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| Direct insurance liabilities | 31 December 2015 | 31 December 2014 |
| Liabilities to policyholders | 390,038 | 408,721 |
| Liabilities to insurance intermediaries | 177,507 | 172,492 |
| Other insurance liabilities | 128,621 | 105,501 |
| Total direct insurance liabilities | 696,166 | 686,714 |
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PZU Group in 2015
- Business areas
- PZU values, goals, and aspirations
- PZU Group’s Clients and product offer
- Value for shareholders
- Capital position
- Social Responsibility
- Business strategy
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External environment
- Main trends in the Polish economy
- Financial markets situation
- Polish insurance sector compared with Europe
- Regulations on the insurance and financial markets in Poland
- External environment in the Baltic states and Ukraine
- Macroeconomic factors which can affect the operations of the Polish insurance sector and PZU Group’s activities in 2016
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Activity of PZU Group
- Structure of PZU Group
- PZU, Link4 and TUW PZUW – activity on the Polish non-life insurance market
- PZU Życie – activity in the life insurance market in Poland
- PTE PZU – activities in the pension funds market
- TFI PZU – activity on the investment fund market
- Foreign activity
- PZU Zdrowie – activity on the health care market
- Organization, infrastructure and human resources
- Corporate social responsibility
- Stock Exchange
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Corporate governance
- Corporate governance principles applied by PZU
- Application of Good Practices of Companies quoted on WSE
- Application of Corporate Governance Principles to Supervised institutions
- Control system applied during preparation of the financial statements
- Entity authorized to audit financial statements
- Share capital and shareholders of PZU; stock held by members of its authorities
- By-laws of PZU
- General Shareholders’ Meeting, Supervisory Board, and Management Board
- Risk management
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Financial results
- Consolidated financial results
- Consolidated statement of profit or loss
- Consolidated statement of comprehensive income
- Consolidated statement of financial position
- Statement of changes in consolidated equity
- Consolidated cash flows statement
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Additional information and notes
- 1. Introduction
- 2. Structure of PZU Group
- 3. The shareholding structure
- 4. Composition of the Management Board, Supervisory Board and Directors in the Group
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5. Summary of significant accounting policies
- 5.1 Changes in accounting policies, accounting estimates and errors
- 5.2 Consolidation principles
- 5.3 Recognition of foreign currency transactions and balances and applied exchange rates
- 5.4 Acquisition method
- 5.5 Goodwill
- 5.6 Intangible assets
- 5.7 Tangible assets
- 5.8 Impairment of property, plant and equipment and intangible assets
- 5.9 Acquisition costs and deferred acquisition costs
- 5.10 Salvages and subrogations in non-life insurance
- 5.11 Investment property
- 5.12 Associates and joint ventures
- 5.13 Financial instruments
- 5.14 Cash and cash equivalents
- 5.15 Assets and liabilities held for sale and disposal groups
- 5.16 Leasing
- 5.17 Equity
- 5.18 Insurance contracts
- 5.19 Provisions for employee benefits
- 5.20 Other provisions
- 5.21 Recognition of revenue
- 5.22 Taxes
- 5.23 Earnings per share
- 6. Key estimates and judgments
- 7. Segment reporting
- 8. Risk management
- 9. Capital management
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10. Fair value
- 10.1 Description of valuation techniques
- 10.2 Fair value hierarchy
- 10.3 Reclassifications between levels of fair value hierarchy
- 10.4 Reconciliation of the balance of recurring fair value measurement categorized within Level III of the fair value hierarchy
- 10.5 Changes in fair value measurement of financial instruments measured at fair value
- 10.6 The highest and best use of a non-financial asset vs. its current use
- 11. Gross written premiums
- 12. Revenue from commissions and fees
- 13. Net investment income
- 14. Net result on realization and impairment losses on investments
- 15. Net change in the fair value of assets and liabilities measured at fair value
- 16. Other operating income
- 17. Insurance claims and change in technical provisions
- 18. Interest expense
- 19. Acquisition expenses
- 20. Administrative expenses
- 21. Employee expenses
- 22. Other operating expenses
- 23. Income tax
- 24. Earnings per share
- 25. Income tax presented in other comprehensive income
- 26. Goodwill
- 27. Intangible assets
- 28. Other assets
- 29. Deferred acquisition costs
- 30. Estimated subrogations and salvages
- 31. Reinsurers’ share in technical provisions
- 32. Tangible assets
- 33. Investment property
- 34. Entities measured using the equity method
- 35. Financial assets
- 36. Impairment of financial assets and receivables
- 37. Change in deferred tax assets
- 38. Receivables, including insurance receivables
- 39. Current income tax receivables
- 40. Cash and cash equivalents
- 41. Assets held for sale
- 42. Issued share capital and other equity attributable to the owners of the parent entity
- 43. Technical provisions
- 44. Provisions for employee benefits
- 45. Other provisions
- 46. Deferred tax liabilities
- 47. Financial liabilities
- 48. Other liabilities
- 49. Current income tax liabilities
- 50. Notes to other inflows and outflows from operating activities
- 51. Assets recognized as collateral of receivables, liabilities and contingent liabilities
- 52. Contingent assets and liabilities
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53. Litigation claims
- 53.1 Resolution of the General Shareholders Meeting of PZU regarding 2006 profit distribution
- 53.2 Proceedings conducted by the Office of Competition and Consumer Protection ("OCCP") against PZU
- 53.3 Proceedings conducted by the Office of Competition and Consumer Protection against PZU Życie
- 53.4 Dispute with CSC Computer Sciences Polska Sp. z o.o.
- 53.5 Submission of PZU claims to the insolvency estate of PBG Capital Group companies
- 53.6 Receivables arising from a mortgage agreement with Metro-Projekt Sp. z o.o.
- 54. Related party transactions
- 55. Employment
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56. Other information
- 56.1 Remuneration of the entity authorized to audit financial statements
- 56.2 Employment restructuring process
- 56.3 Loans to subsidiaries of PZU
- 56.4 Issue of subordinated bonds by Alior Bank
- 56.5 Inspection of the Polish Financial Supervision Authority in PZU Życie
- 56.6 Inspection of the Polish Financial Supervision Authority in PZU
- 56.7 Situation in Ukraine
- 56.8 Revenue from the exchange of goods and services
- 56.9 Events after the financial year
