Årsrapport 2022 godkendt 7. marts 2023 (eng) - Flipbook - Side 34
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2022
BOARD OF MANAGEMENT AND BOARD OF DIRECTORS
Listed and unlisted derivative financial instruments are
negative individual tax on yields of certain pension-
assumptions on insurance risks (mortality rate and
Life-assurance provisions at market rate
measured at fair value on the reporting date. Fair value
scheme assets is recognised under tax assets. In years
disability, etc.) and costs, fixed at best estimate. The
Life-assurance provisions at market rate are calculated
is set at the mid-market prices on the reporting date.
with a negative addition of interest to the market-rate
yield curve defined in the Executive Order on
at the fair value of the related assets.
Positive fair values are recognised in the balance sheet
scheme, this tax is recognised under life-assurance
Presentation of Financial Statements is applied as the
under other financial investment assets, and negative
provisions, and it will be offset against positive
discount rate. Industriens Pension applies the EIOPA
The provisions also include provisions for claims
values are recognised in the balance sheet under other
additions of interest in future years.
yield curve without volatility adjustments.
outstanding and bonus provisions for the group life
adjustments. Note 22 shows a summary of the
Accruals and deferred income
When calculating the life-assurance provisions, a risk
derivative financial instruments with associated fair
Prepayments recognised under assets comprise costs
margin has been added, which constitutes the amount
Provisions for claims outstanding amount to the present
values.
incurred that relate to subsequent financial years. The
likely to be payable to a buyer of life-assurance
value of expected future payments pertaining to
items are measured at amortised cost, and this usually
products in order for the buyer to be willing to accept
insurance events occurring under the group life
corresponds to nominal value.
the risk that the costs associated with settling the
scheme as well as bonus provisions for this scheme,
debt. Value adjustments are recognised under value
Information on prices etc. appearing after the closing
scheme for death, disability and critical illness.
date of the financial statements will only be recognised
if these are material to assessment of the annual
Subordinated loan capital
financial statements.
Subordinated loan capital includes excess capital and
portfolio deviate from the calculated present value of
denoting saved-up profits for use in reducing future
the expected cash flows.
premiums.
other subordinated loan capital, and constitutes risk
The provisions contain an estimated amount to cover
Investment assets attached to marketrate products
capital provided by the members. Excess capital
benefits from insured events occurring in the financial
Provisions for claims outstanding for sickness
and accident insurance
comprises special bonus provisions type B, and interest
year but not reported at the end of the financial year.
These include insurance benefits due but not yet paid,
Investment assets attached to market-rate products are
is accrued at the same rate as equity, whereas other
recognised and measured according to the same
subordinated loan capital comprises special bonus
In the notes, life-assurance provisions are divided into
payments pertaining to insurance events occurring in
principles as other investment assets, see above.
provisions type A, with interest accrued on market
guaranteed benefits and into individual and collective
the financial year or earlier under the sickness and
terms. Subordinated loan capital is included in own
bonus potentials.
accident scheme.
Receivables
including bonuses as well as an estimate of expected
funds to meet the solvency capital requirement.
Guaranteed benefits include commitments to pay the
Provisions for claims outstanding settled by regular
Provisions for insurance and investment
contracts
benefits attached to the pension scheme. Guaranteed
payments have been calculated as the present value of
benefits are calculated as the present value of the
expected future payments, including costs, applying
Premium provisions
expected future benefits, as well as the present value
the yield curve defined in the Executive Order on
Relate to sickness and accident insurance and cover
of the expected future expenses for administration of
Presentation of Financial Statements.
Negative tax on yields of certain pension-scheme
the present value of expected future payments
the insurance policy, less the present value of the
assets calculated on a negative tax basis (tax on yields
concerning claims and costs of insurance events which
agreed future premiums. The risk margin is added to
of certain pension-scheme assets at institution level) is
can be expected to occur after the end of the financial
this.
recognised as an asset in the balance sheet for
year.
Receivables are measured at amortised cost, which
usually corresponds to nominal value. Deductions are
made to account for any losses.
Deferred tax assets
The risk margin includes the amount likely to be
offsetting in positive tax on yields of certain pensionscheme assets in subsequent years, provided it is likely
that such offset can be utilised in the years to come.
These considerations include the fact that, under
certain conditions, tax assets not utilised to offset
positive tax on yields of certain pension-scheme assets
during the first five calendar years after the tax asset
was created will be repaid to the company by the
Danish Tax Agency (Skattestyrelsen). Furthermore, a
Life-assurance provisions at average rate
Life-assurance
Risk margin on sickness and accident
insurance
provisions
at
average
rate
are
calculated at market value with the technical basis
notified to the Danish Financial Supervisory Authority.
Provisions are calculated as the present value of the
expected future payments for current insurance
contracts, based on a discounting yield curve and
Individual bonus potentials include the ability to
payable to a buyer of sickness and accident insurance
provide a bonus in the future and are calculated as
products in order for the buyer to be willing to accept
members’ savings less the present value of the
the risk that the costs associated with settling the
guaranteed benefits. The bonus potential cannot be
portfolio deviate from the calculated present value of
negative. Collective bonus potentials include the
the expected cash flows.
members’ share of realised results, and these are
allocated collectively to future bonuses.
Provisions for bonus and premium rebates
Provisions for bonus and premium rebates are amounts
in sickness and accident insurance provided for the
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