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5.1 Changes in accounting policies, accounting estimates and errors

The accounting policies are changed only if the change:

  • is required by an IFRS; or
  • results in the financial statements providing reliable and more relevant information about the effects of transactions, other events or conditions on the Group's financial position, financial performance or cash flows – voluntary application.

Changes in accounting policies upon initial application of an IFRS are applied in accordance with transitional provisions included in that IFRS. When changes in accounting policies are made upon initial application of an IFRS that does not include specific transitional provisions applying to that change, or the changes are made voluntarily, it shall apply the change retrospectively. Retrospective application of a change in accounting policy requires to adjust the opening balanceof each affected component of equity for the earliest prior period presented and the other comparative amounts disclosed for each prior period presented as if the new accounting policy had always been applied.

The items of financial statements determined based on accounting estimates shall be subject to verification if changes occur in the circumstances on which the estimate was based or as a result of new information or more experience.

The results of a change in estimates shall be accounted for prospectively. This means that the amounts concerning transactions, other events and conditions are adjusted from the moment when the change occurred (the change impacts only the current statement of comprehensive income or the results in a given period and future periods).

It is assumed that errors are adjusted in the period when they were made (and not detected). Thus, essential errors from previous periods shall be adjusted retrospectively, and the differences are charged to equity.

5.1.1. Changes in the applied IFRS

5.1.1.1. Standards and interpretations as well as changes in standards effective from 1 January 2014

The following new standards, interpretations and changes in standards have been applied to these consolidated financial statements:

Standard/ Interpretation Date of entry into force for periods beginning on Resolution endorsing a standard or interpretation Description
IFRS 10 - Consolidated Financial Statements  1 January 2013 1)  1254/2012  IFRS 10 replaces the consolidation guidance in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation – Special Purpose Entities by introducing a single consolidation model for all entities based on control, irrespective of the nature of the investee (i.e., whether an entity is controlled through voting rights of investors or through other contractual arrangements as is common in special purpose entities). Under IFRS 10, control is based on whether an investor has power over the investee; exposure, or rights, to variable returns from its involvement with the investee; and the ability to use its power over the investee to affect the amount of the returns.
As a result of the application of IFRS 10 as at the beginning of 2014, the subfunds PZU Energia Medycyna Ekologia, PZU Akcji Rynków Wschodzących, PZU Akcji Spółek Dywidendowych and PZU FIZ Forte have been consolidated. In the consolidated assets and liabilities, the assets and liabilities of consolidated funds were disclosed rather than shares. The effect of applying the new standard to the consolidated statement of financial position, the consolidated statement of profit and loss and the consolidated statement of comprehensive revenues is presented in Note 3.3.1. Due to the retrospective application of the new standard, the figures for concerning the year 2013 were subject to transformation.
