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2. Structure of the Capital Group

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2.1 PZU

2.2 PZU Group entities

2.3 Non-controlling interest

2.4 Changes in the scope of consolidation and structure of PZU Group

  • PZU in 2014

    Overview
    Read More
    • Brief overview
    • PZU on the capital and debt market
    • PZU – strong Customer orientation
    • PZU – high operational efficiency
    • PZU Strategy 3.0
    • PZU socially responsible
    • Calendar
    • The most important achievements in 2014
    • Summary of consolidated financial highlights
    • International operations of PZU Group
    • External environment in 2014
  • Activities and CSR

    Overview
    Read More
    • Structure of PZU Group
    • PZU and Link4 – operations on the Polish non-life insurance market
    • PZU Życie – activities on the life insurance market in Poland
    • PTE PZU – activities on the pension fund market
    • TFI PZU – activities on the investment fund market
    • Foreign operations of PZU Group in 2015
    • PZU Zdrowie – activities on the health care market
    • Other areas of activity
    • Sales and service channels
    • Human resources management
    • Marketing
    • Corporate social responsibility
    • Other reports
  • PZU Strategy 3.0

    Overview
    Read More
    • Effects of the PZU 2.0 strategy
    • Projected external situation
    • Implementation of Strategy 2.0 for the years 2012 – 2014
    • Strategy of PZU Group for the years 2015-2020 – The PZU 3.0 Strategy
    • Development strategy of PZU Group on individual markets
  • Stock exchange and investors

    Overview
    Read More
    • Stock and bond markets
    • PZU’s stock prices
    • Debt financing
    • Investor relations
    • Analysts’ recommendations
    • Dividend policy
    • Rating
    • Calendar of the main corporate events in 2015
  • Corporate governance

    Overview
    Read More
    • Corporate governance principles applied by PZU
    • Application of good practices of companies listed on WSE
    • Application of Corporate Governance Principles to Supervised institutions
    • Control system applied during preparation of the financial statements
    • Entity authorized to audit financial statements
    • Share capital and shareholders of PZU; stock held by members of its authorities
    • Articles of Association of PZU
    • General Shareholders’ Meeting, Supervisory Board and Management Board
    • Remuneration of the members of Group’s bodies
    • Management Board’s Representation
  • Risk management

    Overview
    Read More
    • Objective of risk management
    • Risk management system
    • Risk appetite
    • Risk management process
    • Risk profile
    • Sensitivity to risk
    • Reinsurance operations
    • Capital management
  • Financial results

