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7.7 Simplifications in the segment note

Some simplifications in the segment note have been made, acceptable under IFRS 8. Justification of the simplifications:

  • Withdrawal from presentation of information about allocation of all assets and liabilities to individual segments. The reason – there no such documents are prepared or presented to the Management Board of PZU. The key information submitted to the Management Board of PZU is the profit or loss of given segments, on which basis management decisions, including decisions about allocation of resources are made. Analysis of assets and liabilities allocated to the segments is limited to the monitoring of compliance with the regulatory requirements related to capital adequacy ratios and having assets covering technical provisions exceed the sum of those provisions (analysis by individual insurance companies instead of product groups);
  • Presentation of the net profit or loss on an investment with a single amount expressed as a difference between realised and unrealised revenue and expensed from investments – resulting from an internal assessment of the profit or loss of the segments on the basis of the total measure of the profit or loss on investments;
  • Revenue and expenses other than realised and unrealised investment revenue and expenses not allocated to the “investments” segment – resulting from the method of analysis of data regarding that segment and from impracticality of such allocation;
  • Presentation of other operating income and expenses and Borrowing costs of the companies PZU, PZU Życie and Link4 for their operating segments combined (and as a result, not allocating any amounts in this respect to the “investment contracts” segment) – resulting from the measures of profit of the operating segments adopted and from impracticality of such allocation;
  • Presentation of income tax charges expressed as a single sum of consolidated data – resulting from the measures of profit of the operating segments adopted and from impracticality of such allocation.