|Immediate economic value created and shared (data in m PLN)||2018|
|Operating expenses net of payroll, the levy on financial institutions and community investments||-24,280|
|Total employee benefits||-5,109|
|Levy on financial institutions||-1,092|
|Voluntary contribution to invest funds in the community in a broad sense||-100|
|Dividends paid to all shareholders||-3,818|
|Retained economic value||1,550|
The presented retained value is the remainder following the distribution of the generated economic value among the company’s stakeholders. This amount is not consistent with the net profit carried in the Profit and Loss Account because it also includes paid dividends (as distributed economic value).
The PZU Group has in place the Capital and Dividend Policy in 2016 – 2020, which was adopted in a PZU Supervisory Board resolution in 2016. According to this Policy, the PZU Group endeavors to manage capital effectively and maximize the rate of return on equity for the parent company’s shareholders, in particular by maintaining the level of security and retaining capital resources for strategic growth objectives through acquisitions. Moreover, when it recommends a dividend payout to the Shareholder Meeting, the PZU Group gives consideration to the recommendations and guidelines set forth in other documents applicable to PZU.
As a regulated company PZU submits to the guidelines set forth in the Communique published by the Polish Financial Supervision Authority pertaining to the assumptions underlying the dividend policy of commercial banks, cooperative banks and affiliation banks, insurance and reinsurance undertakings, brokerage houses, mutual fund management companies and pension fund management companies. PZU is also subject to the Guidelines of the Office of the Prime Minister regarding companies in which the State Treasury has an equity stake that draw up financial statements published in 2018 for the first time.
According to the Guidelines given by the Office of the Prime Minister, when setting the dividend PZU takes into account, in particular, its capital needs, the necessity to cover its uncovered loss, investment projects in progress and the company’s indebtedness and it gives consideration to the recommendations and individual instructions given by the Polish Financial Commission.