Warsaw, 29 March 2023
Management Board of Powszechny Zakład Ubezpieczeń Spółka Akcyjna
Motion
to the Ordinary Shareholder Meeting of PZU SA
Regarding:
approval of the Consolidated Financial Statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2022, prepared in accordance with the International Financial Reporting Standards.
Body of the motion:
We hereby move for the Ordinary Shareholder Meeting of PZU SA to approve the Consolidated Financial Statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2022 prepared according to International Financial Reporting Standards.
Justification:
The Ordinary Shareholder Meeting should review and approve the group's financial statements as defined in the accounting regulations. Moreover, the annual consolidated financial statements are subject to approval by the Ordinary Shareholder Meeting no later than within 6 months from the balance sheet date (pursuant to Article 395(1) and (5) of the Commercial Company Code in conjunction with Article 63c(4) of the Accounting Act of 29 September 1994, and §10(1) and §18(1) of the PZU SA Articles of Association).
By Resolution No. UZ/81/2023 of 29 March 2023 the PZU SA Management Board adopted and by Resolution No. URN/16/2023 of 29 March 2023 the PZU SA Supervisory Board issued a favorable assessment of the Consolidated Financial Statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2022, prepared in accordance with International Financial Reporting Standards, and recommended that the PZU SA Ordinary Shareholder Meeting approve it.
Submitted on behalf of the PZU SA Management Board by:
/Tomasz Kulik/ | /Maciej Rapkiewicz/ |
Attachment:
- draft resolution of the PZU SA Shareholder Meeting to approve the Consolidated Financial Statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group for the year ended 31 December 2022, prepared in accordance with International Financial Reporting Standards.
Powszechny Zakład Ubezpieczeń Spółka Akcyjna
Group
Consolidated financial statements for the year ended 31 December 2022 prepared in accordance with International Financial Reporting Standards
Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group
Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022
Table of contents
Consolidated profit and loss account | 4 | |
Consolidated statement of comprehensive income | 5 | |
Consolidated statement of financial position | 6 | |
Consolidated statement of changes in equity | 8 | |
Consolidated cash flow statement | 10 | |
Supplementary information and notes | 12 | |
1. | Introduction | 12 |
2. | Composition of PZU Group | 15 |
3. | Shareholder structure | 29 |
4. | Key management - Management Board and Group Directors | 29 |
5. | Parent Company's Supervisory Board | 31 |
6. | Key accounting policies and significant estimates and judgments | 32 |
7. | Segment reporting | 58 |
8. | Risk management | 68 |
9. | Equity management | 104 |
10. | Fair value | 106 |
11. | Gross written premiums | 115 |
12. | Revenue from commissions and fees | 116 |
13. | Interest income calculated using the effective interest rate | 117 |
14. | Other net investment income | 119 |
15. | Result on derecognition of financial instruments and investments | 119 |
16. | Movement in allowances for expected credit losses and impairment losses on financial instruments | 120 |
17. | Net movement in fair value of assets and liabilities measured at fair value | 121 |
18. | Other operating income | 121 |
19. | Claims, benefits and movement in technical provisions | 121 |
20. | Fee and commission expenses | 123 |
21. | Interest expense | 123 |
22. | Acquisition expenses | 123 |
23. | Administrative expenses | 124 |
24. | Employee expenses | 125 |
25. | Other operating expenses | 125 |
26. | Income tax | 126 |
27. | Earnings per share | 127 |
28. | Goodwill | 127 |
29. | Intangible assets | 130 |
30. | Other assets | 133 |
31. | Deferred acquisition expenses | 134 |
32. | Property, plant and equipment | 135 |
2 |
Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group | ||
Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022 | ||
33. | Investment property | 137 |
34. | Entities measured by the equity method | 138 |
35. | Loan receivables from clients | 139 |
36. | Financial derivatives | 140 |
37. | Investment financial assets, including assets securing liabilities | 151 |
38. | Receivables | 156 |
39. | Expected credit losses and impairment of financial assets | 157 |
40. | Cash and cash equivalents | 166 |
41. | Equity attributable to the equity holders of the parent company | 167 |
42. | Technical provisions | 169 |
43. | Subordinated liabilities | 177 |
44. | Liabilities on the issue of own debt securities | 178 |
45. | Liabilities to banks | 178 |
46. | Liabilities to clients under deposits | 179 |
47. | Other liabilities | 179 |
48. | Provisions | 181 |
49. | Deferred tax | 187 |
50. | Assets and liabilities held for sale | 190 |
51. | Leases | 190 |
52. | Assets securing receivables, liabilities and contingent liabilities | 193 |
53. | Contingent assets and liabilities | 194 |
54. | Offsetting financial assets and financial liabilities | 194 |
55. | Notes to the consolidated cash flow statement | 195 |
56. | Disputes | 196 |
57. | Related party transactions | 199 |
58. | Headcount | 203 |
59. | Other information | 203 |
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Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group
Consolidated financial statements in accordance with IFRS for the year ended 31 December 2022 (in millions of PLN)
Consolidated profit and loss account
Consolidated profit and loss account | Note | 1 January - | 1 January - | |||||
31 December 2022 | 31 December 2021 | |||||||
Gross written premiums | 11 | 26,710 | 25,080 | |||||
Reinsurers' share in gross written premium | (1,695) | (1,300) | ||||||
Net written premiums | 25,015 | 23,780 | ||||||
Movement in net provision for unearned premiums | (718) | (548) | ||||||
Net earned premiums | 24,297 | 23,232 | ||||||
Revenue from commissions and fees | 12 | 5,136 | 4,738 | |||||
Interest income calculated using the effective interest rate | 13 | 18,626 | 9,782 | |||||
Other net investment income | 14 | (384) | 418 | |||||
Result on derecognition of financial instruments and investments | 15 | (492) | 407 | |||||
Movement in allowances for expected credit losses and impairment losses on | 16 | (3,271) | (1,849) | |||||
financial instruments | ||||||||
Net movement in fair value of assets and liabilities measured at fair value | 17 | 704 | 797 | |||||
Other operating income | 18 | 1,896 | 1,602 | |||||
Claims, benefits and movement in technical provisions | (16,894) | (16,130) | ||||||
Reinsurers' share in claims, benefits and movement in technical provisions | 1,352 | 399 | ||||||
Net insurance claims and benefits | 19 | (15,542) | (15,731) | |||||
Fee and commission expenses | 20 | (1,449) | (1,194) | |||||
Interest expenses | 21 | (4,767) | (418) | |||||
Acquisition expenses | 22 | (3,903) | (3,572) | |||||
Administrative expenses | 23 | (7,575) | (6,826) | |||||
Other operating expenses | 25 | (5,646) | (3,917) | |||||
Operating profit | 7,630 | 7,469 | ||||||
Share of the net financial results of entities measured by the equity method | (25) | (15) | ||||||
Profit before tax | 7,605 | 7,454 | ||||||
Income tax | 26 | (2,346) | (2,020) | |||||
Net profit, including: | 5,259 | 5,434 | ||||||
- profit attributable to the equity holders of the Parent Company | 3,374 | 3,336 | ||||||
- profit (loss) attributed to holders of non-controlling interest | 1,885 | 2,098 | ||||||
Weighted average basic and diluted number of common shares | 27 | 863,390,384 | 863,344,936 | |||||
Basic and diluted profit (loss) per common share (in PLN) | 27 | 3.91 | 3.86 | |||||
Warsaw, 29 March 2023
The accompanying notes form an integral part of the consolidated financial statements.
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Disclaimer
PZU - Powszechny Zaklad Ubezpieczen SA published this content on 12 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2023 17:26:05 UTC.