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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).
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
Operating model
Climate
Employee
Risk and ethics
Business
In the Chapter
Operating model
Climate
Employee
CSR
Risk and ethics
Market
Business
In the Chapter
Operating model
Employee
Risk and ethics
Business
In the Chapter
Operating model
Employee
Risk and ethics
Business
In the Chapter
Operating model
Climate
Employee
CSR
Risk and ethics
2.4 Non-controlling interest
2.4.1. Accounting policy
Non-controlling interests constitute that part of capital in a subsidiary that is not directly or indirectly attributable to the parent company. As at the date of obtaining control, non-controlling interests are measured at the at the non-controlling interest’s proportionate share in the fair value of the subsidiary’s identifiable net assets. As at the subsequent balance sheet dates, the value of non-controlling interests is updated by the value of comprehensive income attributable to non-controlling interests.
2.4.2. Quantitative data
The table below presents subsidiaries with certain non-controlling interest (at present or in the past):
| Name of the entity | 31 December 2019 | 31 December 2018 |
| Pekao1 | 79.98% | 79.97% |
| Alior Bank2 | 68.07% | 68.07% |
| Przedsiębiorstwo Usług Medycznych PROELMED sp. z o.o. | 43.00% | 43.00% |
| Centrum Medyczne Gamma sp. z o.o. | 39.54% | 39.54% |
| Sanatorium Uzdrowiskowe “Krystynka” sp. z o.o. | 0.91% | 0.91% |
| UAB PZU Lietuva Gyvybes Draudimas | 0.66% | 0.66% |
| AAS Balta | 0.01% | 0.01% |
1 As a result, PZU also holds non-controlling interests in Pekao’s subsidiaries listed in the table in section 2.2.
2 As a result, PZU also holds non-controlling interests in Alior Bank’s subsidiaries listed in the table in section 2.2.
| Carrying amount of non-controlling interests | 31 December 2019 | 31 December 2018 |
| Pekao Group | 18,683 | 18,251 |
| Alior Bank Group | 4,430 | 4,225 |
| Other | 6 | 6 |
| Total | 23,119 | 22,482 |
Presented below is condensed financial information for the Pekao Group and the Alior Bank Group included in the consolidated financial statements (without consolidation eliminations). The data of the Pekao Group and the Alior Bank Group incorporate the effect of adjustments resulting from the measurement of assets and liabilities to fair value as at the date control was acquired and their subsequent amortization over time.
| Assets | Pekao Group | Alior Bank Group | ||
| 31 December 2019 | 31 December 2018 | 31 December 2019 | 31 December 2018 | |
| Goodwill | 692 | 692 | - | - |
| Intangible assets | 1,683 | 1,777 | 644 | 658 |
| Other assets | 45 | 45 | 35 | 35 |
| Property, plant and equipment | 2,112 | 1,682 | 764 | 461 |
| Investment property | - | 13 | - | - |
| Loan receivables from clients | 139,464 | 128,242 | 55,368 | 53,811 |
| Financial derivatives | 2,457 | 1,765 | 508 | 579 |
| Entities measured by the equity method | - | - | 10 | 4 |
| Investment financial assets | 48,338 | 40,356 | 15,996 | 13,636 |
| Measured at amortized cost | 15,743 | 12,262 | 5,387 | 6,307 |
| Measured at fair value through other comprehensive income | 31,167 | 27,266 | 10,438 | 7,280 |
| Measured at fair value through profit or loss | 1,428 | 828 | 171 | 49 |
| Deferred tax assets | 1,087 | 1,112 | 1,178 | 1,076 |
| Receivables | 1,956 | 2,235 | 667 | 815 |
| Cash and cash equivalents | 5,463 | 13,219 | 1,319 | 2,069 |
