Annual Report 2023 (eng) - Flipbook - Side 34
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
NOTES
recognised in the income statement. No estate agent
turbines) and investment assets (e.g. investment
recognised valuation methods, see above. The fair
scheme assets in subsequent years, provided it is likely
valuation was obtained in connection with determining
properties) in group undertakings and associated
value of called bonds is measured at present value.
that such offset can be utilised in the years to come.
the fair value as at the reporting date.
undertakings are valued at cost in the construction
These considerations include the fact that, under
phase, and subsequently at a revalued fair value for
Bonds that are sold and repurchased forward (genuine
certain conditions, tax assets not utilised to offset
On initial recognition, leased properties from where
property, plant and equipment and at fair value for
sale and repurchase transactions) are part of the bond
positive tax on yields of certain pension-scheme assets
Industriens Pension operates and the associated
investment assets.
portfolio. The fair value of these at the end of the
during the first five calendar years after the tax asset
financial year is shown in note 17 on collateral ceded.
was created will be repaid to the company by the
leasing
commitment
are
measured
at
cost,
Danish Tax Agency (Skattestyrelsen).
corresponding to the discounted value of expected
The fair value of wind turbines and investment
rentals for the period in which Industriens Pension is
properties is calculated as the present value of
Listed and unlisted derivative financial instruments are
entitled and expects to use the leased properties.
expected future cash flows during a planning period of
measured at fair value on the reporting date. Fair value
Accruals and deferred income
Subsequently, the leased properties are measured at
25-30 years and 10 years, respectively, calculated on
is set at the mid-market prices on the reporting date.
Prepayments recognised under assets comprise costs
cost less accumulated depreciation and impairments
the basis of an individual fixed discount rate.
Positive fair values are recognised in the balance sheet
incurred that relate to subsequent financial years. The
under other financial investment assets, and negative
items are measured at amortised cost, and this usually
corresponds to nominal value.
recognised in the income statement. Depreciation is
calculated on a straight-line basis over the expected
Increases and decreases in fair values of investment
values are recognised in the balance sheet under other
useful life and recognised in the income statement.
assets
associated
debt. Value adjustments are recognised under value
After initial recognition, the lease commitment is
undertakings are fully recognised in the income
adjustments. Note 22 shows a summary of the
Subordinated loan capital
measured at amortised cost, and a calculated interest
statement under income from such undertakings.
derivative financial instruments with associated fair
Subordinated loan capital includes excess capital and
in
group
undertakings
and
expense is recognised in the income statement.
values.
Equity investments with group undertakings
and associated
undertakings
Loans to group and associated
undertakings
Information on prices etc. appearing after the closing
Loans to group and associated undertakings are
date of the financial statements will only be recognised
measured at amortised cost.
if these are material to assessment of the annual
financial statements.
Undertakings in which Industriens Pension exercises
controlling
influence
are
recognised
as
group
Other financial investment assets
undertakings. Undertakings in which Industriens
Listed equity investments and investment units are
Pension holds between 20% and 50% of the voting
measured at fair value, calculated at the official closing
Investment assets attached to marketrate products
rights
are
prices on the reporting date. For equity investments
Investment assets attached to market-rate products are
recognised as associated undertakings. In certain
and investment units that are not actively traded, a
recognised and measured according to the same
situations, investments with an equity interest of more
calculated rate is used. Unlisted equity investments,
principles as other investment assets, see above.
than 20% are recognised as equity investments in the
investment units and bonds are measured at estimated
balance sheet. These are situations in which a specific
fair value using recognised valuation methods, for
Receivables
assessment shows that Industriens Pension has neither
example by comparing with similar assets for which a
Receivables are measured at amortised cost, which
a controlling influence nor significant influence. Equity
fair value is available or by discounting expected future
usually corresponds to nominal value. Deductions are
investments in group undertakings and associated
cash flows etc.
made to account for any losses.
and subsequently according to the equity method.
Listed bonds are measured at fair value based on
Deferred tax assets
According to this method, equity investments are
official market prices on the reporting date, which are
Negative tax on yields of certain pension-scheme
recognised as the
share of the
modified according to the trading activity etc. on the
assets calculated on a negative tax basis (tax on yields
undertakings' result and equity, calculated according to
individual markets. A calculated rate is generally used
of certain pension-scheme assets at institution level) is
the accounting policies of Industriens Pension. This
for bonds that are not actively traded. Unlisted bonds
recognised as an asset in the balance sheet for
means that property, plant and equipment (e.g. wind
are measured at an estimated fair value by means of
offsetting in positive tax on yields of certain pension-
and
exercises
significant
influence
undertakings are measured at initial recognition at cost,
proportionate
other subordinated loan capital, and constitutes risk
capital provided by the members. Excess capital
comprises special bonus provisions type B, and interest
is accrued at the same rate as equity, whereas other
subordinated loan capital comprises special bonus
provisions type A, with interest accrued on market
terms. Subordinated loan capital is included in own
funds to meet the solvency capital requirement.
Provisions for insurance and investment
contracts
Premium provisions
Relate to sickness and accident insurance and cover
the present value of expected future payments
concerning claims and costs of insurance events which
can be expected to occur after the end of the financial
year.
Life-assurance provisions at average rate
Life-assurance
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
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