INTEGRATED REPORT 2022
PL
About the Group
Letter from CEO and Chairman of the SB
CEO Letter to Shareholders
Letter from the CEO to Stakeholders
Letter from the Chairman of the Supervisory Board Statement
Group’s profile
Products and Services
Brand
Mission, vision, values
Milestones in PZU Group’s history
Value creation model
Business model
Insurance
Medical care
Investments
Banking
Other areas
Financial rating
ESG ratings
Recommendations of analysts
Awards and distinctions
Strategy and outlook
Implementation in 2022
Challenges in 2023 (short-term perspective)
Ambitions 2024 (medium-term outlook)
Ambitions 2030-2050 (long-term perspective)
Metrics update (2024) – impact of IFRS 17
Business environment
Main trends in the Polish economy
External environment in the Baltic States and Ukraine
Situation on the financial markets
Global and local equity and bond market
Main factors affecting PZU share price
Bank Pekao and Alior Bank share prices
Polish and Baltic States insurance sector compared to Europe
Polish banking sector compared to Europe
Regulations pertaining to the insurance market and the financial markets in Poland
Factors that may affect the conditions of operations and the PZU Group’s activities in 2023
Results and dividend
Group financial results
Statement of profit and loss
Statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of changes in equity
Consolidated cash flow statement
Supplementary information and notes
Results – analysis and commentary
Key factors affecting the financial results achieved
PZU Group’s income
PZU Group’s claims and technical provisions
PZU Group’s acquisition and administrative expenses
Drivers and atypical events affecting the results
PZU Group’s asset and liability structure
Contribution made by the market segments to the consolidated result
PZU’s standalone results
PZU Group’s financial data 2018-2022
Basic amounts of the consolidated profit and loss account
Assets
Equity
Liabilities
One-off events in PZU Group
Operational efficiency ratios
Data from the profit and loss account – corporate insurance (non-life insurance)
Data from the profit and loss account – mass-market insurance (non-life insurance)
Data from the profit and loss account – group and individually continued insurance
Data from the profit and loss account – individual insurance
Data from the profit and loss account – investment contracts
Data from the profit and loss account – banking activity
Data from the profit and loss account – pension segment
Data from the profit and loss account – Ukraine segment
Data from the profit and loss account – Baltic states segment
Investment segment (external)
Dividend
Environment (E)
Climate’s impact on PZU’s business
Business in the face of climate change
Global challenges to sustainable development
ESG Strategy – approach to management in climate
Product offering – prevention and adaptation
Employees’ education in sustainable development
Taxonomy
Approach to disclosures
Quantitative disclosures
Qualitative disclosures
PZU business impact on climate
Direct environmental impact
Consumption of raw materials
Energy consumption
Carbon footprint
Society (S)
Dialogue with the environment
Employees
Employees – approach to management
Employment structure
Work environment
Organizational culture
Engagement surveys, dialog and trade unions
Safety
Remuneration and benefits
Training and development
Knowledge and experience sharing
Client
Client – approach to management
Responsible sales
Distribution
Claims handling
Complaints and grievances
Client satisfaction surveys
Dialog and improvement process
Communities
Local communities – approach to management
Local communities
Prevention
Cultural patronage
Charity
Shareholders
Corporate goverance (G)
Governance
Conglomerate – framework of operation of PZU Group companies
Application of corporate governance rules
Financial statements control system
Audit firm auditing the financial statements
Shareholders and issuer’s securities
Rules for amending the Articles of Association
Shareholder Meeting
Governing and supervisory bodies of PZU and PZU Życie
Management Board Committees of PZU and PZU Życie
Supervisory Board Committees of PZU
Diversity policy
Compensation policy
Corporate governance over subsidiaries
Management Board Responsibility for issues of ESG
Approach to innovation
Investment policy – TFI and PTE PZU
Tax Strategy
Ethics
Human rights
Cooperation with business partners
Risk
Group’s risk profile
Risk vulnerability
Analysis of climate change
Risk management
Information security
Counteracting corruption
Conflict of Interest Management
Counteracting crime
Counteracting money laundering and terrorism financing
Use of international sanctions
Whistleblowing System
Reinsurance operations
Capital management
About the report
Approach to reporting
Material topics
GRI content index
Table of compliance with the Accounting Act
Taking into consideration the guidelines pertaining to disclosure of climate information
Verification Statement – Greenhouse Gas Emissions
PAI Disclosures (SFDR)
Glossary of terms
Alternative Performance Measures
PZU INTEGRATED REPORT 2022
Supplementary information and notes
22. Acquisition expenses
22. Acquisition expenses
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22.1 Accounting policy
22.2 Quantitative data
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22.1 Accounting policy
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