On 3 October 2016, the PZU Supervisory Board adopted a resolution (Current Report 61/2016 of 4 October 2016) to approve the PZU Group’s Capital and Dividend Policy for 2016-2020 (“Policy”). No changes were made to this Policy in 2019.
The introduction of this Policy stemmed from the implementation, as of 1 January 2016, of Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II), as amended, the Insurance and Reinsurance Activity Act of 11 September 2015 and the expiration of the PZU Group’s Capital and Dividend Policy for 2013-2015 updated in May 2014.
In accordance with the Policy, the PZU Group endeavors to do the following:
The capital management policy rests on the following principles:
Source: Data taken from insurers’ reports as of Q3 2019 in the case of Ageas, Allianz, Aviva, AXA, CNP, Generali, Gjensidige, Munich Re, NN, Phoenix, RSA, Sampo, Scor, Talanx, Topdanmark, Tryg and as of H1 2019 in the case of the other insurers
In Bank Pekao and Alior Bank, the capital adequacy ratio and the Tier 1 ratio were computed on the basis of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms (CRR Regulation) and also the various types of risk identified in the Internal Capital Adequacy Assessment Process (ICAAP).
|Solvency ratio||2018||Q3 2019|
|PZU Życie *||449%||435%|
|PZU Życie *||997%||967%|
|Pekao Group – total capital adequacy ratio||17.4%||17.2%|
|Alior Bank Group – total capital adequacy ratio||15.9%||16.2%|