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33. Entities measured by the equity method

PZU AR 2021 > Results > Supplementary information and notes > 33. Entities measured by the equity method
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33.1 Accounting policy

Associates are entities on which significant influence is exerted, or the power to participate in the financial and operating policy decisions of the investee but is not control or joint control.

A joint venture is a contractual arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.

Associates and joint ventures are measured by the equity method, in which on initial recognition the investment is recognized at purchase price. The goodwill resulting from a surplus of the purchase price over the fair value of identifiable assets and liabilities of the associate is recognized in the carrying amount of the investment. In the next periods the carrying amount is adjusted to recognize the investor’s share in the associate’s or joint venture’s gains or losses and impairment losses, if any. The share of the PZU Group in the financial result of the associates and joint ventures is recognized in the consolidated profit and loss account under “Share of the net profit of entities measured by the equity method”, while share in movement in other comprehensive income under other comprehensive income. Distributions received from an associate or joint venture reduce the carrying amount of the investment.

33.2 Quantitative data

Associates 31 December 2021 31 December 2020
RUCH 48 65
Krajowy Integrator Płatności SA 44 -
GSU Pomoc Górniczy Klub Ubezpieczonych SA 1 1
Sigma BIS SA - 1
PayPo sp. z o.o. nd. 5
Associates, total 93 72

Information on interests held in the capital and votes of the respective associates is presented in section 2.2. There are no restrictions (e.g. resulting from any findings regarding borrowings, regulatory requirements or agreements) as to the ability of transferring funds by the associates in the form of cash dividends.