IFRS 11 – Joint Arrangements  1 January 2013 1)  1254/2012  IFRS 11 introduces new accounting requirements for joint arrangements, replacing IAS 31 Interests in Joint Ventures. The option to apply the proportional consolidation method when accounting for jointly related parties is removed. Additionally, IFRS 11 eliminates jointly controlled assets to now only differentiate between joint operations and joint ventures.
The application of IFRS 11 does not have a material impact on the consolidated financial statements of PZU Group.
IFRS 12 – Disclosure of Interests in Other Entities  1 January 2013 1)  1254/2012  IFRS 12 requires the provision of improved information on both consolidated and unconsolidated entities. The objective of IFRS 12 is to provide information in a way that enables the users of financial statements to evaluate the basis for the control, restrictions imposed on consolidated assets and liabilities, exposure to risks arising from the involvement in the non-consolidated structural units and the involvement of the non-controlling interest holders in the operations of consolidated entities.
As a result of the application of IFRS 12, PZU Group presented additional disclosure statements relating to associated entities and joint ventures. Since in PZU Group there are no subsidiaries with non-controlling interest relevant to PZU Group, the disclosures required by IFRS 12 for such entities are not presented.
Transition Guidance (Amendments do IFRS 10, IFRS 11 and IFRS 12) 1 January 2013 1) 313/2013 The amendments are intended to provide further explanation regarding the transitional provisions of IFRS 10, IFRS 11 and IFRS 12 in such a manner to limit the requirements on restating comparative information only to the preceding comparative period.
Amendments to IFRS 10, IFRS 12 and IAS 27 – Investment entities  1 January 2014  1174/2013  The amendments provide an exception to the consolidation requirements in IFRS 10 and require investment entities to measure particular subsidiaries at fair value through profit or loss, rather than consolidate them. The amendments also set out disclosure requirements for investment entities.
The change does not affect PZU Group.
Revised IAS 27 “Separate Financial Statements”  1 January 2013 1)  1254/2012  The requirements relating to separate financial statements are unchanged and are included in the amended IAS 27. The other portions of IAS 27 are replaced by IFRS 10.
The change does not affect PZU Group.
Revised IAS 28 “Investments in Associates and Joint Ventures” 1 January 2013 1) 1254/2012 IAS 28 is amended for conforming changes based on the issuance of IFRS 10, IFRS 11 and IFRS 12.
Amendments to lAS 32 - offsetting financial assets and financial liabilities  1 January 2014  1256/2012  Amendments provide clarifications on the application of the offsetting rules and focus on four main areas: the meaning of “currently has a legally enforceable right of set-off”; the application of simultaneous realisation and settlement; the offsetting of collateral amounts; the unit of account for applying the offsetting requirements.
The aforesaid change did not exert any effect on the consolidated financial statements of PZU Group.
Amendments to IAS 36 – disclosure of information on recoverable amounts for noon-financial assets  1 January 2014  1374/2013  Narrow-scope amendments to IAS 36 address the disclosure of information about the recoverable amount of impaired assets if that amount is based on fair value less costs of disposal.
The aforesaid change did not exert any effect on the consolidated financial statements of PZU Group.
Amendments to lAS 39 - Regarding novation of derivatives and continuation of hedge accounting  1 January 2014  1375/2013  The narrow-scope amendments allow hedge accounting to continue in a situation where a derivative, which has been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a result of laws or regulation, if specific conditions are met
The amendment did not affect the consolidated financial statements of PZU Group (no hedge accounting).

