Information on PZU and the PZU Group ..................................................................................................................
Composition of the Management Board, Supervisory Board and PZU Group Directors........................................
36
5.
Key accounting policies, key estimates and judgments..........................................................................................
38
6.
Information about major events that materially influence the structure of financial statement items ...............
45
7.
Corrections of errors from previous years ...............................................................................................................
45
8.
Material events after the end of the reporting period .............................................................................................
45
9.
Supplementary notes to the condensed interim consolidated financial statements............................................
45
10.
Assets securing receivables, liabilities and contingent liabilities ...........................................................................
83
11.
Contingent assets and liabilities ..............................................................................................................................
84
12.
Commentary to the condensed interim consolidated financial statements..........................................................
Commentary to segment reporting and investing activity .....................................................................................
99
16.
Impact of non-recurring events on operating results............................................................................................
108
17.
Information on the changes in the economic situation and business conditions exerting a material effect on the
fair value of financial assets and liabilities. ...........................................................................................................
108
18.
Management Board's position on previously published result forecasts.............................................................
113
19.
Issues, redemptions and repayments of debt securities and equity securities....................................................
113
20.
Default or breach of material provisions of loan agreements...............................................................................
Evaluation of the PZU Group companies' standing by rating agencies ................................................................
116
24.
Related party transactions .....................................................................................................................................
117
25.
Other information ...................................................................................................................................................
118
2
Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group
Condensed interim consolidated financial statements for the 9 months ended 30 September 2021
PZU's quarterly standalone financial information (in compliance with PAS) .............................
Interim statement of off-balance sheet line items ................................................................................................
122
3.
Interim revenue account of non-life insurance......................................................................................................
123
4.
Interim general profit and loss account .................................................................................................................
124
5.
Interim statement of changes in equity .................................................................................................................
Changes in accounting policies ..............................................................................................................................
129
3
Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group
Condensed interim consolidated financial statements for the 9 months ended 30 September 2021 (in millions of PLN)
Financial highlights
1. Selected consolidated financial data of the PZU Group
m PLN
m PLN
m EUR
m EUR
Data from the consolidated profit and loss account
1 January -
1 January -
1 January -
1 January -
30 September
30 September
30 September
30 September
2021
2020
2021
2020
Gross written premiums
18,250
17,291
4,004
3,893
Net earned premiums
17,372
17,317
3,811
3,898
Revenue from commissions and fees
3,460
3,037
759
684
Net investment result
7,073
6,272
1,552
1,412
Net insurance claims and benefits
(11,964)
(11,352)
(2,625)
(2,556)
Profit before tax
5,242
2,676
1,150
602
Profit attributable to equity holders of the Parent Company
2,430
1,191
533
268
Profit attributable to holders of non-controlling interests
1,464
367
321
83
Basic and diluted weighted average number of common shares
863,341,351
863,326,940
863,341,351
863,326,940
Basic and diluted earnings per common share (in PLN/EUR)
2.81
1.38
0.62
0.31
m PLN
m PLN
m EUR
m EUR
