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
45.2 Quantitative data
| Financial liabilities | 31 December 2018 | 31 December 2017 (restated) |
| Financial liabilities measured at fair value | 4,017 | 4,956 |
| Derivatives held for trading | 2,450 | 2,606 |
| Cash flow hedge derivatives | 771 | 682 |
| Fair value hedge derivatives | 144 | 186 |
| Liabilities on borrowed securities (short sale) | 120 | 750 |
| Investment contracts for the client’s account and risk (unit-linked) | 266 | 312 |
| Liabilities to members of consolidated mutual funds | 266 | 420 |
| Financial liabilities measured at amortized cost | 232,299 | 219,594 |
| Liabilities to banks | 6,044 | 5,323 |
| Current deposits | 1,058 | 996 |
| One-day deposits | 207 | 372 |
| Term deposits | 7 | 311 |
| Loans received | 4,386 | 3,380 |
| Other liabilities | 386 | 264 |
| Liabilities to clients under deposits | 207,635 | 198,163 |
| Current deposits | 137,559 | 122,956 |
| Term deposits | 69,350 | 74,453 |
| Other liabilities | 726 | 754 |
| Liabilities on the issue of own debt securities | 12,009 | 9,610 |
| Subordinated liabilities | 6,061 | 5,319 |
| Liabilities on account of repurchase transactions | 540 | 1,167 |
| Investment contracts with guaranteed and fixed terms and conditions | - | 1 |
| Finance lease liabilities | 10 | 11 |
| Total financial liabilities | 236,316 | 224,550 |
| Financial liabilities by maturity | 31 December 2018 | 31 December 2017 (restated) |
| Up to 1 year | 218,952 | 206,158 |
| 1 to 5 years | 10,332 | 11,801 |
| Over 5 years | 7,032 | 6,591 |
| Total financial liabilities by maturity | 236,316 | 224,550 |
45.2.1 Financial derivatives
More information on derivative financial instruments is presented in section 34.
45.2.2 Subordinated liabilities
| Par value (in millions) | Currency | Interest rate | Issue (receipt) date / Maturity date | Carrying amount 31 December 2018 (in PLN m) | Carrying amount 31 December 2017 (in PLN m) | |
| Liabilities classified as PZU’s own funds | ||||||
| Subordinated bonds – PZU | 2,250 | PLN | WIBOR 6M + margin | 30 June 2017 29 July 2027 | 2,279 | 2,285 |
| Liabilities classified as Pekao’s own funds | ||||||
| A series bonds | 1,250 | PLN | WIBOR 6M + margin | 30 October 2017 29 October 2027 | 1,257 | 1,257 |
| B series bonds | 550 | PLN | WIBOR 6M + margin | 15 October 2018 16 October 2028 | 548 | n/a |
| C series bonds | 200 | PLN | WIBOR 6M + margin | 15 October 2018 14 October 2033 | 196 | n/a |
| Liabilities classified as Alior Bank’s own funds | ||||||
| Subordinated loan | 10 | EUR | EURIBOR 3M + margin | 12 October 2011 12 October 2019 | 43 | 42 |
| F series bonds | 322 | PLN | WIBOR 6M + margin | 26 September 2014 26 September 2024 | 225 | 225 |
| G series bonds | 193 | PLN | WIBOR 6M + margin | 31 March 2015 31 March 2021 | 196 | 196 |
| I and I1 series bonds | 183 | PLN | WIBOR 6M + margin | 4 December 2015 6 December 2021 | 148 | 147 |
| K and K1 series bonds | 600 | PLN | WIBOR 6M + margin | 20 October 2017 20 October 2025 | 605 | 605 |
| Meritum Bank series B bonds | 67 | PLN | WIBOR 6M + margin | 29 April 2013 29 April 2021 | 68 | 68 |
| Meritum Bank series C bonds | 80 | PLN | WIBOR 6M + margin | 21 October 2014 21 October 2022 | 81 | 80 |
| EUR001 series bonds | 10 | EUR | LIBOR 6M + margin | 4 February 2016 4 February 2022 | 44 | 43 |
| P1A series bonds | 150 | PLN | WIBOR 6M + margin | 14 April 2016 16 May 2022 | 151 | 150 |
| P1B series bonds | 70 | PLN | WIBOR 6M + margin | 21 April 2016 16 May 2024 | 70 | 70 |
| P2A series bonds | 150 | PLN | WIBOR 6M + margin | 27 December 2017 29 December 2025 | 150 | 151 |
| Subordinated liabilities | 6,061 | 5,319 | ||||
The lower carrying amount of subordinated liabilities compared to the nominal value ensues from some of the bonds issued by Pekao and Alior Bank were subscribed for by consolidated mutual funds.
45.2.3. Liabilities on the issue of own debt securities
| Liabilities on the issue of own debt securities | 31 December 2018 | 31 December 2017 (restated) |
| Bonds of PZU Finance AB (publ.) | 3,676 | 3,478 |
| Alior Bank series J bonds | 268 | 253 |
| Pekao bonds | 1,978 | 90 |
| Certificates of deposit | 4,542 | 4,541 |
| Covered bonds | 1,545 | 1,248 |
| Liabilities on the issue of own debt securities | 12,009 | 9,610 |
| Par value | Interest rate | Issue dates | Maturity date | |
| Bonds of PZU Finance AB (publ.) | EUR 850 million | 1.375% | 3 July 2014 16 October 2015 | 3 July 2019 |
| Alior Bank series J bonds | PLN 250 million | WIBOR 6M + margin | 11 August 2017 | 11 August 2020 |
Bonds classified as measured at amortized cost.
The liabilities of PZU Finance AB (publ.) arising from the bonds are secured by a guarantee granted by PZU which covers all issue-related liabilities of the issuer (including the obligation to pay the par value of the bonds and interest on the bonds) in favor of all bondholders. The maximum amount of the guarantee in effect until the expiration of the bondholders’ claims against PZU Finance AB (publ.), has not been specified.
