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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.
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Insurance

Results by segments

Annual Report 2018 > RESULTS 2018 > Results by segments
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Data from the profit and loss account – corporate insurance (non-life insurance) (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 3,097 2,738 2,174 1,779 1,831
Net earned premiums 2,326 2,005 1,641 1,477 1,462
Investment income 113 85 115 121 136
Insurance claims -1,591 -1,323 -1,062 -871 -964
Acquisition costs -477 -425 -361 -288 -306
Administrative expenses -131 -137 -125 -127 -125
Reinsurance commission and share in profits 39 27 21 16 16
Other -11 -41 - -18 -2
Insurance profit 268 191 229 310 217
Acquisition costs ratio (including reinsurance commission)* 18.80% 19.90% 20.70% 18.40% 19.80%
administrative expenses ratio* 5.60% 6.80% 7.60% 8.60% 8.60%
Claims ratio* 68.40% 66.00% 64.70% 59.00% 65.90%
Combined ratio (COR)* 92.90% 92.70% 93.10% 86.00% 94.30%

* ratios calculated with net premium earned

Data from the profit and loss account– mass-market insurance (non-life insurance) (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 10,401 10,068 8,833 7,364 6,569
Net earned premiums 10,168 9,513 7,836 6,793 6,563
Investment income 526 482 517 518 563
Insurance claims -6,171 -6,069 -5,275 -4,441 -4,363
Acquisition costs -1,890 -1,745 -1,551 -1,383 -1,239
Administrative expenses -594 -608 -634 -665 -617
Reinsurance commission and share in profits -6 -9 -14 -14 -27
Other -308 -237 -220 -150 -123
Insurance profit 1,725 1,327 659 658 756
Acquisition costs ratio (including reinsurance commission)* 18.60% 18.40% 20.00% 20.60% 19.30%
administrative expenses ratio* 5.80% 6.40% 8.10% 9.80% 9.40%
Claims ratio* 60.70% 63.80% 67.30% 65.40% 66.50%
Combined ratio (COR)* 85.20% 88.60% 95.40% 95.70% 95.20%

* ratios calculated with net premium earned

Data from the profit and loss account– group and individually continued insurance (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 6,891 6,855 6,775 6,689 6,539
Group insurance 4,887 4,878 4,829 4,753 4,627
Individually continued insurance 2,004 1,977 1,946 1,936 1,912
Net earned premiums 6,890 6,854 6,776 6,691 6,537
Investment income 581 720 680 602 713
Insurance claims and change in other technical provisions net -4,931 -5,142 -4,686 -4,718 -4,570
Acquisition costs -349 -332 -329 -356 -357
Administrative expenses -604 -587 -585 -577 -543
Other -44 -63 -71 -67 -19
Insurance profit 1,543 1,450 1,785 1,575 1,762
Insurance profit excluding conversion effect 1,526 1,415 1,745 1,500 1,692
Insurance profit excluding one-off events 1,526 1,415 1,529 1,500 1,692
Acquisition costs ratio* 5.10% 4.80% 4.90% 5.30% 5.50%
Administrative expenses ratio* 8.80% 8.60% 8.60% 8.60% 8.30%
Insurance profit margin (excl. conversion effect)* 22.10% 20.60% 25.80% 22.40% 25.90%
Insurance profit margin (excl. one-off events)* 22.10% 20.60% 22.60% 22.40% 25.90%

* ratios calculated with gross premium written

Data from the profit and loss account – individual insurance (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 1,346 1,664 1,174 1,234 1,269
Net earned premiums 1,344 1,662 1,174 1,234 1,267
Investment income 59 419 288 251 327
Insurance claims and change in other technical provisions net -976 -1,672 -1,043 -1,091 -1,250
Acquisition costs -126 -135 -107 -123 -126
Administrative expenses -69 -61 -59 -60 -53
Other -5 -4 -9 -5 -2
Insurance profit 227 209 244 206 163
Acquisition costs ratio* 9.40% 8.10% 9.10% 10.00% 10.00%
Administrative expenses ratio* 5.10% 3.70% 5.00% 4.90% 4.20%
Insurance profit margin* 16.90% 12.60% 20.80% 16.70% 12.80%

* ratios calculated with gross premium written

Data from the profit and loss account – investment contracts (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 40 44 86 141 374
Group insurance 2 2 3 3 45
Individual insurance 38 42 83 138 330
Net earned premiums 40 44 86 141 374
Investment income -14 18 18 16 44
Insurance claims and change in the balance of other technical provisions net -15 -50 -89 -136 -376
Acquisition costs -1 -1 -4 -10 -16
Administrative expenses -5 -7 -9 -9 -10
Other -2 - - -1 -1
Insurance profit 3 4 2 1 15
Insurance profit margin* 7.50% 9.10% 2.30% 0.70% 4.00%

* ratios calculated with gross premium written

Data from the profit and loss account- banking activity (PLN million) 2018 2017 2016 2015 2014
Net revenue from commissions and fees 2,380 1,583 351 - -
Investment income 9,596 6,475 2,119 - -
Interest costs -1,904 -1,249 -605 - -
Administrative expenses -4,989 -3,743 -1,290 - -
Other -1,047 -627 73 - -
Total 4,036 2,439 648 - -

Data from the profit and loss account – pension segment (PLN million) 2018 2017 2016 2015 2014
Investment income 5 6 5 7 12
Other revenues 149 128 110 119 271
Administrative expenses -40 -44 -41 -40 -73
Other -7 -3 - -4 -6
Operating profit (loss) 107 87 74 82 203

Data from the profit and loss account – Ukraine segment (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 257 223 210 169 174
Net earned premiums 152 123 109 103 136
Investment result 19 18 23 41 41
Net insurance claims -59 -56 -54 -74 -94
Acquisition costs -82 -69 -60 -47 -52
Administrative expenses -25 -23 -24 -21 -28
Other 18 18 21 10 -
Insurance profit 23 11 15 12 2
Exchange rate UAH/PLN 0.133 0.1402 0.1542 0.1722 0.2637
Acquisition costs ratio* 53.90% 56.10% 55.00% 45.60% 38.40%
Administrative expenses ratio* 16.40% 18.70% 22.00% 20.40% 20.70%

* ratios calculated with net premium earned

Data from the profit and loss account – Baltic states segment (PLN million) 2018 2017 2016 2015 2014
Gross written premiums 1,592 1,404 1,183 1,193 536
Net earned premiums 1,480 1,248 1,104 1,109 477
Investment result 2 20 23 22 15
Net insurance claims -905 -773 -694 -687 -312
Acquisition costs -317 -275 -251 -253 -115
Administrative expenses -125 -111 -110 -147 -80
Other 3 - - - -
Insurance profit 138 109 72 44 -16
Exchange rate EUR/LTL in PLN 4.2669 4.2447 4.3757 4.1848 1.2133
Acquisition costs ratio* 21.40% 22.00% 22.70% 22.80% 24.20%
Administrative expenses ratio* 8.40% 8.90% 10.00% 13.30% 16.80%

* ratios calculated with net premium earned

Investment segment (external) (PLN million) 2018 2017 2016 2015 2014
Total -447 111 -570 506 579

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