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PZU Group’s acquisition and administrative expenses

PZU AR 2021 > PZU Group’s acquisition and administrative expenses
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In 2021, acquisition expenses increased by PLN 255 million, or 7.7%, in comparison to the previous year, and stood at PLN 3,572 million. The increase is mainly attributable to the modification in the product and sales channel mix, including a higher share of the multiagency and bancassurance channels in the mass client segment.

In 2021, PZU Group’s administrative expenses amounted to PLN 6,826 million, compared to PLN 6,597 million in the previous year, i.e. up by PLN 229 million. Administrative expenses in the banking activity segment (net of the adjustments on account of the valuation of assets and liabilities to fair value) increased by PLN 295 million, including in Bank Pekao, mainly in connection with the integration costs of the acquired spun-off portion of Idea Bank, recovery of variable payroll costs, and growing depreciation and amortization associated with investments in the Bank’s transformation processes. The expenses of the insurance activity in Poland increased by PLN 45 million, due among others to the persisting wage pressure, consolidation of the PZU brand image, and higher maintenance expenses resulting from the indexation of lease hire rents and costs of utilities.