Most developed platform available on the insurance, financial and health markets. Modern self-service offering a single location to access PZU Group’s products and services and helping in the handling of numerous matters without having to visit a branch or call a hotline.
Discover more- About the report
- CEO Letter to Shareholders
- Chairman of the Supervisory Board Statement
- About this report
- Dialogue with the environment
- GRI content index
- Table of compliance with the Accounting Act
- Taking into consideration the guidelines on reporting climate-related information
- Additional data Focus on: About the report - check the highlights of the year!
- Results 2019
- Comment on the financial results
- Major factors contributing to the consolidated financial result
- PZU Group’s income
- PZU Group’s claims paid and technical provisions
- PZU Group’s acquisition and administrative expenses
- Atypical factors and events affecting the results
- PZU Group’s asset and liability structure
- Contribution made by the market segments to the consolidated result
- Issuer’s financial results – PZU (PAS)
- Supplementary information and notes
- 1. Introduction
- 2. Composition of PZU Group
- 3. Shareholder structure
- 4. Composition of the Management Board, Supervisory Board and PZU Group Directors
- 5. Key accounting policies, key estimates and judgments
- 5.1 Changes in accounting policies and estimates, errors from previous years
- 5.2 Amendments to the applied IFRS
- 5.3 Explanation of differences between the 2018 annual consolidated financial statements and these consolidated financial statements
- 5.4 Consolidation principles
- 5.5 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.6 Purchase method
- 5.7 Classification of insurance contracts in accordance with IFRS 4
- 6. Segment reporting
- 7. Risk management
- 8. Equity management
- 9. Fair value
- 10. Gross written premiums
- 11. Revenue from commissions and fees
- 12. Net investment income
- 13. Net result on realization of financial instruments and investments
- 14. Movement in allowances for expected credit losses and impairment losses on financial instruments
- 15. Net movement in fair value of assets and liabilities measured at fair value
- 16. Other operating income
- 17. Claims, benefits and movement in technical provisions
- 18. Fee and commission expenses
- 19. Interest expenses
- 20. Acquisition expenses
- 21. Administrative expenses
- 22. Employee expenses
- 23. Other operating expenses
- 24. Income tax
- 25. Earnings per share
- 26. Goodwill
- 27. Intangible assets
- 28. Other assets
- 29. Deferred acquisition expenses
- 30. Property, plant and equipment
- 31. Investment property
- 32. Entities measured by the equity method
- 33. Loan receivables from clients
- 34. Financial derivatives
- 35. Investment financial assets
- 36. Receivables
- 37. Impairment of financial assets
- 38. Cash and cash equivalents
- 39. Assets held for sale
- 40. Issued share capital and other capital attributable to equity holders of the parent
- 41. Technical provisions
- 42. Provisions for employee benefits
- 43. Other provisions
- 44. Deferred tax
- 45. Financial liabilities
- 46. Other liabilities
- 47. Leases
- 48. Assets securing receivables, liabilities and contingent liabilities
- 49. Contingent assets and liabilities
- 50. Disputes
- 50.1 Resolutions of the Ordinary Shareholder Meeting of PZU to distribute the profit earned in the financial year 2006
- 50.2 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU
- 50.3 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU Życie
- 50.4 Notification of PZU’s claim to the bankruptcy estate of companies of the PBG Group
- 50.5 Class action against Alior Bank
- 51. Related party transactions
- 52. Headcount
- 53. Other information
- 53.1 Audit fee payable to the audit firm auditing the financial statements
- 53.2 KNF Office inspections in PZU and PZU Życie
- 53.3 Opening of a long-term bond issue program by Alior Bank
- 53.4 Launch of Alior Bank’s Second Program to Issue Banking Securities
- 53.5 KNF’s proceedings to impose a fine on Alior Bank
- 53.6 Cases involving Alior Leasing sp. z o.o.
