Order On Financial Reports For Insurance Companies And Pensionskasserb

Original Language Title: Bekendtgørelse om finansielle rapporter for forsikringsselskaber og tværgående pensionskasserB

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Read the untranslated law here: https://www.retsinformation.dk/Forms/R0710.aspx?id=122819

Overview (table of contents)

Chapter 1 The enterprises and reports

Chapter 2 Classification and presentation

Chapter 3 Recognition and Measurement

Chapter 4 Notice Information

Chapter 5 Management's

Chapter 6 Presentation of the consolidated

Chapter 7 Acquisitions and mergers, etc.

Chapter 8 Preparation of interim

Chapter 9 Penalties

Chapter 10 Commencement and transitional provisions




Appendix 1

Appendix 2

Appendix 3

Appendix 4

Appendix 5

Appendix 6

Appendix 7

Appendix 8

Appendix 9

Annex 10

Annex 11

Annex 12

Annex 13

Annex 14

Annex 15

Annex 16

Annex 17

The full text
Order on financial reports for insurance companies and pensionskasser1)
Pursuant to § 196 and § 373, paragraph. 4 of the Act on Financial Business Act. Act no. 897 of 4 September 2008:

Title I

Scope

Chapter 1

The enterprises and reports

§ 1. This Order shall apply for the following companies:

1) Insurance.

2) Institutions subject to the Act on Credit Institutions (pension funds).

3) Parent companies whose activity exclusively or mainly consists of ownership interests in insurance.

PCS. 2. Operators who must or who choose to submit financial reports in accordance with international accounting standards developed by the International Accounting Standards Board and approved by the Commission in accordance. § 183, paragraph. 4, in the Financial Business Act, are only covered by the provisions dealing with conditions that are not regulated in those international accounting standards.

PCS. 3. Pension funds shall use specified in Appendix 6 concepts instead of the terms specified in the Order text.

§ 2. Companies covered by § 1. 1 For each financial year prepare and publish an annual report provided. § 183 of the Financial Business Act, and an interim report. The annual and half-yearly report must include consolidated financial statements if it follows from §§ 133-135.

PCS. 2. The annual and half-yearly report must be written in Danish. However, in special cases authorized by the FSA be in another language.

§ 3. An accounting as a company prepared only for its own use is not an annual report or interim report under this Order. Lay aside an enterprise accounts which is not an annual report or interim report under this Order or by international accounting standards as required. § 1. 2 may not be designated an annual report or interim report, and it should, both in form and content appear in such a way that it can not be confused with the financial statements presented under this Order or under international financial reporting standards.

Section II

The annual

Chapter 2

Classification and presentation

General provisions

§ 4. Balance sheet and income statement must be presented in schematic form in accordance with Annexes 2-4.

PCS. 2. in tables 2, 3 and 4 listed items must be listed separately and in the order specified. Assuming that the layouts are maintained, can be made a more detailed breakdown, if the amount of the new sub-item is essential, and if the nature or function of the item is different from other sub-items. You can add new items if the amount of such is essential, and if the nature or function of the new record is different from the other items.

PCS. 3. Entries that contain only insignificant amounts can be combined with other items of a similar nature or function. This does not apply to the items to the following items:

1) Annex 2: For items under III. Provisions for insurance and investment contracts in total on the balance sheet.

2) Annex 3: For post 1. Premiums net of reinsurance, post 5. Claims incurred net of reinsurance and post 6. Change in life insurance provisions, net of reinsurance in the income statement.

3) Appendix 4: For post 1. Earned premiums net of reinsurance and post 3. Claims incurred net of reinsurance in the income statement.


§ 5. For each item in the balance sheet and income statement lists the corresponding amounts for the previous financial year. If the items are not directly comparable with previous years' records, the latter shall be adjusted. The company shall not be required to restate comparative information if it is not practicable. Lack of comparability or the restatement must be specified and duly justified in the notes, see. § 90.

PCS. 2. The balance sheet and income statement, which does not contain any amounts are only included if the previous financial statements contain such an item.