1) The EC voted in favour of the regulation to be applicable to annual periods beginning on 1 January 2014 at the latest (early application was allowed). 

5.1.1.2. Standards, Interpretations and changes in standards issued but not effective as at the balance sheet date

The following standards, Interpretations and changes in standards have been issued but are not effective as at the balance sheet date:

  • Endorsed by European Commission resolution:

Standard/ InterpretationDate of entry into force for periods beginning onResolution endorsing a standard or interpretationDescription
IFRIC 21 “Levies”  17 June 2014 and later  634/2014  IFRIC 21 is an interpretation of IAS 37 Provisions, Contingent Liabilities and Contingent Assets. IAS 37 sets out criteria for the recognition of a liability, one of which is the requirement for the entity to have a present obligation as a result of a past event (known as an obligating event). The interpretation clarifies that the event resulting in the creation of an obligation to pay a public fee in a Business operations subject to a public fee, as specified in the relevant laws.
The aforesaid change does not exert any significant effect on the consolidated financial statements of PZU Group.

  • Not endorsed by European Commission:

Standard/InterpretationDate of issuance by IASBDate of entry into force for periods beginning on (by IASB)Description
IFRS 9 - Financial Instruments    24 July 2014    1 January 2018    The standard replaces IAS 39 and establishes the requirements regarding the recognition and measurement of impairment, derecognition and hedge accounting.
The standard introduces a new approach to the classification of financial assets, which depends on the characteristics of cash flows and the business model associated with the given assets. The standard unifies the impairment model for all financial instruments. The new expected loss impairment requires faster recognition of expected credit losses.
The standard introduces a reformed model of hedge accounting, with enhanced disclosure requirements for risk management activities.
Due to the long lead time of entry into force, no estimates of the impact of IFRS 9 on the total income and equity PZU Group were made.
Amendments to IAS 19 -Employee benefits - defined benefit programmes - employee contributions  21 November 2013  1 July 2014  The narrow scope amendments in IAS 19 apply to contributions from employees or third parties to defined benefit plans. The objective of the amendments is to simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary.
The aforesaid change does not exert any significant effect on the consolidated financial statements of PZU Group.
IFRS 14 – Regulatory Deferral Accounts  30 January 2014  1 January 2016  Allowing entities applying IFRS for the first time, and which now the regulatory deferral accounts in accordance with their previous generally accepted accounting principles, the continuation of the recognition of these balances in the transition to IFRS.
The change does not affect PZU Group.
IFRS 15 – Revenue from Contracts with Customers  28 May 2014  1 January 2017  IFRS 15 defines how and when to recognise revenues and requires the provision of more detailed disclosures. The standard replaces IAS 18 "Revenue", IAS 11 "Construction Contracts" and many interpretations related to revenue recognition. The Standard applies to almost all contracts with customers (the main exceptions relate to lease agreements, financial instruments and insurance contracts). The fundamental principle of the new standard concerns the recognition of revenues in such a way as to reflect the transfer of goods or services to customers and in such amount that reflects the amount of remuneration (i.e. payments), to which the company expects to obtain the rights in exchange for goods or services. The standard also provides guidance concerning the accounting for transactions that were not specifically regulated by previous standards (eg. revenues from services or modification of contracts), as well as more extensive explanations about the recognition of multi-element contracts.
Due to the long lead time of entry into force and the lack of application in relation to insurance companies of PZU Group, the potential impact of adopting the new standard on comprehensive revenues and equity has not been estimated.
Amendments to IFRS 2010-2012  12 December 2013  1 July 2014  Amendments to various standards and interpretations resulting from the annual improvement project of IFRS (IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24 and IAS 38) primarily with a view to removing inconsistencies and clarifying wording. The revisions clarify the required accounting recognition in cases where free interpretation used to be permitted. The most important changes include new or revised requirements regarding: definition of 'vesting condition'; accounting for contingent consideration in a business combination; aggregation of operating segments and reconciliation of the total of the reportable segments' assets to the entity's assets; measuring short-term receivables and liabilities; proportionate restatement of accumulated depreciation application in revaluation method and clarification on management personnel.
