Navigation Map Download our best practices
Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
- 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.
- 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
36.2 Quantitative data
| Debt investment financial assets measured at fair value through other comprehensive income 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Carrying amount | |||||
| Classification at the time of applying IFRS 9 | 50,181 | 74 | - | - | 50,255 |
| Recognition of instruments at the time of acquisition, creation, granting | 136,513 | - | - | - | 136,513 |
| Change in measurement | (155) | 1 | - | - | (154) |
| Change attributable to modification of cash flows concerning the given instrument | (1) | - | - | - | (1) |
| Changes attributable to sale, exclusion or expiration of the instrument | (149,227) | (2) | - | - | (149,229) |
| Other changes, including foreign exchange differences | 831 | - | - | - | 831 |
| Balance at the end of the period | 38,142 | 73 | - | - | 38,215 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | (31) | (6) | - | - | (37) |
| Establishment of allowances for newly acquired, created, granted instruments | (20) | - | - | - | (20) |
| Changes attributable to variations in measurement of instruments or credit risk level (excluding reclassification) | 4 | 1 | - | - | 5 |
| Changes attributable to sale, exclusion or expiration of the instrument | 10 | 2 | - | - | 12 |
| Balance at the end of the period | (37) | (3) | - | - | (40) |
The allowance pertaining to debt investment financial assets measured at fair value through other comprehensive income is recognized in revaluation reserve and it does not lower the carrying amount of assets.
| Debt investment financial assets measured at amortized cost 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Gross carrying amount | |||||
| Classification at the time of applying IFRS 9 | 32,450 | 186 | 31 | 16 | 32,683 |
| Recognition of instruments at the time of acquisition, creation, granting | 5,705 | - | - | - | 5,705 |
| Change in measurement | 727 | 2 | - | (2) | 727 |
| Changes attributable to sale, exclusion or expiration of the instrument | (4,318) | (153) | - | (12) | (4,483) |
| Other changes, including foreign exchange differences | 93 | - | 2 | - | 95 |
| Balance at the end of the period | 34,657 | 35 | 33 | 2 | 34,727 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | (38) | (17) | (31) | - | (86) |
| Establishment of allowances for newly acquired, created, granted instruments | (5) | - | - | - | (5) |
| Changes attributable to variations in measurement of instruments or credit risk level (excluding reclassification) | (1) | 1 | - | - | - |
| Changes attributable to sale, exclusion or expiration of the instrument | 5 | 9 | - | - | 14 |
| Other changes, including foreign exchange differences | 4 | - | (2) | - | 2 |
| Balance at the end of the period | (35) | (7) | (33) | - | (75) |
| Net carrying amount at the end of the period | 34,622 | 28 | - | 2 | 34,652 |
Value of allowances for expected credit losses concerning buy-sell-back transactions is zero.
| Term deposits with credit institutions 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Gross carrying amount | |||||
| Classification at the time of applying IFRS 9 | 1,841 | 1 | 21 | - | 1,863 |
| Recognition of instruments at the time of acquisition, creation, granting | 143,630 | - | - | - | 143,630 |
| Change in measurement | 6 | - | - | - | 6 |
| Changes attributable to sale, exclusion or expiration of the instrument | (143,300) | - | - | - | (143,300) |
| Other changes | 593 | - | (12) | - | 581 |
| Balance at the end of the period | 2,770 | 1 | 9 | - | 2,780 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | (1) | - | (21) | - | (22) |
| Establishment of allowances for newly acquired, created, granted instruments | (2) | - | - | - | (2) |
| Changes attributable to variations in measurement of instruments or credit risk level (excluding reclassification) | 1 | - | - | - | 1 |
| Other changes | - | - | 12 | - | 12 |
| Balance at the end of the period | (2) | - | (9) | - | (11) |
| Net carrying amount at the end of the period | 2,768 | 1 | - | - | 2,769 |
| Loans 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Gross carrying amount | |||||
| Classification at the time of applying IFRS 9 | 3,699 | - | - | - | 3,699 |
