Annual Report 2023 (eng) - Flipbook - Side 33
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
NOTES
Investment returns
pension-scheme assets are recognised separately. Tax
Retained investment returns
Balance sheet
Income from group and associated
undertakings
on yields of certain pension-scheme assets payable is
Retained investment returns make up the part of the
recognised under other debt. Tax on yields of certain
investment returns not included in the technical result.
Property, plant and equipment
Includes the company's share of the result after tax in
pension-scheme assets receivable is no longer
recognised in the insurance provisions and subordinate
Retained investment returns
loan capital. Only tax on yields of certain pension-
investment returns regarding sickness and accident
policies.
scheme assets payable is recognised in "Tax on yields
insurance, as well as investment returns on equity.
Interest income and dividends, etc.
15.3% of the tax base, which is calculated on the basis
group and associated undertakings calculated in
accordance with Industriens Pension's accounting
therefore
comprise
of certain pension-scheme assets". Tax is calculated at
Includes the interest earned and dividends received on
financial investment assets and liquid assets for the
financial year, including index adjustments for indexlinked bonds and interest income on lending to group
of the annual investment return. Deferred tax on yields
of certain pension-scheme assets is also provided at
The result of sickness and accident insurance has been
15.3%.
calculated according to the accounting rules for nonlife insurance. The result is detailed in the notes.
Value adjustments
Includes pension scheme benefits due in the year.
Appropriation of the realised profit is described in the
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.
Includes interest on other debt and repo transactions
etc.
Change in life-assurance provisions
Pension is not subject to the Executive Order on the
Includes change in life-assurance provisions for the
Contribution Principle and therefore members with
year.
insurance policies entitled to a bonus are not divided
into contribution classes.
Change in excess capital includes the change in excess
The realised profit is calculated and appropriated in
capital (special bonus provision type B) and other
accordance with reported principles for appropriation
subordinated loan capital (special bonus provisions
of profits.
charges,
remuneration
for
external
management, as well as own costs for administration of
investment assets, including management fees from
The change includes returns and net accumulation
assets is added to the equity and subordinated loan
during the year, any risk return for this and previous
capital, and a risk return for providing risk capital can
years, and a proportionate share of the result of
also be added to equity and subordinated loan capital.
sickness and accident insurance etc.
Excess capital,
which comprises
special bonus
group undertakings.
Administration costs
provisions type B, is composed of the realised profit or
Administration costs include all costs accrued for the
positive
Tax on yields of certain pension-scheme assets
year relating to life assurance activities including
corresponds
administration fees from group undertakings. Costs not
contributions, deposits and transfers, excluding unit
directly attributable to either life assurance or accident
supplement.
Tax on yields of certain pension-scheme assets for the
financial year 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.). In the balance sheet,
individual and collective tax on yields of certain
sub-elements
to
the
of
this.
The
percentage
percentage
deduction
in
and sickness insurance are allocated to the two areas
on the basis of resource consumption.
Subsequently, the leased operating equipment is
statement. Depreciation is calculated on a straight-line
basis over the lease period and recognised in the
income statement. After initial recognition, the leasing
commitment is measured at amortised cost, and a
calculated interest expense is recognised in the income
statement.
Owner-occupied property
Owner-occupied property is measured at revalued
amount, which is the fair value at the date of revaluation
after deduction of subsequent depreciation and
The return after tax on the associated investment
Includes costs in connection with trading in securities,
depositary
agreement with members. Therefore, Industriens
type A).
Administration costs in connection with
investment activities
expected lease payments for the lease period agreed.
impairments, which are recognised in the income
Change in excess capital
Interest payable
cost, corresponding to the discounted value of
measured at cost less accumulated depreciation and
Contribution and profit
contain
is made over the expected life of assets of 5 years.
the associated leasing commitment are measured at
Expenses of insurance activities
Insurance benefits paid net of reinsurance.
adjustments
depreciation and impairment. Straight-line depreciation
On initial recognition, leased operating equipment and
Technical result of sickness and accident
insurance, net of reinsurance
and associated undertakings.
Value
Operating equipment
Equipment is measured at cost less accumulated
The remaining realised profit from insurance policies
with a bonus entitlement accrues to the insured.
impairment. The revalued amount is calculated
according to a returns model based on a market rent,
costs of the property and a required rate of return for
the specific type of property. Increases in the revalued
amount are recognised in other comprehensive income
unless the increase corresponds to a drop which has
previously been recognised in the income statement.
Decreases in the revalued value of an owner-occupied
property are recognised in the income statement
unless the decrease corresponds to an increase that
was previously recognised in other comprehensive
income. Owner-occupied property is depreciated
according to the straight-line method over an expected
useful life of 50 years to the estimated scrap value.
Depreciation is calculated on the revalued amount and
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