The aforesaid change does not exert any significant effect on the consolidated financial statements of PZU Group.
Amendments to IFRS 2011-2013  12 December 2013  1 July 2014  Amendments to various standards and interpretations resulting from the annual improvement project of IFRS (IFRS 1, IFRS 3, IFRS 13 and IAS 40) primarily with a view to removing inconsistencies and clarifying wording. The revisions clarify the required accounting treatment in situations in which the freedom of interpretation was previously acceptable. The most important changes include new or revised requirements regarding: meaning of effective IFRSs in IFRS 1; scope of exception for joint ventures; scope of paragraph 52 if IFRS 13 (net exposure exception) and clarifying the interrelationship of IFRS 3 and IAS 40 (additional services).
The aforesaid change does not exert any significant effect on the consolidated financial statements of PZU Group.
Amendments to IFRS 2012-2014  25 September 2014  1 January 2016  Amendments to IFRS 5 – adding guidance on how to reclassify assets held for sales to assets held for distribution to owners and conversely, and instances of discontinued classification of assets held for distribution to owners. Amendments to IFRS 7 – adding guidance on how to conduct disclosures of contracts on handling assets and explanations of amendments applied to IFRS 7 concerning offsetting in condensed interim financial statements. Amendment to IFRS 19 – explanation that high quality corporate bonds used for the estimation of the discount rate applied to calculate post-employment benefits shall be denominated in the same currency in which the benefits will be paid (hence, the market activity concerning the bonds should be evaluated at the currency level). Amendments to IAS 34 – clarification of terms.
The aforesaid change does not exert any significant effect on the consolidated financial statements of PZU Group.
Amendments to IFRS 10 and IAS 28 – Sales or transfer of assets between an investor and an associated entity or a joint venture  11 September 2014  1 January 2016  The major effect of the amendment is recognition of the full profit or loss whenever a transaction concerns organized business (irrespective of whether it is located within a subsidiary or not); partial profits or losses are recognized when a transaction concerns particular assets that do not form organized business, even when they are located in a subsidiary.
The amendment will not affect the consolidated financial statement of PZU Group.
Amendments to IFRS 11 – settlement of acquisition of shares in a joint venture  6 May 2014  1 January 2016  The amendment clarifies that the purchaser of the shares in joint operations must comply with all the rules regarding acquisition accounting under IFRS 3 and other IFRSs that are not in conflict with IFRS 11 and disclose the information required by these standards.
The amendment should not affect the consolidated financial statements of PZU Group.
Amendments to IAS 16 and IAS 38 - an explanation of acceptable methods of depreciation  12 May 2014  1 January 2016  The amendment clarifies that the adoption of depreciation methods based on revenues generated by the assets is not appropriate.
The amendment should not affect the consolidated financial statement of PZU Group.
Amendment to IAS 16 and IAS 41 – Bearer plants  30 June 2014  1 January 2016  The amendment introduces a definition of bearer assets and removes them from the scope of the application of IAS 41 by moving them to IAS 16, which will result in change in the method of valuation.
The amendment will not affect the consolidated financial statement of PZU Group.
Amendment to IAS 27- Equity method in separate financial statements  12 August 2014  1 January 2016  The amendment allows entities to use the equity method in the valuation of investments in subsidiaries, associates and joint ventures in the separate financial statements.
The amendment will not affect the consolidated financial statement of PZU Group.
Amendments to IAS 1 – disclosure initiative  18 December 2014  1 January 2016  Adding requirements with respect to an orderly layout of financial statements, introduction of the requirement of reconciling indirect totals in the statement of profit or loss, comprehensive statement of profit or loss, statement of financial position, and in addition adding guidance on importance, level of detail of presentation and accounting principles.
The amendment may result in minor modifications of the layout of basic tables in consolidated financial statements of PZU Group.
Amendments to IFRS 10, IFRS 12 and IAS 28 – Investment entities: Exemptions from consolidation applied   18 December 2014   1 January 2016   IFRS 10 – adding supplementary guidance instructing investment entities to perform obligatory consolidation of non-investment subsidiaries rendering services related to investment; adding guidance on the lack of duty to perform consolidated statements in the case of lower-level parent entities being subsidiaries of investment entities.
IAS 28 – adding guidance on the application of measurement using the equity method by an investor not being an investment entity with respect to an associated investment entity or a joint-venture.
The amendment will not affect the consolidated financial statement of PZU Group.

