The table below presents subsidiaries with certain non-controlling interest:
| Name of the entity | 31 December 2022 | 31 December 2021 |
|---|---|---|
| Pekao 1) | 79.98% | 79.98% |
| Alior Bank 2) | 68.07% | 68.07% |
| Przedsiębiorstwo Usług Medycznych PROELMED sp. z o.o. | 43.00% | 43.00% |
| Sanatorium Uzdrowiskowe „Krystynka” sp. z o.o. | 0.91% | 0.91% |
| UAB PZU Lietuva Gyvybes Draudimas | 0.66% | 0.66% |
| Balta | 0.00% 3) | 0.00% 3) |
1) As a result, PZU also holds non-controlling interests in Pekao’s subsidiaries listed in the table in section 2.2.
2) As a result, PZU also holds non-controlling interests in Alior Bank’s subsidiaries listed in the table in section 2.2.
3) As at 31 December 2022 PZU is the holder of 100% of Balta's shares. As at 31 December 2021, Balta's shareholder base included one minority shareholder holding 1 share.
2) As a result, PZU also holds non-controlling interests in Alior Bank’s subsidiaries listed in the table in section 2.2.
3) As at 31 December 2022 PZU is the holder of 100% of Balta's shares. As at 31 December 2021, Balta's shareholder base included one minority shareholder holding 1 share.
| Carrying amount of non-controlling interests | 31 December 2022 | 31 December 2021 |
|---|---|---|
| Pekao Group | 18,184 | 19,028 |
| Alior Banku Group | 4,078 | 3,885 |
| Other | 1 | 1 |
| Total | 22,263 | 22,914 |
Both Pekao and Alior Bank conduct operations primarily in the territory of Poland. Presented below is condensed financial information for the Pekao Group and the Alior Bank Group included in the consolidated financial statements (without consolidation eliminations). The data of the Pekao Group and the Alior Bank Group incorporate the effect of adjustments resulting from the measurement of assets and liabilities to fair value as at the date control was acquired and their subsequent amortization over time.
| Assets | Pekao Group | Alior Bank Group | ||
|---|---|---|---|---|
| 31 December 2022 | 31 December 2021 | 31 December 2022 | 31 December 2021 | |
| Goodwill | 693 | 693 | – | – |
| Intangible assets | 2,009 | 2,129 | 390 | 426 |
| Deferred tax assets | 1,572 | 1,650 | 1,458 | 1,352 |
| Other assets | 111 | 52 | 48 | 39 |
| Property, plant and equipment | 1,706 | 1,979 | 744 | 755 |
| Entities measured by the equity method | 48 | 44 | – | – |
| Assets securing liabilities | 930 | 846 | 41 | 131 |
| Assets held for sale | 14 | 14 | 2 | – |
| Loan receivables from clients | 155,174 | 156,692 | 57,095 | 57,907 |
| Financial derivatives | 15,369 | 8,007 | 544 | 272 |
| Investment financial assets | 84,829 | 69,781 | 17,162 | 15,992 |
| Measured at amortized cost | 67,167 | 46,736 | 7,195 | 6,578 |
| Measured at fair value through other comprehensive income |
16,594 | 22,372 | 9,896 | 9,265 |
| Measured at fair value through profit or loss | 1,068 | 673 | 71 | 149 |
| Receivables | 5,976 | 3,653 | 2,663 | 2,215 |
| Cash and cash equivalents | 12,681 | 4,967 | 2,551 | 3,748 |
| Total assets | 281,112 | 250,507 | 82,698 | 82,837 |
| Equity and liabilities | Pekao Group | Alior Bank Group | ||
|---|---|---|---|---|
| 31 December 2022 | 31 December 2021 | 31 December 2022 | 31 December 2021 | |
| Equity | ||||
| Equity attributable to equity holders of the Parent | 22,736 | 23,791 | 5,991 | 5,708 |
| Share capital | 263 | 263 | 1,306 | 1,306 |
| Other capital | 18,828 | 19,402 | 4,229 | 4,658 |
| Retained earnings | 3,645 | 4,126 | 456 | (256) |
| Non-controlling interest | 12 | 12 | – | – |
| Total equity | 22,748 | 23,803 | 5,991 | 5,708 |
| Liabilities | ||||
