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Drivers and atypical events affecting the results

PZU AR 2021 > Results > Comment on the financial results for 2021 > Drivers and atypical events affecting the results
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In 2021, a higher result on investing activity was recorded owing to the IPO of a logistics company held in the portfolio of a mutual fund managed by TFI PZU. The increase in revenue driven by this event was PLN 485.3 million in 2021.

The PZU Group’s 2020 result incurred the charge of a non-recurring impairment loss on goodwill arising from the acquisition of Alior Bank and Bank Pekao. For Alior Bank, the impairment loss was PLN 746 million, and for Pekao – PLN 555 million. The result was also impacted by a one-off impairment loss on assets arising from the acquisition of Alior Bank (i.e. trademark and relations with clients) in the amount of PLN 161 million.

As for continued and group insurance, the technical rate applied to the calculation of life insurance provisions was reduced to 1.5% in June 2020.

Previously, it was between 1.5% and 3%, depending on the date of execution or modification of the policy. Moreover, the PZU Group updated the assumptions on the portfolio behavior in connection with the mortality of the insured and the probability of the insured’s having co-insureds, to prevent the growing mismatch relative to the previously adopted assumptions. The Group also modified its method of calculating provisions for the group insurance portfolio, by adopting an individual approach instead of the hypothetical portfolio structure.