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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
In the CHAPTER
GRI
- 102-7 Scale of the reporting organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 201-1 Direct economic value generated and distributed
- 102-13 Membership in associations and organizations
- 102-40 List of stakeholder groups engaged by the reporting organization
- 102-42 Basis for identification and selection of stakeholders engaged by the organization
- 102-43 Approach do engaging stakeholders, including the frequency of engagement by stakeholder type and group
- 102-44 Key issues and concerns raised by stakeholders and the organization’s response, also by reporting them
In the CHAPTER
GRI
- 102-8 Data pertaining to employees and other persons working for the organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 404-1 Average number of hours of training per year per employee
- 404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and facilitating the retirement process
- 404-3 Percentage of employees subject to regular assessments of work quality and professional development reviews, by gender and employment category
- G4-FS16 Initiatives to enhance financial literacy by type of beneficiary
In the CHAPTER
In the CHAPTER
GRI
- 103-3 Evaluation of the approach to management
- 307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
- 301-1 Raw materials/materials used by weight and volume
- 302-1 Energy consumption by the organization, taking into account the types of raw materials
- 302-4 Reduction of consumption of energy
In the CHAPTER
GRI
- 102-9 Description of the supply chain
- 102-11 Explanation of whether and how the precautionary principle is addressed by the organization
- 102-15 Description of key impacts, opportunities and risks
- 102-16 Organization’s values, code of ethics, principles and norms of behavior
- 102-17 Internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 102-5 Organization’s form of ownership and legal form
- 102-18 Organization’s supervisory structure along with the commissions that report to the highest supervisory body
- 205-1 Actions assessed in terms of threats associated with corruption
- 205-2 Communication and training on anti-corruption policies and procedures in the organization
- 206-1 Legal steps taken against the organization for cases of violating the principles of free competition and monopolistic practices
- 405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
- 406-1 Total number of discrimination cases and corrective measures taken in this regard
- 419-1 Non-compliance with the law and socio- economic regulations
In the CHAPTER
GRI
- 103-2 Approach to management and its elements
- G4-FS13 Access points to sparsely populated areas that are less economically developed
- G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
- G4-FS15 Policies for the fair design and sale of financial products and services
- 417-1 Internal requirements concerning the labeling of products and services and information regarding them
- 417-2 Incidents of non-compliance with regulations and voluntary codes concerning the labeling of products and services and information regarding them
- 417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
Read more:
- Client at the center of attention
- Innovations
- Responsible sales
- Insurance
- Banking and strategic partnerships
- Working conditions
- Employee development
- Knowledge sharing
- Enhancing safety
- Health
- Improvement of living conditions in local communities
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Products and adaptation to climate change
Business model
Employee
CSR
Environment
- Ethical foundations of business operations
- Preventing corruption and conflict of interests
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk management, taking into account non-financial risk
- Risk appetite
- PZU Group’s risk profile
- Reinsurance operations
- Polish and Baltic States insurance sector compared to Europe
- Regulations pertaining to the insurance market and the financial markets in Poland
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- International operations
- Contribution made by the market segments to the consolidated result
Risk and ethics
Market
Business
Financial results
Read more:
- Client at the center of attention
- Employee development
- Health
- Cultural patronage
- Practical challenges in managing direct impact
- Ethical foundations of business operations
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk appetite
- PZU Group’s risk profile
- Risk vulnerability
- Capital management
Business model
Employee
CSR
Environment
Risk and ethics
Read more:
- New approach to sales
- Working conditions
- Employee development
- Diversity and respecting human rights
Business model
Employee
Risk and ethics
Read more:
- Client at the center of attention
- Medical services (Health)
- Working conditions
- Enhancing safety
- Health
Business model
Employee
CSR
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Diversity and respecting human rights
- Medical services (Health)
Environment
Risk and ethics
Business
Mutual funds (TFI PZU)
Market situation
As at the end of December 2018, the total assets of the domestic mutual fund market stood at PLN 257 billion compared to PLN 279 billion as at the end of the previous year, representing a decrease by almost 8%.
