Non-banking sector

Annual Report

(Based on the data of Analizy Online)

In 2021, assets managed by the Investment Funds Management Companies increased to PLN 301.5 billion (+7.1% y/y), including assets of individuals which increased to PLN 184.1 billion (+7.9% y/y). As at the end of the analysed period, the value of funds accumulated in the PPK Defined Maturity Date Funds was PLN 6.5 billion.

As at the end of 2021, the balance of payments and redemptions totalled PLN 10.9 billion (PLN 0.6 billion in 2020). The high level of net inflow of funds to the market was due to the consistently high demand for investment funds among individuals who paid in a net amount of PLN 12.4 billion (PLN 0.3 billion in 2020). The inflow of new funds to the market visibly slowed down in the second half of the year, and in the last quarter the monthly redemptions clearly overweighed the payments.

At the same time, the structure of the balance showed a change in preferences of individuals and a shift towards funds which involved more risk. The largest inflow of funds was recorded by stock funds for which the annual balance of payments and redemptions amounted to PLN 7.2 billion (PLN -0.3 billion in 2020). Debt funds that were most popular with individuals in previous periods, showed a negative balance of payments and redemptions of PLN -8.0 billion in 2021.

(Based on PFSA data)

In 2021 assets of Open Pension Funds (OFE) increased by 26.5% (PLN +39.4 billion) to PLN 188 billion. In this period, the number of OFE participants dropped by 1.7% (PLN -255 thousand to 15.2 million).

The OFE market remained under the influence of the recovery on the Warsaw Stock Exchange (in 2021, the WIG index went up by 21.5%) and uncertainty as to the future regulatory aspects of the functioning. Domestic stocks dominated in the OFE asset structure (approx. 81.9% of the net assets as at the end of 2021).

(Calculations of PKO Bank Polski S.A, based on the last available PFSA data.)

During the three quarters of 2021 insurers earned a net profit of PLN 5.3 billion (+2% y/y), and their technical profit was 18% higher y/y (up to PLN 4.2 billion). The increase in the amount of the revaluation of deposits had a positive impact on the results of insurers, while the increase in the costs of claims and benefits paid (+4% y/y to PLN 29.6 billion) accompanied by an increase in gross written premium of 9% y/y (to PLN 50.9 billion y/y) had a negative impact.

In the life insurance segment, gross written premium went up by 8% y/y (to PLN 16.6 billion), with an increase in claims paid of 7% y/y (to PLN 13.5 billion). The costs of insurance activities in the life insurance segment went up by 7% y/y (PLN 4.0 billion).

The segment of other personal and property insurance noted a y/y increase in gross written premium of 10% (to PLN 34.4 billion), with a considerably slower increase in the cost of claims paid +3% y/y (to PLN 16.1 billion). The costs of insurance activities in the other personal and property insurance segment increased by 5% (to PLN 7.9 billion).

(based on Polish Leasing Association data)

In 2021, the lease industry financed assets of PLN 88.0 billion, compared with PLN 67.4 billion in 2020, which is an increase of 30.7% y/y. The increase was mainly related to the lease of cars and was mainly due to the low reference base related to the epidemic conditions in Poland in 2020, and economic recovery in 2021.

The heavy vehicle lease segment (i.e. covering trucks over 3.5 tonnes, tractors, semitrailers/trailers, buses, ships, airplanes, trains and other) noted the largest growth rate, which is connected with the post-pandemic clear economic recovery in the Eurozone. The value of assets financed in this segment amounted to PLN 21.6 billion (+61.6% y/y), which was approx. 25% of total financing granted by lease companies. Another segment which recorded high growth rates was the lease of light vehicles (passenger cars and trucks up to 3.5 tonnes), which confirmed that the economic growth in Poland is mainly based on consumer spending. The value of assets financed in this segment amounted to PLN 39.2 billion (+22.9% y/y), which was approx. 45% of total financing granted by lease companies. In the plant and machinery segment whose growth is driven by dynamic rebound of industrial production, the value of leased assets amounted to PLN 24.7 billion (+25.9% y/y).

In turn, the real estate segment noted a drop of -9.7% y/y, but its share in the market structure was marginal (1%).

(Based on the Polish Factors Association data)

The factoring market has more than recovered its pre-pandemic position. In 2021, the turnover of members of the Polish Factors Association increased by approx. 26% y/y and reached a level of PLN 362.4 billion, and the number of business entities using factoring companies amounted to 26 thousand (+42% y/y).

The largest demand on the part of enterprises was for factoring without recourse, whose share in sales of factoring firms was approx. 51%. The share of the second largest market segment, i.e. recourse factoring, was 29%. Manufacturing and distribution companies, mainly from the food, metal and chemical industries, continued to be the entities that used factoring services the most often.

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