    Overview
    Read More
    • Consolidated statement of profit or loss
    • Consolidated statement of comprehensive income
    • Consolidated statement of financial position
    • Statement of changes in consolidated equity
    • Consolidated statement of cash flows
    • Additional information and notes
      • 1. Introduction
      • 2. Structure of the Capital Group
        • 2.1 PZU
        • 2.2 PZU Group entities
        • 2.3 Non-controlling interest
        • 2.4 Changes in the scope of consolidation and structure of PZU Group
      • 3. The shareholding structure
      • 4. Composition of the Management Board, Supervisory Board and Directors in the PZU Group
      • 5. Summary of significant accounting policies
        • 5.1 Changes in accounting policies, accounting estimates and errors
        • 5.2 Consolidation principles
        • 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
        • 5.4 Acquisition method
        • 5.5 Intangible assets
        • 5.6 Goodwill
        • 5.7 Property, plant and equipment
        • 5.8 Impairment of property, plant and equipment and intangible assets
        • 5.9 Investment property
        • 5.10 Associates and joint ventures
        • 5.11 Financial instruments
        • 5.12 Salvages and subrogations in non-life insurance
        • 5.13 Costs of acquisition and deferred acquisition costs
        • 5.14 Cash and cash equivalents
        • 5.15 Assets and liabilities held for sale and disposal groups
        • 5.16 Equity
        • 5.17 Insurance contracts
        • 5.18 Provisions for employee benefits
        • 5.19 Other provisions
        • 5.20 Revenue recognition
        • 5.21 Taxes
        • 5.22 Earnings per share
      • 6. Key estimates and judgments
        • 6.1 Judgements made
        • 6.2 Estimates and assumptions made
      • 7. Segment reporting
        • 7.1 Reporting segments
        • 7.2 Settlements among segments
        • 7.3 Measure of profit of a segment
        • 7.4 Segments characteristics
        • 7.5 Polish Accounting Standards applied
        • 7.6 Structure of the segment reporting note and reconciliations
        • 7.7 Simplifications in the segment note
        • 7.8 Information on key accounts
      • 8. Risk management
        • 8.1 Introduction
        • 8.2 Description of the risk management system
        • 8.3 Organisational structure
        • 8.4 Risk appetite, risk profile and risk tolerance
        • 8.5 Risk identification, measurement, assessment, monitoring and reporting methods
        • 8.6 Risk profile
      • 9. Capital management
      • 10. Fair value
        • 10.1 Description of valuation techniques
        • 10.2 Fair value hierarchy
        • 10.3 Reclassifications between levels of fair value hierarchy
        • 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
        • 10.5 Changes in fair value measurement of financial instruments measured at fair value
        • 10.6 The highest and best use of a non-financial asset vs. its current use
      • 11. Gross written premiums
      • 12. Revenue from commissions and fees
      • 13. Net investment income
      • 14. Net result on realization and impairment losses on investments
      • 15. Net change in the fair value of assets and liabilities measured at fair value
      • 16. Other operating income
      • 17. Claims, benefits and change in technical provisions
        • 17.1 Non-life insurance
        • 17.2 Life insurance
        • 17.3 Claims handling expenses
      • 18. Change in measurement of investment contracts
      • 19. Acquisition costs
      • 20. Administrative expenses
      • 21. Employee expenses
      • 22. Other operating expenses
      • 23. Borrowing costs
      • 24. Exchange differences
      • 25. Earnings per share
      • 26. Income tax
      • 27. Income tax presented in other comprehensive income
      • 28. Intangible assets
      • 29. Goodwill
      • 30. Tangible assets
      • 31. Investment property
      • 32. Entities measured using the equity method
      • 33. Financial assets
        • 33.1 Financial instruments held to maturity
        • 33.2 Financial instruments available for sale
        • 33.3 Financial instruments measured at fair value through profit or loss
        • 33.4 Loans and receivables
      • 34. Receivables, including insurance receivables
        • 34.1 Other receivables
        • 34.2 Receivables from operating leases
      • 35. Reinsurers’ share in technical provisions
      • 36. Impairment of financial assets and receivables
      • 37. Estimated subrogations and salvages
      • 38. Deferred tax assets
      • 39. Current income tax receivables
      • 40. Deferred acquisition costs
