- Results 2017
- Results 2017
- Financial Results
- Major factors contributing to the consolidated financial result
- PZU Group’s income
- PZU Group’s claims paid and technical provisions
- PZU Group’s acquisition and administrative expenses
- PZU Group’s asset and liability structure
- Contribution made by the market segments to the consolidated result
- Issuer’s financial results – PZU (Polish GAAP)
- Statement of profit and loss
- Statement of comprehensive income
- Statement of financial position
- Consolidated statement of changes in equity
- Cash flow statement
- Supplementary information and notes
- 1. Introduction
- 2. Composition of PZU Group
- 3. Shareholder structure
- 4. Composition of the Management Board, Supervisory Board and PZU Group Directors
- 5. Key accounting policies, key estimates and judgments
- 5.1 Changes in accounting policies and estimates, errors from previous years
- 5.2 Amendments to the applied IFRS
- 5.3 Explanation of differences between the 2016 annual consolidated financial statements and these consolidated financial statements
- 5.4 Consolidation rules
- 5.5 Measurement of transactions and balances denominated in foreign currencies and FX rates used
- 5.6 Purchase method
- 5.7 Classification of insurance contracts in accordance with IFRS 4
- 6. Segment reporting
- 7. Risk management
- 8. Capital management
- 9. Fair value
- 10. Gross written premiums
- 11. Revenue from commissions and fees
- 12. Net investment income
- 13. Net result on realization and impairment losses on investments
- 14. Net movement in fair value of assets and liabilities measured at fair value
- 15. Other operating income
- 16. Claims, benefits and movement in technical provisions
- 17. Fee and commission expense
- 18. Interest expense
- 19. Acquisition expenses
- 20. Administrative expenses
- 21. Employee expenses
- 22. Other operating expenses
- 23. Income tax
- 24. Earnings per share
- 25. Income tax in other comprehensive income
- 26. Goodwill
- 27. Intangible assets
- 28. Other assets
- 29. Deferred acquisition costs
- 30. Property, plant and equipment
- 31. Investment property
- 32. Entities measured by the equity method
- 33. Financial assets
- 34. Receivables
- 35. Cash and cash equivalents
- 36. Assets held for sale
- 37. Issued share capital and other capital attributable to equity holders of the parent
- 38. Technical provisions
- 39. Provisions for employee benefits
- 40. Other provisions
- 41. Deferred tax
- 42. Financial liabilities
- 43. Other liabilities
- 44. Leasing
- 45. Assets securing receivables, liabilities and contingent liabilities
- 46. Contingent assets and liabilities
- 47. Disputes
- 47.1 Resolutions of the Ordinary Shareholder Meeting of PZU to distribute the profit earned in the financial year 2006
- 47.2 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU
- 47.3 Proceedings conducted by the President of the Office of Competition and Consumer Protection against PZU Życie
- 47.4 Notification of PZU’s claim to the bankruptcy estate of companies of the PBG Group
- 47.5 Proceedings against Pekao for annulment and possibly repealing resolutions adopted by Pekao’s Shareholder Meeting
- 47.6 Lawsuit against Pekao and Centralny Dom Maklerski Pekao SA
- 48. Related party transactions
- 48.1 Compensation of Management Board members, senior managers and members of supervisory bodies of PZU Group
- 48.2 Related party transactions concluded by PZU or subsidiaries on terms other than based on the arm’s length principle
- 48.3 Other related party transactions
- 48.4 Presentation of transactions with State Treasury’s related parties
- 49. Headcount
- 50. Other information
- 50.1 Audit fee payable to the audit firm auditing the financial statements
- 50.2 Management of Pekao Pension Funds
- 50.3 Headcount restructuring
- 50.4 Alior Bank’s Second Public Bond Issue Program
- 50.5 Inspections in PZU by the KNF Office
- 50.6 Situation in Ukraine
- 50.7 Tax Group Agreement
- 50.8 Subsequent events
- Results by segments
- Non-recurring events
- Operational efficiency ratios
- Consolidated profit and loss account statement (2013-2017)
- Assets and liabilities (2013-2017)
- Business
- Business
- Brief description of the PZU Group
- Operating model
- Group’s condition
- Structure of the PZU Group
- Non-life insurance (PZU, LINK4 and TUW PZUW)
- Life insurance (PZU Życie)
- Banking (Bank Pekao, Alior Bank)
- Mutual funds (TFI PZU)
- International operations
- Medical services (Health Area)
- Pension funds (PTE PZU)
- Other operating areas
- Responsible products
- Cooperation with suppliers
- Counteracting crime
- Personal data protection
- Employees
- Socially-minded activities
- Environmental impact
- Market
- Market
- Main trends in the Polish economy
- Situation on the financial markets
- Regulations pertaining to the insurance market and the financial markets in Poland
- External environment in the Baltic States and Ukraine
- Macroeconomic factors that can affect the operations of the Polish insurance sector and the PZU Group’s activities in 2018
