Exposure to FX risk
| Assets by currency | 31 December 2022 | 31 December 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PLN | EUR | USD | Other | Total | PLN | EUR | USD | Other | Total | |
| Loan receivables from clients | 174 067 | 35 520 | 1 570 | 1 5361) | 212 693 | 180 434 | 29 637 | 1 254 | 3 6832) | 215 008 |
| Financial derivatives | 14 503 | 1 450 | 243 | 1 | 16 197 | 7 293 | 918 | 116 | 1 | 8 328 |
| Investment financial assets | 130 875 | 13 411 | 9 612 | 935 | 154 833 | 118 622 | 7 891 | 10 547 | 1 230 | 138 290 |
| Measured at amortized cost | 93 592 | 7 686 | 4 463 | 313 | 106 054 | 79 040 | 1 946 | 1 829 | 455 | 83 270 |
| Debt securities | 80 542 | 6 707 | 4 326 | 71 | 91 646 | 71 142 | 1 122 | 1 774 | 145 | 74 183 |
| Government securities | 59 486 | 5 254 | 3 820 | 71 | 68 631 | 63 178 | 262 | 1 774 | 145 | 65 359 |
| Other | 21 056 | 1 453 | 506 | – | 23 015 | 7 964 | 860 | – | – | 8 824 |
| Buy-sell-back transactions | 6 991 | 80 | – | – | 7 071 | 4 117 | – | – | – | 4 117 |
| Term deposits with credit institutions | 2 511 | 287 | 28 | 242 | 3 068 | 704 | 332 | 38 | 310 | 1 384 |
| Loans | 3 548 | 612 | 109 | – | 4 269 | 3 077 | 492 | 17 | – | 3 586 |
| Measured at fair value through other comprehensive income | 31 311 | 4 780 | 3 965 | 548 | 40 604 | 32 654 | 4 897 | 7 553 | 703 | 45 807 |
| Equity instruments | 1 609 | 39 | – | – | 1 648 | 719 | 49 | – | – | 768 |
| Debt securities | 29 702 | 4 741 | 3 965 | 548 | 38 956 | 31 935 | 4 848 | 7 553 | 703 | 45 039 |
| Government securities | 22 203 | 3 331 | 2 028 | – | 27 562 | 23 599 | 3 348 | 5 373 | – | 32 320 |
| Other | 7 499 | 1 410 | 1 937 | 548 | 11 394 | 8 336 | 1 500 | 2 180 | 703 | 12 719 |
| Measured at fair value through profit or loss | 5 972 | 945 | 1 184 | 74 | 8 175 | 6 928 | 1 048 | 1 165 | 72 | 9 213 |
| Equity instruments | 443 | 20 | 322 | 45 | 830 | 532 | 17 | 349 | 33 | 931 |
| Participation units and investment certificates | 3 231 | 882 | 739 | 24 | 4 876 | 4 200 | 968 | 620 | 28 | 5 816 |
| Debt securities | 2 298 | 43 | 123 | 5 | 2 469 | 2 196 | 63 | 196 | 11 | 2 466 |
| Government securities | 2 070 | 28 | 109 | 5 | 2 212 | 1 958 | 47 | 167 | 11 | 2 183 |
| Other | 228 | 15 | 14 | – | 257 | 238 | 16 | 29 | – | 283 |
| Receivables | 10 621 | 1 378 | 615 | 28 | 12 642 | 7 836 | 1 167 | 341 | 74 | 9 418 |
| Cash and cash equivalents | 10 077 | 3 338 | 1 472 | 1 0733) | 15 960 | 5 063 | 2 310 | 1 041 | 1 0334) | 9 447 |
| Total assets | 340 143 | 55 097 | 13 512 | 3 573 | 412 325 | 319 248 | 41 923 | 13 299 | 6 021 | 380 491 |
1) Of which PLN 413 million in Swiss francs, PLN 545 million in British pounds, PLN 244 million in Romanian lei and PLN 243 million in Norwegian kroner.
2) Of which PLN 2,332 million in Swiss francs, PLN 628 million in British pounds and PLN 372 million in Romanian lei.