- 53.7 Execution of a memorandum of agreement pertaining to the terms and conditions for the transaction involving RUCH Spółka Akcyjna in restructuring
- 53.8 Subsequent events
- 53.1 Audit fee payable to the audit firm auditing the financial statements
- 53.2 KNF Office inspections in PZU and PZU Życie
- 53.3 Opening of a long-term bond issue program by Alior Bank
- 53.4 Launch of Alior Bank’s Second Program to Issue Banking Securities
- 53.5 KNF’s proceedings to impose a fine on Alior Bank
- 53.6 Cases involving Alior Leasing sp. z o.o.
- 53.7 Execution of a memorandum of agreement pertaining to the terms and conditions for the transaction involving RUCH Spółka Akcyjna in restructuring
- 53.8 Subsequent events
- 51.1 Key management
- 51.2 Related party transactions concluded by PZU or subsidiaries on non-arm’s length conditions
- 51.3 Other related party transactions
- 51.4 Transactions with State Treasury’s related parties
- 50.1 Resolutions of the Ordinary Shareholder Meeting of PZU to distribute the profit earned in the financial year 2006
- 50.2 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU
- 50.3 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU Życie
- 50.4 Notification of PZU’s claim to the bankruptcy estate of companies of the PBG Group
- 50.5 Class action against Alior Bank
- 9.1 Description of valuation techniques
- 9.2 Fair value hierarchy
- 9.3 Reclassification between fair value hierarchy levels
- 7.1 Introduction
- 7.2 Split of duties and tasks
- 7.3 Risk appetite, risk profile and risk tolerance
- 7.4 Risk identification, measurement, assessment, monitoring and reporting methods
- 7.5 Risk profile
- 7.5 Risk profile (c.d.)
- 6.1 Reportable segments
- 6.2 Inter-segment settlements
- 6.3 Segment’s measure of profit
- 6.4 Accounting policies applied according to PAS
- 6.5 Simplifications in the segmental note
- 6.6 Quantitative data
- 6.7 Information on key customers
- 5.1 Changes in accounting policies and estimates, errors from previous years
- 5.2 Amendments to the applied IFRS
- 5.3 Explanation of differences between the 2018 annual consolidated financial statements and these consolidated financial statements
- 5.4 Consolidation principles
- 5.5 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.6 Purchase method
- 5.7 Classification of insurance contracts in accordance with IFRS 4
- Consolidated profit and loss account
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Consolidated statement of changes in equity
- Consolidated cash flow statement
- Results by segments
- Non-recurring events
- Operational efficiency ratios
- Consolidated profit and loss account statement (2014-2019)
- Assets and liabilities (2014-2019) Focus on: Results 2019 - check the highlights of the year!
- Comment on the financial results
- Business
- Market
- Main trends in the Polish economy
- External environment in the Baltic States and Ukraine
- Situation on the financial markets
- 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 2020 Focus on: Market - check the highlights of the year!
- Strategy
- Shares and bonds
- Equity and bond market
- PZU’s share price
- Banking sector on the Warsaw Stock Exchange
- PZU’s investor relations
- Analysts’ recommendations regarding PZU’s shares
- PZU Group’s Capital and Dividend Policy
- Debt financing of PZU, Pekao and Alior Bank
- Rating
- Calendar of PZU’s major corporate events in 2020 Focus on: Shares and bonds - check the highlights of the year!
- Corporate governance
- Application of corporate governance rules
- System of control in the process of preparing financial statements
- Audit firm auditing the financial statements
- Share capital and shareholders of PZU, stock held by members of its governing bodies
- Rules for amending the Company’s Articles of Association
- Shareholder Meeting and shareholder rights
- Supervisory Board and Management Board - composition, powers, method of operation
- Compensation of the members of governing bodies
- Diversity policy applied to the Issuer’s administrative, managing and supervising bodies Focus on: Corporate governance - check the highlights of the year!
