PZU Group Financial Statements (Q2 2022) – InsuranceNewsNet

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Powszechny Zaklad Ubezpieczeń Spółka Akcyjna

Band

Condensed Acting

consolidated financial statements for the 6 months ended

June 30, 2022

Powszechny Zaklad Ubezpieczeń Spółka Akcyjna Group

Condensed interim consolidated financial statements for the 6 months ended June 30, 2022

Contents

Interim consolidated income statement …………………………………………. ………… ……………………………………. ..

3

Interim consolidated statement of comprehensive income ……………………………. ……………. ……………..

4

Interim consolidated statement of financial position …………………………………………. ……. …………………………..

5

Interim consolidated statement of changes in equity ………………………………………. ………………………..

6

Statement of interim consolidated cash flows ……………………………………. ……. ………………………………………… …..

9

Notes to the condensed interim consolidated financial statements ……………………………. ……. …

11

1.

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

11

2.

Information about PZU and the PZU Group ………………………………………….. ………………………………………….. …………..

14

3.

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

24

4.

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

26

5.

Information on major events having a significant influence on the structure of financial statement items ……………

37

6.

Corrections of errors from previous years ……………………………………. ……. ………………………………………… ……. ……………..

37

seven.

Significant events after the end of the reporting period …………………………………….. …………………………………………………. ………. ..

37

8.

Notes to the condensed half-yearly consolidated financial statements ……………………………. …….. …

39

9.

Assets backing receivables, liabilities and contingent liabilities …………………………………….. ……….. ……………………………

80

ten.

Contingent assets and liabilities ………………………………………… ……… …………………………………. ……………………………………….

80

11.

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

81

12.

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

82

13.

Information on changes in the economic situation and business conditions that have a significant impact on

fair value of financial assets and liabilities. ………………………………………….. ………………………………………….. ………

92

14.

Issues, redemptions and redemptions of debt securities and equity securities……………………………………….. ………

92

15.

Default or Breach of Material Provisions of Loan Agreements ………………………………………….. …….. ………………………………….

92

16.

Disputes………………………………………… …………………………………………. …………………………………………. . …………….

93

17.

Transactions with related parties ……………………………………….. …………………………………………….. ……………………………………………..

96

18.

Other information ……………………………………….. …………………………………………. …………………………………………. . .

97

Powszechny Zaklad Ubezpieczeń Spółka Akcyjna Group

Condensed interim consolidated financial statements for the 6 months ended June 30, 2022 (in millions of PLN)

Interim consolidated income statement

April 1st –

January 1st –

April 1st –

January 1st –

Consolidated income statement

To note

June 30, 2021

June 30, 2021

June 30, 2022

June 30, 2022

(retirement) 1)

(retirement) 1)

Gross written premiums

8.1

6,394

12,647

6,194

12,342

Share of reinsurers in gross written premiums

(346)

(477)

(293)

(446)

Net written premiums

6,048

12,170

5,901

11,896

Change in net provision for unearned

(125)

(487)

(70)

(379)

bonuses

Net Earned Premium

5,923

11,683

5,831

11,517

Income from commissions and fees

8.2

1,326

2,549

1,161

2,226

Interest income calculated using the effective rate

8.3

4,854

8,434

2,315

4,675

interest rate

Other net investment income

8.4

(207)

(196)

286

254

Result on the derecognition of

8.5

(119)

(227)

14

526

instruments and investments

Movement of provisions for expected credit

losses and impairments on

8.6

(882)

(1,276)

(445)

(883)

instruments

Net change in fair value of assets and

8.7

(122)

(43)

250

380

liabilities measured at fair value

Other exploitation products

8.8

428

837

379

752

Complaints, benefits and movement in the technical field

(3,528)

(7,392)

(4,170)

(8,186)

provisions

Share of reinsurers in claims, benefits and

102

276

26

116

movement of technical provisions

Net insurance claims and benefits

8.9

(3,426)

(7,116)

(4,144)

(8,070)

Fees and Commissions

8.10

(359)

(663)

(283)

(539)

Interest charges

8.11

(883)

(1,251)

(71)

(197)

Acquisition fee

8.12

(959)

(1,876)

(867)

(1,704)

Administrative expenses

8.12

(1,938)

(3,719)

(1,732)

(3,412)

Other operating expenses

8.13

(1,757)

(3,048)

(940)

(2,156)

Operating result

1,879

4,088

1,754

3,369

Share of net financial results of entities

(6)

(17)

(2)

(8)

valued using the equity method

Profit before tax

1,873

4,071

1,752

3,361

Income tax

8.14

(615)

(1,203)

(419)

(874)

Net profit, of which:

1,258

2,868

1,333

2,487

– the result attributable to the shareholders of the

722

1,480

754

1,634

Head quarter

– profit (loss) attributed to holders of

536

1,388

579

853

majority stake

Basic and diluted weighted average number of

8:15 a.m.

