IPF årsrapport 2018 (eng) - Flipbook - Side 30
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Assets are recognised in the balance sheet when it is
Administration costs in connection with investment
probable that future economic benefits will flow to the
activities
company and the value of the asset can be reliably
Includes costs in connection with trading in securities,
measured.
depositary charges, remuneration for external
management, as well as own costs for administration of
A liability is recognised in the balance sheet when it is
investment assets, including management fees from group
probable that future financial benefits will flow out of the
undertakings.
company, and the value of the liability can be measured
reliably.
Tax on yields of certain pension-scheme assets
The tax on yields of certain pension-scheme assets for the
Financial instruments and derivative financial instruments
are recognised on the trading day. At initial recognition,
intangible and tangible assets are measured at cost, while
other assets and liabilities are measured at fair value.
Measurements after initial recognition take place as
described for each item below.
At recognition and measurement, unpredictable risks and
losses that arise before the annual report is presented, and
financial year is recognised as income or as an expense in
the income statement. Tax includes tax on the return
ascribed individually to members' deposits as well as tax on
the return ascribed to collective reserves (equity and
collective bonus potential, etc.). Tax is calculated at 15.3%
of the tax base, which is calculated on the basis of the
annual investment return. Deferred tax on yields of certain
pension-scheme assets is also provided at 15.3%.
which confirm or disconfirm conditions that existed on the
reporting date, are taken into account.
Expenses of insurance activities
Insurance benefits paid net of reinsurance
Foreign currency translation
Includes pension scheme benefits due in the year.
Transactions denominated in foreign currencies are
translated at the exchange rate ruling at the transaction
Change in life-assurance provisions
date. Gains and losses that exist between the exchange
Includes change in life-assurance provisions for the year.
rate at the transaction date and the settlement date are
recognised in the income statement. On the reporting date,
Change in excess capital
monetary assets and liabilities are translated into foreign
Change in excess capital includes the change in excess
currency at the exchange rate ruling on the reporting date.
capital (special bonus provision type B) and other
Similarly, currency adjustments arising between the date of
subordinated loan capital (special bonus provisions type A).
the transaction and the reporting date are also recognised
in the income statement under value adjustments.
The change includes return and net accumulation during
the year, any risk return for this and previous years, and a
INCOME STATEMENT AND STATEMENT OF
proportionate share of the result of sickness and accident
COMPREHENSIVE INCOME
insurance etc.
Income from insurance activities
Premiums income net of reinsurance
Includes premiums and contributions due in the financial
year. Labour-market contributions and A tax withheld are
deducted from the premium income.
Investment returns
Income from group and associated undertakings
Includes the company's share of the result after tax in
Administration costs
Administration costs include all costs accrued for the year
relating to life-assurance activities, including administration
fees from group undertakings. Costs not directly
attributable to either life assurance or sickness and
accident insurance are allocated to the two areas on the
basis of resource consumption.
group and associated undertakings calculated in
accordance with Industriens Pension’s accounting policies.
Interest income and dividends, etc.
Audit fees paid to the audit firm conducting the statutory
audit of the annual financial statements are disclosed at
Includes interest earned and dividends received on
group level in the annual report for the parent company
financial investment assets and liquid assets for the
IndustriPension Holding A/S.
financial year, including index adjustments for index-linked
bonds and interest income on lending to group and
associated undertakings.
Value adjustments
Value adjustments contain both realised and unrealised
gains and losses on investment assets, including foreign
currency translation adjustments except for gains and losses
on group undertakings and associated undertakings.