | - | 116.439 | 183.638 | 1.859.439 | - | - | - | (1.859.439) | - | - | (351) | 16.005.855 | Net written premium |
| Movement in the unearned premium reserve and gross unexpired risk reserve | 57.288 | (59.721) | 842 | 2.042 | - | - | (13.142) | (11.103) | (705) | - | 23.678 | - | 705 | - | - | (499) | (615) | Movement in net unearned premium reserve |
| Reinsurer’s share in the unearned premium reserve and gross unexpired risk reserve | 19.096 | 5.571 | - | - | - | - | (287) | (702) | - | - | (23.678) | - | - | - | - | - | 0 | |
| Net earned premium | 1.764.459 | 6.512.677 | 6.362.185 | 1.091.926 | - | - | 103.010 | 171.833 | 1.858.734 | - | - | - | (1.858.734) | - | - | (850) | 16.005.240 | Net earned premium |
| 199.165 | - | 37.937 | - | - | - | 237.102 | Fee and commission income | |||||||||||
| Investment income, including: | 127.357 | 537.003 | 955.194 | 346.956 | 2.760.743 | 13.273 | 17.741 | 9.890 | 191.383 | 1.550 | (4.961.090) | - | ||||||
| Net result on investments (external activity) | 127.357 | 537.003 | 955.194 | 346.956 | 1.525.225 | 13.273 | 17.741 | 9.890 | 191.383 | 1.550 | (3.725.572) | - | ||||||
| Net result on investments (inter-segment activity) | - | - | - | - | 1.235.518 | - | - | - | - | - | (1.235.518) | - | ||||||
| 2.040.830 | - | - | - | - | 6.224 | 2.047.054 | Net investment income (external activity) | |||||||||||
| 1.235.518 | - | - | - | - | (1.235.518) | - | Net investment income (inter-segment activity) | |||||||||||
| 385.556 | 104.163 | - | - | - | 31.549 | 521.268 | Net result on the realization of investments and impairment charges | |||||||||||
| 1.095.224 | (64.008) | - | - | - | 105.191 | 1.136.407 | Net change in the fair value of assets and liabilities carried at fair value | |||||||||||
| Other net technical income | 16.054 | 78.071 | 3.434 | 12.426 | - | - | - | - | 15.937 | - | (125.922) | - | ||||||
| Revenues on core business of non-insurance entities | - | - | - | - | - | 199.165 | - | - | - | 386.018 | (585.183) | - | ||||||
| Other operating income (not applicable to insurance entities) | - | - | - | - | - | 1.053 | - | - | - | 11.308 | 720.476 | 6.456 | (15.937) | - | - | (135.328) | 588.028 | Other operating income |
| Gross claims paid | (952.143) | (3.575.950) | (4.230.510) | (614.035) | - | - | (55.163) | (108.293) | (3.186.844) | - | (1.257.170) | - | 2.013.514 | (401.872) | (5.040) | 2.208 | (12.371.298) | Claims and movement in technical reserves |
| Movement in the gross claims reserve | (323.033) | (762.847) | 86.511 | 9.255 | - | - | (322) | (3.662) | 1.813 | - | 992.285 | - | ||||||
| Reinsurers’ share in claims paid | 66.058 | 57.480 | 121 | - | - | - | 2.453 | 3.540 | - | - | 23.919 | - | - | - | - | (1.004) | 152.567 | Claims and movement in insurance liabilities ceded to re-insurers |
| Reinsurer's share in the movement in reserves | 35.085 | (17.661) | - | - | - | - | (842) | (3.238) | - | - | (13.344) | - | ||||||
| Net insurance claims | (1.174.033) | (4.298.978) | (4.143.878) | (604.780) | - | - | (53.874) | (111.652) | (3.185.031) | - | (254.310) | - | 2.013.514 | (401.872) | (5.040) | 1.204 | (12.218.731) | Net insurance claims |
| Movement in other net technical reserves, life insurance reserves where the policyholder bears the investment risk, loss ratio (risk) equalization reserves | 1.826 | 3.214 | (848.700) | (594.055) | - | - | - | - | 1.171.526 | - | 266.189 | |||||||
| - | - | (176.780) | - | - | - | (176.780) | Claims and changes in valuation of investment contracts | |||||||||||
| Net premiums and rebates for insureds including the movement in reserves | 2.550 | 97 | (1.337) | - | - | - | - | - | (9) | - | (1.301) | - | ||||||
