50.5 Inspections in PZU by the KNF Office

In the period from 14 April to 19 May 2016, an audit of operations and assets was carried out in the claims handling area. On 13 July 2016, PZU received an audit report, to which it submitted its explanations on 27 July 2016. On 18 November 2016, PZU received three post-audit recommendations, all of which were implemented by 31 January 2017.

In the period from 7 August to 6 October 2017, the Polish Financial Supervision Authority (KNF) carried out another audit of PZU’s operations and assets in the claims handling area. On 13 December 2017 PZU submitted its clarifications to the KNF inspection report of 30 November 2017. KNF did not consider PZU’s clarifications. In the opinion of the PZU Management Board, the results of the audit will not affect the consolidated financial statements.