Annual Report 2023 (eng) - Flipbook - Side 31
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
1.
NOTES
Accounting policies
General
All amounts in the financial statements are presented in
Changes in accounting policies
instruments and fair value of the owner-occupied
This annual report has been prepared in accordance
whole million DKK. Each figure is rounded separately,
In 2023, the Danish FSA clarified provisions for the
property.
with the regulations of the Financial Business Act, as
which means that there may be small differences
accounting treatment of the item "Tax on yields of
well as the Executive Order from the Danish Financial
between the totals stated and the total of the
certain pension-scheme assets", so that deferred
Supervisory
Authority
underlying figures.
individual tax on yields of certain pension-scheme
Provisions for insurance and investment
contracts
Insurance
Companies
on
Financial
and
Reports
for
Multi-Employer
assets as a consequence of negative returns may not
The calculation of provisions for insurance contracts
Occupational Pension Funds (Executive Order on the
Pursuant to section 148(1) of the Executive Order on
be recognised as a tax on yields of certain pension-
(excl. the market-rate scheme) is based on actuarial
Presentation of Financial Statements).
Presentation of Financial Statements, no consolidated
scheme asset nor can it be added to insurance
calculations, and applies assumptions on e.g. mortality
financial statements have been prepared for the
provisions.
and disability rates. Assumptions on mortality are based
The accounting policies applied are unchanged in
company. The company and its subsidiaries together
relation to 2022, with the exception of recognition of
with the affiliate Industriens Pension Service A/S, are
Thus, only the tax on yields of certain pension-scheme
on benchmarks from the Danish Financial Supervisory
Authority, and like other assumptions, they are set as a
negative tax on yields of certain pension-scheme
included in the consolidated financial statements of
assets payable and the tax on yields of certain pension-
best estimate based on experience with previously
assets (individual bank level), see below.
IndustriPension Holding A/S (CVR no. 15 89 32 30).
scheme assets for equity are included in the item "Tax
held portfolios of insurance contracts. The provisions
on yields of certain pension-scheme assets".
are calculated as the present value of the future
benefits discounted by the yield curve defined in the
Table 19 Effect of changes in accounting policies
Before
djustment Adjustment
DKK mi .
T x on ie ds of cert in pension-scheme ssets
,
- ,
Ch nge in ife- ssur nce provisions
,
,
After
djustment
Technic
,
,
,
resu t of sickness nd ccident insur nce
Profit/ oss for the e r
-
Deferred t x ssets
,
- ,
Tot
,
- ,
C pit
ssets
nd reserves
Excess c pit
-
-
,
-
,
,
Other subordin ted o n c pit
Life- ssur nce provisions t ver ge r te
,
Life- ssur nce provisions t m rket r te
,
- ,
Provisions for bonus nd premium reb tes
,
-
Tot
,
- ,
equit
nd i bi ities
Statements. The yield curve is applied without volatility
of comparative figures for previous periods in the
adjustment. This means that the size of provisions is
overview of financial and operating data and financial
also affected by the current interest-rate level, which
ratios.
determines the discount rate. Provisions with these
The change has not affected the level of profit and
equity carried forward at the end of the year.
Order
on
Presentation
of
Financial
-
,
,
provisions.
Fair value of financial investment assets
Besides this change, small reclassifications have been
There are no significant estimates connected with the
made in the comparative figures for 2022 in the
valuation of financial instruments with listed prices on
balance sheet.
an active market (level 1), or where valuations are based
Accounting estimates and assessments
,
,
Executive
adjusted, see Table 19. We have not made any changes
uncertainties constitute less than 6.1% of total
Ch nge in excess c pit
Ret ined investment returns
As a result, the comparative figures for 2022 have been
on accepted valuation models with observable market
data (level 2).
Preparation of the annual report requires that
management make a number of estimates and
In relation to financial instruments where there is only
assessments regarding future conditions which could
limited observable market data on which to base
significantly influence the accounting treatment of
valuation (level 3), valuation will be affected by
assets and liabilities, and thus the result in the current
estimates. This applies in particular to holdings in group
and coming years. The most significant estimates and
undertakings
assessments concern calculation of provisions for
investments in investment properties and wind
insurance contracts, fair value of unlisted financial
turbines, to unlisted equity investments in funds with
and
associated
undertakings
with
private equity, real estate and infrastructure, to unlisted
,
31
