Grupa Kapitałowa
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Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group Condensed interim consolidated financial statements for Q1 2020 WorldReginfo - eb30596a-d0a5-49f0-843f-6001a3ac2140 Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group Condensed interim consolidated financial statements for the period of 3 months ended 31 March 2020 Table of contents Introduction ........................................................................................................................................ 4 Financial highlights ............................................................................................................................. 7 1. Selected consolidated financial data of the PZU Group ............................................................................................ 7 2. Selected individual financial data of PZU (PAS) ........................................................................................................ 7 3. Selected non-consolidated financial data of Powszechny Zakład Ubezpieczeń na Życie Spółka Akcyjna (PAS) ... 8 4. Summary of consolidated quarterly results .............................................................................................................. 8 Interim consolidated financial statements ...................................................................................... 10 1. Interim consolidated profit and loss account .......................................................................................................... 10 2. Interim consolidated statement of comprehensive income ................................................................................... 11 3. Interim consolidated statement of financial position ............................................................................................. 12 4. Interim consolidated statement of changes in equity ............................................................................................. 13 5. Interim consolidated cash flow statement .............................................................................................................. 16 Supplementary notes to the condensed interim consolidated financial statements ................... 18 1. Information on PZU and the PZU Group .................................................................................................................. 18 2. Shareholder structure ............................................................................................................................................... 28 3. Composition of the Management Board, Supervisory Board and PZU Group Directors ........................................ 29 4. Key accounting policies, key estimates and judgments .......................................................................................... 31 5. Information about major events that materially influence the structure of financial statement items ............... 37 6. Corrections of errors from previous years ............................................................................................................... 37 7. Material events after the end of the reporting period ............................................................................................. 37 8. Supplementary notes to the condensed interim consolidated financial statements ............................................ 38 9. Assets securing receivables, liabilities and contingent liabilities ........................................................................... 71 10. Contingent assets and liabilities .............................................................................................................................. 72 11. Commentary to the condensed interim consolidated financial statements .......................................................... 72 12. Capital management ................................................................................................................................................ 74 13. Segment reporting .................................................................................................................................................... 75 14. Commentary to segment reporting and investing activity ..................................................................................... 86 15. Impact of non-recurring events on operating results .............................................................................................. 95 16. Changes in the economic situation and business conditions with material effect on the fair value of financial assets and liabilities .................................................................................................................................................. 96 17. Management Board’s position on previously published result forecasts ............................................................. 103 18. Issues, redemptions and repayments of debt securities and equity securities.................................................... 103 19. Default or breach of material provisions of loan agreements ............................................................................... 103 20. Granting of sureties or guarantees for loans or borrowings by PZU or its subsidiaries ....................................... 103 21. Dividends ................................................................................................................................................................. 103 22. Disputes ................................................................................................................................................................... 104 23. Evaluation of the PZU Group companies’ standing by rating agencies ................................................................ 107 24. Related party transactions ..................................................................................................................................... 108 25. Other information ................................................................................................................................................... 109 WorldReginfo - eb30596a-d0a5-49f0-843f-6001a3ac2140 Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group Condensed interim consolidated financial statements for the period of 3 months ended 31 March 2020 PZU’s quarterly unconsolidated financial information (in compliance with PAS) ...................... 111 1. Interim balance sheet ............................................................................................................................................. 111 2. Interim statement of off-balance sheet line items ................................................................................................ 113 3. Interim revenue account of non-life insurance ...................................................................................................... 114 4. Interim general profit and loss account ................................................................................................................. 115 5. Interim statement of changes in equity ................................................................................................................. 116 6. Interim cash flow statement ................................................................................................................................... 118 7. Introduction ............................................................................................................................................................ 120 8. Key accounting principles (accounting policy) ...................................................................................................... 120 9. Changes in accounting policies .............................................................................................................................. 120 10. Impairment loss on the goodwill arising from the acquisition of Alior Bank ........................................................ 120 WorldReginfo - eb30596a-d0a5-49f0-843f-6001a3ac2140 Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group Condensed interim consolidated financial statements for the period of 3 months ended 31 March 2020 (in millions of PLN) Introduction Compliance statement These condensed interim consolidated financial statements of the Powszechny Zakład Ubezpieczeń Spółka Akcyjna Group (“condensed interim consolidated financial statements” and “PZU Group”, respectively) have been prepared in line with the requirements of International Accounting Standard 34 “Interim Financial Reporting”, as endorsed by the Commission of European Communities, and the requirements set forth in the Regulation on Current and Periodic Information. These condensed interim consolidated financial statements should be read in conjunction with the consolidated financial statements of the PZU Group for 2019. Parent company’s quarterly standalone financial information Pursuant to §62 Section 1 of the Regulation on Current and Periodic Information, quarterly standalone financial information of the PZU Group’s parent company, i.e. PZU, forms part of these condensed interim consolidated financial statements. According to Article 45 section 1a of the Accounting Act, the financial statements of issuers of securities admitted to trading on one of the regulated markets of the European Economic Area countries may be prepared in accordance with IFRS. As the PZU Shareholder Meeting has not made the decision referred to in Article 45 Section