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Risk related to financial assets
The below table presents the results of the analysis of the sensitivity of the net financial result and PZU Group’s equity to changes in interest rate risk, exchange risk and equity instruments price risk. The analysis does not take into account the impact of changes in valuation of the deposits taken into consideration in the calculation of the provision on the net financial result and equity.
Financial assets exposed to exchange risk include deposit transactions and debt instruments used to hedge payments from technical provisions denominated in foreign currencies, as well as exposures to equity instruments listed on stock exchanges other than WSE, investment fund units and certificates in foreign currencies, exposures to derivatives denominated in foreign currencies and financial assets of consolidated entities denominated in foreign currencies.
| 31 December 2014 | 31 December 2013 | ||||
|---|---|---|---|---|---|
| Sensitivity of the portfolio of assets (PLN million) | Change of the risk factor | Effect on net financial profit/loss | Effect on equity | Effect on net financial profit/loss | Effect on equity |
| Interest rate risk | 100 p.b. decrease | 126 | 223 | 433 | 464 |
| 100 p.b. increase | -138 | -219 | -403 | -435 | |
| Exchange risk | 20% increase | 6 | 119 | 19 | 83 |
| 20% decrease | -6 | -119 | -19 | -83 | |
| Equity instruments price risk | 20% increase | 346 | 561 | 396 | 456 |
| 20% decrease | -346 | -561 | -396 | -456 | |
Reduction of the sensitivity of the portfolio of financial assets exposed to the interest rate risk at the end of 2014, compared with 2013, was caused by the change in the structure of the bond portfolio, a switch from long-term to short-term instruments.
Risk pertaining to technical rates and mortality
The analysis presented above is a sensitivity analysis of the net result and equity to changes in the assumptions used to calculate the capitalized annuities. The analysis does not take into account the impact of changes in valuation of the deposits taken into consideration in calculation of the reserve on the net financial result and equity.