        • 40.1 Deferred acquisition costs – non-life insurance
        • 40.2 Deferred acquisition costs – life insurance
      • 41. Other assets
      • 42. Cash and cash equivalents
      • 43. Assets held for sale
      • 44. Issued share capital and other equity attributable to the equity holders of the parent entity
      • 45. Technical provisions
      • 46. Investment contracts
      • 47. Provisions for employee benefits
      • 48. Other provisions
      • 49. Deferred tax liabilities
      • 50. Current income tax liabilities
      • 51. Liabilities arising from the issue of own debt instruments
      • 52. Other liabilities
      • 53. Notes to other inflows and outflows from operating activities
      • 54. Assets recognised as collateral of receivables, liabilities and contingent liabilities
      • 55. Contingent assets and liabilities
      • 56. Litigation claims
      • 57. Related party transactions
      • 58. Employment
      • 59. Other information
    • Consolidated financial results
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© 2015 PZUPrivacy Policy Online annual report 2013Annual report 2014 – download PDF
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  • PZU in 2014
    • Brief overview
    • PZU on the capital and debt market
    • PZU – strong Customer orientation
    • PZU – high operational efficiency
    • PZU Strategy 3.0
    • PZU socially responsible
    • Calendar
    • The most important achievements in 2014
    • Summary of consolidated financial highlights
    • International operations of PZU Group
    • External environment in 2014
  • Activities and CSR
    • Structure of PZU Group
    • PZU and Link4 – operations on the Polish non-life insurance market
    • PZU Życie – activities on the life insurance market in Poland
    • PTE PZU – activities on the pension fund market
    • TFI PZU – activities on the investment fund market
    • Foreign operations of PZU Group in 2015
    • PZU Zdrowie – activities on the health care market
    • Other areas of activity
    • Sales and service channels
    • Human resources management
    • Marketing
    • Corporate social responsibility
    • Other reports
  • PZU Strategy 3.0
    • Effects of the PZU 2.0 strategy
    • Projected external situation
    • Implementation of Strategy 2.0 for the years 2012 – 2014
    • Strategy of PZU Group for the years 2015-2020 – The PZU 3.0 Strategy
    • Development strategy of PZU Group on individual markets
  • Stock exchange and investors
    • Stock and bond markets
    • PZU’s stock prices
    • Debt financing
    • Investor relations
    • Analysts’ recommendations
    • Dividend policy
    • Rating
    • Calendar of the main corporate events in 2015
  • Corporate governance
    • Corporate governance principles applied by PZU
    • Application of good practices of companies listed on WSE
    • Application of Corporate Governance Principles to Supervised institutions
    • Control system applied during preparation of the financial statements
    • Entity authorized to audit financial statements
    • Share capital and shareholders of PZU; stock held by members of its authorities
    • Articles of Association of PZU
    • General Shareholders’ Meeting, Supervisory Board and Management Board
    • Remuneration of the members of Group’s bodies
    • Management Board’s Representation
  • Risk management
    • Objective of risk management
    • Risk management system
    • Risk appetite
    • Risk management process
    • Risk profile
    • Sensitivity to risk
    • Reinsurance operations
    • Capital management
  • Financial results
    • Consolidated financial results
    • Consolidated statement of profit or loss
    • Consolidated statement of comprehensive income
    • Consolidated statement of financial position
    • Statement of changes in consolidated equity
    • Consolidated statement of cash flows
    • Additional information and notes
      • 1. Introduction
      • 2. Structure of the Capital Group
        • 2.1 PZU
        • 2.2 PZU Group entities
        • 2.3 Non-controlling interest
        • 2.4 Changes in the scope of consolidation and structure of PZU Group
      • 3. The shareholding structure
      • 4. Composition of the Management Board, Supervisory Board and Directors in the PZU Group
      • 5. Summary of significant accounting policies
        • 5.1 Changes in accounting policies, accounting estimates and errors
        • 5.2 Consolidation principles
        • 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
        • 5.4 Acquisition method
        • 5.5 Intangible assets
        • 5.6 Goodwill
        • 5.7 Property, plant and equipment