- Risk and ethics
- Objective of risk management
- Risk management system
- Risk appetite
- Risk management process
- PZU Group’s risk profile
- Risk sensitivity
- Reinsurance operations
- Capital management
- Ethical foundations of business operations
- Corporate governance and risk management, giving consideration to ESG and climate factors
- Preventing corruption and conflict of interest
- Diversity and respecting human rights
- Whistleblowing System
- Transaction security
- Cooperation with suppliers Focus on: Risk and ethics - check the highlights of the year!
Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group
Integrated Navigation
Filter content by topic:
# Employees
# Society
# Ethics
# Environment
# Products
# Insurance
# Health
# Banking
# Investments
# Business best practices
# Overview
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CEO and the chairman introduce to You the most important achievements of the year. By reading those letters you will find out, what was the main achievement. Whatever on those statements will make you interested, for sure you will find it further on this website.
Letter to Shareholders
Beata Kozłowska – Chyła, CEO of PZU
DearShareholders,
The PZU Group pursues ambitious operational and financial objectives. We are intensively working on digital transformation in our insurance, banking, investment and health business. The actions we took and the results we generated in 2019 have strengthened the Group’s foundations and demonstrate how poised we are to embrace change.
Read all
Maciej Łopiński, Chairman of the PZU Supervisory Board
Dear Stakeholders,
The PZU Group’s strength is rooted in the strength of the Polish economy. 2019 was an exceptionally successful year for the largest financial institution in Central and Eastern Europe and was taken advantage of effectively to build the PZU Group’s future position.
Read all
Tomasz Kulik, the PZU Group’s CFO
Net profit was PLN 935 million and ROE was 23.7% in the fourth quarter of 2019, which was the best fourth quarter in the PZU Group’s history. The pace of sales growth in this quarter was the highest in the entire year. Premium growth in individual life insurance in the fourth quarter was 37% on a year-on-year basis, while the sales of non-motor insurance were up 30%.
Read all
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PZU in numbers - see what we have accomplished and how we built the value of the PZU Group in 2019
PZU in numbers
Discover moreFinancial performance
Share performance
Sustainable growth
Business performance
PLN 24.2 bn
Gross written premium
PLN 24.2 bn 2019
PLN 23.5 bn 2018
PLN 22.8 bn 2017
PLN 11.3 bn
Net Investment result
PLN 11.3 bn 2019
PLN 9.9 bn 2018
PLN 8.5 bn 2017
PLN 7.1 bn
Operating profit
PLN 7.1 bn 2019
PLN 7.1 bn 2018
PLN 5.5 bn 2017
PLN 3.3 bn
Net profit after minorities
PLN 3.3 bn 2019
PLN 3.2 bn 2018
PLN 2.9 bn 2017
PLN 515 mln
Net result of banks attributed
to the PZU
PLN 515 mln 2019
PLN 654 mln 2018
PLN 393 mln 2017
21.2%
Return on equity (ROE)
21.2% 2019
22.1% 2018
21.0% 2017
88.5%
Combined ratio (COR)
88.5% 2019
87.1% 2018
89.6% 2017
21.3%
Group and individual continued insurance margin
21.3% 2019
22.1% 2018
20.6% 2017
222%
Solvency II
245% 2019
220% 2018
211% 2017
PLN 40.03
Share price
PLN 40.03 2019
PLN 43.90 2018
PLN 42.16 2017
PLN 34.6 bn
Market capitalization
PLN 34.6 bn 2019
PLN 37.9 bn 2018
PLN 36.4 bn 2017
-2.4%
Total shareholder return (TSR)
-2.4% 2019
>10.1% 2018
31.2% 2017
6.4%
Dividend yield
6.4% 2019
5.9% 2018
4.2% 2017
PLN 3.8
Earning per share (EPS)
PLN 3.8 2019
PLN 3.7 2018
PLN 3.4 2017
PLN 2.8
Dividend per share (DPS)
PLN 2.8 2019
PLN 2.5 2018
PLN 1.4 2017
PLN 18.7
BVPS
PLN 18.7 2019
PLN 17.3 2018
PLN 16.3 2017
10.5
P/E
10.5 2019
11.8 2018