PCS. 3 pieces. 1 and 2 shall apply mutatis mutandis for the notes, unless otherwise provided in this Order.

The balance

Common provisions

§ 6. Under asset item 1 Operating constructed tangible fixed assets, other than land and buildings, and temporary assets, see. § 10. The item also includes assets arising from finance leases by the lessee and assets arising from operating leases with the lessor. In addition, this item includes capitalized costs for leasehold improvements.

§ 7. Under the asset items 4.2. Loans to affiliates and 4.4. Loans to associates included subordinated debt and other long-term loans to the companies concerned. Other receivables from the companies shown under Assets item 10 or asset item 11 or under other headings under which the amount owed by its nature fall. Included among the assets placements in subsidiaries or associates that are not included in the assets 4, 10 or 11, shall be disclosed in a note with the amount specified.

§ 8. Assets 6. Reinsurance deposits used by businesses that operates reinsurance and used for amounts payable by the under reinsurance contracts detained by cedenter. The item must not be included assets owned by the reinsurer and are pledged as collateral for cedenters requirements.

§ 9. Under asset item 7 Reinsurers' share of technical provisions, in total the amounts that the company expects to receive from reinsurers under the reinsurance contracts.

§ 10. Under asset item 13. Assets held temporarily brought tangible assets or groups of tangible fixed assets and subsidiaries and associates, are only temporarily in the company's possession and awaiting sale within a short time, and when a sale is highly probable. A sale is very likely if

1) management is actively seeking a buyer for the assets,

2) The assets offered for a price that is in reasonable proportion to the fair value, and

3) the assets are expected to be sold within 12 months.

§ 11. Under liability item II. Subordinated loan capital included liabilities (possible. Founded by certificates) for which it holds true that the creditor's claim will be subordinate to all other creditor claims. The item included member accounts in pension funds and mutual insurance companies.

§ 12. Expenses incurred before the balance sheet date but which relates to subsequent years to be shown under prepayments in assets. Income concluded before the balance sheet date but which relates to subsequent years must be shown as accruals in liabilities. This does not apply to premiums received, unless the insurance period commences after the reporting period.

PCS. 2. Expenses, excluding insurance services relating to the financial year, but which will only be paid in subsequent years must be shown as debt. Income for the current year but not paid until after the balance sheet date to be shown under receivables. Accrued, but not yet due and accrued, NONdecay rental income shall be charged under asset item 18 Accrued interest and rent.

PCS. 3. If the expenses or income referred to in paragraph. 1 and 2, are essential, they must be disclosed in the notes.

§ 13. Under liability item IV. Provisions, total built liabilities that are uncertain as to size or time of settlement, see. §§ 72 and 73 and § 76 paragraph. 2.

PCS. 2. Provisions may not be used to regulate the value of assets.

§ 14. Liability item V. Reinsurance deposits used by cedenter the amount owed by the company withheld or received from reinsurers under reinsurance contracts. The item must not be included assets owned by reinsurers and are pledged as collateral for the company's requirements.

life insurance


§ 15. Under liability item 9. Life insurance provisions, total shown under 9.1. Guaranteed benefits obligations to pay benefits guaranteed under the insurance and investment contracts, except for the part thereof listed in claims provision. Under item 9.2. Bonus potential of future premiums charged for bonus entitlement insurance and investment contracts liabilities to pay bonus on agreed premiums not yet due. Under item 9.3. Bonus potential of paid-built for bonus entitlement insurance and investment contracts obligations to pay a bonus concerning premiums already paid, etc.

§ 16. Under liability item 10. Compensation Provisions are overdue insurance benefits. The amount must include an estimate of insurance benefits for not yet reported events that would be due in the financial year if the case had been reviewed and finalized.

§ 17. Under liability item 11. Collective bonus potential, see. § 67, included commitments to pay bonus in addition to the bonus amounts added to the life insurance provisions.

