5.20 Revenue recognition

Recognition of revenue due to insurance contracts has been described in Note 5.17.1.

Interest

Income from interest is recognized on the accrual basis, based on the effective interest rates and it is recognized in the statement of profit or loss under “Net investment income”.

Dividends

Dividends are recognized as revenue when the right to the dividend is acquired and they are recognized under “Net investment income”.

Income from pension fund management services

Income from the management of OFE PZU is recognized on the accrual basis. The income includes in particular:

  • fees on premiums transferred by the Social Insurance Institution (“ZUS”) to OFE PZU in the amount specified in the by-laws of OFE PZU and in line with the limits stipulated in the Pension Funds Act of 28 August 1997 (Journal of Laws 2013, item 989, as amended; “Pension Funds Act”);
  • management fees specified in the by-laws of OFE PZU, in accordance with the limits specified in the Pension Funds Act;
  • other fees determined in the by-laws of OFE PZU.