The following table presents the results of the analysis of the sensitivity of the net financial result and equity to changes in interest rate risk, exchange risk and equity instruments price risk. The analysis does not take into account the impact of changes in valuation of the deposits taken into consideration in the calculation of the provision on the net financial result and equity.
Sensitivity of the asset portfolio (in PLN millions)
|Change of the risk factor||31 December 2013||31 December 2012|
|Impact on the net |
|Impact on equity||Impact on the net |
|Impact on equity|
|Interest rate risk||decrease by 100 bp||433||464||315||360|
|increase by 100 bp||(403)||(435)||(295)||(337)|
|Exchange risk||increase by 20%||19||83||83||140|
|decrease by 20%||(19)||(83)||(83)||(140)|
|Equity instruments price risk||increase by 20%||396||456||234||304|
|decrease by 20%||(396)||(456)||(234)||(304)|
Source: PZU data.
Financial assets exposed to exchange risk include deposit transactions and debt securities used to hedge
payments from technical reserves denominated in foreign currencies, as well as exposures to equity instruments quoted on stock exchanges other than WSE, mutual fund units and certificates in foreign currencies, exposures to derivatives denominated in foreign currencies and financial assets of consolidated entities denominated in foreign currencies.
The increase in the sensitivity of the financial assets portfolio to changes in valuation of listed equity instruments as at the end of 2013 compared to the end of 2012 arises from the higher exposure in financial instruments exposed to other price risks.