Financial statement of the PZU Group and PZU SA (2022)

Powszechny Zakład Ubezpieczeń Spółka Akcyjna

Group

Consolidated financial statements for the year ended 31 December 2022 prepared in accordance with International Financial Reporting Standards

Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022

Table of contents

Consolidated profit and loss account ................................................................................................ 4

Consolidated statement of comprehensive income ......................................................................... 5

Consolidated statement of financial position ................................................................................... 6

Consolidated statement of changes in equity ................................................................................... 8

Consolidated cash flow statement ................................................................................................... 10

Supplementary information and notes ............................................................................................ 12

• 1. Introduction .............................................................................................................................................................. 12

• 2. Composition of PZU Group ....................................................................................................................................... 15

• 3. Shareholder structure ............................................................................................................................................... 29

• 4. Key management-Management Board and Group Directors ................................................................................ 29

• 5.Parent Company's Supervisory Board..................................................................................................................... 31

• 6. Key accounting policies and significant estimates and judgments ........................................................................ 32

• 7. Segment reporting .................................................................................................................................................... 58

• 8. Risk management ..................................................................................................................................................... 68

• 9. Equity management ............................................................................................................................................... 104

• 10. Fair value ................................................................................................................................................................. 106

• 11. Gross written premiums ......................................................................................................................................... 115

• 12. Revenue from commissions and fees ..................................................................................................................... 116

• 13. Interest income calculated using the effective interest rate ................................................................................. 117

• 14. Other net investment income ................................................................................................................................. 119

• 15. Result on derecognition of financial instruments and investments ..................................................................... 119

• 16. Movement in allowances for expected credit losses and impairment losses on financial instruments .............. 120

• 17. Net movement in fair value of assets and liabilities measured at fair value ........................................................ 121

• 18. Other operating income ......................................................................................................................................... 121

• 19. Claims, benefits and movement in technical provisions ....................................................................................... 121

• 20. Fee and commission expenses ............................................................................................................................... 123

• 21. Interest expense ...................................................................................................................................................... 123

• 22. Acquisition expenses .............................................................................................................................................. 123

• 23. Administrative expenses ......................................................................................................................................... 124

• 24. Employee expenses ................................................................................................................................................ 125

• 25. Other operating expenses ...................................................................................................................................... 125

• 26. Income tax ............................................................................................................................................................... 126

• 27. Earnings per share .................................................................................................................................................. 127

• 28. Goodwill .................................................................................................................................................................. 127

• 29. Intangible assets ..................................................................................................................................................... 130

• 30. Other assets ............................................................................................................................................................ 133

• 31. Deferred acquisition expenses ............................................................................................................................... 134

• 32. Property, plant and equipment .............................................................................................................................. 135

2

Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022

• 33. Investment property ............................................................................................................................................... 137

• 34. Entities measured by the equity method ............................................................................................................... 138

• 35. Loan receivables from clients ................................................................................................................................. 139

• 36. Financial derivatives ............................................................................................................................................... 140

• 37. Investment financial assets, including assets securing liabilities ......................................................................... 151

• 38. Receivables ............................................................................................................................................................. 156

• 39. Expected credit losses and impairment of financial assets .................................................................................. 157

• 40. Cash and cash equivalents ..................................................................................................................................... 166

• 41. Equity attributable to the equity holders of the parent company ........................................................................ 167

• 42. Technical provisions ............................................................................................................................................... 169

• 43. Subordinated liabilities .......................................................................................................................................... 177

• 44. Liabilities on the issue of own debt securities ....................................................................................................... 178

• 45. Liabilities to banks .................................................................................................................................................. 178

• 46. Liabilities to clients under deposits ....................................................................................................................... 179

• 47. Other liabilities ........................................................................................................................................................ 179

• 48. Provisions ................................................................................................................................................................ 181

• 49. Deferred tax ............................................................................................................................................................. 187

• 50. Assets and liabilities held for sale .......................................................................................................................... 190

• 51. Leases ...................................................................................................................................................................... 190

• 52. Assets securing receivables, liabilities and contingent liabilities ......................................................................... 193

• 53. Contingent assets and liabilities ............................................................................................................................ 194

• 54. Offsetting financial assets and financial liabilities ................................................................................................ 194

• 55. Notes to the consolidated cash flow statement .................................................................................................... 195

• 56. Disputes ................................................................................................................................................................... 196

• 57. Related party transactions ..................................................................................................................................... 199

• 58. Headcount ............................................................................................................................................................... 203

• 59. Other information ................................................................................................................................................... 203

3

Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022 (in millions of PLN)

Consolidated profit and loss account

Consolidated profit and loss account

Note

Reinsurers' share in gross written premium

Movement in net provision for unearned premiumsNet earned premiums

Interest income calculated using the effective interest rate Other net investment income

Result on derecognition of financial instruments and investmentsMovement in allowances for expected credit losses and impairment losses onfinancial instruments

Net movement in fair value of assets and liabilities measured at fair value Other operating income

Reinsurers' share in claims, benefits and movement in technical provisions

Fee and commission expenses Interest expenses

Acquisition expenses Administrative expenses Other operating expensesOperating profit

Share of the net financial results of entities measured by the equity methodProfit before tax

Income tax

Net profit, including:

- profit attributable to the equity holders of the Parent Company - profit (loss) attributed to holders of non-controlling interest

26,710(1,695)25,015

25,080 (1,300)23,780

(718)24,297

(548)23,232

5,136

18,626

9,782

(384)

15

(492)

407

(3,271)

704

797

1,896

(16,894)

1,352(15,542)

399(15,731)

(1,449)(4,767)(3,903)(7,575)(5,646)

(418) (3,572) (6,826) (3,917)

7,630

7,469

(25)7,605(2,346)5,2593,3741,885

(15)7,454(2,020)5,4343,336 2,098

27

3.91

3.86

4

Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022 (in millions of PLN)

Consolidated statement of comprehensive income

Consolidated statement of comprehensive income

Note

Net profit

Other comprehensive income

Valuation of debt instruments

Measurement of loan receivables from clients Foreign exchange translation differences Cash flow hedging

Not to be transferred to profit or loss in the future

Reclassification of real property from property, plant and equipment to investment property

Total net comprehensive income

- comprehensive income attributable to equity holders of the Parent Company - comprehensive income attributable to holders of non-controlling interest

5,259

26

(2,924)

(5,148)

(3,036)

(1,799)

(2,229)

(4)

23

5

(1,256)

112

105

126

2

74 -

(16)2,3352,083252

312861,324 (1,038)

5

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PZU - Powszechny Zaklad Ubezpieczen SA published this content on 30 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 March 2023 06:21:08 UTC.