| Assets held for sale | 16 | 4 | - | - |
| Total assets | 203,313 | 191,142 | 76,489 | 73,144 |
| Equity and liabilities | Pekao Group | Alior Bank Group | ||
| 31 December 2019 | 31 December 2018 | 31 December 2019 | 31 December 2018 | |
| Equity | ||||
| Equity attributable to equity holders of the parent | 23,360 | 22,824 | 6,508 | 6,207 |
| Share capital | 262 | 262 | 1,306 | 1,306 |
| Other capital | 20,510 | 20,721 | 5,637 | 5,609 |
| Retained earnings | 2,588 | 1,841 | (435) | (708) |
| Non-controlling interest | 12 | 11 | - | - |
| Total equity | 23,372 | 22,835 | 6,508 | 6,207 |
| Liabilities | ||||
| Provisions for employee benefits | 401 | 407 | 29 | 32 |
| Other provisions | 414 | 297 | 349 | 119 |
| Deferred tax liability | 30 | 33 | 1 | - |
| Financial liabilities | 175,713 | 164,636 | 68,433 | 65,373 |
| Other liabilities | 3,383 | 2,934 | 1,169 | 1,413 |
| Total liabilities | 179,941 | 168,307 | 69,981 | 66,937 |
| Total equity and liabilities | 203,313 | 191,142 | 76,489 | 73,144 |
| Consolidated profit and loss account for the period from 1 January to 31 December 2019 | PZU Group | Elimination of data from Pekao | Elimination of data from Alior Bank | Elimination of consolidation adjustments | PZU Group without Pekao and Alior Bank |
| Gross written premiums | 24,191 | - | - | 25 | 24,216 |
| Reinsurers’ share in gross written premium | (1,012) | - | - | - | (1,012) |
| Net written premiums | 23,179 | - | - | 25 | 23,204 |
| Movement in net provision for unearned premiums | (89) | - | - | (12) | (101) |
| Net earned premiums | 23,090 | - | - | 13 | 23,103 |
| Revenue from commissions and fees | 4,139 | (2,857) | (1,151) | 107 | 238 |
| Net investment income | 12,391 | (6,901) | (3,907) | 27 | 1,610 |
| Net result on realization of financial instruments and investments | 278 | (154) | (78) | - | 46 |
| Movement in allowances for expected credit losses and impairment losses on financial instruments | (2,166) | 691 | 1,475 | - | - |
| Net movement in fair value of assets and liabilities measured at fair value | 837 | (127) | (219) | 3 | 494 |
| Other operating income | 1,492 | (372) | (295) | 42 | 867 |
| Claims, benefits and movement in technical provisions | (16,085) | - | - | - | (16,085) |
| Reinsurers’ share in claims, benefits and movement in technical provisions | 390 | - | - | - | 390 |
| Net insurance claims and benefits paid | (15,695) | - | - | - | (15,695) |
| Fee and commission expenses | (860) | 388 | 473 | (3) | (2) |
| Interest expenses | (2,129) | 1,215 | 789 | (19) | (144) |
| Acquisition expenses | (3,363) | - | - | (60) | (3,423) |
| Administrative expenses | (6,606) | 3,389 | 1,478 | (34) | (1,773) |
| Other operating expenses | (4,324) | 1,777 | 908 | (76) | (1,715) |
| Operating profit (loss) | 7,084 | (2,951) | (527) | - | 3,606 |
| Share of the net financial results of entities measured by the equity method | (4) | - | (1) | - | (5) |
| Profit (loss) before tax | 7,080 | (2,951) | (528) | - | 3,601 |
| Income tax | (1,895) | 825 | 249 | - | (821) |
| Net profit (loss) | 5,185 | (2,126) | (279) | - | 2,780 |
| Consolidated profit and loss accountfor the period from 1 January to 31 December 2018 (restated) | PZU Group | Elimination of data from Pekao | Elimination of data from Alior Bank | Elimination of consolidation adjustments | PZU Group without Pekao and Alior Bank |
| Gross written premiums | 23,470 | - | - | 16 | 23,486 |
| Reinsurers’ share in gross written premium | (755) | - | - | - | (755) |
