Navigation Map Download our best practices
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.
- 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.
In the CHAPTER
GRI
- 102-7 Scale of the reporting organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 201-1 Direct economic value generated and distributed
- 102-13 Membership in associations and organizations
- 102-40 List of stakeholder groups engaged by the reporting organization
- 102-42 Basis for identification and selection of stakeholders engaged by the organization
- 102-43 Approach do engaging stakeholders, including the frequency of engagement by stakeholder type and group
- 102-44 Key issues and concerns raised by stakeholders and the organization’s response, also by reporting them
In the CHAPTER
GRI
- 102-8 Data pertaining to employees and other persons working for the organization
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 404-1 Average number of hours of training per year per employee
- 404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and facilitating the retirement process
- 404-3 Percentage of employees subject to regular assessments of work quality and professional development reviews, by gender and employment category
- G4-FS16 Initiatives to enhance financial literacy by type of beneficiary
In the CHAPTER
In the CHAPTER
GRI
- 103-3 Evaluation of the approach to management
- 307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection
- 301-1 Raw materials/materials used by weight and volume
- 302-1 Energy consumption by the organization, taking into account the types of raw materials
- 302-4 Reduction of consumption of energy
In the CHAPTER
GRI
- 102-9 Description of the supply chain
- 102-11 Explanation of whether and how the precautionary principle is addressed by the organization
- 102-15 Description of key impacts, opportunities and risks
- 102-16 Organization’s values, code of ethics, principles and norms of behavior
- 102-17 Internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
- 103-2 Approach to management and its elements
- 103-3 Evaluation of the approach to management
- 102-5 Organization’s form of ownership and legal form
- 102-18 Organization’s supervisory structure along with the commissions that report to the highest supervisory body
- 205-1 Actions assessed in terms of threats associated with corruption
- 205-2 Communication and training on anti-corruption policies and procedures in the organization
- 206-1 Legal steps taken against the organization for cases of violating the principles of free competition and monopolistic practices
- 405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
- 406-1 Total number of discrimination cases and corrective measures taken in this regard
- 419-1 Non-compliance with the law and socio- economic regulations
In the CHAPTER
GRI
- 103-2 Approach to management and its elements
- G4-FS13 Access points to sparsely populated areas that are less economically developed
- G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
- G4-FS15 Policies for the fair design and sale of financial products and services
- 417-1 Internal requirements concerning the labeling of products and services and information regarding them
- 417-2 Incidents of non-compliance with regulations and voluntary codes concerning the labeling of products and services and information regarding them
- 417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
Read more:
- Client at the center of attention
- Innovations
- Responsible sales
- Insurance
- Banking and strategic partnerships
- Working conditions
- Employee development
- Knowledge sharing
- Enhancing safety
- Health
- Improvement of living conditions in local communities
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Products and adaptation to climate change
Business model
Employee
CSR
Environment
- Ethical foundations of business operations
- Preventing corruption and conflict of interests
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk management, taking into account non-financial risk
- Risk appetite
- PZU Group’s risk profile
- Reinsurance operations
- Polish and Baltic States insurance sector compared to Europe
- Regulations pertaining to the insurance market and the financial markets in Poland
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- International operations
- Contribution made by the market segments to the consolidated result
Risk and ethics
Market
Business
Financial results
Read more:
- Client at the center of attention
- Employee development
- Health
- Cultural patronage
- Practical challenges in managing direct impact
- Ethical foundations of business operations
- Diversity and respecting human rights
- Whistleblowing system
- Transaction security
- Risk appetite
- PZU Group’s risk profile
- Risk vulnerability
- Capital management
Business model
Employee
CSR
Environment
Risk and ethics
Read more:
- New approach to sales
- Working conditions
- Employee development
