Corporate Governance
Premiums
In 2021, the PZU Group collected gross premiums of PLN 25,080 million, i.e. 5.1% more (PLN 1,214 million) than in 2020. The change in gross written premium (net of inter-segment premiums) was affected primarily by:
Insurance segments (PLN million), local GAAP | 2017 | 2018 | 2019 | 2020 | 2021 |
TOTAL | 22,847 | 23,470 | 24,191 | 23,866 | 25,080 |
Total non-life insurance – Poland (external gross written premium) | 12,702 | 13,384 | 13,596 | 13,162 | 14,094 |
Mass insurance – Poland | 10,029 | 10,325 | 10,332 | 10,200 | 10,895 |
Motor TPL | 4,606 | 4,610 | 4,383 | 4,205 | 4,199 |
Motor MOD | 2,406 | 2,524 | 2,572 | 2,513 | 2,688 |
Other products | 3,017 | 3,191 | 3,377 | 3,482 | 4,008 |
Corporate insurance – Poland | 2,673 | 3,059 | 3,264 | 2,962 | 3,199 |
Motor TPL | 735 | 845 | 814 | 677 | 645 |
Motor MOD | 848 | 878 | 827 | 669 | 718 |
Other products | 1,090 | 1,336 | 1,623 | 1,616 | 1,836 |
Total life insurance – Poland | 8,519 | 8,237 | 8,546 | 8,719 | 8,780 |
Group and individually continued insurance – Poland | 6,855 | 6,891 | 6,966 | 7,007 | 7,030 |
Individual insurance – Poland | 1,664 | 1,346 | 1,581 | 1,712 | 1,750 |
Total non-life insurance – Ukraine and Baltic States | 1,527 | 1,729 | 1,897 | 1,897 | 2,026 |
Non-life insurance – Ukraine | 181 | 202 | 256 | 214 | 249 |
Non-life insurance – Baltic States | 1,346 | 1,527 | 1,641 | 1,613 | 1,777 |
Total life insurance – Ukraine and Baltic States | 100 | 120 | 151 | 158 | 180 |
Ukraine – life insurance | 42 | 55 | 79 | 77 | 90 |
Baltic States – life insurance | 58 | 65 | 72 | 81 | 90 |
Net revenues from commissions and fees
In 2021, net revenues from commissions and fees amounted to PLN 3,544 million, and were by PLN 378 million, i.e. 11.9%, higher than in the previous year.
The revenues included primarily:
In 2021, net investment result, including interest expenses but excluding Bank Pekao and Alior Bank, was lower than in the previous year, due to the poorer performance of the variable coupon debt portfolios resulting from prepayments on high profitability exposures as well as decline in the EUR/PLN exchange rate (as compared to growth in the previous year), and poorer results from investment activity on the portfolio of assets held to cover investment products. Investment results on the portfolio of assets held to cover the investment products alone do not affect the PZU Group’s overall net result, because it is offset by the movement in net insurance claims and benefits.
The impact of the aforementioned drivers was partly offset by:
In 2021, the balance of other operating income and expenses was negative and stood at PLN 2,315 million, compared to the also negative balance of PLN 3,990 million in 2020. This was caused by the following factors:
e-mail: IR@pzu.pl
Magdalena Komaracka, IR Director, tel. +48 (22) 582 22 93
Piotr Wiśniewski, IR Manager, tel. +48 (22) 582 26 23
Aleksandra Jakima-Moskwa, tel. +48 (22) 582 26 17
Aleksandra Dachowska, tel. +48 (22) 582 43 92
Piotr Wąsiewicz, tel. +48 (22) 582 41 95