| Recognition of instruments at the time of acquisition, creation, granting | 1,077 | - | - | - | 1,077 |
| Change in measurement | 83 | - | - | - | 83 |
| Changes attributable to sale, exclusion or expiration of the instrument | (264) | - | - | - | (264) |
| Balance at the end of the period | 4,595 | - | - | - | 4,595 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | (46) | - | - | - | (46) |
| Establishment of allowances for newly acquired, created, granted instruments | (16) | - | - | - | (16) |
| Changes attributable to variations in measurement of instruments or credit risk level (excluding reclassification) | 2 | - | - | - | 2 |
| Balance at the end of the period | (60) | - | - | - | (60) |
| Net carrying amount at the end of the period | 4,535 | - | - | - | 4,535 |
| Loan receivables from clients measured at amortized cost 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Gross carrying amount | |||||
| Classification at the time of applying IFRS 9 | 147,695 | 13,816 | 4,049 | 12,152 | 177,712 |
| Recognition of instruments at the time of acquisition, creation, granting | 47,886 | - | - | 2 | 47,888 |
| Changes in the period (attributable to valuation, sale, exclusion or expiration of the instrument) | (30,946) | (496) | 5,003 | (5,031) | (31,470) |
| Change attributable to modification of cash flows concerning the given instrument | - | - | (1) | 1 | - |
| Assets written down from the balance sheet | - | - | (4,290) | (12) | (4,302) |
| Reclassification to basket 1 | 4,915 | (4,851) | (64) | - | - |
| Reclassification to basket 2 | (8,987) | 9,399 | (412) | - | - |
| Reclassification to basket 3 | (1,740) | (1,809) | 3,549 | - | - |
| Foreign exchange differences | 280 | 214 | 66 | - | 560 |
| Other changes | 509 | (204) | (45) | 53 | 313 |
| Balance at the end of the period | 159,612 | 16,069 | 7,855 | 7,165 | 190,701 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | 401 | (1,821) | (2,498) | (8,097) | (12,015) |
| Establishment of allowances for newly acquired, created, granted instruments | (150) | (2) | - | - | (152) |
| Changes in the period (attributable to valuation, credit risk level, sale, exclusion or expiration of the instrument, excluding reclassification) | (980) | 269 | (5,375) | 3,345 | (2,741) |
| Assets written down from the balance sheet | - | - | 4,290 | 12 | 4,302 |
| Reclassification to basket 1 | (309) | 281 | 28 | - | - |
| Reclassification to basket 2 | 90 | (172) | 82 | - | - |
| Reclassification to basket 3 | 65 | 257 | (322) | - | - |
| Foreign exchange differences | (2) | (2) | (30) | - | (34) |
| Other changes | 15 | 1 | 224 | (61) | 179 |
| Balance at the end of the period | (870) | (1,189) | (3,601) | (4,801) | (10,461) |
| Net carrying amount at the end of the period | 158,742 | 14,880 | 4,254 | 2,364 | 180,240 |
| Loan receivables from clients measured at fair value through other comprehensive income 1 January – 31 December 2018 | Basket 1 (12-month expected credit loss) | Basket 2 (expected credit loss during the instrument’s life cycle) | Basket 3 (impairment) | Acquired with impairment | Total |
| Carrying amount | |||||
| Classification at the time of applying IFRS 9 | 1,556 | - | - | - | 1,556 |
| Recognition of instruments at the time of acquisition, creation, granting | 401 | - | - | - | 401 |
| Changes attributable to sale, exclusion or expiration of the instrument | (490) | - | - | - | (490) |
| Foreign exchange differences | 49 | - | - | - | 49 |
| Other changes | (5) | - | - | - | (5) |
| Balance at the end of the period | 1,511 | - | - | - | 1,511 |
| Expected credit losses | |||||
| Calculation of expected credit losses at the time of applying IFRS 9 | (18) | - | - | - | (18) |
| Establishment of allowances for newly acquired, created, granted instruments | (1) | - | - | - | (1) |
| Changes attributable to variations in measurement of instruments or credit risk level (excluding reclassification) | 3 | - | - | - | 3 |
| Changes attributable to sale, exclusion or expiration of the instrument | 2 | - | - | - | 2 |
| Balance at the end of the period | (14) | - | - | - | (14) |
The allowance pertaining to loan receivables from clients measured at fair value through other comprehensive income is recognized in revaluation reserve and it does not lower the carrying amount of assets.
