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
44.3 Quantitative data
44.3.1 Deferred tax assets
| Unrecognized deferred tax assets resulting from the tax loss according to legally permissible realization term | 31 December 2018 | 31 December 2017 |
| up to 1 year | 4 | 5 |
| 1 to 5 years | 9 | 14 |
| over 5 years | 6 | 5 |
| term unlimited by law | 2 | 2 |
| Total | 21 | 26 |
| Movement in deferred tax assets in the year ended 31 December 2018 | Balance at the beginning of the period | The effect of the application of IFRS 9 | Changes recognized in the financial result | Changes recognized in other compre- hensive income | Other changes | Balance at the end of the period |
| Loan receivables from clients | 809 | 308 | 48 | (7) | - | 1,158 |
| Upfront bank commissions | 478 | 45 | 57 | - | - | 580 |
| Liabilities to clients under deposits | 68 | - | (10) | - | - | 58 |
| Intangible assets – trademarks and client relations | (340) | - | 49 | - | - | (291) |
| Financial instruments | 248 | - | 11 | (21) | (1) | 237 |
| Real property | (74) | - | 13 | - | - | (61) |
| Accrued reinsurance income and expenses | 18 | - | 16 | - | - | 34 |
| Provisions for employee benefits | 85 | - | (13) | - | - | 72 |
| Provisions for bonuses | 67 | - | 7 | - | - | 74 |
| Other provisions and liabilities | 193 | - | 139 | - | - | 332 |
| Tax losses carried forward | 31 | - | 7 | - | (1) | 37 |
| Provision for restructuring expenses | 7 | - | (3) | - | - | 4 |
| Total deferred tax assets | 1,590 | 353 | 321 | (28) | (2) | 2,234 |
| Movement in deferred tax assets in the year ended 31 December 2017 (restated) | Balance at the beginning of the period | Changes recognized in the financial result | Changes recognized in other compre- hensive income | Change in the composi- tion of the Group | Other changes | Balance at the end of the period |
| Loan receivables from clients | 324 | (39) | - | 524 | - | 809 |
| Upfront bank commissions | 294 | 6 | - | 178 | - | 478 |
| Liabilities to clients under deposits | 24 | 11 | - | 33 | - | 68 |
| Intangible assets – trademarks and client relations | (48) | 39 | - | (331) | - | (340) |
| Financial instruments | 36 | 66 | (25) | 169 | 2 | 248 |
| Real property | - | 15 | - | (85) | (4) | (74) |
| Accrued reinsurance income and expenses | - | 18 | - | - | - | 18 |
| Provisions for employee benefits | (1) | 4 | (2) | 74 | 10 | 85 |
| Provisions for bonuses | - | 20 | - | 31 | 16 | 67 |
| Other provisions and liabilities | (54) | 103 | - | 171 | (27) | 193 |
| Tax losses carried forward | 5 | 1 | - | 25 | - | 31 |
| Provision for restructuring expenses | 48 | (41) | - | - | - | 7 |
| Tax relief for activity in a special economic zone | 13 | (13) | - | - | - | - |
| Total deferred tax assets | 641 | 190 | (27) | 789 | (3) | 1,590 |
44.3.2. Deferred tax liability
| Movement in deferred tax liabilities in the year ended 31 December 2018 | Balance at the beginning of the period | The effect of the application of IFRS 9 | Changes recognized in the financial result | Changes recognized in other compre- hensive income | Other changes | Balance at the end of the period |
| Financial instruments | 229 | (3) | (45) | (60) | 1 | 122 |
| Recourse receivables | 9 | - | - | - | - | 9 |
| Real property | 73 | - | 14 | 1 | (31) | 57 |
| Deferred acquisition expenses | 268 | - | 9 | - | - | 277 |
| Accrued reinsurance income and expenses | 14 | - | (20) | - | - | (6) |
| Intangible assets – trademarks and client relations | 61 | - | (3) | - | - | 58 |
| Provisions for employee benefits | (12) | - | (3) | - | - | (15) |
| Provision for bonuses | (50) | - | (3) | - | - | (53) |
| Liabilities unpaid to natural persons (under mandate contracts, agency contracts etc.) | (65) | - | (8) | - | - | (73) |
| Other provisions and liabilities | (89) | (1) | (15) | - | - | (105) |
| Prevention fund | 17 | - | (3) | - | - | 14 |
| Equalization provision | 137 | - | 8 | - | - | 145 |
| Tax losses carried forward | (18) | - | (2) | - | 3 | (17) |
| Other differences | 64 | (3) | 12 | - | - | 73 |
| Total movement in deferred tax liabilities | 638 | (7) | (59) | (59) | (27) | 486 |
| Movement in deferred tax liabilities in the year ended 31 December 2017 | Balance at the beginning of the period | Changes recognized in the financial result | Changes recognized in other compre- hensive income | Change in the composi- tion of the Group | Other changes | Balance at the end of the period |
| Financial instruments | 108 | 122 | 3 | - | (4) | 229 |
| Recourse receivables | 4 | 5 | - | - | - | 9 |
| Real property | 60 | (7) | - | 1 | 19 | 73 |
| Deferred acquisition expenses | 254 | 14 | - | - | - | 268 |
| Accrued reinsurance income and expenses | 28 | (14) | - | - | - | 14 |
| Intangible assets – trademarks and client relations | 41 | (12) | - | 33 | (1) | 61 |
| Provisions for employee benefits | (11) | - | - | (1) | - | (12) |
| Provision for bonuses | (46) | (3) | - | (1) | - | (50) |
| Liabilities unpaid to natural persons (under mandate contracts, agency contracts etc.) | (60) | (5) | - | - | - | (65) |
| Other provisions and liabilities | (80) | (9) | - | 1 | (1) | (89) |
| Prevention fund | 16 | 1 | - | - | - | 17 |
| Equalization provision | 127 | 10 | - | - | - | 137 |
| Tax losses carried forward | (22) | 4 | - | - | - | (18) |
| Other differences | 50 | 10 | 1 | 3 | - | 64 |
| Total movement in deferred tax liabilities | 469 | 116 | 4 | 36 | 13 | 638 |