Summing up, PZU Group is of the opinion that the introduction of the aforementioned standards and interpretation will not considerably impact the accounting policies applied by PZU Group, save for IFRS 9 and 15, impact of which on the accounting policies applied by PZU Group has not been assessed yet.

5.1.2. Explanation of differences between the statements published previously and the current consolidated financial statements

5.1.2.1. The application of IFRS 10

PZU Group has applied IFRS 10 as at 1 January 2014, which is the date of initial application, as defined in point C2B of IFRS 10.

As a result of the application of IFRS 10, the following entities have been consolidated: Subfund PZU Energia Medycyna Ekologia, Subfund PZU Akcji Rynków Wschodzących, Subfund PZU Akcji Spółek Dywidendowych and PZU FIZ Forte. The assets and liabilities of the consolidated funds are included in the assets and liabilities of the consolidated statement of financial position instead of the previous presentation of the value of investments in a given fund at fair value in the appropriate section of "Financial assets" of the consolidated statement of financial position.

Information on judgments adopted by PZU Group in connection with the application of IFRS 10 is presented in Note 6.1.1.

5.1.2.2. Change of the presentation of revenue and cash flows from kick-backs

In the consolidated financial statements for 2014, the presentation of revenue from kick-backs due to holding a considerable amount of assets in funds managed by fund societies has been amended and presented in the section “Net investment income” instead of “Revenue from commission and fees” and “Other operating income”.

As a result, the benefits have been included in the section “Other inflows from investments” instead of “Other inflows from operating activities” and “Inflows from other investments” of the statement of cash flows.

5.1.2.3. Amendment to the presentation of cash flows from premium refunds

In the consolidated financial statements for 2014, a change of the presentation of cash flows from premiums refunds has been introduced – they have been included in the section “Other operating outflows” instead of reducing the item “Inflows from insurance premiums”.

5.1.2.4. Effect of the amendments on the consolidated financial statements

The effect of applying the aforementioned changed on the consolidated statement of financial position, the consolidated statement of profit and loss and the consolidated statement of other comprehensive income is presented in the tables below.

Assets31 December 2013 (approved)AdjustmentNote31 December 2013 (restated)1 January 2013 (approved)AdjustmentNote1 January 2013 (restated)
Intangible assets 308,726 -   308,726 183,238 -   183,238
Goodwill 8,519 -   8,519 8,474 -   8,474
Property, plant and equipment 927,281 -   927,281 992,317 -   992,317
Investment property 1,474,770 -   1,474,770 564,404 -   564,404
Entities measured using the equity method 48,595 -   48,595 - -   -
Financial assets 54,688,714 397,014   55,085,728 50,423,076 -34,011   50,389,065
Financial instruments held to maturity 18,859,902 -   18,859,902 21,117,559 -   21,117,559
Financial instruments available for sale 1,922,173 -2,061 5.1.2.1 1,920,112 3,924,501 -100,092 5.1.2.1 3,824,409
Financial instruments measured at fair value through profit or loss 19,790,102 114,074 5.1.2.1 19,904,176 15,628,401 66,081 5.1.2.1 15,694,482
Loans and receivables 14,116,537 285,001 5.1.2.1 14,401,538 9,752,615 -   9,752,615
Receivables, including insurance receivables 2,664,986 6,978 5.1.2.1 2,671,964 1,835,793 5,080 5.1.2.1 1,840,873
Reinsurers’ share in technical provisions 526,605 -   526,605 749,334 -   749,334
Estimated salvages and subrogations 129,950 -   129,950 121,632 -   121,632
Deferred tax assets 16,949 -   16,949 13,963 -   13,963
Current income tax receivables 34,895 -   34,895 80,646 -   80,646
Deferred acquisition costs 609,819 -   609,819 574,489 -   574,489
Other assets 195,449 -   195,449 178,646 -   178,646
Cash and cash equivalents 548,266 20,891 5.1.2.1 569,157 136,586 125,477 5.1.2.1 262,063
Assets held for sale 178,897 -   178,897 46,962 -   46,962
Total assets 62,362,421 424,883   62,787,304 55,909,560 96,546   56,006,106

Equity and liabilities31 December 2013 (approved)AdjustmentNote31 December 2013 (restated)1 January 2013 (approved)AdjustmentNote1 January 2013 (restated)
                 
