| Balances and turnovers resulting from commercial transactions between the PZU Group and related parties | 1 January – 31 December 2022 and as at 31 December 2022 |
1 January – 31 December 2021 and as at 31 December 2021 |
||
| Key management | Other related parties 1) | Key management | Other related parties 1) | |
| Gross written premium | ||||
| in non-life insurance | – | 2 | – | 3 |
| in life insurance (including volumes in investment contracts) | – | – | – | – |
| Other income | – | 1 | – | 2 |
| Costs | – | 44 | – | 22 |
| Investment financial assets | – | – | – | 3 |
| Loan receivables from clients | – | – | 1 | – |
| Receivables | – | 1 | – | – |
| Liabilities under deposits | 4 | 41 | 2 | 14 |
| Other liabilities | – | 4 | – | 6 |
| Contingent assets | – | – | – | – |
| Contingent liabilities | – | 2 | – | – |
1) Associates measured by the equity method.
At the stage of acquisition of the shares in Alior Bank and Pekao, respectively, PZU filed with KNF the Representations on Liabilities referred to in Article 25h(3) of the Banking Law, according to which, acting as a strategic investor, it should ensure, without limitation, that:
- The Banks will be managed in such a way as to maintain at all times liquidity, own funds and solvency ratios on a stable level as required by the law, guaranteeing the Banks’ ability to satisfy their liabilities;
- appropriate capital support without undue delay in the event of a decline or threat of decline of capital adequacy ratios or liquidity of the Banks below the level required by the law and regulations and recommendations of Polish banking regulatory authorities. Each support for the Banks, however, requires PZU’s analysis aimed to maintain the trust to PZU, through maintaining, even in a crisis situation, a high level of solvency of PZU and the PZU Group as a whole;
- as part of the powers vested in PZU as a shareholder, all decisions pertaining to dividend payout and reinvestment of the Banks’ profits will take into account the Banks’ development needs and stability and safety of the funds deposited in the Banks by their clients. In particular, in a situation when the Banks’ liquidity or capital position required by law or recommendations of competent banking regulatory authorities for the banking sector in Poland are at threat, no dividend will be paid out, and retained earnings will be allocated for increasing the Banks’ own funds.