Approach to reporting

The PZU and the PZU Group’s Integrated Report contains data for the period from 1 January 2022 to 31 December 2022. The information presented in this report is to help readers understand better, improve the results in respect of ESG strategy execution and cultivate long-term relations with key stakeholders.

This report has been prepared in accordance with the amended Accounting Act of 29 September 1994 and its requirements pertaining to non-financial reporting. This report is a report on non-financial information of the kind referred to in Article 49b of the Act. Substantive hints on defining the scope and content of this report were also provided by international guidelines and standards, among others, the international reporting standard of the Global Reporting Initiative (GRI Standards) 2021 and GRI standards 2016 for specific topics, integrated reporting guidelines (International Integrated Reporting Council, IIRC), and guidelines of the European Commission on non-financial reporting with emphasis on reporting climate-related data and recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Contact details:
Investor Relations Team
e-mail: daneniefinansowe@pzu.pl

The calculations of the carbon footprint in the climate area were made in accordance with the international GHG Protocol Corporate Accounting and Reporting Standard. This report also contains information regarding taxonomic disclosures according to the Commission Delegated Regulation (EU) 2021/2139 supplementing Regulation 2020/852 of the European Parliament and of the Council (EU). The facts concerning the PZU Group’s carbon footprint in 2021 and 2022 have been checked by an independent external company doing business as Bureau Veritas Polska Sp. z o.o. Other parts of the report were not subject to additional external verification.

In accordance with the requirements of the Accounting Act, the report on the PZU Group’s non-financial information in 2022 encompasses consolidated non-financial data pertaining to the PZU Group and its parent company PZU in line with the structure of the organization included in the Consolidated Financial Statements for the year ended 31 December 2022.

The data from PZU Życie, the Alior Bank Group, the Bank Pekao Group, LINK4, foreign entities (AAS Balta, AB Lietuvos Draudimas and PrJSC IC PZU Ukraine) and other consolidated companies in the Group are presented as information pertaining to the PZU Group. Moreover, Alior Bank and Bank Pekao have also published separate Group-level disclosures concerning their non-financial data.

There were no significant changes in the structure of the PZU Group in 2022. Detailed information in this regard is presented in the „Report of the Management Board on the activities of the PZU Group and PZU for 2022”. – Chapter 3.6 Other areas – „Changes in the structure of the PZU Capital Group”.

The data published in the report span the year subject to reporting and the comparative period, i.e. the preceding year. To present the carbon footprint in accordance with the international GHG Protocol Corporate Accounting and Reporting Standard, 2018 has been treated as the base year.

In 2022, there was an adjustment to the Group’s paper consumption figures (from 850 to 1,970 tons) for 2021, due to the expansion of reporting to include so-called mass-printing

In line with the approach stemming from the principle of significance, the various pieces of non-financial information have been presented to the extent necessary to evaluate the development, performance and standing of the PZU Group. Relatively less space has been devoted to smaller entities whose impact on the overall depiction of the PZU Group is minor or simply marginal.

When defining the substantive part of the report, in accordance with the international guidelines (IIRC, GRI 2021), a process comprising the following stages has been followed:

1. Update of significant topics – for the Q4 2022 non-financial data report, the list of significant topics has been updated. Changes have been made to topics identified in previous years. Diverse sources of information were used to identify key areas of impact: internal PZU Group data, rating agency assessments, external information, including data from industry reports, trend reports and changes resulting from implemented ESG regulations;
2. Internal evaluation of significant topics – selected topics were evaluated in terms of parameters within the framework of impact significance: type of impact, extent of impact, magnitude of impact, likelihood of negative impact and possibility of remedying negative impacts;
3. Stakeholders’ assessment of the significance of topics – a survey among the Management Board and Senior Management was conducted to determine the importance of the impact to the organization. To determine the significance of the impact, a survey was conducted among 78 representatives of internal and external stakeholders in the Group’s environment;
4. Significance matrix – the topics assessed by stakeholders were plotted on a significance matrix. The cutoff point was determined based on the average score for the issues. On this basis, 11 topics were identified;
5. Expert verification – the verification process was carried out in two stages. The significant topics identified were checked against GRI indicators. In addition, two in-depth expert interviews were conducted with representatives of partner organizations UNEP/Grid Warszawa and the Responsible Business Forum.