In 2018, based on estimates by Analizy Online, net outflow (the balance of payments and withdrawals) from retail funds offered by TFIs exceeded PLN 22 billion. It was a difficult
year for the whole mutual fund market. However, the segment that was hit the hardest was that of non-public funds – their assets shrank by over PLN 16.3 billion. The unfavorable economic situation and market events caused a decrease in the assets of equity funds by more than PLN 7.8 billion and absolute rate-of-return funds by PLN 6.2 billion.
The only market segment that recorded growth were cash and money funds (an increase in assets by over PLN 15 billion).
Mutual fund companies – share in assets as at 31 December 2018 (in %)
TFI’s activity
Towarzystwo Funduszy Inwestycyjnych PZU (TFI PZU), part of PZU Group, operates on the mutual fund market. It offers products and services for both retail and institutional clients – including additional investment and savings programs forming part of the third pillar of the social security system: Individual Retirement Accounts (IRAs), Employee Savings Plans (ESPs), Employee Pension Plans (EPPs), Company Investment Plans (CIPs) and Group Pension Plans (GPPs) which additionally offer Individual Retirement Security Accounts (IRSAs).
At yearend 2018, TFI PZU had 36 funds and sub-funds in its portfolio, of which 29 were also offered to clients from outside the Group – in October the portfolio was supplemented with 6 new sub-funds forming part of inPZU SFIO Parasolowy passive funds available through the cutting-edge platform inpzu.pl. TFI PZU has also begun offering professional asset management services.
At the end of December 2018, TFI PZU managed a portfolio of net assets of nearly PLN 19.8 billion, representing a 7.7% market share. Accordingly, TFI PZU is among the largest mutual fund companies in Poland – as at 31 December 2018 it was ranked third in Poland according to reports published by IZFiA (Chamber of Fund and Asset Managers). TFI PZU is also the market leader in the employee pension plan segment among institutions operating in this market with net assets of nearly PLN 5.4 billion.
TFI PZU’s net assets (PLN billion)
At yearend 2018, the net asset value of funds managed by TFI PZU remained at a similar level as at yearend 2017. As regards the most popular solutions, very notable is the increase in assets managed by PZU Oszczędnościowy (former PZU Gotówkowy) by PLN 350 million, PZU PD Polonez by PLN 200 million, inPZU Obligacje Polskie by PLN +210 million, PZU Sejf+ by PLN 153 million, inPZU Obligacje Rynków Wschodzących by PLN 108 million, inPZU Akcje Polskie and inPZU Akcje Rynków Rozwiniętych by approx. PLN 100 million each.
The largest decreases in net assets were recorded at yearend 2018 by the following funds: PZU SFIO Universum, PZU Stabilnego Wzrostu MAZUREK, PZU Medyczny (former PZU Energia Medycyna Ekologia), PZU FIZ FORTE, PZU Akcji KRAKOWIAK, PZU Akcji Spółek Dywidendowych and PZU Akcji Małych i Średnich Spółek.
Changes in the asset value of individual funds were driven predominantly by:
- active sales of funds as part of Employee Pension Plans;
- active sales of PZU Oszczędnościowy and PZU Sejf+ to retail clients;
- launch of inPZU SFIO Parasolowy, a new product line of passive funds;
- difficult situation on the equity market causing outflows from this class of funds;
- unfavorable sentiment towards closed-end funds on the domestic market.
Factors, including threats and risks, which will affect the mutual funds’ operations in 2019
The condition and performance of the mutual fund market will depend mainly on the following:
- macroeconomic situation: mostly the rate of economic growth and changes in the rate of inflation domestically and throughout Europe;
- actions taken by central banks (Fed, ECB, Bank of Japan, People’s Bank of China) translating into global money supply and liquidity on the financial markets;
- intensity of global protectionism, in particular that surrounding the US-China trade war,
- existing economic climate on financial markets;
- global geopolitical situation (upsurge of populist sentiments in Europe, Brexit, tensions in the Middle East) and domestic political situation (parliamentary and presidential elections).
