Net claims and benefits (including movement in technical provisions) in 2022 amounted to PLN 15,542 million, down 1.2% than the year before. This change was driven primarily by:

  • decrease in unit-linked technical provisions linked to life insurance, both as an effect of lower sales of these products (lower inflow of new investment premiums) as well as lower results on investment activity in comparison to the results generated last year (the latter effect has no impact on the PZU Group’s total net result; the item is the outcome of lower investment results on the portfolio of assets held to cover investment products);
  • a decrease in benefits for the insureds’ and co-insureds’ death in 2022, which is correlated with the frequency of these events in the overall population according to the data published by Statistics Poland;
  • an increase in technical provisions for older versions of individually continued products, recognizing the expected effect of higher indexations. This expectation is based on the high level of the observed and expected inflation rate;
  • decreased claims ratio in the mass client segment in Poland, including motor insurance, that reflects lower MOD and higher MTPL insurance claims ratio due to, among others, positive handling of claims in previous years partially offset by deterioration in the claims ratio in the current year;
  • higher claims ratio in the non-motor insurance portfolio in the corporate client segment, resulting from deteriorated claims ratio of insurance guarantees (impact of a loss event with high individual value) and the general third party liability insurance (chiefly in the portfolio of insurance of medical entities) and insurance against various financial risks;
  • rising costs of utilization of benefits in outpatient health insurance, and an increase in benefits in riders related to hospital treatment and surgical operation as well as permanent disability and dismemberment in group and continued insurance, as a result of lower benefits last yeardue to lower number of reported claims.
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