12.6 2017
2.1
P/BV
2.1 2019
2.5 2018
2.6 2017
PLN 21 m
Donations given to the PZU Foundation
PLN 21 m 2019
PLN 21 m 2018
PLN 12 m 2017
PLN 63 m
Total amount of funds donated during the year to social causes other than the funds given to the PZU
PLN 63 m 2019
PLN 66 m 2018
PLN 62 m 2017
17,873
Number of hours of work by volunteers
17,873 2019
11,674 2018
10,807 2017
80%
Proprietary branches adapted to meet the needs of disabled clients
80% 2019
80% 2018
76% 2017
55%
Respect for diversity - % of women in managerial positions
55% 2019
53% 2018
54% 2017
41,042
Number of employees converted into FTEs as of the balance sheet date
41,042 2019
41,345 2018
41,391 2017
32
Number of hours of training during the year per employee (in FTEs)
32 2019
25 2018
17 2017
68%
% of women employed by the PZU Group
68% 2019
68% 2018
68% 2018
0
Number of probable cases of corruption reported to law enforcement authorities
0 2019
1 2018
0 2017
33.7%
Market share (non-life insurance)
33.8% 2019
36% 2018
36.6% 2017
45.9%
Market share in periodical premium in Life insurance
45.9% 2019
45.9% 2018
45.8% 2017
PLN 31 bn
Assets under management - third party
(TFI and OFE PZU)
PLN 31 bn 2019
PLN 29 bn 2018
PLN 31 bn 2017
PLN 21.6 bn
Assets under management (TFI Pekao)
PLN 21.6 bn 2019
PLN 19.4 bn 2018
PLN 18.4 bn 2017
PLN 280.0 bn
Banking assets in PZU Group
PLN 280.0 bn 2019
PLN 264.0 bn 2018
PLN 255.0 bn 2017
2.7 mln
Number of contracts of PZU Zdrowie
2.7 mln 2019
2.3 mln 2018
1.5 mln 2017
PZU Group’s ROE 2019 vs peer
ROE
Average
21.2%
PZU
14.4%
RSA
13.7%
Hannover RE
12.8%
Aviva
12.7%
Zurich
11.7%
Allianz
10.7%
Generali
10.3%
Munich RE
10.3%
Talanx
9.5%
AXA
9.1%
SCOR RE
6.2%
VIG
Check out this interactive map!
See in which markets we are present in Europe.
We are leaders not only in Poland!
Market position
Discover morePercentage share in the operating result (adjusted for PZU's shares in banks)
77.5% insurance
17.4% banking
Percentage share in the operating result (adjusted for PZU's shares in banks)
4.2% insurance (Baltic states)
Percentage share in the operating result (adjusted for PZU's shares in banks)
4.2% insurance (Baltic states)
Percentage share in the operating result (adjusted for PZU's shares in banks)
4.2% insurance (Baltic states)
Percentage share in the operating result (adjusted for PZU's shares in banks)
0.9% insurance
Poland
# market position
#1
#1
#2
#8
TFI PZU
#4
OFE PZU
#3
Pekao TFI
#3
PZU Zdrowie
#3
1 2
Estonia
#4
Lithuania
#1
#6
Latvia
#2
Ukraine
#6
#4
Non-life insurance
Market position by assets under management
Life insurance
Insurance sold in direct sales channels via internet / telephone
Market position by assets
Market position by revenues
Meet the key groups of our stakeholders and see how we manage these relationships
Stakeholders Map
Discover moreEmployees
Clients
Suppliers
Investors and
shareholders
Business partners:
agents and brokers
Media
Local communities
Central
administration
Non-governmental
organization
and public
institutions
Scroll to the right to see more
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Employees
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Annual/quarterly discussions;
Listening to opinions of employees;
internal meetings;
providing growth opportunities to employees;
internal portal/intranet;
creating a satisfactory workplace;
newsletter;
building understanding for strategy implementation and achieved results;
boxes to explicate things that are not clear;
activating employee to participate in new initiatives.
employee council and trade unions;
internal publications;
information campaigns expanding knowledge about the organization;
engagement survey;
broadcast meetings with Management Board members;
video materials shown in the Company’s head office.
