7.8 Information on key accounts

Due to the nature of operations undertaken by the companies of PZU Group, there are no accounts that would provide 10% or more of total revenues of PZU Group (defined as gross written premium). The note 58.5 presents revenues from 10 biggest business partners of PZU Groups which are state-controlled companies. PZU Group does not recognize different entities controlled by the Polish government as a single client (including government bodies and similar entities on the local, national or international level).

Profit and loss account
for the period from 1 January 2014
to 31 December 2014
Corporate insurance (non-life)Mass insurance
(non-life)
Group and individually continued insurance (life)Individual insurance (life)InvestmentsPension insuranceUkraineBaltic CountriesInvestment contractsOther operationsPresentation differencesReal estate and capital instrumentsInvestment contractsTechnical rate in life insurancePrevention fund, equalization reserve and designation to the Company Social Benefit FundConsolidation adjustments and unallocated itemsConsolidated value
Profit and loss account
for the period from 1 January 2014
to 31 December 2014
PSRPSRPSRPSRPSRPSRMSSFMSSFPSRPSRPSRPSR - MSSFPSR - MSSFPSR - MSSFPSR - MSSFMSSFMSSF
Gross premium written externally 1,807,349 6,559,511 6,539,082 1,268,637 - - 173,562 536,498 374,467 - - - -374,467 - - - 16,884,639 Gross insurance premium written externally
Gross premium written between segments 23,794 9,973 - - - - - - - - - - - - - -33,767 - Gross insurance premium written between segments
Gross written insurance premium 1,831,143 6,569,484 6,539,082 1,268,637 - - 173,562 536,498 374,467 - - - -374,467 - - -33,767 16,884,639  
Reinsurers’ share in gross written premium -226,610 -62,606 -4,272 -122 - - -32,988 -27,698 - - - - - - - 4,384 -349,911 Reinsurers’ share in gross written insurance premium
Net written premium 1,604,533 6,506,878 6,534,810 1,268,515 - - 140,574 508,800 374,467 - - - -374,467 - - -29,383 16,534,727 Net written premium
                                  -  
                                  -  
                                     
Movement in the unearned premium reserve and gross unexpired risk reserve -201,832 37,816 2,242 -1,088 - - -13,076 -31,528 14 - 86,015 - -14 - - 16,094 -105,357 Movement in net unearned premium reserve
Reinsurer’s share in the unearned premium reserve and gross unexpired risk reserve 59,559 18,311 - - - - 8,423 -278 - - -86,015 - - - - - -  
Net earned premium 1,462,260 6,563,005 6,537,052 1,267,427 - - 135,921 476,994 374,481 - - - -374,481 - - -13,289 16,429,370 Net earned premium
                                     
                      417,786 - 12,282 - - -79,304 350,764 Fee and commission income
Investment income, including: 136,456 562,821 713,254 326,696 2,823,234 11,639 41,058 14,617 43,550 167,678 -4,841,003         -1 -0.3093  
Net result on investments (external activity) 136,456 562,821 713,254 326,696 578,923 11,639 41,058 14,617 43,550 167,678 -2,596,692           -  
Net result on investments (inter-segment activity) - - - - 2,244,311 - - - - - -2,244,311           -  
                      1,970,605 2,775 - - 23 -179,565 1,793,838 Net investment income (external activity)
                      2,244,311 - - - - -2,244,311 - Net investment income (inter-segment activity)
                      437,938 -3,914 - - - -6,877 427,147 Net result on the realization of investments and impairment charges
                      395,700 49,394 - - - 67,439 512,533 Net change in the fair value of assets and liabilities carried at fair value
Other net technical income 37,215 106,596 1,103 48 - - - - 5 - -144,967           -  
Revenues on core business of non-insurance entities - - - - - 270,565 - - - 443,144 -713,709           -  
Other operating income (not applicable to insurance entities) - - - - - 711 - - - 5,916 708,697 -16,180 - - - -161,511 537,633 Other operating income
                                     
