Contribution made by the market segments to the consolidated result

Annual Report 2017 > Results 2017 > Financial Results > Contribution made by the market segments to the consolidated result
Reference Areas:
Health
Investments
Banking
Best Pratices in PZU

The following industry segments were identified in order to facilitate management of the PZU Group:

  • corporate insurance (non-life insurance) – this segment covers a broad scope of property insurance products, liability and motor insurance customized to a client’s needs entailing individual underwriting offered by PZU, TUW PZUW to large businesses;
  • mass insurance (non-life insurance) – this segment consists of property, accident, liability and motor insurance products. PZU and LINK4 provide insurance to individuals and entities from the SME sector;
  • life insurance: group and individually insurance – PZU Życie offers it to employee groups and other formal groups. Persons under a legal relationship with the policyholder (e.g. employer, trade union) enroll in the insurance agreement and individually continued insurance in which the policyholder acquired the right to individual continuation during the group phase. It includes the following insurance types: protection, investment (which however are not investment contracts) and health insurance;
  • individual life insurance – PZU Życie provides those products to retail clients. The insurance agreement applies to a specific insured who is subject to individual underwriting. These products include protection, investment (which are not investment contracts) and health insurance;
  • investments – reporting according to Polish GAAP – the revenues of the investments segment comprise the investments of the PZU Group’s own funds, understood as the surplus of investments over technical provisions in the PZU Group insurance companies based in Poland (PZU, LINK4 and PZU Życie) plus the surplus of income earned over the risk-free rate on investments reflecting the value of technical provisions of PZU, LINK4 and PZU Życie in insurance products, i.e. the surplus of investment income of PZU, LINK4 and PZU Życie over the income allocated at transfer prices to insurance segments. Additionally, the investment segment includes income from other free funds in the PZU Group (including consolidated mutual funds).
  • Banking segment – a broad range of banking products offered both to corporate and retail clients by Pekao and Alior Bank.
  • Baltic States segment – includes non-life insurance and life insurance products provided in the territories of Lithuania, Latvia and Estonia;
  • investment contracts – include PZU Życie products that do not transfer material insurance risk and do not satisfy the definition of insurance contract. They include some products with a guaranteed rate of return and some products in the form of a unit-linked insurance product;
  • other – include consolidated companies that are not classified in any of the above segments.

Corporate insurance

Mass insurance

Group and individually continued insurance

Individual insurance

Investments

Banking activity

Pension insurance

Baltic States

Ukraine

Investment contracts

Profitability ratios

Operational efficiency ratios

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