3,076.14 of premiums, which is over 9.0% higher than in 2009.
In the period from January to December 2010 the scope of activities of the major PZU Group companies did not change substantially.
Warsaw 13.08.2004 100.00% 100.00% 100,00% 100,00% Management of employee pension fund 17 PrJSC IC PZU Kiev 01.07.2005 100.00% 100.00% 100,00% 100,00% Life insurance
PZU Życie SA, TFI PZU SA and Międzyzakładowe Pracownicze Towarzystwo Emerytalne PZU SA.
The increase in the share and value of equity instruments resulted mainly from a growth in their market price in 2010.
In 2010 the balance of other operating revenue and expenses improved by PLN 129,278 thousand year on year (a change from PLN (-333,516) thousand to PLN (-204,238) thousand The above resulted mainly from the fact that the obligatory payment made to the National Health Fund in relation to TPL motor insurance is no longer required.
On 10 June the General Shareholders’ Meeting of PZU decided that the total amount of dividend for the year ended 31 December 2009 would be PLN 13,692,021 thousand, whereas its portion of PLN 12,749,917 thousand was paid on 26 November 2009 against dividend expected at the end of the 2009 financial year. The dividend still to be paid was PLN 942,104 thousand, i.e. PLN 10.91 per share. 25 August 2010 was set as the record date and dividend was paid on 9 September 2010.
(21.3%) for the most part due to a lower value of released technical provisions in group cover insurance (e.g. conversion of long-term contracts into one-year renewable ones).
The table below presents the ratings on the PZU Group companies by Standard&Poor’s, together with the previous year ratings.
The Foundation carried out the following educational activities:  competition for grants entitled “Enriching education in rural areas” – the objective of the competition is to support educational initiatives in rural areas and levelling out educational opportunities of children.
 in 2010 PZU Foundation started cooperation with Polska Akcja Humanitarna Foundation to organize help for flood victims.
Special insurance added to bank products were launched: insurance programs to payment cards, insurance of buildings and residential premises added to mortgage loans.
The following changes were introduced in 2010 as a part of organization of loss adjustment process in PZU:  centralization of field loss adjustment structures has been completed in 9 Regional Loss
Adjustment Centres of the PZU Group (RCLS);  the loss adjustment system has been integrated with the MAO system supporting fraud detection;  the Company has implemented a new version of PZU Internet notification application adjusted to the new portal www.pzu.pl and integrated with the loss adjustment system.
On 1 November 2010, the following products were launched:  a new version of additional group insurance from serious disease. The scope of the new insurance is much broader from the existing one, with four variants of insurance instead of two, the number of diseases increased from 13 to 36, and the heart attack definition modified and adjusted to the one commonly used in contemporary medicine;  the new version of the additional group permanent disability insurance resulting from heart attack or brain haemorrhage includes the only change in the form of the modified heart attack definition.
Cooperation was commenced with Bank Handlowy w Warszawie S.A. The agency contract concluded involves cooperation on sale of structured insurance (the second subscription period lasted from 9 November to 20 December). Deposits embedded in policies generated the most contribution to written premium, albeit lower than the year ago. According to the adopted strategy, offer of such products is conditional on the scope of cooperation with a given partner with regard to other product lines. In bancassurance products the Company focused on maintenance of the existing portfolio and preparing of new contracts related to mortgage loan insurance.
No. 212/2010 on 16 April 2010 and No. 252/2010, 253/2010 and 254/2010 on 6 May 2010 whereby it
Eureko B. V. The opening price of PZU shares grew by 11.7% up to PLN 349 and the closing price reached PLN 360 per share. PZU shares are continuously traded under the abbreviated name “PZU”
If individual risks are identified, the risk management process is centralized in the PZU Group.
versus the offer price) the price of PZU shares were going up and reached PLN 417.50 on
Total appropriations of net profit in the financial year - 750 401 15.6 Executed and terminated credit facility agreements
15.8 Guarantees and sureties extended and received with respect to credit facilities and loans, including those granted to the issuer’s related parties
15.9 Evaluation of financial resources management including the ability to repay liabilities and definition of possible threats and activities, undertaken or planned by the issuer to counteract these threats
15.15 Agreements significant for the operations of the PZU Group, including those concluded between shareholders
In accordance with the By-laws the Supervisory Board calls:  the Ordinary Shareholders’ Meeting if the Management Board failed to do so by the defined deadline;
The entity keeping the securities account will issue a certificate of the right to participate in the General Shareholders’ Meeting for a specified person upon a request of a person authorised under dematerialized shares of the Company filed not earlier than after calling the General
If the proxy on the General Shareholders’ Meeting is a member of the Management Board,
In accordance with the By-laws of the Company, the Management Board is composed of three to seven members appointed for a shared term which includes three consecutive full financial years.
Composition of the Management Board of PZU from 1 October 2010:  Andrzej Piotr Klesyk - Chairman of the Management Board of PZU SA;  Witold Stanisław Jaworski - Member of the Management Board of PZU SA;  Dariusz Filar – Member of the Supervisory Board of PZU SA transferred to hold the position of a Member of the Management Board of PZU SA.
On 21 December 2010, the Supervisory Board of PZU SA appointed Przemysław Dąbrowski to the position of a Member of the Management Board of PZU SA. At the same time, as of 21 December 2010, the resolution of the Supervisory Board of PZU SA concerning the transfer of Dariusz Filar to the Management Board of PZU SA expired.
Shareholders’ Meeting of PZU dismissed Tomasz Gruszecki, the Chairman, from the Supervisory
Resolutions of the Supervisory Board are adopted by an absolute majority of votes. In the event of a voting tie, the Chairman of the Supervisory Board has the casting vote. The resolutions of the Supervisory Board may be adopted using means of direct distant communication and circular vote.
(appointment of Dariusz Krzewina on 1 February 2010);  Director in the PZU Group for Development of the Group Offices in PZU Head Office
16.4 Key features of internal control and risk management used by the issuer with respect to preparation of the financial statements and consolidated financial statements
The key controls during preparation of the financial statements include:  controls and permanent monitoring of the quality of input data, supported by the financial systems with defined rules of data correctness, in accordance with the PZU internal regulations concerning the control of correctness of the accounting data;  data mapping from the source systems to financial statements supporting appropriate presentation of data;  analytical review of financial statements by specialists to compare them with the business knowledge and business transactions;
As part of the IPO which took place on 12 May 2010, the shares of the Company were sold by the following shareholders: Kappa S. A. (12,866,492 sold shares, 14.9% of the share capital of PZU),