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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/ Interpretation | Date of entry into force for periods beginning on | Resolution endorsing a standard or interpretation | Description |
|---|---|---|---|
| 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/Interpretation | Date of issuance by IASB | Date 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.
| Assets | 31 December 2013 (approved) | Adjustment | Note | 31 December 2013 (restated) | 1 January 2013 (approved) | Adjustment | Note | 1 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 |
5.1.2.4._effect_of_the_amendments_on_the_consolidated_financial_statements-assets_2013_pzu_2014.xlsx
| Equity and liabilities | 31 December 2013 (approved) | Adjustment | Note | 31 December 2013 (restated) | 1 January 2013 (approved) | Adjustment | Note | 1 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 loss | 1 January – 31 December 2013 (approved) | Adjustment | Note | 1 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 income | 1 January – 31 December 2013 (approved) | Adjustment | Note | 1 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 flows | 1 January – 31 December 2013 (approved) | Adjustment | Note | 1 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 |
