As at 31 December 2024, the PZU Group’s total assets were PLN 503,257 million, up PLN 35,312 million compared to the end of 2023.
Assets
As at 31 December 2024, loan receivables from clients constituted 46.1% of the Group’s assets versus 46.8% at the end of 2023). Their balance reached PLN 232,166 million. Compared to 2023, it increased by PLN 13,292 million chiefly due to an increase in mortgage loans for individual clients and loans in the business segment.
Deposits accounted for 46.2% of assets (versus 44.6% at the end of 2023). These include investment financial assets, investment real estate, derivatives, and assets pledged as collateral for liabilities. They totaled PLN 232,262 million, and were up by PLN 23,728 million as compared to the end of last year. The increase in the value of investments was associated particularly with back activity, and was related to the higher value of the portfolio of debt securities. The investment portfolio, excluding banks, increased due to inflow of premiums as a result of the growth in business, as well as the profit or loss on investments.
2.1% of assets (versus 2.3% at the end of 2023) were non-current assets in the form of intangible assets, goodwill and property, plant and equipment. They totaled PLN 10,793 million, and were up by PLN 143 million as compared to the end of 2023. The increase was in intangible assets and was offset by a decrease in the balance of property, plant and equipment.
3.0% of assets (versus 3.8% at the end of 2023) were cash and cash equivalents. Their value was PLN 15,127 million, and was PLN 2,575 million as compared to 2023. This was mainly determined by an decrease in the cash balance in bank accounts at banks.
The 1.0% of assets (versus 1.1% at the end of 2023) represented the PZU Group’s receivables, including receivables under the current income tax. They amounted to PLN 5,264 million, and up by PLN 18 million as compared to the end of 2023. The increase arose primarily due to a higher balance of trade receivables and unsettled financial instruments and margin transactions. It was partially offset by a decline in card billing receivables.
Equity and liabilities
As at 31 December 2024, the PZU Group’s consolidated equity reached PLN 65,257 million, which was up PLN 4,705 million as compared to the end of 2023.
The value of the non-controlling interests increased by PLN 2,631 million to PLN 33,146 million. This was a result of the profit attributable to non-controlling shareholders of PLN 6,879 million (earned by Alior Bank and Bank Pekao), the allocation of PLN 5,039 million and PLN 577 million to dividends by Pekao and Alior Bank (including a total of PLN 4,424 million to minority shareholders), and an increase in the valuation of debt and cash flow hedging instruments measured at fair value through other comprehensive income.
Equity attributable to the parent company’s shareholders increased by PLN 2,074 million to PLN 32,111 million. This results from:
- an increase in the net profit attributable to the parent company for 2024 in the amount of PLN 5,342 million;
- an increase in the valuation of debt and hedging instruments measured at fair value through other comprehensive income;
- a positive effect of a change in discount rates for the valuation of insurance liabilities due to an increase in the level of risk-free interest rates from the end of 2023;
- allocating PLN 3,748 million for the disbursement of dividends distribution of PZU’s profit for 2023 of PLN 3,983 million, plus PLN 854 million transferred from the supplementary capital created from net profit for 2022).
As at 31 December 2024, 66.4% of the Group’s liabilities consisted of deposit liabilities to clients. They amounted to PLN 334,193 million, and were by PLN 30,412 million higher as compared to the end of 2023. This was influenced by an increase in current and time deposits at Pekao Bank and Alior Bank.
As at 31 December 2024, the PZU Group had liabilities arising from own debt securities totaling PLN 18,086 million, including:
- PLN 16,362 million on bonds issued by Bank Pekao and Alior Bank;
- PLN 278 million on certificates of deposit issued by Alior Bank;
- PLN 1,446 million on covered bonds issued by Bank Pekao.
Subordinated liabilities of the PZU Group as at 31 December 2024 reached PLN 5,099 million, down by PLN 1,067 million as compared to 2023.
The value of net insurance contract liabilities amounted to PLN 43,677 million as at the end of 2024, and accounted for 8.7% of total equity and liabilities. Compared to the liabilities as at 31 December 2023, they increased by PLN 1,314 million.
3.2% of equity and liabilities at year-end 2024 was other liabilities in the amount of PLN 15,946 million. They were PLN 1,034 million lower than at the end of 2023. Liabilities to banks for payment documents cleared in interbank clearing systems impacted the balances.
Cash flow statement
At the end of 2024, net cash flow was PLN -2,542 million, down by PLN 4,535 million compared to the previous year.
This decrease was recorded in particular in net cash flows from investment and financial activity.
Material off-balance sheet line items
The value of contingent liabilities at the end of 2024 was PLN 86,863 million, that is PLN 6,190 million more year on year. The balance consisted primarily of the following items:
- PLN 5,614 million in contingent liabilities for renewable limits in settlement accounts and credit cards;
- PLN 57,043 million in liabilities from loans in tranches;
- PLN 10,359 million in liabilities in the form of awarded guarantees and sureties;
- PLN 9,352 million in factoring liabilities.