POWSZECHNY ZAKLAD UBEZPIECZE? SPÓLKA AKCYJNA

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Powszechny Zaklad Ubezpieczen : Financial statement of the PZU Group (Q3 2021)

11/18/2021 | 01:42am EDT

Powszechny Zakład Ubezpieczeń Spółka Akcyjna

Group

Condensed interim

consolidated financial statements

for the 9 months ended 30 September 2021

Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group

Condensed interim consolidated financial statements for the 9 months ended 30 September 2021

Table of contents

Financial highlights .............................................................................................................................

4

1.

Selected consolidated financial data of the PZU Group............................................................................................

4

2.

Selected standalone financial data of PZU (PAS) ......................................................................................................

4

3.

Selected standalone financial data of Powszechny Zakład Ubezpieczeń na Życie Spółka Akcyjna (PAS) ..............

5

4.

Summary of consolidated quarterly results ..............................................................................................................

5

Interim consolidated profit and loss account....................................................................................

7

Interim consolidated statement of comprehensive income.............................................................

8

Interim consolidated statement of financial position.......................................................................

9

Interim consolidated statement of changes in equity ....................................................................

10

Interim consolidated cash flow statement ......................................................................................

13

Notes to the condensed interim consolidated financial statements .............................................

15

1.

Introduction ..............................................................................................................................................................

15

2.

Information on PZU and the PZU Group ..................................................................................................................

19

3.

Shareholder structure...............................................................................................................................................

35

4.

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..........................................................

84

13.

Equity management .................................................................................................................................................

87

14.

Segment reporting....................................................................................................................................................

88

15.

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...............................................................................

113

21.

Dividends.................................................................................................................................................................

113

22.

Disputes...................................................................................................................................................................

113

23.

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) .............................

120

1.

Interim balance sheet .............................................................................................................................................

120

2.

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 .................................................................................................................

125

6.

Interim cash flow statement...................................................................................................................................

127

7.

Introduction ............................................................................................................................................................

129

8.

Key accounting principles (accounting policy)......................................................................................................

129

9.

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

  1. 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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Disclaimer

PZU - Powszechny Zaklad Ubezpieczen SA published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 06:41:04 UTC.


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Number of Analysts 10
Last Close Price 32,50 PLN
Average target price 39,86 PLN
Spread / Average Target 22,6%
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Pawel Karol Mucha Chairman-Supervisory Board
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