        • 5.8 Impairment of property, plant and equipment and intangible assets
        • 5.9 Investment property
        • 5.10 Associates and joint ventures
        • 5.11 Financial instruments
        • 5.12 Salvages and subrogations in non-life insurance
        • 5.13 Costs of acquisition and deferred acquisition costs
        • 5.14 Cash and cash equivalents
        • 5.15 Assets and liabilities held for sale and disposal groups
        • 5.16 Equity
        • 5.17 Insurance contracts
        • 5.18 Provisions for employee benefits
        • 5.19 Other provisions
        • 5.20 Revenue recognition
        • 5.21 Taxes
        • 5.22 Earnings per share
      • 6. Key estimates and judgments
        • 6.1 Judgements made
        • 6.2 Estimates and assumptions made
      • 7. Segment reporting
        • 7.1 Reporting segments
        • 7.2 Settlements among segments
        • 7.3 Measure of profit of a segment
        • 7.4 Segments characteristics
        • 7.5 Polish Accounting Standards applied
        • 7.6 Structure of the segment reporting note and reconciliations
        • 7.7 Simplifications in the segment note
        • 7.8 Information on key accounts
      • 8. Risk management
        • 8.1 Introduction
        • 8.2 Description of the risk management system
        • 8.3 Organisational structure
        • 8.4 Risk appetite, risk profile and risk tolerance
        • 8.5 Risk identification, measurement, assessment, monitoring and reporting methods
        • 8.6 Risk profile
      • 9. Capital management
      • 10. Fair value
        • 10.1 Description of valuation techniques
        • 10.2 Fair value hierarchy
        • 10.3 Reclassifications between levels of fair value hierarchy
        • 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
        • 10.5 Changes in fair value measurement of financial instruments measured at fair value
        • 10.6 The highest and best use of a non-financial asset vs. its current use
      • 11. Gross written premiums
      • 12. Revenue from commissions and fees
      • 13. Net investment income
      • 14. Net result on realization and impairment losses on investments
      • 15. Net change in the fair value of assets and liabilities measured at fair value
      • 16. Other operating income
      • 17. Claims, benefits and change in technical provisions
        • 17.1 Non-life insurance
        • 17.2 Life insurance
        • 17.3 Claims handling expenses
      • 18. Change in measurement of investment contracts
      • 19. Acquisition costs
      • 20. Administrative expenses
      • 21. Employee expenses
      • 22. Other operating expenses
      • 23. Borrowing costs
      • 24. Exchange differences
      • 25. Earnings per share
      • 26. Income tax
      • 27. Income tax presented in other comprehensive income
      • 28. Intangible assets
      • 29. Goodwill
      • 30. Tangible assets
      • 31. Investment property
      • 32. Entities measured using the equity method
      • 33. Financial assets
        • 33.1 Financial instruments held to maturity
        • 33.2 Financial instruments available for sale
        • 33.3 Financial instruments measured at fair value through profit or loss
        • 33.4 Loans and receivables
      • 34. Receivables, including insurance receivables
        • 34.1 Other receivables
        • 34.2 Receivables from operating leases
      • 35. Reinsurers’ share in technical provisions
      • 36. Impairment of financial assets and receivables
      • 37. Estimated subrogations and salvages
      • 38. Deferred tax assets
      • 39. Current income tax receivables
      • 40. Deferred acquisition costs
        • 40.1 Deferred acquisition costs – non-life insurance
        • 40.2 Deferred acquisition costs – life insurance
      • 41. Other assets
      • 42. Cash and cash equivalents
      • 43. Assets held for sale
      • 44. Issued share capital and other equity attributable to the equity holders of the parent entity
      • 45. Technical provisions
      • 46. Investment contracts
      • 47. Provisions for employee benefits
      • 48. Other provisions
      • 49. Deferred tax liabilities
      • 50. Current income tax liabilities
      • 51. Liabilities arising from the issue of own debt instruments
      • 52. Other liabilities
      • 53. Notes to other inflows and outflows from operating activities
      • 54. Assets recognised as collateral of receivables, liabilities and contingent liabilities
      • 55. Contingent assets and liabilities
      • 56. Litigation claims
      • 57. Related party transactions
      • 58. Employment
      • 59. Other information
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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