Equity                
Issued share capital and other equity attributable to the equity holders of the parent entity                
Share capital 86,352 -   86,352 86,352 -   86,352
Other reserves 9,061,508 -157   9,061,351 9,105,450 -75   9,105,375
Treasure shares - -110 5.1.2.1 -110 - -   -
Supplementary capital 8,855,999 -   8,855,999 8,780,212 -   8,780,212
Revaluation reserve 242,344 -47 5.1.2.1 242,297 363,242 -75 5.1.2.1 363,167
Actuarial gains and losses from remeasurements of defined benefit liabilities 902 -   902 - -   -
Exchange differences from translation -37,737 -   -37,737 -38,004 -   -38,004
Unappropriated result 3,963,586 1   3,963,587 4,998,329 75   4,998,404
Retained earnings 2,396,978 159 5.1.2.1 2,397,137 4,998,329 75 5.1.2.1 4,998,404
Net profit 3,293,654 -158 5.1.2.1 3,293,496 - -   -
Appropriations of net profit during the financial year -1,727,046 -   -1,727,046 - -   -
Non-controlling interest 16,341 -   16,341 79,138 -   79,1380
Total equity 13,127,787 -156   13,127,631 14,269,269 -   14,269,269
Liabilities                
Technical provisions 37,324,416 -   37,324,416 35,400,778 -   35,400,778
Unearned premiums and unexpired risk reserve 4,540,011 -   4,540,011 4,537,167 -   4,537,167
Life insurance provision 16,048,191 -   16,048,191 15,675,243 -   15,675,243
Outstanding claims provisions 6,586,781 -   6,586,781 5,878,445 -   5,878,445
Provision for capitalized value of annuities 5,761,332 -   5,761,332 5,660,281 -   5,660,281
Provisions for bonuses and rebates for the insured 2,893 -   2,893 4,227 -   4,227
Other technical provisions 477,987 -   477,987 531,617 -   531,617
Unit-linked technical provision 3,907,221 -   3,907,221 3,113,798 -   3,113,798
Investment contracts 2,121,037 -   2,121,037 2,299,147 -   2,299,147
- with guaranteed and fixed terms and conditions 1,250,492 -   1,250,492 1,297,224 -   1,297,224
- unit-linked 870,545 -   870,545 1,001,923 -   1,001,923
Provisions for employee benefits 123,380 -   123,380 107,307 -   107,307
Other provisions 192,906 -   192,906 267,456 -   267,456
Provision for deferred income tax 255,399 -   255,399 357,557 -   357,557
Current income tax liabilities 53,372 -   53,372 21,658 -   21,658
Derivatives instruments 237,749 -   237,749 129,921 226 5.1.2.1 130,147
Other liabilities 8,926,375 425,039 5.1.2.1 9,351,414 3,056,467 96,320 5.1.2.1 3,152,787
Liabilities related to continued operations 49,234,634 425,039   49,659,673 41,640,291 96,546   41,736,837
Total liabilities 49,234,634 425,039   49,659,673 41,640,291 96,546   41,736,837
Total equity and liabilities 62,362,421 424,883   62,787,304 55,909,560 96,546   56,006,106

Consolidated statement of profit or loss1 January – 31 December 2013 (approved)AdjustmentNote1 January – 31 December 2013 (restated)
Gross written premiums 16,480,003 -   16,480,003
Reinsurer’s share in written premiums -257,037 -   -257,037
Net written premium 16,222,966 -   16,222,966
Change in net unearned premiums reserve 25,803 -   25,803
Net earned premiums 16,248,769 -   16,248,769
Revenue from commissions and fees  319,962  -14,076 5.1.2.2 299,169
-6,717 5.1.2.1
Net investment income 1,844,932 19,964 5.1.2.2 1,866,650
1,754 5.1.2.1
Net result on realization and impairment losses on investments 25,045 17,502 5.1.2.1 42,547
Net change in the fair value of assets and liabilities measured at fair value 618,091 -12,733 5.1.2.1 605,358
Other operating income 491,109 -5,888 5.1.2.2 485,221
Claims, benefits and change in technical provisions -11,195,277 -   -11,195,277
Reinsurers’ share in claims, benefits and change in technical provisions 34,053 -   34,053
Net claims and benefits -11,161,224) -   -11,161,224
Change in measurement of investment contracts -77,715 -   -77,715
Acquisition costs -2,015,938 -   -2,015,938
Administrative expenses -1,406,480 -   -1,406,480
Other operating expenses -705,599 -   -705,599
Operating profit 4,180,952 -194   4,180,758
Borrowing costs -61,664 -   -61,664
Share in net profit (loss) of companies measured using the equity method 1,404 -   1,404
Profit before tax 4,120,692 -194   4,120,498
Income tax
- current portion -885,776 -   -885,776
- deferred portion 60,197 36 5.1.2.1 60,233
Net profit, including: 3,295,113 -158   3,294,955
- profit attributable to equity holders of the parent entity 3,293,654 -158   3,293,496
- profit attributable to non-controlling interest 1,459 -   1,459

