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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
Corporate Governance
List of GRIs
List of GRIs
List of GRIs
List of GRIs
- About the report
- Results
- Comment on the financial results for 2021
- 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
- Drivers and atypical 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 the difference between the 2020 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. Interest income calculated using the effective interest rate
- 13. Other net investment income
- 14. Result on derecognition of financial instruments and investments
- 15. Movement in allowances for expected credit losses and impairment losses on financial instruments
- 16. Net movement in fair value of assets and liabilities measured at fair value
- 17. Other operating income
- 18. Claims, benefits and movement in technical provisions
- 19. Fee and commission expenses
- 20. Interest expenses
- 21. Acquisition costs
- 22. Administrative expenses
- 23. Employee expenses
- 24. Other operating expenses
- 25. Income tax
- 26. Earnings per share
- 27. Goodwill
- 28. Intangible assets
- 29. Other assets
- 30. Deferred acquisition cost
- 31. Property, plant and equipment
- 32. Investment property
- 33. Entities measured by the equity method
- 34. Loan receivables from clients
- 35. Financial derivatives
- 36. Investment financial assets, including assets securing liabilities
- 37. Receivables
- 38. Impairment of financial assets
- 39.Cash and cash equivalents
- 40. Equity attributable to equity holders of the parent
- 41. Technical provisions
- 42. Subordinated liabilities
- 43. Liabilities on the issue of own debt securities
- 44. Liabilities to banks
- 45. Liabilities to clients under deposits
- 46. Other liabilities
- 47. Provisions
- 48. Deferred income tax
- 49. Assets and liabilities held for sale
- 50. Lease
- 51. Assets securing receivables, liabilities and contingent liabilities
- 52. Contingent assets and liabilities
- 53. Offsetting financial assets and financial liabilities
- 54. Notes to the consolidated cash flow statement
- 55. Disputes
- 56. Transactions with related entities
- 57. Headcount
- 58. Other information
- Financial data 2021
- Financial data (2017-2021) Focus on: Results - check the highlights of the year!
- Comment on the financial results for 2021
- Market and business
- Capitals (IIRC)
- Strategy and outlook 2021+
- Risk management
- Ethics and governance
- Ethical foundations of doing business
- Application of corporate governance rules
- Financial statements control system
- Audit firm auditing the financial statements
- PZU’s share capital and shareholders
- Rules for amending PZU’s Articles of Association
- Shareholder Meeting and shareholder rights
- Supervisory Board and Management Board
- Compensation paid to members of supervisory and management bodies
- Diversity policy Focus on: Ethics and governance - check the highlights of the year!
- Shares and bonds
30. Deferred acquisition cost
30.1 Accounting policy
Deferred acquisition costs are tested for impairment since that they are included in the calculation of adequacy of technical provisions.
30.1.1. Non-life insurance
Acquisition expenses in non-life insurance are deferred in line with the principles applicable to the determination of the provision for unearned premiums by amortizing them through the profit and loss account during the indemnity period (recognized under “Acquisition expenses”).
Deferrals apply to acquisition commissions and a portion of indirect acquisition expenses related to the signing and renewals of insurance policies, in particular costs related directly to sales processes, which cannot be classified as direct acquisition expenses, in particular costs of activities related to: agreement origination processes and underwriting processes in sales units (separated by using working time questionnaires), automatic and manual entry of policies into production systems (registration of sales) and contact center operations related to the sales of policies.
30.1.2. Life insurance
In life insurance, for traditional profit-sharing products (life and endowment insurance or birth assurance), acquisition expenses are amortized over time using the Zillmer method.
30.2 Quantitative data
| Deferred acquisition expenses | 31 December 2021 | 31 December 2020 |
| Short-term | 1 414 | 1 409 |
| Long-term | 159 | 141 |
| Total deferred acquisition expenses | 1 573 | 1 550 |
| Movement in deferred acquisition expenses | 1 January – 31 December 2021 | 1 January – 31 December 2020 |
| Net value at the beginning of the period | 1 550 | 1 574 |
| Non-life insurance | 1 423 | 1 459 |
| Life insurance | 127 | 115 |
| Acquisition expenses pertaining to future periods | 1 898 | 1 745 |
| Amortization for the period recognized in financial result | -1 854 | -1 769 |
| Impairment losses in the period | -21 | - |
| Net value at the end of the period | 1 573 | 1 550 |
| Non-life insurance | 1 438 | 1 423 |
| Life insurance | 135 | 127 |