| Subordinated liabilities | 2,789 | 2,761 | 1,164 | 1,347 |
| Liabilities on the issue of own debt securities | 10,338 | 5,356 | 752 | 584 |
| Liabilities to banks | 7,450 | 7,040 | 270 | 462 |
| Liabilities to clients under deposits | 208,696 | 194,260 | 70,025 | 71,489 |
| Derivatives | 18,698 | 10,191 | 1,935 | 1,224 |
| Other liabilities | 9,023 | 6,240 | 2,274 | 1,732 |
| Provisions | 1,347 | 831 | 285 | 290 |
| Deferred tax liability | 23 | 25 | 2 | 1 |
| Total liabilities | 258,364 | 226,704 | 76,707 | 77,129 |
| Total equity and liabilities | 281,112 | 250,507 | 82,698 | 82,837 |
| Consolidated profit and loss account for the period from 1 January to 31 December 2022 | PZU Group | Elimination of Pekao’s data |
Elimination of Alior Bank’s data |
Elimination of consolidation adjustments |
PZU Group without Pekao and Alior Bank |
|---|---|---|---|---|---|
| Gross written premiums | 26,710 | – | – | 28 | 26,738 |
| Reinsurers’ share in gross written premium | (1,695) | – | – | – | (1,695) |
| Net written premiums | 25,015 | – | – | 28 | 25,043 |
| Movement in net provision for unearned premiums | (718) | – | – | 9 | (709) |
| Net earned premiums | 24,297 | – | – | 37 | 24,334 |
| Revenue from commissions and fees | 5,136 | (3,439) | (1,588) | 154 | 263 |
| Interest income calculated using the effective interest rate | 18,626 | (11,624) | (5,354) | 189 | 1,837 |
| Other net investment income | (384) | 214 | 378 | (23) | 185 |
| Result on derecognition of financial instruments and investments | (492) | 20 | (40) | – | (512) |
| Movement in allowances for expected credit losses and impairment losses on financial instruments | (3,271) | 2,013 | 1,075 | 1 | (182) |
| Net movement in fair value of assets and liabilities measured at fair value | 704 | (62) | (419) | – | 223 |
| Other operating income | 1,896 | (423) | (183) | 61 | 1,351 |
| Claims, benefits and movement in technical provisions | (16,894) | – | – | (4) | (16,898) |
| Reinsurers’ share in claims, benefits and movement in technical provisions | 1,352 | – | – | – | 1,352 |
| Net insurance claims and benefits | (15,542) | – | – | (4) | (15,546) |
| Fee and commission expenses | (1,449) | 644 | 815 | (11) | (1) |
| Interest expenses | (4,767) | 2,871 | 1,745 | (43) | (194) |
| Acquisition expenses | (3,903) | – | – | (200) | (4,103) |
| Administrative expenses | (7,575) | 4,046 | 1,611 | (141) | (2,059) |
| Other operating expenses | (5,646) | 2,825 | 885 | (20) | (1,956) |
| Operating profit (loss) | 7,630 | (2,915) | (1,075) | – | 3,640 |
| Share of the net financial results of entities measured by the equity method | (25) | (5) | – | – | (30) |
| Profit (loss) before tax | 7,605 | (2,920) | (1,075) | – | 3,610 |
| Income tax | (2,346) | 1,170 | 360 | – | (816) |
| Net profit (loss) | 5,259 | (1,750) | (715) | – | 2,794 |
| Consolidated profit and loss account for the period from 1 January to 31 December 2021 |
PZU Group | Elimination of Pekao’s data |
Elimination of Alior Bank’s data |
Elimination of consolidation adjustments |
PZU Group without Pekao and Alior Bank |
|---|---|---|---|---|---|
| Gross written premiums | 25,080 | – | – | 39 | 25,119 |
| Reinsurers’ share in gross written premium | (1,300) | – | – | – | (1,300) |
| Net written premiums | 23,780 | – | – | 39 | 23,819 |
| Movement in net provision for unearned premiums | (548) | – | – | (6) | (554) |
| Net earned premiums | 23,232 | – | – | 33 | 23,265 |
| Revenue from commissions and fees | 4,738 | (3,230) | (1,397) | 157 | 268 |
| Interest income calculated using the effective interest rate | 9,782 | (5,702) | (2,883) | 133 | 1,330 |
