PZU Zdrowie – activity on the health care market

In 2014 the PZU Group made the decision to develop medical services and health insurance. For this purpose the company doing business as PZU Zdrowie (PZU Health) was formed in 2015 as a platform to integrate the acquired medical services companies and to manage health subscription plans.

Health in PZU

In 2014 the PZU Group made the decision to develop medical services and health insurance. For this purpose the company doing business as PZU Zdrowie (PZU Health) was formed in 2015 as a platform to integrate the acquired medical services companies and to manage health subscription plans.

In 2014, PZU Group made the decision to expand its medical services and health insurance. The expansion included establishment of PZU Zdrowie to serve as the platform integrating acquired medical services companies and managing health subscribers PZU Zdrowie was set up from the transformation of Ipsilon Bis SA, which had no previous record of operations.

Within the framework of contracts with the National Health Fund (NFZ) the PZU Group’s network of medical centers offers medical services involving primary health care and specialist ambulatory care for the local communities of Płock, Włocławek, Upper Silesian cities, Opole and Warsaw. As of February 2016 it also caters to Poznań.

The chain of PZU Group’s medical centers offers the following:

  • medical services for the local population of Płock, Włocławek, cities of Upper Silesia, as well as Opole and Warsaw, and - as of February 2016 – also Poznań, in scope of NFZ contracts covering general health care and ambulatory special care;
  • services in scope of additional health care packages for corporate and individual customers in Płock, Włocławek, cities of Upper Silesia, Opole, Warsaw, and, as of February 2016, Poznań;
  • medical services for holders of medical insurance at PZU Życie and commercial patients.
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Mergers of PZU Group’s entities in the medical services field

Due to the building of the health care center and health insurance networks, PZU Group was expanded by the following companies in 2015 and until the release of this report:

  • REZO-MEDICA (100% shares, from 23 April 2015) – offering magnetic resonance services in Płock;
  • CM Gamma (“Centrum Medyczne Gamma sp. z o.o.” 60.46% shares), one of the most innovative private hospitals specializing in orthopedics in Poland.
    • On 29 July 2015, PZU FIZ AN BIS 2, an investment fund managed by PZU TFI, acquired 29,278 Gamma shares constituting 54.95% of share capital.
    • On 25 November 2015, a resolution was passed to raise the Gamma share capital by issuing 7,423 shares with nominal value of PLN 50 per share. All shares were acquired by PZU FIZ AN BIS 2 and the capital raise was registered on 2 December 2015. Resulting from the issue, the share of PZU Group in the CM Gamma share capital and shareholder votes rose to 60.46%.
    • On 29 December 2015, PZU Zdrowie acquired CM Gamma.
  • Nasze Zdrowie (100% shares, from 26 August 2015) - operates on the Warsaw market of medical services in range of ambulatory health care (both basic and specialized);
  • Medicus w Opolu (100% shares, from 22 September 2015) provides both basic and specialized ambulatory health care services;
  • CM Cordis (100% shares, from 1 February 2016) – provides specialized services for patients in Poznań.

The total cost of purchase of the aforementioned companies was PLN 27.6 million in 2015 and the goodwill recognized in the consolidated financial statements amounted to PLN 20.1 million.