PZU, as part of its insurance activities, concludes insurance contracts with related parties and pays claims. The transactions are concluded and settled on the terms and conditions applicable to customers which are not related parties. Receivables from and liabilities to related parties due to insurance contracts are short-term.
For the purposes of this item:
- “entities controlled by, co-subsidiaries of and entities associated with the State Treasury” denote only commercial companies and State Treasury controlled state entities, whose lists are published on the website of the Ministry of Treasury.
- “other related parties” denote entities in liquidation (in 2012 – PZU’s direct or indirect subsidiaries and associates, which are not consolidated, as well as entities in liquidation).
The table below shows the written premiums and investment contract volumes resulting from transactions with entities controlled by, co-subsidiaries of and entities associated with the State Treasury, concluded and settled on the terms and conditions which could be obtained in transactions with unrelated parties.
Entities controlled by, co-subsidiaries of and entities associated|
with the State Treasury
|1 January – 31 December 2013||1 January – 31 December 2012|
|Gross written premium at non-life insurance||102 371||110 970|
|Gross written premium at life insurance||27 514||16 692|
|PZU Życie investment contract volumes||-||584 564|
|Total||129 885||712 226|
|Balances and turnovers of transactions between the PZU Group and related parties||1 January – 31 December 2013|
and as at 31 December 2013
|1 January – 31 December 2012|
and as at 31 December 2012
|Key members of the management of consolidated entities 1||Other related entities||Key members of the management of consolidated entities 1||Other related entities|
|Gross written premiums|
|In property and personal insurance||-||-||-||278|
|in life insurance (including investment contracts)||-||-||-||-|
|Other revenue||-||15||-||58 157|
|Including write-offs for receivables rezognized in current period||-||-||-||-|
|gross value||-||8 308||-||11 068|
|Write-offs||-||8 306||-||(8 306)|
|net value||-||2||-||2 762|
1) High level management, data as per statements.
As at 31 December 2013 and 31 December 2012, the key item in receivables from other related parties were receivables from Syta Development Sp. z o. o. in liquidation (“Syta Development”) due to agreements relating to investments of the Claims Handling and Underwriting Centre of PLN 8,306 thousand (31 December 2012: PLN 9,806 thousand), which - because the agreements were not performed as of that dates - were covered with a revaluation write-down up to the full amount.