- Strategy
- Strategy
- Recap of Group Strategy “The New PZU – More Than Insurance”
- New operating model
- Main business objectives
- Strategy operationalization
- CSR ambitions
- Support for strategy implementation
- PZU Group’s policies
- Pursuit of key projects and initiatives in 2017
- Selected measures of the PZU Group Strategy “PZU 2020”
- Equities and bonds
- Equities and bonds
- PZU on the capital and debt markets
- Equity and bond market
- PZU’s share price
- Debt financing
- Banking sector on the Warsaw Stock Exchange
- PZU’s investor relations
- Analysts’ recommendations regarding PZU stock
- PZU Group’s Capital and Dividend Policy
- Rating
- Calendar of major corporate events in 2018
- Corporate Governance
- Corporate Governance
- Corporate governance principles applied by PZU
- Application of Best Practices of WSE Listed Companies
- Application of Corporate Governance Rules for Regulated Institutions
- System of control in the process of preparing financial statements
- An auditing company that audits financial statements
- Share capital and PZU shareholders; shares owned by members of its governing bodies
- PZU’s Articles of Association
- Shareholder Meeting, Supervisory Board and Management Board
- Compensation of the members of governing bodies
- Diversity policy applied to the issuer’s administrative, managing and supervising bodies
- Counteracting corruption
- Other
- Risk
- Risk
- Objective of risk management
- Risk management system
- Risk appetite
- Risk management process
- PZU Group’s risk profile
- Social risks
- Environmental risks
- Employee risks
- Risks related to respect for human rights
- Risks related to counteracting corruption
- Sensitivity to risk
- Reinsurance operations
- Capital management
36.1 Accounting policy
Annual Report 2017 > Results 2017 > Supplementary information and notes > 36. Assets held for sale > 36.1 Accounting policy
Reference Areas:
Health
Investments
Banking
Best Pratices in PZU
Assets and liabilities or disposal groups are classified as held for sale if there is a plan to sell them and an active program of finding a buyer is in place.
Assets and liabilities held for sale or disposal groups are measured at the lower of their carrying amount and fair value less costs to sell.
Share on:
- Results 2017
- Results 2017
- Financial Results
- Statement of profit and loss
- Statement of comprehensive income
- Statement of financial position
- Consolidated statement of changes in equity
- Cash flow statement
- Supplementary information and notes
- Results by segments
- Non-recurring events
- Operational efficiency ratios
- Consolidated profit and loss account statement (2013-2017)
- Assets and liabilities (2013-2017)
- Business
- Market
- Market
- Main trends in the Polish economy
- Situation on the financial markets
- Regulations pertaining to the insurance market and the financial markets in Poland
- External environment in the Baltic States and Ukraine
- Macroeconomic factors that can affect the operations of the Polish insurance sector and the PZU Group’s activities in 2018
- Strategy
- Strategy
- Recap of Group Strategy “The New PZU – More Than Insurance”
- New operating model
- Main business objectives
- Strategy operationalization
- CSR ambitions
- Support for strategy implementation
- PZU Group’s policies
- Pursuit of key projects and initiatives in 2017
- Selected measures of the PZU Group Strategy “PZU 2020”
- Equities and bonds
- Equities and bonds
- PZU on the capital and debt markets
- Equity and bond market
- PZU’s share price
- Debt financing
- Banking sector on the Warsaw Stock Exchange
- PZU’s investor relations
- Analysts’ recommendations regarding PZU stock
- PZU Group’s Capital and Dividend Policy
- Rating
- Calendar of major corporate events in 2018
- Corporate Governance
- Corporate Governance
- Corporate governance principles applied by PZU
- Application of Best Practices of WSE Listed Companies
- Application of Corporate Governance Rules for Regulated Institutions
- System of control in the process of preparing financial statements
- An auditing company that audits financial statements
- Share capital and PZU shareholders; shares owned by members of its governing bodies
- PZU’s Articles of Association
- Shareholder Meeting, Supervisory Board and Management Board
- Compensation of the members of governing bodies
- Diversity policy applied to the issuer’s administrative, managing and supervising bodies
- Counteracting corruption
- Other
- Risk
- Risk
- Objective of risk management
- Risk management system
- Risk appetite
- Risk management process
- PZU Group’s risk profile
- Social risks
- Environmental risks
- Employee risks
- Risks related to respect for human rights
- Risks related to counteracting corruption
- Sensitivity to risk
- Reinsurance operations
- Capital management
Investor Relations Team
e-mail: IR@pzu.pl
Piotr Wiśniewski, Head of IR, tel. +48 (22) 582 26 23
Aleksandra Jakima-Moskwa, tel. +48 (22) 582 26 17
Piotr Wąsiewicz, tel. +48 (22) 582 41 95