Frequency of involving a given group
High
Clients
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Website;
Collecting client expectations and opinions;
client needs survey;
incorporating client opinions when designing business solutions;
satisfaction and opinion surveys;
creating products and services that match client needs;
Client Council;
create transparent terms and conditions in offers and contracts.
financial and insurance education programs;
Client Ombudsman.
Frequency of involving a given group
High
Suppliers
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Meetings with new and current suppliers;
Supporting the execution of the Group’s strategy and access to innovation;
CSR poll.
shaping business standards in our surroundings and promoting best procurement practices.
Frequency of involving a given group
High
Investors and shareholders
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Regular meetings during conferences, discussion panels (group meetings in the company and individual ones);
Ensuring information transparency;
quarterly financial reports, tables with data and results presentations;
creation of value;
constant cooperation between the Investor Relations department and stakeholders (institutional investors and retail investors), analysts and capital market organizations);
Distribution of profits to shareholders.
meetings and conference calls with the Management Board;
the Company’s website;
internet information channels.
Frequency of involving a given group
High
Business partners: agents and brokers
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Annual, monthly and ongoing meetings with agents;
Presentation of strategic plans;
satisfaction and opinion surveys;
addressing ongoing cooperation issues to ensure mutual benefits.
internal communication portal for agents;
sales training and support programs;
Elite Agent Club and Elite Advisory Group.
Frequency of involving a given group
High
Media
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Press releases: press conferences, expert interviews, industrial interviews, social services.
Transparency in operation;
building insurance awareness;
enhancing the level of knowledge concerning financial products.
Frequency of involving a given group
Average
Local communities
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Ongoing direct communication;
Execution of sponsorship and prevention projects;
supporting local initiatives through the program www.pomoctomoc.pl
supporting the development of communities;
being a responsible citizen;
encouraging employees to take part in social campaigns
Frequency of involving a given group
Average
Central administration
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Cooperation in debates and conferences;
Ensuring compliance with requirements and regulations;
answering inquiries and incorporation of recommendations;
support for the creation of new market principles, including best practices.
legislative cooperation with the Polish Insurance Association.
Frequency of involving a given group
Average
Non-governmental organization and public institutions
Approach taken to the involvement of a given stakeholder group
Key issues and problems touched upon by stakeholders
Building partnerships and conducting social diagnosis;
Implementation of educational and social programs promoting health, safety, social aid, culture and protection of cultural heritage
joint planning, implementation and evaluation of projects;
involvement in initiatives and projects to promote CSR and corporate foundation standards;
organization of joint conferences, seminars and seminars – activities benefiting the third sector and the academic community;
sharing know-how (training).
Frequency of involving a given group
Average
See the implementation of the #nowePZU strategy in 2019 and see where we will be in 2020
Innovation Strategy
Discover more Play video
#NEWPZU 2017 - 2020
#my PZU
#NEWPZU 2017 - 2020
Telemedicine Office
The first telemedicine office in Poland where patients have intuitive telemedicine equipment at their disposal: a digital stethoscope, an ECG, a camera to check their throat, ears and skin, a blood pressure monitor, a pulse oximeter and a thermometer. They may also consult their test results with a physician through a video connection.
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#NEWPZU 2017 - 2020
CSR Strategy
We endeavor to contribute as many positive values to relations with our stakeholders and the surrounding environment. Harmonious activity at all levels of our cooperation is not plausible without incorporating the rights and needs of the surrounding environment. We promulgate openness, we support empathetic values and we encourage people to participate in charitable campaigns. We support the civic attitudes of our employees.