| Net written premiums | 22,715 | - | - | 16 | 22,731 |
| Movement in net provision for unearned premiums | (365) | - | - | (8) | (373) |
| Net earned premiums | 22,350 | - | - | 8 | 22,358 |
| Revenue from commissions and fees | 4,109 | (2,841) | (1,093) | 58 | 233 |
| Net investment income | 10,944 | (6,183) | (3,418) | 23 | 1,366 |
| Net result on realization of financial instruments and investments | (15) | (190) | (111) | - | (316) |
| Movement in allowances for expected credit losses and impairment losses on financial instruments | (1,804) | 525 | 1,152 | - | (127) |
| Net movement in fair value of assets and liabilities measured at fair value | 770 | (5) | (608) | (5) | 152 |
| Other operating income | 1,693 | (443) | (458) | 27 | 819 |
| Claims, benefits and movement in technical provisions | (14,980) | - | - | - | (14,980) |
| Reinsurers’ share in claims, benefits and movement in technical provisions | 417 | - | - | - | 417 |
| Net insurance claims and benefits paid | (14,563) | - | - | - | (14,563) |
| Fee and commission expenses | (754) | 392 | 360 | - | (2) |
| Interest expenses | (2,046) | 1,117 | 776 | (16) | (169) |
| Acquisition expenses | (3,130) | - | - | (49) | (3,179) |
| Administrative expenses | (6,609) | 3,398 | 1,574 | (27) | (1,664) |
| Other operating expenses | (3,858) | 1,479 | 788 | (19) | (1,610) |
| Operating profit (loss) | 7,087 | (2,751) | (1,038) | - | 3,298 |
| Share of the net financial results of entities measured by the equity method | (1) | - | - | - | (1) |
| Profit (loss) before tax | 7,086 | (2,751) | (1,038) | - | 3,297 |
| Income tax | (1,718) | 694 | 286 | - | (738) |
| Net profit (loss) | 5,368 | (2,057) | (752) | - | 2,559 |
| Statement of comprehensive income | Pekao Group | Alior Bank Group | ||
| 1 January – 31 December 2019 | 1 January – 31 December 2018 | 1 January – 31 December 2019 | 1 January – 31 December 2018 | |
| Net profit | 2,126 | 2,057 | 279 | 752 |
| Other comprehensive income | 146 | 88 | 22 | 27 |
| Valuation of debt instruments measured at fair value through other comprehensive income | 81 | 13 | 23 | (7) |
| Valuation of equity instruments measured at fair value through other comprehensive income | (6) | 10 | (17) | - |
| Net cash flow hedges | 73 | 65 | 15 | 34 |
| Actuarial gains and losses related to employee provisions | (2) | - | 1 | - |
| Total net comprehensive income | 2,272 | 2,145 | 301 | 779 |
| Cash flow statement | Pekao Group | Alior Bank Group | ||
| 1 January – 31 December 2019 | 1 January – 31 December 2018 | 1 January – 31 December 2019 | 1 January – 31 December 2018 | |
| Net cash flows from operating activities | (1,388) | (4,233) | 53 | 2,067 |
| Net cash flows from investing activities | (7,506) | 10,745 | (335) | (949) |
| Net cash flows from financing activities | 1,140 | 1,387 | (475) | (413) |
| Total net cash flows | (7,754) | 7,899 | (757) | 705 |
| Dividend-related information | Pekao Group | Alior Bank Group | ||
| 1 January – 31 December 2019 | 1 January – 31 December 2018 | 1 January – 31 December 2019 | 1 January – 31 December 2018 | |
| Date of ratifying the dividend | 26 June 2019 | 21 June 2018 | - | - |
| Record date | 10 July 2019 | 6 July 2018 | - | - |
| Dividend payment date | 30 July 2019 | 20 July 2018 | - | - |
| Dividend per share (PLN) | 6.60 | 7.90 | - | - |
| Dividend due to the PZU Group | 347 | 415 | - | - |
| Dividend due to non-controlling shareholders | 1,385 | 1,659 | - | - |