| Other net investment income | 418 | (424) | 195 | (5) | 184 |
| Result on derecognition of financial instruments and investments | 407 | (41) | (27) | – | 339 |
| Movement in allowances for expected credit losses and impairment losses on financial instruments | (1,849) | 785 | 1,049 | – | (15) |
| Net movement in fair value of assets and liabilities measured at fair value | 797 | (39) | (410) | – | 348 |
| Other operating income | 1,602 | (285) | (192) | 68 | 1,193 |
| Claims, benefits and movement in technical provisions | (16,130) | – | – | (1) | (16,131) |
| Reinsurers’ share in claims, benefits and movement in technical provisions | 399 | – | – | – | 399 |
| Net insurance claims and benefits | (15,731) | – | – | (1) | (15,732) |
| Fee and commission expenses | (1,194) | 550 | 651 | (8) | (1) |
| Interest expenses | (418) | 205 | 167 | (16) | (62) |
| Acquisition expenses | (3,572) | – | – | (153) | (3,725) |
| Administrative expenses | (6,826) | 3,634 | 1,458 | (139) | (1,873) |
| Other operating expenses | (3,917) | 1,538 | 564 | (69) | (1,884) |
| Operating profit (loss) | 7,469 | (3,009) | (825) | – | 3,635 |
| Share of the net financial results of entities measured by the equity method | (15) | (2) | – | – | (17) |
| Profit (loss) before tax | 7,454 | (3,011) | (825) | – | 3,618 |
| Income tax | (2,020) | 828 | 306 | – | (886) |
| Net profit (loss) | 5,434 | (2,183) | (519) | – | 2,732 |
| Statement of comprehensive income | Pekao Group | Alior Bank Group | ||
|---|---|---|---|---|
| 1 January – 31 December 2022 |
1 January – 31 December 2021 |
1 January – 31 December 2022 |
1 January – 31 December 2021 |
|
| Net profit | 1,750 | 2,183 | 715 | 519 |
| Other comprehensive income | (1,675) | (2,966) | (432) | (1,122) |
| Subject to subsequent transfer to profit or loss | (1,619) | (3,012) | (420) | (1,150) |
| Valuation of debt instruments | (615) | (1,226) | (129) | (92) |
| Measurement of loan receivables from clients | (5) | (38) | – | – |
| Net cash flow hedges | (999) | (1,748) | (291) | (1,060) |
| Foreign exchange translation differences | – | – | – | 2 |
| Not to be transferred to profit or loss in the future | (56) | 46 | (12) | 28 |
| Valuation of equity instruments measured at fair value through other comprehensive income | (48) | 7 | (12) | 28 |
| Actuarial gains and losses related to employee provisions | (8) | 39 | – | – |
| Total net comprehensive income | 75 | (783) | 283 | (603) |
| Cash flow statement | Pekao Group | Alior Bank Group | ||
|---|---|---|---|---|
| 1 January – 31 December 2022 |
1 January – 31 December 2021 |
1 January – 31 December 2022 |
1 January – 31 December 2021 |
|
| Net cash flows from operating activities | 19,205 | 1,848 | 340 | 3 377 |
| Net cash flows from investing activities | (15,814) | 1,751 | (1,423) | (479) |
| Net cash flows from financing activities | 4,294 | (3,379) | (163) | (1,546) |
| Total net cash flows | 7,685 | 220 | (1,246) | 1,352 |
| Dividend-related information | Pekao Group | Alior Bank Group | ||
|---|---|---|---|---|
| 1 January – 31 December 2022 |
1 January – 31 December 2021 |
1 January – 31 December 2022 |
1 January – 31 December 2021 |
|
| Date of ratifying the dividend | 15 June 2022 | 11 June 2021 | – | – |
| Record date | 25 July 2022 | 10 September 2021 | – | – |
| Dividend payment date | 4 August 2022 | 29 September 2021 | – | – |
| Dividend per share (PLN) | 4.30 | 3.21 | – | – |
| Dividend due to the PZU Group | 226 | 169 | – | – |
| Dividend due to non-controlling shareholders | 903 | 674 | – | – |