Annual Report 2023 (eng) - Flipbook - Side 35
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
NOTES
expected future payments for current insurance
members’ share of realised results, and these are
Provisions for bonus and premium rebates
contracts, based on a discounting yield curve and
allocated collectively to future bonuses.
Provisions for bonus and premium rebates are amounts
assumptions on insurance risks (mortality rate and
disability, etc.) and costs, fixed at best estimate. The
Life-assurance provisions at market rate
yield curve defined in the Executive Order on
Life-assurance provisions at market rate are calculated
Presentation of Financial Statements is applied as the
at the fair value of the related assets.
discount rate. Industriens Pension applies the EIOPA
yield curve without volatility adjustments.
When calculating the life-assurance provisions, a risk
in sickness and accident insurance provided for the
policy holders owing to a favourable result in the
financial year or previous years.
Deferred tax liabilities
The provisions also include provisions for claims
Deferred tax liabilities are calculated on the basis of
outstanding and bonus provisions for the group life
temporary differences between accounting and tax
scheme for death, disability and critical illness.
values of assets and liabilities included in the collective
margin has been added, which constitutes the amount
tax basis (basis for tax on yields of certain pension-
likely to be payable to a buyer of life-assurance
Provisions for claims outstanding amount to the present
products in order for the buyer to be willing to accept
value of expected future payments pertaining to
the risk that the costs associated with settling the
insurance events occurring under the group life
portfolio deviate from the calculated present value of
Debt to credit institutions
scheme as well as bonus provisions for this scheme,
the expected cash flows.
denoting saved-up profits for use in reducing future
Debt to credit institutions includes debt related to
premiums.
The provisions also contain an estimated amount to
scheme assets at institution level).
commitments to repurchase securities in repurchase
agreements. The debt is measured at fair value.
financial year but not reported at the end of the financial
Provisions for claims outstanding for sickness
and accident insurance
Other debt
year.
These include insurance benefits due but not yet paid,
are included under other debt. Derivative financial
cover benefits from insured events occurring in the
including bonuses as well as an estimate of expected
In the notes, life-assurance provisions are divided into
payments pertaining to insurance events occurring in
guaranteed benefits and into individual and collective
the financial year or earlier under the sickness and
bonus potentials.
accident scheme.
Guaranteed benefits include commitments to pay the
Provisions for claims outstanding settled by regular
benefits attached to the pension scheme. Guaranteed
payments have been calculated as the present value of
benefits are calculated as the present value of the
expected future payments, including costs, applying
expected future benefits, as well as the present value
the yield curve defined in the Executive Order on
of the expected future expenses for administration of
Presentation of Financial Statements.
the insurance policy, less the present value of the
agreed future premiums. The risk margin is added to
this.
Risk margin on sickness and accident
insurance
The risk margin includes the amount likely to be
Individual bonus potentials include the ability to
payable to a buyer of sickness and accident insurance
provide a bonus in the future and are calculated as
products in order for the buyer to be willing to accept
members’ savings less the present value of the
the risk that the costs associated with settling the
guaranteed benefits. The bonus potential cannot be
portfolio deviate from the calculated present value of
negative. Collective bonus potentials include the
the expected cash flows.
Derivative financial instruments with negative fair value
instruments are measured at fair value. Other amounts
payable included under other debt are measured at
amortised cost, which normally corresponds to the
nominal value.
Contingent liabilities
Commitments regarding pledges on investments,
guarantees and sureties etc. on non-insurance matters
are disclosed in a note to the annual report.
Key figures and financial ratios
The company’s financial ratios have been calculated in
accordance with the regulations in the Executive Order
on Presentation of Financial Statements.
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