Glossary beginning with P

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PAS: Polish Accounting Standards
Payout ratio: Dividend payout ratio, in other words the quotient of the dividend paid and the company’s net result stated as a percentage.
PFSA: Polish Financial Supervision Authority, www.knf.gov.pl
Profit margin in group and continued insurance in PZU Życie: an indicator calculated as the ratio of the result to gross written premium in the group and individually-continued insurance segment, net of one-off effects such as, for instance, the conversion effect, namely the conversion of longterm contracts into short-term contracts (according to Polish Accounting Standards) and changes to technical rates, namely the rate used to discount technical provisions.