| Receivables 1 January – 31 December 2018 | 31 December 2018 |
| Gross carrying amount | |
| Classification at the time of applying IFRS 9 | 9,950 |
| Changes in the period | (2,668) |
| Balance at the end of the period | 7,282 |
| Expected credit losses | |
| Calculation of expected credit losses at the time of applying IFRS 9 | (823) |
| Changes in the period | (116) |
| Balance at the end of the period | (939) |
| Net carrying amount at the end of the period | 6,343 |
| Movement in impairment losses for financial assets in the year ended 31 December 2017 | Balance at the beginning of the period | Recognition through profit or loss | Reversal through profit or loss | Dereco- gnition (sale, write- down etc.) | Change in the composition of the Group | Other changes | Balance at the end of the period |
| Financial assets held to maturity | 1 | - | - | - | - | - | 1 |
| Debt instruments | 1 | - | - | - | - | - | 1 |
| Financial assets available for sale | 54 | - | (7) | (13) | - | - | 34 |
| Equity instruments | 47 | - | - | (13) | - | - | 34 |
| Debt securities | 7 | - | (7) | - | - | - | - |
| Loans | 3,149 | 3,791 | (2,653) | (1,149) | 5,837 | (20) | 8,955 |
| Debt securities | 71 | 7 | (56) | (27) | 104 | (1) | 98 |
| Loan receivables from clients | 3,062 | 3,784 | (2,597) | (1,107) | 5,716 | (19) | 8,839 |
| Term deposits with credit institutions | 1 | - | - | - | 17 | - | 18 |
| Loans | 15 | - | - | (15) | - | - | - |
| Receivables | 591 | 151 | (87) | (21) | 16 | (1) | 649 |
| Receivables on direct insurance | 562 | 145 | (82) | (20) | - | (1) | 604 |
| Reinsurance receivables | 8 | 4 | (4) | (1) | - | 7 | |
| ::Other receivables | 21 | 2 | (1) | - | 16 | - | 38 |
| Reinsurers’ share in technical provisions | 9 | 9 | (6) | - | - | - | 12 |
| Cash and cash equivalents | 1 | - | - | - | - | - | 1 |
| Total | 3,805 | 3,951 | (2,753) | (1,183) | 5,853 | (21) | 9,652 |
| Credit quality of financial assets as at 31 December 2017 | Net carrying amount of non-overdue assets | Net carrying amount of overdue assets | Net carrying amount | Impairment losses | Gross amount | ||||
| covered by impairment losses | not covered by impairment losses | up to 3 months | over 3 months up to 6 months | over 6 months | created individually | created in group | |||
| Loan receivables from clients | 1,869 | 159,115 | 4,821 | 399 | 3,253 | 169,457 | 4,091 | 4,748 | 178,296 |
| Debt securities held to maturity | - | 21,237 | - | - | - | 21,237 | 1 | - | 21,238 |
| Debt securities available for sale | - | 47,855 | - | - | - | 47,855 | - | - | 47,855 |
| Loans | - | 20,047 | - | - | - | 20,047 | 106 | 10 | 20,163 |
| Debt securities | - | 13,623 | - | - | - | 13,623 | 98 | - | 13,721 |
| Buy-sell-back transactions | - | 885 | - | - | - | 885 | - | - | 885 |
| Term deposits with credit institutions | - | 1,841 | - | - | - | 1,841 | 8 | 10 | 1,859 |
| Loans | - | 3,698 | - | - | - | 3,698 | - | - | 3,698 |
| Receivables | 906 | 7,630 | 344 | 73 | 143 | 9,096 | 67 | 582 | 9,745 |
| Receivables on direct insurance | 899 | 1,103 | 313 | 62 | 105 | 2,482 | 24 | 580 | 3,086 |
| Reinsurance receivables | 2 | 41 | 15 | 6 | 4 | 68 | 7 | - | 75 |
| Other receivables | 5 | 6,486 | 16 | 5 | 34 | 6,546 | 36 | 2 | 6,584 |
| Reinsurers’ share in technical provisions | 121 | 1,129 | - | - | - | 1,250 | 12 | - | 1,262 |
| Total | 2,896 | 257,013 | 5,165 | 472 | 3,396 | 268,942 | 4,277 | 5,340 | 278,559 |
