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Interactive navigation is a tool that goes beyond the standard navigation of the integrated content (available in the report drop-down bar). New approach allowed to navigate in the two additional business dimensions of the PZU Group, i.e .:
  • strategy (insurance, health, investments, finances);
  • sustainable development (sales, employees, social responsibility, natural environment and ethics).
The above-mentioned areas were additionally supplemented with related GRI indicators, within each selected issue.
Employees
Society
Ethics
Environment
Products
Overview
Health
Banking
Investments
Insurance
Business
practices
Non-financial data
Strategic data

In the Chapter

PZU Group Overview
PZU Group’s financial effectiveness
Business model [UoR] [IIRC]
PZU Group’s value creation model
Structure of the PZU Group
Non-life insurance (PZU, LINK4 and TUW PZUW)
Life insurance (PZU Życie)
Banking (Bank Pekao, Alior Bank)
Mutual funds and Employee Capital Schemes (TFI PZU)
International operations
Medical services (Health)
Pension funds (PTE PZU)
Other operating areas

GRIs

102-7 Scale of the reporting organization
201-1 Direct economic value generated and distributed

In the Chapter

Employee issues
Human Capital Management
Working conditions
Employee development
Knowledge sharing

GRIs

102-8 Data pertaining to employees and other persons working for the organization
103-2 Approach to management and its elements
401-1 New employee hires and employee turnover
403-2 403-2 Rate for injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities
404-1 Average number of hours of training per year per employee
404-2 Managerial skill development and continuing education programs supporting continuity of employment of employees and facilitating the retirement process
404-3 Percentage of employees subject to regular assessments of work quality and professional development reviews, by gender and employment category
G4-FS16 Initiatives to enhance financial literacy by type of beneficiary

In the Chapter

PZU Group’s social commitment
Safety
Health
Cultural patronage
Improvement of living conditions in local communities

GRIs

102-12 Externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
103-2 Approach to management and its elements

In the Chapter

Business in the face of climate change
Direct environmental impact

GRIs

103-2 Approach to management and its elements
301-1 Raw materials/materials used by weight and volume
302-1 Energy consumption by the organization, taking into account the types of raw materials
302-4 Reduction of consumption of energy
303-1 Total water consumption by source
305-1 Total direct GHG emissions (Scope 1)
305-2 Electricity indirect GHG emissions (Scope 2)
305-3 Other indirect GHG emissions (Scope 3)
305-4 GHG emissions intensity
307-1 Cash value of penalties and total number of non-financial sanctions for non-compliance with the law and/or regulations on environmental protection

In the Chapter

Ethical foundations of business operations
Corporate governance and risk management, giving consideration to ESG and climate factors
Preventing corruption and conflict of interests
Diversity and respecting human rights
Whistleblowing system
Transaction security
Cooperation with supplier

GRIs

102-5 Organization’s form of ownership and legal form
102-9 Description of the supply chain
102-11 Explanation of whether and how the precautionary principle is addressed by the organization
102-12 Externally developed economic, environmental and social charters, principles, or other initiatives to which the organization subscribes or which it endorses
102-15 Description of key impacts, opportunities and risks
102-16 Organization’s values, code of ethics, principles and norms of behavior
102-17 Internal and external mechanisms making it possible to obtain advice regarding the behaviors in ethical and legal issues and issues associated with the organization’s integrity
102-18 Organization’s supervisory structure along with the commissions that report to the highest supervisory body
103-2 Approach to management and its elements
103-3 Evaluation of the approach to management
205-1 Actions assessed in terms of threats associated with corruption
205-2 Communication and training on anti-corruption policies and procedures in the organization
205-3 Confirmed cases of corruption and actions taken
206-1 Legal steps taken against the organization for cases of violating the principles of free competition and monopolistic practices
405-1 Composition of supervisory bodies and employees broken down into employee groups by gender, age and other diversity factors
406-1 Total number of discrimination cases and corrective measures taken in this regard
419-1 Non-compliance with the law and socio- economic regulations

In the Chapter

PZU Group’s new operating model
Insurance
Health
Banking and strategic partnerships
Management of the PZU Group’s brands
Client at the center of attention
Innovations
Responsible sales
Cybersecurity

GRIs

103-2 Approach to management and its elements
G4-FS13 Access points to sparsely populated areas that are less economically developed
G4-FS14 Initiatives undertaken to improve access to financial services for disfavored persons
G4-FS15 Policies for the fair design and sale of financial products and services
417-1 Internal requirements concerning the labeling of products and services and information regarding them
417-2 Incidents of non-compliance with regulations and voluntary codes concerning the labeling of products and services and information regarding them
417-3 Incidents of non-compliance with regulations and voluntary codes concerning marketing communications
418-1 Substantiated complaints regarding breaches of client privacy and data loss

In the Chapter

Operating model
PZU Group’s financial effectiveness
Digitization – the future of insurance undertakings
Client at the center of attention
Innovations
Responsible sales
Cybersecurity
Climate
Business in the face of climate change
Direct environmental impact
Employee
Working conditions
Employee development
Knowledge sharing
Risk and ethics
Safety
Corporate governance and risk management, giving consideration to ESG and climate factors
Preventing corruption and conflict of interests
Diversity and respecting human rights
Whistleblowing system
Transaction security
Cooperation with suppliers
Dialogue with the environment
Risk appetite
PZU Group’s risk profile
Reinsurance operations
Business
Polish and Baltic States insurance sector compared to Europe
Non-life insurance (PZU, LINK4 and TUW PZUW)
Life insurance (PZU Życie)
International operations
Insurance
Contribution made by the market segments to the consolidated result

