Årsrapport 2022 godkendt 7. marts 2023 (eng) - Flipbook - Side 32
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2022
BOARD OF MANAGEMENT AND BOARD OF DIRECTORS
not included in the normal return, e.g. deferred
A liability is recognised in the balance sheet when it is
Investment returns
15.3% of the tax base, which is calculated on the basis
maintenance works. The most significant estimates
probable that future financial benefits will flow out of
of the annual investment return. Deferred tax on yields
relate to the individual required rate of return as well as
the company, and the value of the liability can be
Income from group and associated
undertakings
certain elements of the normal return, in particular the
measured reliably.
Includes the company's share of the result after tax in
15.3%.
market rent and the annual costs of maintenance.
of certain pension-scheme assets is also provided at
group and associated undertakings calculated in
Financial
instruments
and
derivative
financial
accordance with Industriens Pension's accounting
Expenses of insurance activities
Insurance benefits paid net of reinsurance.
The estimates are by nature uncertain. New information
instruments are recognised on the trading day. At initial
and/or future events may therefore lead to changes in
recognition,
these estimates and consequently also in the
measured at cost, while other assets and liabilities are
Interest income and dividends, etc.
calculated fair values.
measured at fair value. Measurements after initial
Includes the interest earned and dividends received on
Change in life-assurance provisions
recognition take place as described for each item
financial investment assets and liquid assets for the
Includes change in life-assurance provisions for the
For a more detailed description of the valuation in this
below.
measurement,
financial year, including index adjustments for index-
year.
area, see the section on investment assets and note 22,
unpredictable risks and losses that arise before the
linked bonds and interest income on lending to group
which includes a breakdown of investment assets and
annual report is presented, and which confirm or
and associated undertakings.
financial liabilities according to the fair value hierarchy
disconfirm conditions that existed on the reporting
(levels 1-3) as well as a breakdown and further
date, are taken into account.
For
intangible
and
recognition
tangible
and
assets
policies.
Includes pension scheme benefits due in the year.
are
information on the valuation etc. of level 3 assets.
Change in excess capital
Change in excess capital includes the change in excess
capital (special bonus provision type B) and other
Value adjustments
Value
adjustments
contain
both
realised
and
subordinated loan capital (special bonus provisions
Foreign currency translation
unrealised gains and losses on investment assets,
Intragroup transactions
Transactions denominated in foreign currencies are
including foreign currency translation adjustments
Transactions between group undertakings are made
translated at the exchange rate ruling at the transaction
except for gains and losses on group undertakings and
The change includes returns and net accumulation
on the basis of written agreements and settlement is on
date. Gains and losses that arise between the
associated undertakings.
during the year, any risk return for this and previous
a cost-recovery basis or on commercial market terms.
exchange rate at the transaction date and the
type A).
years, and a proportionate share of the result of
sickness and accident insurance etc.
settlement date are recognised in the income
Interest payable
General notes regarding principles for
recognition
and measurement
statement. Monetary assets and liabilities in foreign
Includes interest on other debt and repo transactions
currency are translated at the exchange rate ruling on
etc.
Revenues and costs are recognised in the income
arising between the date of the transaction and the
statement as they are earned or incurred. All value
reporting date are also recognised in the income
Administration costs in connection with
investment activities
adjustments, both
statement under value adjustments.
Includes costs in connection with trading in securities,
directly attributable to either life assurance or accident
depositary
and sickness insurance are allocated to the two areas
realised and unrealised, are
Administration costs
the reporting date. Similarly, currency adjustments
therefore recognised in the net profit or loss for the
Administration costs include all costs accrued for the
charges,
remuneration
for
year relating to life assurance activities including
administration fees from group undertakings. Costs not
external
management, as well as own costs for administration of
of owner-occupied properties, and under certain
Income statement and statement of
comprehensive income
conditions these adjustments are recognised under
Income from insurance activities
group undertakings.
other comprehensive income, see the principles for
Premiums, net of reinsurance
measurement of owner-occupied properties.
Includes premiums and contributions due in the
financial year. Labour-market contributions and A tax
The tax on yields of certain pension-scheme assets for
Assets are recognised in the balance sheet when it is
withheld are deducted from the premium income.
the financial year is recognised as an income/expense
Retained investment returns
probable that future economic benefits will flow to the
in the income statement. Tax includes tax on the return
investment returns regarding sickness and accident
company and the value of the asset can be reliably
ascribed individually to members' deposits as well as
insurance, as well as investment returns on equity.
measured.
tax on the return ascribed to collective reserves (equity
year. However, special rules apply to value adjustments
on the basis of resource consumption.
investment assets, including management fees from
Retained investment returns
Retained investment returns make up the part of the
Tax on yields of certain pension-scheme assets
investment returns not included in the technical result.
therefore
comprise
and collective bonus potential, etc.). Tax is calculated at
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