52. Other liabilities

Other liabilities31 December 201431 December 2013
Accrued costs 743,655 638,382
Accrued costs of brokers’ commissions 250,867 209,871
Accrued remuneration costs 131,759 121,415
Accrued costs from reinsurance 214,268 194,079
Accrued employee bonuses 94,558 84,064
Other 52,203 28,953
Deferred income 33,374 17,738
Other liabilities 8,584,248 8,695,294
Direct insurance liabilities 686,714 634,831
Reinsurance liabilities 94,384 53,738
Liabilities due to sell buy-back transactions 4,411,497 5,124,161
Liabilities from credits 219,452 227,353
Liabilities from loans 53,952 -
Liabilities to participants of consolidated investment funds 856,865 688,282
Liabilities to the State Budget, other than due to income tax  30,001 147,721
Public legal settlements: 25,701 23,195
Liabilities to employees 13,106 3,481
Insurance Guarantee Fund 11,794 10,231
Liabilities arising from financial instrument transactions 444,089 1,533,088
Liabilities to Shareholdrs (dividends) 1,471,120 3,321
Trade payables to suppliers 89,787 69,273
Estimated non-insurance liabilities 133,359 125,673
Other 42,427 50,946
Total other liabilities 9,361,277 9,351,414

As at 31 December 2014 and 31 December 2013 the fair value of other liabilities did not differ substantially from their carrying amount, due to the fact that over 98% of them are short-term liabilities.

Liabilities by maturity31 December 201431 December 2013
Up to 1 year 9,190,166 9,190,851
Over 1 year and up to 5 years 166,961 158,458
Over 5 years 4,150 2,105
Total liabilities by maturity 9,361,277 9,351,414

52.1 Direct insurance liabilities

Direct insurance liabilities31 December 201431 December 2013
Liabilities to policyholders 408,721 368,130
Liabilities to insurance intermediaries 172,492 164,948
Other insurance liabilities 105,501 101,753
Total direct insurance liabilities 686,714 634,831

52.2 Liabilities due to sell buy-back transactions

Transactions were secured with financial instruments, described in point 54.1.

Presented below is the basic characteristics of the sell buy-back transactions as at 31 December 2014.

Maturity dates of transactionsCarrying amountTransaction currencyCarrying amount of assets pledged as securityFinancial instrument pledged as securityQuantity
Up to 1 month 4,211,114 PLN 4,213,474 Treasury bonds 3,837,200
up to 6 months 200,383 PLN 199,889 Treasury bonds 189,450
Total 4,411,497   4,413,363   4,026,650

52.3 Liabilities from operating leases

The majority of liabilities from operating leases result from rental of retail and office space. PZU Group has a policy of concluding contracts for a limited period of 3 or 5 years with an option of extension.

Liabilities due to minimum operating lease fees31 December 201431 December 2013
Up to 1 year 27,795 27,040
Over 1 year and up to 5 years 57,573 43,152
Over 5 years 7,856 5,792
Total liabilitiess due to minimum operating lease fees 93,224 75,984

Operating lease liabilites recognized in profit or loss for a given period1 January – 31 December 20141 January – 31 December 2013
Minimum operating lease fees 98,827 61,088
Subleasing fees (10) (12)
Total 98,817 61,076