Årsrapport 2022 godkendt 7. marts 2023 (eng) - Flipbook - Side 33
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2022
BOARD OF MANAGEMENT AND BOARD OF DIRECTORS
Technical result of sickness and accident
insurance, net of reinsurance
On initial recognition, leased operating equipment and
rentals for the period in which Industriens Pension is
The fair value of wind turbines and investment
the associated leasing commitment are measured at
entitled and expects to use the leased properties.
properties is calculated as the present value of
The result of sickness and accident insurance has been
cost, corresponding to the discounted value of
Subsequently, the leased properties are measured at
expected future cash flows during a planning period of
calculated according to the accounting rules for non-
expected lease payments for the lease period agreed.
cost less accumulated depreciation and impairments
25-30 years and 10 years, respectively, calculated on
life insurance. The result is detailed in the notes.
Subsequently, the leased operating equipment is
recognised in the income statement. Depreciation is
the basis of an individual fixed discount rate.
measured at cost less accumulated depreciation and
calculated on a straight-line basis over the expected
Contribution and profit
impairments, which are recognised in the income
useful life and recognised in the income statement.
Increases and decreases in fair values of investment
Appropriation of the realised profit is described in the
statement. Depreciation is calculated on a straight-line
After initial recognition, the lease commitment is
assets
agreement with members. Therefore, Industriens
basis over the lease period and recognised in the
measured at amortised cost, and a calculated interest
undertakings are fully recognised in the income
Pension is not subject to the Executive Order on the
income statement. After initial recognition, the leasing
expense is recognised in the income statement.
statement under income from such undertakings.
Contribution Principle and therefore members with
commitment is measured at amortised cost, and a
insurance policies entitled to a bonus are not divided
calculated interest expense is recognised in the income
into contribution classes.
statement.
Equity investments with group undertakings
and associated
undertakings
Loans to group and associated
undertakings
The realised profit is calculated and appropriated in
Owner-occupied property
Undertakings in which Industriens Pension exercises
measured at amortised cost.
accordance with reported principles for appropriation
Owner-occupied property is measured at revalued
controlling
of profits.
amount, which is the fair value at the date of revaluation
undertakings. Undertakings in which Industriens
Other financial investment assets
after deduction of subsequent depreciation and
Pension holds between 20% and 50% of the voting
Listed equity investments and investment units are
The return after tax on the associated investment
impairment. The revalued amount is calculated
rights
are
measured at fair value, calculated at the official closing
assets is added to the equity and subordinated loan
according to a returns model based on a market rent,
recognised as associated undertakings. In certain
prices on the reporting date. For equity investments
capital, and a risk return for providing risk capital can
costs of the property and a required rate of return for
situations, investments with an equity interest of more
and investment units that are not actively traded, a
also be added to equity and subordinated loan capital.
the specific type of property. Increases in the revalued
than 20% are recognised as equity investments in the
calculated rate is used. Unlisted equity investments,
amount are recognised in other comprehensive income
balance sheet. These are situations in which a specific
investment units and bonds are measured at estimated
special bonus
unless the increase corresponds to a drop which has
assessment shows that Industriens Pension has neither
fair value using recognised valuation methods, for
provisions type B, is composed of the realised profit or
previously been recognised in the income statement.
a controlling influence nor significant influence. Equity
example by comparing with similar assets for which a
positive
Decreases in the revalued value of an owner-occupied
investments in group undertakings and associated
fair value is available or by discounting expected future
in
property are recognised in the income statement
undertakings are measured at initial recognition at cost,
cash flows etc.
contributions, deposits and transfers, excluding unit
unless the decrease corresponds to an increase that
and subsequently according to the equity method.
supplement.
was previously recognised in other comprehensive
According to this method, equity investments are
Listed bonds are measured at fair value based on
income. Owner-occupied property is depreciated
recognised as the
share of the
official market prices on the reporting date, which are
The remaining realised profit from insurance policies
according to the straight-line method over an expected
undertakings' result and equity, calculated according to
modified according to the trading activity etc. on the
with a bonus entitlement accrues to the insured.
useful life of 50 years to the estimated scrap value.
the accounting policies of Industriens Pension. This
individual markets. A calculated rate is generally used
Depreciation is calculated on the revalued amount and
means that property, plant and equipment (e.g. wind
for bonds that are not actively traded. Unlisted bonds
Balance sheet
recognised in the income statement. No estate agent
turbines) and investment assets (e.g. investment
are measured at an estimated fair value by means of
Property, plant and equipment
valuation was obtained in connection with determining
properties) in group undertakings and associated
recognised valuation methods, see above. The fair
Equipment
the fair value as at the reporting date.
undertakings are valued at cost in the construction
value of called bonds is measured at present value.
Excess capital, which comprises
sub-elements
corresponds
to
the
of
this.
The
percentage
percentage
deduction
is made over the expected life of assets of 5 years.
are
exercises
recognised
significant
proportionate
as
group
undertakings
and
associated
Loans to group and associated undertakings are
group
influence
phase, and subsequently at a revalued fair value for
Equipment is measured at cost less accumulated
depreciation and impairment. Straight-line depreciation
and
influence
in
On initial recognition, leased properties from where
property, plant and equipment and at fair value for
Bonds that are sold and repurchased forward (genuine
Industriens Pension operates and the associated
investment assets.
sale and repurchase transactions) are part of the bond
leasing
commitment
are
measured
at
cost,
corresponding to the discounted value of expected
portfolio. The fair value of these at the end of the
financial year is shown in note 17 on collateral ceded.
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