Janusz Krystosiak, tel. +48 (22) 582 27 83

Piotr Wąsiewicz, tel. +48 (22) 582 41 95

Download center

Financial reports

Other reports

    • PZU in 2014
      • Brief overview
      • PZU on the capital and debt market
      • PZU – strong Customer orientation
      • PZU – high operational efficiency
      • PZU Strategy 3.0
      • PZU socially responsible
      • Calendar
      • The most important achievements in 2014
      • Summary of consolidated financial highlights
      • International operations of PZU Group
      • External environment in 2014
    • Activities and CSR
      • Structure of PZU Group
      • PZU and Link4 – operations on the Polish non-life insurance market
      • PZU Życie – activities on the life insurance market in Poland
      • PTE PZU – activities on the pension fund market
      • TFI PZU – activities on the investment fund market
      • Foreign operations of PZU Group in 2015
      • PZU Zdrowie – activities on the health care market
      • Other areas of activity
      • Sales and service channels
      • Human resources management
      • Marketing
      • Corporate social responsibility
      • Other reports
    • PZU Strategy 3.0
      • Effects of the PZU 2.0 strategy
      • Projected external situation
      • Implementation of Strategy 2.0 for the years 2012 – 2014
      • Strategy of PZU Group for the years 2015-2020 – The PZU 3.0 Strategy
      • Development strategy of PZU Group on individual markets
    • Stock exchange and investors
      • Stock and bond markets
      • PZU’s stock prices
      • Debt financing
      • Investor relations
      • Analysts’ recommendations
      • Dividend policy
      • Rating
      • Calendar of the main corporate events in 2015
    • Corporate governance
      • Corporate governance principles applied by PZU
      • Application of good practices of companies listed on WSE
      • Application of Corporate Governance Principles to Supervised institutions
      • Control system applied during preparation of the financial statements
      • Entity authorized to audit financial statements
      • Share capital and shareholders of PZU; stock held by members of its authorities
      • Articles of Association of PZU
      • General Shareholders’ Meeting, Supervisory Board and Management Board
      • Remuneration of the members of Group’s bodies
      • Management Board’s Representation
    • Risk management
      • Objective of risk management
      • Risk management system
      • Risk appetite
      • Risk management process
      • Risk profile
      • Sensitivity to risk
      • Reinsurance operations
      • Capital management
    • Financial results
      • Consolidated financial results
      • Consolidated statement of profit or loss
      • Consolidated statement of comprehensive income
      • Consolidated statement of financial position
      • Statement of changes in consolidated equity
      • Consolidated statement of cash flows
      • Additional information and notes
        • 1. Introduction
        • 2. Structure of the Capital Group
          • 2.1 PZU
          • 2.2 PZU Group entities
          • 2.3 Non-controlling interest
          • 2.4 Changes in the scope of consolidation and structure of PZU Group
        • 3. The shareholding structure
        • 4. Composition of the Management Board, Supervisory Board and Directors in the PZU Group
        • 5. Summary of significant accounting policies
          • 5.1 Changes in accounting policies, accounting estimates and errors
          • 5.2 Consolidation principles
          • 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
          • 5.4 Acquisition method
          • 5.5 Intangible assets
          • 5.6 Goodwill
          • 5.7 Property, plant and equipment
          • 5.8 Impairment of property, plant and equipment and intangible assets
          • 5.9 Investment property
          • 5.10 Associates and joint ventures
          • 5.11 Financial instruments
          • 5.12 Salvages and subrogations in non-life insurance
          • 5.13 Costs of acquisition and deferred acquisition costs
          • 5.14 Cash and cash equivalents
          • 5.15 Assets and liabilities held for sale and disposal groups
          • 5.16 Equity
          • 5.17 Insurance contracts
          • 5.18 Provisions for employee benefits
          • 5.19 Other provisions
          • 5.20 Revenue recognition
          • 5.21 Taxes
          • 5.22 Earnings per share
        • 6. Key estimates and judgments
          • 6.1 Judgements made
          • 6.2 Estimates and assumptions made
        • 7. Segment reporting
          • 7.1 Reporting segments
          • 7.2 Settlements among segments
          • 7.3 Measure of profit of a segment
          • 7.4 Segments characteristics
          • 7.5 Polish Accounting Standards applied
          • 7.6 Structure of the segment reporting note and reconciliations
          • 7.7 Simplifications in the segment note
          • 7.8 Information on key accounts
        • 8. Risk management
          • 8.1 Introduction
          • 8.2 Description of the risk management system
          • 8.3 Organisational structure
          • 8.4 Risk appetite, risk profile and risk tolerance
          • 8.5 Risk identification, measurement, assessment, monitoring and reporting methods
          • 8.6 Risk profile
        • 9. Capital management
        • 10. Fair value
          • 10.1 Description of valuation techniques
          • 10.2 Fair value hierarchy
          • 10.3 Reclassifications between levels of fair value hierarchy
          • 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
          • 10.5 Changes in fair value measurement of financial instruments measured at fair value
          • 10.6 The highest and best use of a non-financial asset vs. its current use
        • 11. Gross written premiums
        • 12. Revenue from commissions and fees
        • 13. Net investment income
        • 14. Net result on realization and impairment losses on investments
        • 15. Net change in the fair value of assets and liabilities measured at fair value
        • 16. Other operating income
        • 17. Claims, benefits and change in technical provisions
          • 17.1 Non-life insurance
          • 17.2 Life insurance
          • 17.3 Claims handling expenses
        • 18. Change in measurement of investment contracts
        • 19. Acquisition costs
        • 20. Administrative expenses
        • 21. Employee expenses
        • 22. Other operating expenses
        • 23. Borrowing costs
        • 24. Exchange differences
        • 25. Earnings per share
        • 26. Income tax
        • 27. Income tax presented in other comprehensive income
        • 28. Intangible assets
        • 29. Goodwill
        • 30. Tangible assets
        • 31. Investment property
        • 32. Entities measured using the equity method
        • 33. Financial assets
          • 33.1 Financial instruments held to maturity
          • 33.2 Financial instruments available for sale
          • 33.3 Financial instruments measured at fair value through profit or loss
          • 33.4 Loans and receivables
        • 34. Receivables, including insurance receivables
          • 34.1 Other receivables
          • 34.2 Receivables from operating leases
        • 35. Reinsurers’ share in technical provisions
        • 36. Impairment of financial assets and receivables
        • 37. Estimated subrogations and salvages
        • 38. Deferred tax assets
        • 39. Current income tax receivables
        • 40. Deferred acquisition costs
          • 40.1 Deferred acquisition costs – non-life insurance
          • 40.2 Deferred acquisition costs – life insurance
        • 41. Other assets
        • 42. Cash and cash equivalents
        • 43. Assets held for sale
        • 44. Issued share capital and other equity attributable to the equity holders of the parent entity
        • 45. Technical provisions
        • 46. Investment contracts
        • 47. Provisions for employee benefits
        • 48. Other provisions
        • 49. Deferred tax liabilities
        • 50. Current income tax liabilities
        • 51. Liabilities arising from the issue of own debt instruments
        • 52. Other liabilities
        • 53. Notes to other inflows and outflows from operating activities
        • 54. Assets recognised as collateral of receivables, liabilities and contingent liabilities
        • 55. Contingent assets and liabilities
        • 56. Litigation claims
        • 57. Related party transactions
        • 58. Employment
        • 59. Other information