Half-year Report
2023
Management Board's report on the activity of the PZU Group in 1H 2023
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Table of Contents | |
CEO Letter to Shareholders | 8 |
PZU Group's profile | 18 |
1.1. Potential | 20 |
1.2. Brand | 20 |
1.3. Mission, vision, values | 22 |
1.4. Value creation | 24 |
1.5. Milestones in PZU Group's history | 28 |
External environment | 30 |
2.1. Main trends in the Polish economy | 32 |
2.2. External environment in the Baltic countries and Ukraine | 33 |
2.3. Situation in the financial markets | 35 |
2.4. Factors that may affect the conditions of operations and the PZU Group's activities in the second half of 2023... | 36 |
Activity of the PZU Group | 44 |
3.1. Business model | 46 |
3.2. Insurance | 47 |
3.2.1. Description of the insurance markets on which PZU Group companies operate | 47 |
3.2.2. Activity and product offering of PZU Group's insurance companies | 52 |
3.2.3. Factors, including threats and risks, that may affect insurance business in H2 2023 | 58 |
3.3. Medical care | 60 |
3.3.1. Situation on the health market | 60 |
3.3.2. Activity and product offering | 60 |
3.3.3. Factors, including threats and risks, that may affect the operations of the health area in H2 2023 | 65 |
3.4. Investments | 65 |
3.4.1. Investment and pension fund market | 65 |
3.4.2. Activity and product offering | 66 |
3.4.3. Factors, including threats and risks, which may affect the operations of investment funds, Employee Capital | |
Schemes and pension funds in 2023 | 68 |
3.5. Banking | 68 |
3.5.1. Situation on the banking market in Poland | 68 |
3.5.2. Activity and product offering | 69 |
3.5.3. Factors, including threats and risks, that may affect banking business in H2 2023 | 73 |
3.6 Other areas | 73 |
INSURANCE | HEALTH | INVESTMENTS | BANKING
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PZU Group Strategy in 2021-2024 | 78 |
4.1. PZU Group Strategy in 2021-2024 | 80 |
4.2. Opportunities and challenges 2021+ | 81 |
4.3. Strategic objectives | 82 |
4.4. Strategy operationalization, selected achievements in H1 2023 | 86 |
4.5. Indicators | 91 |
Investment income | 94 |
5.1. Major factors having an impact on the financial results | 96 |
5.2. PZU Group's income | 99 |
5.3. Insurance service expenses of the PZU Group | 101 |
5.4. Insurance finance income and expenses of the PZU Group | 101 |
5.5. Operating expenses of banks | 102 |
5.6. Drivers and atypical events affecting the results | 102 |
5.7. Structure of PZU Group's assets and liabilities | 102 |
5.8. Contribution made by the market segments to the consolidated result | 104 |
Risk management | 120 |
6.1. Objective of risk management | 122 |
6.2. Risk management system | 122 |
6.3. Risk appetite | 124 |
6.4. Risk management process | 124 |
6.5. PZU Group's risk profile | 125 |
6.6. Reinsurance operations | 135 |
6.7. Capital management | 136 |
PZU Group on the capital and debt markets | 138 |
7.1. Significant factors affecting PZU share price | 140 |
7.2. Significant factors for Pekao and Alior Bank share prices | 142 |
7.3. Debt financing of PZU, Bank Pekao and Alior Bank | 143 |
7.4. Dividend | 145 |
7.5. Rating of PZU, Bank Pekao and Alior Bank | 146 |
7.6. Calendar of PZU Group's reports published in 2023 | 150 |
7.7. Contact details for investors | 150 |
Half-yearReport 2023 Management Board's report on the activity of the PZU Group in H1 2023
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Corporate governance statement | 152 |
8.1. Audit firm auditing the financial statements | 154 |
8.2. Shareholders and issuer's securities | 155 |
Other information | 158 |
Appendix 162 | |
Appendix 1: Glossary of terms | 164 |
Appendix 2: Alternative Performance Measures | 168 |
INSURANCE | HEALTH | INVESTMENTS | BANKING
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Legend of iconographics used in the report:
insurance
health
investment
banking
innovation
Half-yearReport 2023 Management Board's report on the activity of the PZU Group in H1 2023
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PZU - Powszechny Zaklad Ubezpieczen SA published this content on 31 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 August 2023 05:53:05 UTC.