Data from the consolidated statement of financial position
30 September
31 December
30 September
31 December
2021
2020
2021
2020
Assets
396,433
378,974
85,569
82,121
Share capital
86
86
19
19
Equity attributable to equity holders of the Parent
17,440
18,777
3,764
4,069
Non-controlling interest
24,275
24,626
5,240
5,336
Total equity
41,715
43,403
9,004
9,405
Basic and diluted number of common shares
863,342,581
863,349,616
863,342,581
863,349,616
Book value per common share (in PLN/EUR)
20.20
21.75
4.36
4.71
m PLN
m PLN
m EUR
m EUR
Data from the consolidated cash flow statement
1 January -
1 January -
1 January -
1 January -
30 September
30 September
30 September
30 September
2021
2020
2021
2020
Net cash flows from operating activities
5,814
28,821
1,275
6,488
Net cash flows from investing activities
(724)
(26,126)
(159)
(5,881)
Net cash flows from financing activities
(2,974)
(1,847)
(652)
(416)
Total net cash flows
2,116
848
464
191
2. Selected standalone financial data of PZU (PAS)
m PLN
m PLN
m EUR
m EUR
Data from the balance sheet
30 September
31 December
30 September
31 December
2021
2020
2021
2020
Assets
47,290
44,665
10,207
9,679
Share capital
86
86
19
19
Total equity
16,374
17,689
3,534
3,833
Basic and diluted number of common shares
863,523,000
863,523,000
863,523,000
863,523,000
Book value per common share (in PLN/EUR)
18.96
20.48
4.09
4.44
4
Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group
Condensed interim consolidated financial statements for the 9 months ended 30 September 2021 (in millions of PLN)
m PLN
m PLN
m EUR
m EUR
Data from the revenue account of non-life insurance and the general profit
1 January -
1 January -
1 January -
1 January -
and loss account
30 September
30 September
30 September
30 September
2021
2020
2021
2020
Gross written premiums
9,604
9,013
2,107
2,029
Technical result of non-life insurance
947
1,044
208
235
Net investment result 1)
1,916
948
420
213
Net result
2,269
1,430
498
322
Basic and diluted weighted average number of common shares
863,523,000
863,523,000
863,523,000
863,523,000
Basic and diluted earnings per common share (in PLN/EUR)
2.63
1.66
0.58
0.37
Including the item "Share of the net profit (loss) of related parties measured by the equity method".
3. Selected standalone financial data of Powszechny Zakład Ubezpieczeń na Życie Spółka Akcyjna (PAS)
m PLN
m PLN
m EUR
m EUR
Data from the balance sheet
30 September
31 December
30 September
31 December
2021
2020
2021
2020
Assets
29,901
28,512
6,454
6,178
Total equity
3,805
4,486
821
972
m PLN
m PLN
m EUR
m EUR
Data from the technical life insurance account and the general profit and
1 January -
1 January -
1 January -
1 January -
loss account
30 September
30 September
30 September
30 September
2021
2020
2021
2020
Gross written premiums
6,654
6,519
1,460
1,468
Technical life insurance result
816
1,519
179
342
Net investment result
542
756
119
170
Net profit
534
1,185
117
267
4. Summary of consolidated quarterly results
The net financial result of the PZU Group for the period of 9 months ended 30 September 2021 was PLN 3,894 million and was 149.9% higher than the net result in the corresponding period of the previous year. Net profit attributable to the parent company's shareholders was PLN 2,430 million compared to PLN 1,191 million in 2020 (up PLN 1,239 million).
ROE attributable to the parent company (PZU) for the period from 1 January to 30 September 2021 was 17.9%, up 8.6 percentage points from the corresponding period of the previous year.
The following factors also affected the PZU Group's activity in the 9 months ended 30 September 2021, as compared to the corresponding period of the previous year:
higher gross written premium, especially in non-motor insurance in the mass and corporate client segment, in unit-linked insurance offered in cooperation with banks, individual protection products in the bancassurance channel and growth of sales in the Baltic companies, including health and property insurance products;
higher performance on investing activities, including an increased valuation of shares in a logistics company following its IPO;
better performance of the banking business, last year, there was a one-off effect of the impairment loss on goodwill arising from the acquisition of Alior Bank (PLN 746 million) and Bank Pekao (PLN 555 million) coupled with a lower than last year costs of risk stemming from the recognition of additional provisions for expected credit losses;
decreased profitability in group and individually continued insurance due to the higher loss ratio on account of deaths of the insured and co-insured in the group protection portfolio and in continued insurance;
slightly lower operating result in individual insurance with a growing portfolio of banking investment products and a higher level of insurance activity expenses;
lower profitability in the mass insurance segment - driven by the lower net earned premium, particularly evident in the motor third party liability insurance portfolio, while the cost of claims remained level;
5
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