| Other net technical income | (71.062) | (311.064) | (59.089) | (3.752) | - | - | - | - | (4.277) | - | 449.244 | - | ||||||
| Acquisition cost | (336.218) | (1.136.834) | (317.716) | (90.824) | - | (20.212) | (27.998) | (49.047) | (31.215) | - | - | 10 | - | - | - | 9.703 | (2.000.351) | Acquisition cost |
| Administrative costs | (107.687) | (568.609) | (578.417) | (53.383) | - | (92.967) | (28.450) | (18.861) | (15.978) | - | - | 5.730 | - | - | (20.000) | 38.321 | (1.440.300) | Administrative costs |
| Reinsurance commissions and profit-sharing | (5.715) | (15.929) | 1.399 | - | - | - | - | - | - | - | 20.245 | - | ||||||
| Expenses of the core business of non-insurance entities | - | - | - | - | - | - | - | - | - | (357.038) | 357.038 | - | ||||||
| Other operating expenses (not applicable to insurance entities) | - | - | - | - | - | (1.863) | - | - | - | (7.367) | (701.104) | (3.977) | - | - | 11.699 | 83.874 | (618.738) | Other operating expenses |
| Result on insurance / Operating profit (loss) | 217.531 | 799.648 | 1.373.075 | 104.514 | 2.760.743 | 98.449 | 10.430 | 2.163 | 1.070 | 34.471 | 140.575 | 48.374 | - | (401.872) | (13.341) | (1.095.630) | 4.080.200 | Operating profit (loss) |
| Other operating income | 215.391 | 71.904 | 2.664 | 2.536 | (292.495) | |||||||||||||
| Other operating expenses | (121.226) | (61.212) | (2.523) | (3.419) | 188.380 | |||||||||||||
| Financial costs | (5.030) | (36.460) | (41.490) | Financial costs | ||||||||||||||
| 4.038.710 | Gross profit (loss) | |||||||||||||||||
| (784.882) | Income tax | |||||||||||||||||
| 3.253.828 | Net profit (loss) | |||||||||||||||||
| 2013 | Poland | Baltics | Ukraine | Unallocated (consolidation eliminations and other) | Consolidated value |
|---|---|---|---|---|---|
| Gross written premium - external | 16 014 074 | 262 289 | 203 640 | - | 16 480 003 |
| Gross written premium - cross-segment | 2 439 | - | - | (2 439) | - |
| Revenue from commissions and fees | 319 962 | - | - | - | 319 962 |
| Net investment income (external transactions) | 1 810 078 | 7 783 | 24 026 | 3 045 | 1 844 932 |
| Net profit or loss on realization and impairment loss on investments (external transactions) | 35 196 | (1 905) | 382 | (8 628) | 25 045 |
| Net change in the fair value of assets and liabilities measured at fair value (external transactions) | 596 377 | 633 | (20) | 21 101 | 618 091 |
| Non-current assets other than financial instruments 1) | 1 216 845 | 14 125 | 5 822 | (785) | 1 236 007 |
| Deferred tax assets | 15 351 | - | 1 598 | - | 16 949 |
| Assets | 62 087 723 | 415 708 | 259 963 | (400 973) | 62 362 421 |
1) Intangible assets and property, plant and equipment
| 2012 | Poland | Baltics | Ukraine | Unallocated (consolidation eliminations and other) | Consolidated value |
|---|---|---|---|---|---|
| Gross written premiums - external | 15 905 182 | 195 721 | 142 228 | - | 16 243 131 |
| Gross written premiums - cross-segment | 827 | - | - | (827) | - |
| Revenue from commissions and fees | 237 102 | - | - | - | 237 102 |
| Net investment income (external transactions) | 2 024 286 | 6 168 | 14 091 | 2 509 | 2 047 054 |
| Net profit or loss on realization and impairment loss on investments (external transactions) | 524 150 | 927 | (370) | (3 439) | 521 268 |
| Net change in the fair value of assets and liabilities measured at fair value (external transactions) | 1 129 777 | 2 795 | - | 3 835 | 1 136 407 |
| Non-current assets other than financial instruments 1) | 1 159 760 | 10 625 | 6 717 | (1 547) | 1 175 555 |
| Deferred tax assets | 12 753 | - | 1 210 | - | 13 963 |
| Assets | 55 025 653 | 284 912 | 158 151 | 440 844 | 55 909 560 |
1) Intangible assets and property, plant and equipment