Gross claims paid -774,846 -3,728,363 -4,513,462 -658,202 - - -103,247 -312,758 -1,389,147 - -677,511 - 376,230 - 7,413 40,665 -11,733,228 Claims and movement in technical reserves
Movement in the gross claims reserve -315,611 -693,683 14,017 19,413 - - -1,786 -21,625 -2,571 - 1,001,846           -  
Reinsurers’ share in claims paid 28,166 34,380 85 - - - 7,208 26,293 - - 109,225 - - - - -13,837 191,519 Claims and movement in insurance liabilities ceded to re-insurers
Reinsurer's share in the movement in reserves 98,323 24,254 - - - - 3,477 -4,126 - - -121,928           -  
Net insurance claims -963,968 -4,363,412 -4,499,360 -638,789 - - -94,348 -312,216 -1,391,718 - 311,632 - 376,230 - 7,413 26,828 -11,541,709 Net insurance claims
Movement in other net technical reserves, life insurance reserves where the policyholder bears the investment risk, loss ratio (risk) equalization reserves 2,427 -9,526 -70,328 -611,119 - - - - 1,015,526 - -326,980              
                      - - -14,031 - - - -14,031 Claims and changes in valuation of investment contracts
Net premiums and rebates for insureds including the movement in reserves -2,325 - -638 - - - - - -38 - 3,001           -  
Other net technical income -39,759 -220,142 -21,227 -1,689 - - - - -494 - 283,311           -  
Acquisition cost -306,347 -1,238,906 -356,627 -126,442 - -6,349 -52,126 -115,445 -16,466 - - - - - 818 70,866 -2,147,024 Acquisition cost
Administrative costs -125,050 -617,450 -542,974 -53,381 - -72,838 -28,130 -80,239 -9,716 - -1 -2,179 - - -13,493 17,752 -1,527,698 Administrative costs
Reinsurance commissions and profit-sharing 16,192 -26,506 1,570 - - - - - - - 8,744           -  
Expenses of the core business of non-insurance entities - - - - - - - - - -415,875 415,875           -  
Other operating expenses (not applicable to insurance entities) - - - - - -244 - - - -25,625 -936,742 -3,745 - - -67,989 126,605 -907,740 Other operating expenses
Result on insurance / Operating profit (loss) 217,101 756,480 1,761,825 162,751 2,823,234 203,484 2,375 -16,289 15,130 175,238 234,198 26,151 - - -73,228 -2,375,367 3,913,084 Operating profit (loss)
Other operating income 146,808 67,856     11,608 7,279     -233,551              
Other operating expenses -219,894 -34,756     -4,662 -23,063     282,375              
Financial costs               -82,944 -283,020         146,099 -219,865 Financial costs
                                  -1,525 Share of profits (losses) of entities accounted for using the equity method
                                  3,691,693 Gross profit (loss)
                                  -724,066 Income tax
                                  2,967,627 Net profit (loss)

Profit and loss account
for the period from 1 January 2013
to 31 December 2013
 
Corporate insurance (non-life)Mass insurance
(non-life)
Group and individually continued insurance (life)Individual insurance (life)InvestmentsPension insuranceUkraine
(non-life)
Baltic countries
(non-life)
Investment contractsOther operationsPresentation differencesReal estate and capital instrumentsInvestment contractsPrevention fund, equalization reserve and designation to the Company Social Benefit FundConsolidation adjustmentsConsolidated value
Profit and loss account
for the period from 1 January 2013
to 31 December 2013
 
PSRPSRPSRPSRPSRPSRMSSFMSSFPSRPSRPSRPSR - MSSFPSR - MSSFPSR - MSSFMSSFMSSF
Gross premium written externally 1,735,259 6,533,743 6,415,178 1,329,894 - - 203,640 262,289 1,097,951 - - - -1,097,951 - - 16,480,003 Gross insurance premium written externally
Gross premium written between segments 4,898 - - - - - - - - - - - - - -4,898 - Gross insurance premium written between segments
Gross written insurance premium 1,740,157 6,533,743 6,415,178 1,329,894 - - 203,640 262,289 1,097,951 - - - -1,097,951 - -4,898 16,480,003  
Reinsurers’ share in gross written premium -160,273 -43,756 -2,848 -58 - - -31,253 -20,795 - - - - - - 1,946 -257,037 Reinsurers’ share in gross written insurance premium
Net written premium 1,579,884 6,489,987 6,412,330 1,329,836 - - 172,387 241,494 1,097,951 - - - -1,097,951 - -2,952 16,222,966 Net written premium
                                   
                                   
                                   
Movement in the unearned premium reserve and gross unexpired risk reserve -35,703 64,717 1,739 946 - - -9,036 -17,606 606 - 19,631 - -606 - 1,115 25,803 Movement in net unearned premium reserve
Reinsurer’s share in the unearned premium reserve and gross unexpired risk reserve 11,571 -2,419 - - - - 7,221 3,258 - - -19,631 - - - - -  
Net earned premium 1,555,752 6,552,285 6,414,069 1,330,782 - - 170,572 227,146 1,098,557 - - - -1,098,557 - -1,837 16,248,769 Net earned premium
                                   
                      340,282 - 18,808 - -59,921 299,169 Fee and commission income
Investment income, including: 140,039 556,759 735,242 321,867 4,858,794 11,580 24,373 6,511 104,495 65,018 -6,824,678            
Net result on investments (external activity) 140,039 556,759 735,242 321,867 896,372 11,580 24,373 6,511 104,495 65,018 -2,862,256            
Net result on investments (inter-segment activity) - - - - 3,962,422 - - - - - -3,962,422            
                      1,863,272 - - - 3,378 1,866,650 Net investment income (external activity)
                      3,962,422 - - - -3,962,422 - Net investment income (inter-segment activity)
                      116,995 24,782 - - -99,230 42,547 Net result on the realization of investments and impairment charges
                      768,849 -105,879 - - -57,612 605,358 Net change in the fair value of assets and liabilities carried at fair value
Other net technical income 11,522 34,872 1,524 1,867 - - - - 83 - -49,868            
Revenues on core business of non-insurance entities - - - - - 218,300 - - - 400,948 -619,248            
Other operating income (not applicable to insurance entities) - - - - - 3,090 - - - 6,002 602,126 -16,189 - - -109,808 485,221 Other operating income
                                   
