Annual Report IPF 2021 - Flipbook - Side 4
INDUSTRIENS PENSIONSFORSIKRING A/S
ANNUAL REPORT 2021
FINANCIAL AND OPERATING DATA, SUMMARY OF FINANCIAL STATEMENTS
Financial and operating
data, summary of financial
statements
Income statement
Total premium contributions amounted to DKK
10.8 bn., which is DKK 1.3 bn. higher than in 2020.
The increase is due to an increase in ongoing
contributions and in transfers from other pension
companies. Following transfers of premiums to
sickness and accident insurance, and after
withholding income tax (A-tax) and labour-market
contributions, net contributions amounted to DKK
9.3 bn.
The number of members paying into the pension
scheme via their employers increased in 2021 by
5,200.
DKK mill.
2020
2021
Interest result after tax
-435
1,296
88
100
Risk result
Change in market-value adjustments
Gross result of life assurance
Gross result of accident and sickness insurance
Total gross result
-116
10
239
161
-225
1,567
16
721
-209
2,288
Consumption of bonus for group life
103
-40
Consumption of collective bonus potential
527
-420
Consumption of premium rebates in sickness and accident insurance
Total investment returns ended at DKK 33.5 bn.
after costs, compared with DKK 9.7 bn. in 2020.
This corresponds to a total return on investment
assets of 16.8% in 2021 (5.1% in 2020). Over the
past 10 years, the average return after costs has
amounted to 8.5% per annum.
As a result of the positive investment returns for
the year, tax on yields of certain pension-scheme
assets was DKK 5.1 bn.
Insurance benefits amounted to DKK 7.0 bn. and
were 25.7% higher than the benefits for 2020,
when they amounted to DKK 5.6 bn. This is
primarily due to an increase in transfers aftera job
change and higher old-age pension payments.
Table 21 Comprehensive income for the year
Expense result
2021 yielded a very satisfactory result on
investment activities. Not least investments in
listed and unlisted shares made positive
contributions to investment returns.
-17
-721
Transferred to special bonus provisions
-208
-480
Comprehensive income for the year
195
626
At DKK 127 mill., administration costs for lifeassurance activities were slightly higher than the
level in 2020. Thereby, costs per member
increased to DKK 267 (DKK 256 in 2020). In
addition to this are costs of sickness and accident
insurance of DKK 50 per member (DKK 46 in 2020).
Administration costs per member therefore
remain at a low level.
The development is due to significantly higher
returns in 2021 and thereby higher interest results.
Furthermore, the risk result increased from DKK 116 mill. in 2020 to DKK 10 mill. in 2021 because of
a lower bonus addition in the group life scheme in
2021, changes in the estimates for calculating
provisions and changes in interest rates.
In 2021, sickness and accident insurance contributed
a gross result of DKK 721 mill. against DKK 16 mill. in
2020. The trend is primarily due to a considerably
better investment result as well as changes in the
estimates used to calculate the provision.
Of the total gross result of DKK 2,288 mill., DKK 1,181
mill. has been transferred to bonus and premium
rebates for use in the coming years, while DKK 480
mill. has been transferred to special bonus
provisions. The remaining result, comprehensive
income for the year of DKK 626 mill., has been
transferred to equity.
Comprehensive income for the year was DKK 626
mill. against DKK 195 mill. in 2020, and against an
expected profit for 2021 of DKK 150-200 mill. The
increase compared with 2020 and compared with
the expected result is due to the high investment
return in 2021.
The results for the year are detailed in table 1. The
gross profit on life assurance is composed of an
interest, expense and risk result as well as the
changes for the year in market-value adjustments
of life-assurance provisions.
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