PZU Group and PZU SA Financial Statements (2021) – InsuranceNewsNet

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Consolidated financial statements under IFRS for the year ended December 31, 2021

Consolidated profit and loss account …………………………………………. …… …………………………………….. …… .

4

Consolidated statement of comprehensive income ……………………………. ………………… ………………………. …

5

Consolidated statement of financial position …………………………………………. ………………….. ………………………. ………..

6

Consolidated statement of changes in equity ………………………………………….. ……. ……………………………………..

8

Consolidated cash flow statement …………………………………….. …… …………………………………….. …… …

ten

Additional information and remarks ………………………………………. ……………………………………………. .

12

1.

Introduction …………………………………………. ………………………………………….. ………………………………………….. ………

12

2.

Composition of PZU Group………………………………………….. ………………………………………….. ……………………………..

15

3.

Shareholding structure ……………………………………….. …………………………………………….. ……………………………………………..

30

4.

Composition of the Management Board, Supervisory Board and PZU Group Directors…………………………………………..

31

5.

Main accounting methods, main estimates and judgments ………………………………………….. …….. …………………………………… ……

33

6.

Sector reports………………………………………… ……………… ………………………….. ……………… ………………………….. ………………

46

7.

Risk management ……………………………………….. …………………………………………. …………………………………………. . .

56

8.

Equity management ……………………………………….. ……………………………………………. ……………………………………………. .

93

9.

Just value ………………………………………… ………………………………………….. ………………………………………….. ……………

95

ten.

Gross written premiums ………………………………………….. … ……………………………………….. … ………………………………….

104

11.

Income from commissions and fees …………………………………….. …… …………………………………….. …… …………………..

105

12.

Interest income calculated using the effective interest rate ……………………………. ……….. ……………………………………..

106

13.

Other net investment income ………………………………………….. …………………………………………….. ….. ……………………………

107

14.

Result on the derecognition of financial instruments and investments ……………………………………….. ……. …………………………..

107

15.

Change in provisions for expected credit losses and impairment losses on financial instruments………………………………

108

16.

Net change in fair value of assets and liabilities measured at fair value …………………………………….. …. ……………….

108

17.

Other exploitation products ……………………………………… ………………………………………….. …………………………………………..

109

18.

Claims, benefits and movement of technical provisions……………………………………….. …….. …………………………………… …

109

19.

Expenses of fees and commissions ……………………………………. ……. ………………………………………… ……. ………………………………………… ….

110

20.

Interest charges ……………………………………….. ………………………………………….. ………………………………………….. ..

111

21.

Acquisition fee ………………………………………. ……………………………………………. ……………………………………………. ..

111

22.

Administrative expenses………………………………………… ………………………………………….. ……………………………………..

112

23.

Personnel expenses ……………………………………….. … ……………………………………….. … ………………………………………..

112

24.

Other operating expenses ……………………………………… ………………………………………….. .. ……………………………….

113

25.

Income tax………………………………………. ………………………………………….. ………………………………………….. .. ………..

113

26.

Earnings per share ……………………………………….. ………………………………………….. …………………………………………..

115

27.

Good will ………………………………………….. ………………………………………….. ………………………………………….. …………

115

28.

Intangible assets ………………………………………… ………………………………………….. ………………………………………….. .. .

118

29.

Other assets ………………………………………… ………………………………………….. ………………………………………….. ……..

120

30.

Deferred acquisition costs …………………………………….. …………………………………………….. ….. ……………………………….

121

31.

Tangible fixed assets ………………………………………… ………………………………………….. …………………………………………..

122

32.

Investment property ……………………………………….. ………………………………………….. …………………………………………..

124

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