3) Of which PLN 306 million in Swiss francs and PLN 275 million in British pounds.
4) Of which PLN 377 million in British pounds, PLN 228 million in Swiss francs, PLN 80 million in Norwegian kroner and PLN 69 million in Swedish kronor.
2) Of which PLN 2,332 million in Swiss francs, PLN 628 million in British pounds and PLN 372 million in Romanian lei.
3) Of which PLN 306 million in Swiss francs and PLN 275 million in British pounds.
4) Of which PLN 377 million in British pounds, PLN 228 million in Swiss francs, PLN 80 million in Norwegian kroner and PLN 69 million in Swedish kronor.
| Liabilities by currency | 31 December 2022 | 31 December 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| PLN | EUR | USD | Other | Total | PLN | EUR | USD | Other | Total | |
| Subordinated liabilities | 6 184 | – | – | – | 6 184 | 6 227 | 47 | – | – | 6 274 |
| Liabilities on the issue of own debt securities | 10 764 | 319 | 7 | – | 11 090 | 5 143 | 791 | 6 | – | 5 940 |
| Liabilities to banks | 4 390 | 3 095 | 138 | 971) | 7 720 | 4 624 | 2 652 | 77 | 1172) | 7 470 |
| Liabilities to clients under deposits | 225 346 | 32 050 | 16 254 | 4 4083) | 278 058 | 222 397 | 26 529 | 12 565 | 3 6644) | 265 155 |
| Financial derivatives | 19 765 | 997 | 188 | 6 | 20 956 | 10 810 | 896 | 168 | 6 | 11 880 |
| Other liabilities | 13 374 | 2 876 | 867 | 61 | 17 178 | 10 702 | 1 950 | 400 | 151 | 13 203 |
| Total liabilities by currency | 279 823 | 39 337 | 17 454 | 4 572 | 341 186 | 259 903 | 32 865 | 13 216 | 3 938 | 309 922 |
1) Of which PLN 93 million in Swiss francs.
2) Of which PLN 107 million in Swiss francs. 3) Of which PLN 2,044 million in British pounds, PLN 1,250 million in Swiss francs, PLN 308 million in Norwegian kroner, PLN 226 million in Canadian dollars, PLN 189 million in Swedish kronor and PLN 76 million in Australian dollars. 4) Of which PLN 1,826 million in British pounds, PLN 854 million in Swiss francs, PLN 254 million in Norwegian kroner, PLN 202 million in Canadian dollars, PLN 172 million in Swedish kronor and PLN 61 million in Australian dollars.
2) Of which PLN 107 million in Swiss francs. 3) Of which PLN 2,044 million in British pounds, PLN 1,250 million in Swiss francs, PLN 308 million in Norwegian kroner, PLN 226 million in Canadian dollars, PLN 189 million in Swedish kronor and PLN 76 million in Australian dollars. 4) Of which PLN 1,826 million in British pounds, PLN 854 million in Swiss francs, PLN 254 million in Norwegian kroner, PLN 202 million in Canadian dollars, PLN 172 million in Swedish kronor and PLN 61 million in Australian dollars.
To manage its FX risk, the PZU Group uses also derivatives which allows it to take a selected market exposure in a more efficient manner than by using cash instruments
The following table presents the sensitivity test of the portfolio of PZU Group’s financial instruments (except for loan receivables from clients and deposit liabilities) in respect to financial instruments for which the PZU Group bears the risk.
Financial assets exposed to exchange risk include investment (deposit) financial assets of the PZU Group and derivative financial assets denominated in foreign currencies
| Change in portfolio value caused by a +/-20% change of the exchange rate | 31 December 2022 | 31 December 2021 | ||
|---|---|---|---|---|
| decrease | increase | decrease | increase | |
| EUR | -792 | 799 | -764 | 779 |
| USD | -21 | 14 | -40 | 60 |
| GBP | 2 | -2 | 1 | – |
| Other | -41 | 50 | -71 | 73 |
| Total | -852 | 861 | -874 | 912 |