Annual Report 2023 (eng) - Flipbook - Side 46
INDUSTRIENS PENSIONSFORSIKRING A/S ÅRSRAPPORT 2023
21.
NOTES
Derivative financial instruments
DKK mi .
22.
Princip
mount
Positive
v ue
Neg tive
v ue
,
,
- ,
,
,
- ,
,
,
- ,
Interest-r te nd inf tion contr cts, sw ps
Term Term
Term >
e rs
-
e rs
e rs
price which can be obtained by selling an asset, or which must be paid in order to transfer a liability in a regular
transaction between independent parties at the time of measurement. Fair value is determined on the basis of the
Level 1 - listed prices:
Listed prices are used when there is an active market for the individual assets. As a general rule, the official market
price on the balance sheet date is applied. For listed bonds on highly liquid markets, the market price is modified
based on the actual trading activity just before the reporting date.
Level 2 - observable input:
Repo / reverse business
Term -
Investment assets and financial liabilities are recognised at fair value or amortised cost, see note 1. Fair value is the
following hierarchy:
e rs
Tot
Breakdown by valuation of investment assets and financial
liabilities
-
,
- ,
For listed securities, where the market price does not reflect the fair value, the fair value is set on the basis of the
listed prices of similar assets or liabilities or on the basis of other methods of valuation based on observable market
input, e.g. input from banks or brokers. For derivative financial instruments, assessment techniques are applied based
on observable market conditions such as yield curves and exchange rates, etc. This category includes unlisted bonds
Futures (sh res nd bonds)
Term -
and derivative financial instruments.
e rs
Level 3 - unobservable input:
For a significant part of the investments, valuation cannot be solely based on observable market data. These
Forw rd foreign-exch nge contr cts
Term -
e rs
,
,
-
B
December
,
,
- ,
nce
investments include unlisted equity investments, such as equity investments in group and associated undertakings,
as well as the owner-occupied property. For these assets, valuation models are applied that may entail estimates of
the current market conditions and future developments in these. Note 1 on accounting policies describes in more
detail the methods of valuation applied.
A interest-r te contr cts re in DKK, EUR nd SEK. Positive f ir v ues re inc uded in other fin nci
ssets, nd neg tive f ir v ues re inc uded in i bi ities under other debt.
investment
46