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#NEWPZU 2017 - 2020
Robotization of processes (RPA)
Robots are helping PZU’s employees handle mass claims and pay out advances to injured parties with lightning quick speed, migrate data between information systems and execute some of the additional payments.
Discover more
#NEWPZU 2017 - 2020
Band of life
“Band of life” is a small electronic device, which monitors the basic vital parameters of patients and alerts medical personnel of any emergencies.
Discover moreKey Projects
Better utilization of data
PZU GO
Revolutionary telematic solution for the security area. It was made available to the clients in December 2018. More than 300 deviced were already in operation at the end of February.
Taryfikacja 3.0.
Development work (including pilot programs) in the dynamic pricing area that facilitates optimization of prices in real time.
Data Lab
Execution of projects regarding underwriting based on pictures and rapid quotation when buying real estate on the web.
Cross selling growth
Cooperation with Alior Bank and Bank Pekao
24 insurance products were rolled out in the banking offer, thereby ensuring the presence of PZU’s products in all the banks’ product lines.
PZU Zdrowie – new products and network development
Introduction of new health insurance products and riders to group insurance products. Network development through further greenfield, M&A projects and partnerships. At the end of 2018, PZU Zdrowie cooperated with more than 2,100 partner centers in more than 500 towns and cities in Poland. Its own medical center network was comprised of more than 60 entities.
Digitalization of processes
Robotic Process Automation
Execution of pilot processes, e.g. processes upading the system of court proceedings Robots gather data for employees in a specific place and perform simple operations
Zgloszenie.pzu.pl
Launch of a website that allows a reported claim to be valued in a record time. The outcome of these efforts is the shortening of the time it takes to register claims from 15 to 5 minutes. The number of cases registered by the Internet service has jumped up by 20% and the TPL/MOD service quality indicators improved more than 10-fold
Additional interactions with clients
Mojepzu.pl
Launch of a contemporary portal for clients, providing access to online product sales and booking appointments. Development work is carried out to provide further functions, including expansion of the product and service offering.
PZU Portal
The new unveiling of the pzu.pl portal providing access to claim reporting forms and contacts with an insurance agent.
Every integrated report should have a Value Creation Model.
Reading our VCM will help you understand how PZU creates sustainable values.
Business: Value Creation Model
Discover more
Smart client needs analysis
Utilization of Big Data
Solutions based on artificial Intelligence
Flexible and multi-channel distribution network
Innovative mobile solutions
Fast and efficient service
Robotics
Advanced underwriting and tariff-setting methods
Insurance
Protection against the effects of events of chance – risk valuation, premium calculation and investment, payment of claims
Health
Health care – offering health insurance and medical care services, prophylactics, prevention, promoting a healthy lifestyle
Investments
Financial security protection – growing savings, capital accumulation programs
Banking
Conducting banking activities, including taking deposits, extending credits and loans, running bank accounts, handling cash settlements and rendering payment services
Another year in a row with an increase in the share of foreign investors in the PZU shareholder structure. Check our interactive map
Shareholders and performance map
Discover more
> 10,000,000 shares
List of countries
- Poland
- United States
- United Kingdom
- Singapore
5,000,000 – 10,000,000 shares
List of countries
- Japan
- France
- Germany
- Sweden
- Canada
1,000,000 – 5,000,000 shares
List of countries
- Norway
- China
- Netherlands
- Switzerland
- Denmark
- Estonia
- Czech Republic
- Austria
- Italy
250,000 – 1,000,000 shares
List of countries
- Ireland
- Finland
- Belgium
- South Africa
- Malta
- Hungary
- Australia
< 250,000 shares
List of countries
- Luxembourg
- Slovenia
- South Korea
- Slovakia
- Greece
- Spain
- Lithuania
- New Zealand
- Latvia
- Bulgaria
- Hong Kong
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