Consolidated statement of comprehensive income1 January – 31 December 2013 (approved)AdjustmentNote1 January – 31 December 2013 (restated)
Net profit 3,295,113 -158   3,294,955
Other comprehensive income -104,510 28   -104,482
Amounts subject to subsequent transfer to statement of profit or loss -119,857 28   -119,829
Measurement of available-for-sale financial instruments -120,129 28 5.1.2.1 -120,101
Exchange differences from translation 292 -   292
Other comprehensive income of entities measured using the equity method -20 -   -20
Amounts not subject to subsequent transfer to statement of profit or loss 15,347 -   15,347
Property reclassified from property, plant and equipment to investment property 14,445 -   14,445
Actuarial gains and losses from remeasurements of defined benefit liabilities 902 -   902
Total net comprehensive income 3,190,603 -130   3,190,473
- comprehensive income attributable to equity holders of the parent entity 3,189,139 -130   3,189,009
- comprehensive income attributable to non-controlling interest 1,464 -   1,464

Selected items from consolidated statement of cash flows1 January – 31 December 2013 (approved)AdjustmentNote1 January – 31 December 2013 (restated)
Cash flows from operating activities      
Inflows 19,673,140 542,825   20,215,965
- inflows from insurance premiums 16,065,448 315,661 5.1.2.3 16,381,109
- inflows from sale of units by investment fund 667,262 241,354 5.1.2.1 908,616
- other inflows from operating activities 1,262,485 -4,358 5.1.2.1 1,248,295
-9,832 5.1.2.2
Outflows -16,840,369 -429,602   -17,269,971
- outflows from purchase of units by investment fund -402,519 -113,359 5.1.2.1 -515,878
- other operating outflows -1,417,037 -315,661 5.1.2.3 -1,733,280
-582 5.1.2.1
Net cash flows from operating activities 2,832,771 113,223   2,945,994
Cash flows from investment activities      
Inflows 657,482,806 5,318,572   662,801,378
- disposal of shares 8,201,739 4,081 5.1.2.1 8,205,820
- inflows from buy sell-back transactions 360,885,329 5,424,330 5.1.2.1 366,309,659
- inflows from other investments 18,892,364 -8,572 5.1.2.2 18,883,940
148 5.1.2.1
- interest received 2,163,196 4,219 5.1.2.1 2,167,415
- dividends received 127,240 249 5.1.2.1 127,489
- cash inflows due to changes in the consolidation scope 479,751 -124,287 5.1.2.1 355,464
- other inflows from investments - 18,404 5.1.2.2 18,404
Outflows -659,878,598 -5,536,381   -665,414,979
- acquisition of shares -9,577,388 -57,553 5.1.2.1 -9,634,941
- decrease in cash balance due to changes in the consolidation scope -14,551 14,551 5.1.2.1 -
- outflows from buy sell-back transactions -362,298,300 -5,493,276 5.1.2.1 -367,791,576
- other investments outflows -10,418 -103 5.1.2.1 -10,521
Net cash flow from investment activities -2,395,792 -217,809   -2,613,601
Net cash flow from financing activities -19,583 -   -19,583
Total net cash flows 417,396 -104,586   312,810
Cash and cash equivalents at the beginning of the financial year 136,586 125,477 5.1.2.1 262,063
Change in cash due to exchange differences -5,716 -   -5,716
Cash and cash equivalents at the end of the financial year 548,266 20,891 5.1.2.1 569,157