In the Chapter

Operating model
Client at the center of attention
Responsible sales
Climate
Direct environmental impact
Employee
Working conditions
Employee development
CSR
PZU Group’s social commitment
Risk and ethics
Ethical foundations of business operations
Corporate governance and risk management, giving consideration to ESG and climate factors
Diversity and respecting human rights
Whistleblowing system
Transaction security
Market
Polish banking sector compared to Europe
Banking (Bank Pekao, Alior Bank)
Banking and strategic partnerships
Risk appetite
PZU Group’s risk profile
Business
Contribution made by the market segments to the consolidated result
Banking sector on the Warsaw Stock Exchange

In the Chapter

Operating model
Client at the center of attention
Climate
Business in the face of climate change
Employee
Working conditions
Risk and ethics
Ethical foundations of business operations
Diversity and respecting human rights
Business
Situation on the financial markets
Banking (Bank Pekao, Alior Bank)
Mutual funds and Employee Capital Schemes (TFI PZU)
Contribution made by the market segments to the consolidated result

In the Chapter

Operating model
Client at the center of attention
Health
Employee
Working conditions
Employee development
Risk and ethics
Diversity and respecting human rights
Whistleblowing system
Business
Medical services (Health)

In the Chapter

Operating model
Client at the center of attention
Innovations
Responsible sales
Cybersecurity
Climate
Business in the face of climate change
Direct environmental impact
Employee
Working conditions
Employee development
Knowledge sharing
CSR
PZU Group’s social commitment
Safety
Health
Improvement of living conditions in local communities
Risk and ethics
Ethical foundations of business operations
Corporate governance and risk management, giving consideration to ESG and climate factors
Preventing corruption and conflict of interests
Diversity and respecting human rights
Transaction security
Cooperation with supplier
Dialogue with the environment
a a a

45.2. Quantitative data

Annual Report 2019 > 45.2. Quantitative data
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Financial liabilities 31 December 2019 31 December 2018
Financial liabilities measured at fair value 3,660 4,017
Derivatives1 3,018 3,365
Liabilities on borrowed securities (short sale) 293 120
Investment contracts for the client’s account and risk (unit-linked) 259 266
Liabilities to members of consolidated mutual funds 90 266
Financial liabilities measured at amortized cost 242,830 232,299
Liabilities to banks 6,604 6,044
Current deposits 412 1,058
One-day deposits 419 207
Term deposits 41 7
Loans received 5,427 4,386
Other liabilities 305 386
Liabilities to clients under deposits 218,588 207,635
Current deposits 151,417 137,559
Term deposits 66,414 69,350
Other liabilities 757 726
Liabilities on the issue of own debt securities 9,273 12,009
Bonds 3,976 5,922
Certificates of deposit 3,940 4,542
Covered bonds 1,357 1,545
Subordinated liabilities 6,700 6,061
Liabilities on account of repurchase transactions 599 540
Lease liabilities 1,066 10
Total financial liabilities 246,490 236,316

1 More information on derivative instruments is presented in section 34.

45.2_en_a.xlsx

 

Financial liabilities by maturity 31 December 2019 31 December 2018
Up to 1 year 227,041 218,952
1 to 5 years 10,579 10,332
Over 5 years 8,870 7,032
Total financial liabilities by maturity 246,490 236,316
45.2_en_b.xlsx
 

Subordinated liabilities

  Par value(in millions) Currency Interest rate Issue (receipt) date / Maturity date Carrying amount31 December 2019(in PLN m) Carrying amount31 December 2018(in PLN m)
Liabilities classified as PZU’s own funds
Subordinated bonds – PZU 2,250 PLN WIBOR 6M + margin 30 June 201729 July 2027 2,279 2,279
Liabilities classified as Pekao’s own funds
A series bonds 1,250 PLN WIBOR 6M + margin 30 October 201729 October 2027 1,257 1,257
B series bonds 550 PLN WIBOR 6M + margin 15 October 2018 16 October 2028 554 548
C series bonds 200 PLN WIBOR 6M + margin 15 October 2018 14 October 2033 201 196
D series bonds 350 PLN WIBOR 6M + margin 4 June 2019 4 June 2031 351 -
D1 series bonds 400 PLN WIBOR 6M + margin 4 December 2019 4 June 2031 401 -
Liabilities classified as Alior Bank’s own funds
Subordinated loan 10 EUR EURIBOR 3M + margin 12 October 201112 October 2019 - 43
F series bonds 322 PLN WIBOR 6M + margin 26 September 201426 September 2024 225 225
G series bonds 193 PLN WIBOR 6M + margin 31 March 201531 March 2021 196 196
I and I1 series bonds 183 PLN WIBOR 6M + margin 4 December 20156 December 2021 148 148
K and K1 series bonds 600 PLN WIBOR 6M + margin 20 October 201720 October 2025 605 605
Meritum Bank series B bonds 67 PLN WIBOR 6M + margin 29 April 201329 April 2021 68 68
Meritum Bank series C bonds 80 PLN WIBOR 6M + margin 21 October 201421 October 2022 - 81
EUR001 series bonds 10 EUR LIBOR 6M + margin 4 February 20164 February 2022 44 44
P1A series bonds 150 PLN WIBOR 6M + margin 27 April 201616 May 2022 151 151
P1B series bonds 70 PLN WIBOR 6M + margin 29 April 201616 May 2024 70 70
P2A series bonds 150 PLN WIBOR 6M + margin 14 December 201729 December 2025 150 150
Subordinated liabilities 6,700 6,061
45.2_en_c.xlsx

on 21 October 2019 Alior Bank redeemed Meritum Bank series C bonds before maturity.
The lower carrying amount of subordinated liabilities compared to the nominal value ensues from some of the bonds issued by Alior Bank were subscribed for by consolidated mutual funds.