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Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
  • strategy (insurance, health, investments, finances);
  • sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
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Investments - factors that may affect the PZU Group in 2022

PZU AR 2021 > Strategy and outlook 2021+ > Challenges - market and operations > Investments - factors that may affect the PZU Group in 2022
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Mutual funds

The condition and performance of the market for mutual funds and Employee Capital Schemes will depend mainly on the following:

  • macroeconomic situation (including military conflict between Russia and Ukraine, the pace of economic growth the rate of economic growth, the unemployment rate and the inflation rate in Poland and throughout Europe) affecting the financial standing of enterprises and households;
  • the condition of Polish economy and global economies as a result of escalation of the military conflict in Ukraine and/or the restrictions associated with the ongoing COVID-19 pandemic;
  • actions taken by central bank (Federal Reserve System – FED, European Central Bank – ECB, Bank of Japan, People’s Bank of China) translating into global money supply and liquidity on the financial markets;
  • the impact of interest rate hikes announced by the National Bank of Poland on both the bond market and the whole capital market in Poland;
  • absorption by the economy of the high inflation environment which will affect the rate of economic growth in Poland;
  • propensity to allocate savings in investment and long-term solutions in the event of a higher inflation and greater debt servicing costs.

Pension funds

The main challenges facing the pension fund market are the following:

  • the economic climate on the capital market and, in particular on the Warsaw Stock Exchange, conditioned by the military conflict between Russia and Ukraine and resulting from resulting from the course of the COVID-19 pandemic and affecting the value of assets of the funds and the level of fees collected by pension fund companies for management;
  • active asset allocation due to increasing interest rates;
  • opportunities arising from the achievement of the objectives specified in the Capital Accumulation Scheme and the Responsible Development Strategy the pursuit of which will depend on the development of detailed solutions and the entry into force of necessary legislative changes;
  • active participation in the work on enhancing the performance of the third pillar and making it more attractive, and influencing the need in public awareness for accumulating additional savings for future retirement.