§ 18. Companies that have insurance and investment contracts are unit-linked (class III) in their portfolios, to behave obligations of these contracts under liability item 14. Provisions for unit-linked contracts on the balance sheet.

PCS. 2. The investment assets related to the contracts referred to in paragraph. 1 should be brought together under asset item IV. Investment assets related to unit-linked contracts. The assets specified by type in the balance sheet or in a note.

PCS. 3. It is stated in a note, the insurance and investment contracts covered by paragraphs. 1 was designed with a guarantee based on a certain minimum return and, if so, how big this is. Does the company have both contracts based on a minimum return and contracts that are not based on a minimum return, subject to paragraph. 1, is made in a note a spending apportionment of liability item 14. Provisions for unit-linked contracts on the different types indicating the for each class of associated investment assets specified in compliance with paragraph. 2.

§ 19. Under liability item 13. Special bonus provisions included bonus obligations that meet the criteria to be included in the capital base in accordance with the Danish Financial Business Act.

Non-life insurance

§ 20. Under liability item 8. Prize Provisions are liabilities and amount to cover expenses relating to the non-elapsed share of the risk periods for the insurance contracts which it has signed, see. § 69.

§ 21. Under liability item 10. Claims provisions included amounts to cover future payments and costs for insured events occurring during the financial year or earlier, see. § 70.

Income

Common provisions

§ 22. Under the item Income from group companies included on the equity investments corresponding income from affiliated companies in the form of dividends and value adjustments.

PCS. 2. Under the item Income from associated companies included on the equity investments corresponding income from associated companies in the form of dividends and value adjustments.

PCS. 3. Under the item Income from investment properties are recognized surplus or deficit in the operation of the company's investment properties. The amount included net of property management costs and before deduction of mortgage interest which is recorded under the item Interest expenses. Adjustment of investment property values ​​are not entered under the item Income from investment properties, but the item adjustments.

PCS. 4. Under the item Interest income and dividends, etc. to record interest and interest-related income on bonds and other securities, loans, deposits and receivables, including indexation of index-linked bonds. Furthermore included dividends from investments, unless the charges fall under the items Income from affiliated companies and income from associated companies.

PCS. 5. Under the item adjustments included the cumulative value adjustments, including currency translation and net gains and losses from the sale of owner-occupied properties and assets that fall within the definition of investment assets in the balance sheet. Exceptions are value adjustments of subsidiaries and associates, see. Paragraph. 1 and 2, as well as foreign currency translation of goodwill to be recognized directly in equity, in accordance. § 42 paragraph. 7 and 8.


PCS. 6. Under the item Administrative expenses in connection with investment activities included the costs attributable to the trading and administration of the company's investment assets, see. However paragraph. 3.

§ 23. In the main line Insurance driftsomkostningerf.er, total included the costs associated with acquiring and managing the company's portfolio of insurance and investment contracts, including the corresponding share of personnel costs, commissions, marketing expenses, rent, running costs of owner-occupied properties, expenses for office supplies and office expenses and depreciation and amortization of tangible and intangible assets other than goodwill impairment, see. § 142.

PCS. 2. The share of operating expenses attributable to the acquisition and renewal of the portfolio of insurance and investment contracts, included under acquisition costs.

PCS. 3. Does the company have performed acquisition and / or administrative duties for affiliated companies, which are settled on a cost basis, the consideration received is recorded as a deduction from the main line. The deduction is entered in a separate sub-item called Refund from affiliated companies.

§ 24. The main items Other income / expense record revenue and costs related to the agency business, other ancillary services, administration of other companies, as well as other income and expenses not attributable to the company's insurance portfolio or investment assets. Income and expenses in connection with the administration of group companies may be included under insurance operating expenses, see. § 23 paragraph. 3. Are the amounts under Other income / expenses essential, they must be explained in a note.

