PAS and the differences between PAS and IFRS in respect of PZU’s standalone financial reporting are presented in detail in the PZU’s standalone financial statements for 2017.
PZU’s standalone financial statements for 2017 are available on the PZU website at www.pzu.pl in the “Investor Relations” tab.
6.4.2. PZU Życie
The accounting standards according to PAS applicable to PZU Życie are convergent with the PAS applicable to PZU.
What is unique to PZU Życie is the rules of accounting for insurance agreements and investment contracts according to IFRS.
The fundamental difference between PAS and IFRS in respect of accounting for insurance agreements and investment contracts at PZU Życie is the classification of contracts. There is no term “investment contract” in PAS, as a consequence of which all agreements are classified as insurance agreements. According to IFRS agreements are classified according to the guidelines set forth under IFRS 4 on the classification of products as insurance agreements (subject to IFRS 4) or investment contracts (measured according to IAS 39). In the case of the latter the written premium is not recognized. The classification of those contracts is described in section 5.7.