863 390 985

863 384 065

863 339 389

863 341 671

ordinary actions

Basic and diluted earnings (loss) per common share

8:15 a.m.

0.84

1.71

0.87

1.89

share (in PLN)

  1. Information on the restatement of data for the period from April 1 to June 30, 2021 and January 1 – June 30, 2021 is presented in section 4.4.

Powszechny Zaklad Ubezpieczeń Spółka Akcyjna Group

Condensed interim consolidated financial statements for the 6 months ended June 30, 2022 (in millions of PLN)

Interim Consolidated Statement of Comprehensive Income

Consolidated statement of the whole

April 1st –

January 1st –

April 1st –

January 1st –

To note

June 30, 2021

June 30, 2021

Income

June 30, 2022

June 30, 2022

(retirement)

1)

(retirement) 1)

net profit

1,258

2,868

1,333

2,487

The other extended result

8.14

(2,420)

(4,657)

(542)

(1,273)

Subject to subsequent transfer to or

(2,372)

(4,672)

(591)

(1,371)

loss

Valuation of debt instruments

(881)

(1,991)

(335)

(699)

Valuation of loans receivable from

(3)

(4)

(32)

(36)

clients

Currency translation differences

9

27

(54)

(28)

Cash flow hedge

(1,497)

(2,704)

(170)

(608)

Do not transfer to the income statement in

(48)

15

49

98

coming

Valuation of equity instruments

(62)

1

49

98

Actuarial gains and losses related to

14

14

provisions for employee benefits

Total net comprehensive income

(1,162)

(1,789)

791

1,214

– comprehensive income attributable to equity

(324)

(437)

547

1,128

Holders of the Parent Company

– comprehensive income attributable to unitholders

(838)

(1,352)

244

86

non-controlling interests

  1. Information on the restatement of data for the period from April 1 to June 30, 2021 and January 1 – June 30, 2021 is presented in section 4.4.

Powszechny Zaklad Ubezpieczeń Spółka Akcyjna Group

Condensed interim consolidated financial statements for the 6 months ended June 30, 2022 (in millions of PLN)

Interim Consolidated Statement of Financial Position

Assets

To note

June 30th

December 31st

2022

2021

Good will

8.16

2,800

2,778

Intangible assets

8.17

3,138

3,403

Deferred tax assets

3,352

3,058

other assets

8.18

833

633

Deferred acquisition costs

1,678

1,573

Share of reinsurers in technical provisions

8.32

2,515

2,540

Fixed assets

8.19

4,235

4,144

Investment property

2,930

2,773

Entities valued using the equity method

8:20 am

79

93

Assets backing the liabilities

8.24

8,485

1,336

Assets held for sale

8.21

665

643

Ready to receive customers

8.22

217,502

215,008

Financial derivatives

8.23

19,363

8,328

Investment financial assets

8.25

129,065

136,954

Measured at amortized cost

83,575

82,893

Measured at fair value through other comprehensive income

37,316

44,896

Measured at fair value through profit or loss

8,174

9,165

Receivables

8.26

13,328

9,418

Cash and cash equivalents

19,968

9,447

Total assets

429,936

402 129

Liabilities and equity

To note

June 30th

December 31st

2022

2021

Equity

Equity attributable to shareholders of the parent company

14,969

17,080

Share the capital

8.31

86

86

Other capital

13,897

14,343

Retained earnings

986

2,651

Undistributed profit or loss

(494)

(685)

net profit

1,480

3,336

Non-controlling interest

20,659

22,914

Total equity

35,628

39,994

Passives

Technical provisions

8.32

50,090

50 173

Subordinate liabilities

8.33

6,135

6,274

Liabilities on issuance of own debt securities

8.34

7,940

5,940

Debts to banks

8.35

7,758

7,470

Payables to customers for deposits

8.36

268,729

265 155

Financial derivatives

8.23

25,851

11,880

Other liabilities

8.37

25,810

13,203

Provisions

8.38

1,297

1,206

Deferred tax liability

668

806

Liabilities directly related to assets classified as held for sale

8.21

30

28

Total responsibilities

394 308

362 135

Total equity and liabilities

429,936

402 129

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Disclaimer

PZU- Powszechny Zaklad Ubezpieczen SA published this content on August 25, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on August 25, 2022 05:43:38 UTC.

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