annual report 2020 - Flipbook - Side 4
INDUSTRIENS PENSIONSFORSIKRING A/S ANNUAL REPORT 2020
FINANCIAL AND OPERATING DATA, SUMMARY OF FINANCIAL STATEMENTS
the year, there were approximately 204,000
active members.
Financial and operating data,
summary of financial statements
Income statement
Total premium contributions amounted to DKK
9.5 bn., which is DKK 0.2 bn. less than in 2019
due to fewer active members. Following
transfers of premiums to sickness and accident
insurance, and after withholding income tax (A
Table 1
tax) and labour-market contributions,
contributions amounted to DKK 8.1 bn.
Interest result after tax
2019
2020
954
-435
90
88
Risk result
89
-116
Gross profit on life assurance
Gross profit on sickness and accident insurance
Total gross profit
Not least investments in listed shares made
positive contributions to investment returns.
Total investment returns ended at DKK 9.7 bn.
after costs, compared with DKK 20.1 bn. in 2019.
This corresponds to a total return on investment
assets of 5.1% in 2020 (12.0% in 2019). Over the
past 10 years, the average return after costs has
amounted to 7.3% per annum.
As a result of the positive investment returns for
the year, tax on yields of certain pensionscheme assets was DKK 1.5 bn.
Expense result
Change in market-value adjustments
net
The number of active members fell by
approximately 4,900 in 2020, and at the end of
Comprehensive income for the year
DKK mill.
2020 yielded a satisfactory result from
investment activities in light of the uncertainty in
the financial markets.
-92
239
1,041
-225
240
16
1,281
-209
Consumption of bonus for group life
-113
103
Consumption of collective bonus potential
-209
527
Consumption of premium rebates in sickness and accident
insurance
-192
-17
Transferred to special bonus provisions
-350
-208
Comprehensive income for the year
417
195
Insurance benefits amounted to DKK 5.1 bn. and
were 5.8% lower than the benefits for 2019,
when they amounted to DKK 5.4 bn. This is
primarily due to a decrease in transfers on
change of job.
At DKK 119 mill., administration costs for lifeassurance activities were slightly higher than the
level in 2019. Thereby, costs per member
increased to DKK 256 (DKK 243 in 2019). To this
should be added the costs of sickness and
accident insurance of DKK 46 per member (DKK
46 in 2019). Costs per member therefore remain
at a low level.
The results for 2020 are detailed in table 1. The
gross profit on life assurance is composed of an
interest, expense and risk result as well as the
changes for the year in market-value
adjustments of life-assurance provisions. The
gross result on life-assurance activities was DKK
-225 mill. against DKK 1,041 mill. in 2019. The fall
is essentially due to a negative interest result
caused partly by accrual of interest on members’
savings of 9%, which exceeded investment
returns, and partly by allotment of an
extraordinary bonus of 15% for members in the
average interest rate scheme, which was used
to enhance the bases of calculation.
Furthermore, the risk result fell from DKK 89 mill.
in 2019 to DKK -116 mill. in 2020 as a
consequence of higher bonus allotments in the
group life scheme in 2020, combined with a
reduction of the premium.
In 2020, sickness and accident insurance
contributed a gross result of DKK 16 mill. against
DKK 240 mill. in 2019. This development is due
to a decline in the investment result. The total
gross loss of DKK -209 mill. with the
consumption of collective bonus potential and
premium rebates in sickness and accident
insurance has been posted to special bonus
provisions (DKK 208 mill.) and transferred to
equity (DKK 195 mill.).
Comprehensive income for the year was DKK
195 mill. against DKK 417 mill. in 2019, and
against an expected profit for the year of DKK
150-200 mill. The fall compared with 2019 is due
to the lower investment returns in 2020.
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