Gross claims paid -890,923 -3,410,960 -4,290,148 -609,567 - - -83,190 -147,070 -1,334,969 - -1,609,046 - 1,157,463 6,323 16,810 -11,195,277 Claims and movement in technical reserves
Movement in the gross claims reserve -1,959 -761,742 -9,526 -17,034 - - -5,417 -359 5,221 - 790,816            
Reinsurers’ share in claims paid 112,577 154,450 164 - - - 2,516 10,829 - - -242,600 - - - -3,883 34,053 Claims and movement in insurance liabilities ceded to re-insurers
Reinsurer's share in the movement in reserves -73,805 -174,716 - - - - 5,199 -2,487 - - 245,809            
Net insurance claims -854,110 -4,192,968 -4,299,510 -626,601 - - -80,892 -139,087 -1,329,748 - -815,021 - 1,157,463 6,323 12,927 -11,161,224 Net insurance claims
Movement in other net technical reserves, life insurance reserves where the policyholder bears the investment risk, loss ratio (risk) equalization reserves -5,887 -436 -270,964 -712,390 - - - - 172,272 - 817,405            
                      - - -77,715 - - -77,715 Claims and changes in valuation of investment contracts
Net premiums and rebates for insureds including the movement in reserves -298 - -523 - - - - - -4 - 825            
Other net technical income -47,428 -261,850 -108,433 -12,924 - - - - -4,683 - 435,318            
Acquisition cost -300,302 -1,141,493 -322,765 -109,519 - -16,776 -62,446 -67,137 -18,318 - - - - -126 22,944 -2,015,938 Acquisition cost
Administrative costs -115,829 -546,865 -545,720 -53,225 - -77,923 -35,904 -26,490 -11,377 - - 1,131 - -20,568 26,290 -1,406,480 Administrative costs
Reinsurance commissions and profit-sharing 8,022 66,967 501 - - - - - - - -75,490            
Expenses of the core business of non-insurance entities - - - - - - - - - -369,897 369,897            
Other operating expenses (not applicable to insurance entities) - - - - - -839 - - - -6,519 -874,683 -8,946 - 84,583 100,805 -705,599 Other operating expenses
Result on insurance / Operating profit (loss) 391,481 1,067,271 1,603,421 139,857 4,858,794 137,432 15,703 943 11,277 95,552 18,403 -105,101 -1 70,212 -4,124,486 4,180,758 Operating profit (loss)
Other operating income 65,131 14,763     796 3,613     -84,303            
Other operating expenses -58,067 -50,159     -874 -4,075     113,175            
Financial costs               -57,112 -47,270       42,718 -61,664 Financial costs
Share of profits (losses) of entities accounted for using the equity method                               1,404 Share of profits (losses) of entities accounted for using the equity method
                                4,120,498 Gross profit (loss)
                                -825,543 Income tax
                                3,294,955 Net profit (loss)

 

2014PolandBaltic StatesUkraineNon-allocated (consolidation eliminations and other)Consolidated value
Gross written premiums - external 16,174,579 536,498 173,562 - 16,884,639
Gross written premiums - cross-segment 26,815 - - -26,815 -
Revenue from commissions and fees 350,764 - - - 350,764
Net investment income 1,743,915 10,241 39,682 - 1,793,838
Net result on realization and impairment losses on investments 426,016 1,402 -271 - 427,147
Net change in the fair value of assets and liabilities measured at fair value 507,904 2,974 1,655 - 512,533
Non-current assets other than financial instruments 1) 1,706,430 160,65 3,887 -666 1,870,301
Change in deferred tax assets 20,556 5,383 1,018 - 26,957
Assets 67,788,204 1,185,229 224,704 -1,625,376 67,572,761

1) Intangible assets and property, plant and equipment

2013PolandBaltic StatesUkraineNon-allocated (consolidation eliminations and other)Consolidated value
Gross written premiums - external 16,014,074 262,289 203,64 - 16,480,003
Gross written premiums - cross-segment 2,439 - - -2,439 -
Revenue from commissions and fees 299,169 - - - 299,169
Net investment income 1,834,841 7,783 24,026 - 1,866,650
Net result on realization and impairment losses on investments 44,07 -1,905 382 - 42,547
Net change in the fair value of assets and liabilities measured at fair value 604,745 633 -20 - 605,358
Non-current assets other than financial instruments 1) 1,216,845 14,125 5,822 -785 1,236,007
Change in deferred tax assets 15,351 - 1,598 - 16,949
Assets 62,512,606 415,708 259,963 -400,973 62,787,304

1) Intangible assets and property, plant and equipment