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33. Financial assets

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In 2014 and in 2013, no financial instruments were reclassified from portfolios carried at fair value to those carried at cost or amortized cost.

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

  • 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

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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