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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
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GRIs
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GRIs
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GRIs
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GRIs
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GRIs
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GRIs
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Operating model
Climate
Employee
Risk and ethics
Business
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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
Direct economic value generated and distributed.
| Immediate economic value created and shared (data in m PLN) | 2018 | 2019 |
| Income | 38,047 | 40,061 |
| Operating expenses excluding: payroll, levy on financial institutions and community investments | -24,280 | -26,550 |
| Total payroll and employee benefit expenses | -5,109 | -5,252 |
| Income tax | -2,098 | -1,844 |
| Levy on financial institutions | -1,092 | -1,134 |
| Voluntary investments in the broader community | -100 | -96 |
| Dividends paid to all shareholders | -3,818 | -3,804 |
| Retained economic value | 1,550 | 1,381 |
The presented retained value is the remainder following the distribution of the generated economic value among the company’s stakeholders. This amount is not consistent with the net profit carried in the Profit and Loss Account because it also includes paid dividends (as distributed economic value).
The presented retained value is the remainder following the distribution of the generated economic value among the company’s stakeholders. This amount is not consistent with the net profit carried in the Profit and Loss Account because it also includes paid dividends (as distributed economic value).
"Its robust results form the basis for continuing to share dividend payouts with shareholders. Under the #newPZU strategy, we have committed to investors that we will recommend payouts to shareholders of the earnings we do not need to finance our rapid growth. We have kept that promise by recommending a dividend payment of PLN 2.80 per share from 2018 earnings. At the same time, we remember our strategic obligation for the amount of the Dividend Per Share (DPS) to grow from year to year in the long run."
The PZU Group has in place the Capital and Dividend Policy in 2016-2020, which was adopted in a PZU Supervisory Board resolution in 2016. According to this policy, the PZU Group endeavors to manage capital effectively and maximize the rate of return on equity for the parent company’s shareholders, in particular by maintaining the level of security and retaining capital resources for strategic growth objectives through acquisitions. Moreover, when it recommends a dividend payout to the Shareholder Meeting, the PZU Group gives consideration to the recommendations and guidelines set forth in other documents applicable to PZU.
As a regulated company, PZU submits to the guidelines set forth in the Communique published by the Polish Financial Supervision Authority pertaining to the assumptions underlying the dividend policy of commercial banks, cooperative banks and affiliation banks, insurance and reinsurance undertakings, brokerage houses, mutual fund management companies and pension fund management companies. PZU is also subject to the “Guidelines of the Office of the Prime Minister regarding companies in which the State Treasury has an equity stake that draw up financial statements for 2019”.
According to the guidelines given by the Office of the Prime Minister, when setting the dividend PZU takes into account, in particular, its capital needs, the necessity to cover its uncovered loss, investment projects in progress and the company’s indebtedness and it gives consideration to the recommendations and individual instructions given by the Polish Financial Supervision Authority.
BEST PRACTICE
Own risk and solvency assessment process
This process forms an integral part of the financial planning process. The own risk and solvency assessment process and the analyses it involves have been designed to ensure support for the whole financial planning process in terms of risk profile analysis and evaluation of compliance with the capital requirements within the planned time horizon and the financial plan assumptions. It also constitutes the summary and review of efficiency of the measures taken in the risk management process. The PZU Group has in place a policy of own risk and solvency assessment.
More financial information is available in the section Results 2019.