- Diversity and respecting human rights
Business model
Employee
Risk and ethics
Read more:
- Client at the center of attention
- Medical services (Health)
- Working conditions
- Enhancing safety
- Health
Business model
Employee
CSR
- Our impact on the natural environment
- Practical challenges in managing direct impact
- Diversity and respecting human rights
- Medical services (Health)
Environment
Risk and ethics
Business
Consolidated cash flow statement
| Consolidated cash flow statement | Note | 1 January – 31 December 2018 | 1 January – 31 December 2017 (restated) 1) |
| Profit before tax | 7,086 | 5,474 | |
| Adjustments | (6,683) | 9,948 | |
| Movement in loan receivables from clients | (15,972) | (13,222) | |
| Movement in liabilities under deposits | 9,093 | 19,478 | |
| Movement in the valuation of assets measured at fair value | (770) | (411) | |
| Interest income and expenses | (2,276) | (1,749) | |
| Realized gains/losses from investing activities and impairment losses | 1,664 | 960 | |
| Net foreign exchange differences | (184) | (589) | |
| Movement in deferred acquisition expenses | (61) | (78) | |
| Amortization of intangible assets and depreciation of property, plant and equipment | 1,103 | 884 | |
| Movement in the reinsurers’ share in technical provisions | (262) | (260) | |
| Movement in technical provisions | 1,281 | 2,364 | |
| Movement in receivables | (586) | (554) | |
| Movement in liabilities | (871) | 2,025 | |
| Cash flow on investment contracts | (21) | (89) | |
| Acquisitions and redemptions of participation units and investment certificates of mutual funds | (126) | (228) | |
| Income tax paid | (1,898) | (1,229) | |
| Other adjustments | 3,203 | 2,646 | |
| Net cash flows from operating activities | 403 | 15,422 | |
| Cash flow from investing activities | |||
| Proceeds | 909,865 | 904,328 | |
| - sale of investment property | 22 | 59 | |
| - proceeds from investment property | 300 | 301 | |
| - sale of intangible assets and property, plant and equipment | 51 | 13 | |
| - sale of ownership interests and shares | 3,590 | 3,115 | |
| - realization of debt securities | 204,645 | 200,893 | |
| - closing of buy-sell-back transactions | 460,379 | 369,251 | |
| - closing of term deposits with credit institutions | 208,469 | 235,593 | |
| - realization of other investments | 30,645 | 88,276 | |
| - interest received | 1,655 | 1,757 | |
| - dividends received | 66 | 37 | |
| - increase in cash due to purchase of entities and change in the scope of consolidation | 4 | 5,000 | |
| - other investment proceeds | 39 | 33 | |
| Expenditures | (900,694) | (916,362) | |
| - purchase of investment property | (106) | (56) | |
| - expenditures for the maintenance of investment property | (105) | (179) | |
| - purchase of intangible assets and property, plant and equipment | (824) | (578) | |
| - purchase of ownership interests and shares | (3,378) | (1,817) | |
| - purchase of ownership interests and shares in subsidiaries | (29) | (6,867) | |
| - decrease in cash due to the sale of entities and change in the scope of consolidation | - | (54) | |
| - purchase of debt securities | (192,342) | (214,622) | |
| - opening of buy-sell-back transactions | (462,749) | (366,738) | |
| - purchase of term deposits with credit institutions | (209,697) | (234,071) | |
| - purchase of other investments | (31,436) | (91,372) | |
| - other expenditures for investments | (28) | (8) | |
| Net cash flows from investing activities | 9171 | (12,034) | |
| Cash flows from financing activities | |||
| Proceeds | 202,272 | 228,417 | |
| - proceeds from the issue of shares by subsidiaries (in the part paid up by holders of non-controlling interests) | 13 | - | |
| - proceeds from loans and borrowings | 38 | 4,284 | 1,605 |
| - proceeds on the issue of own debt securities | 38 | 6396 | 5,829 |
| - opening of repurchase transactions | 38 | 191,579 | 220,983 |
| Expenditures | (203,072) | (226,462) | |
| - dividends paid to equity holders of the parent | 40.2.1.1 | (2,159) | (1,209) |
| - dividends to owners of non-controlling interests | (1,659) | (1,823) | |
| - repayment of loans and borrowings | 38 | (3,373) | (1,530) |
| - redemption of own debt securities | 38 | (3,384) | (150) |
| - closing of repurchase transactions | 38 | (192,217) | (221,637) |
| - interest on loans and borrowings | 38 | (45) | (6) |
| - interest on outstanding debt securities | 38 | (235) | (107) |
| Net cash flows from financing activities | (800) | 1,955 | |
| Total net cash flows | 8,774 | 5,343 | |
| Cash and cash equivalents at the beginning of the period | 8,239 | 2,973 | |
| Movement in cash due to foreign exchange differences | 42 | (77) | |
| Cash and cash equivalents at the end of the period, including: | 38 | 17,055 | 8,239 |
| - restricted cash | 38 | 25 | 41 |
1) Information on restatement of the 2017 data is presented in section 5.3.
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