§ 25. In the main item Tax included the tax imposed on net profit, see. However, § 34.

life insurance

§ 26. Under sub-item 1.1. Gross premiums charged amount of direct and indirect insurance contracts which are due for the year and premiums on investment contracts with bonus entitlement. Gross premiums charged deduction of premiums and excluding taxes levied with premiums for public authorities. In connection with co-insurance, the share of total premium relating to the company.

PCS. 2. Under sub-item 1.2. Ceded premiums charged amount, the insurance company in the financial year have paid or have been guilty reinsurers for reinsurance cover.

PCS. 3. Under the main heading 1. Premiums net of reinsurance, the result of the items 1.1. and 1.2.

§ 27. At the main post 3. interest tax charged on pension returns, based on the returns included in the income statement, regardless of whether the tax is current or to be paid in subsequent periods.

§ 28. Under the sub-item 5.1. Benefit payments list the amount of the company's direct insurance contracts and investment contracts with bonus entitlement for the financial year paid to

1) sums insured for death,

2) sums insured critical illness,

3) sums insured invalidity

4) insured amounts at maturity,

5) pension and annuity benefits,

6) withdrawals

7) cash bonus amounts paid and

8) insurance premiums
and benefits paid to cedenter for the company's reinsurance contracts.

PCS. 2 pcs. 1, no. 8, shall include insurance premiums paid by the company to other insurance companies for insurance coverage for policyholders. In addition to the below paragraph. 1 mentioned amount may under item 5.1. the expenditure of rehabilitation and medical treatment of the insured when the expenses were incurred for the purpose of averting a disability benefit in this case.

PCS. 3. Under sub-item 5.2. Reinsurance cover received included consideration received or receivable from the company's reinsurers to cover insurance benefits in accordance with the reinsurance contracts.

PCS. 4. Under sub-item 5.4. Change in reinsurers' share of claims provisions, the difference between the share of gross claims provisions attributable to reinsurance cover at the end and beginning of year.

PCS. 5. Under the main heading 5. Claims incurred net of reinsurance, the result of sub-items 5.1.-5.4.


§ 29. Under sub-item 6.1. Change in life insurance provisions, the difference between the value of the life insurance provisions at the beginning and end, except for the part thereof relating to receipts and payments related to investment contracts not eligible for bonus. In companies that do not apply § 30 paragraph. 2 is declared item 6.1. less the part of the change that this year's accrued bonus.

PCS. 2. Under Post 6.1. Change in life insurance provisions specified in a note on the changes in the sub-items as life insurance provisions are divided on the balance sheet.

§ 30. Under the sub-item 7.1. The year's accrued bonus entered the bonus for the year, which are distributed to policyholders by increasing the guaranteed benefits.

PCS. 2. Companies that regularly attribute bonus after a preceding year fixed rate may waive the item 7.1. In that case, called post 7. Change in collective bonus potential and / or special bonus provisions without subdivision.

§ 31. At the main post 10. Allocated investment income deducted from the share of investment return related to equity and the company's non-life insurance business.

§ 32. Under item II. Technical result of health and accident insurance, the result of the company's health and accident insurance business. The item specified in a note in accordance with the income statement form for non-life insurance, entries 1-6 in Annex 4, and a further post ROI, which include the share of the total investment return relating to health and accident insurance company, including the portion of changes in claims provisions and reinsurers 'share of provisions for claims and changes in unearned premiums and reinsurers' share of unearned premiums for health and accident insurance business attributable to currency translation differences and changes in the discount rate applied. The investment return included after deduction of technical interest, see. § 36.

§ 33. In the main post 11 Investment return on equity include the share of investment return related to equity.

§ 34. In companies that are not subject to corporation tax, charged to the main post 14. Tax on share of the pension yield tax, attributable to equity. In that case, called post pension returns for equity.

Non-life insurance

§ 35. The under item 1.1. Gross premiums charged amount, the insurance company in the year received or have been for the good of direct and indirect insurance contracts where the insurance period began before year end. Gross premiums charged net of premiums, bonuses and rebates granted to policyholders irrespective of claims experience, and less taxes to public authorities charged with premiums. In connection with co-insurance, the share of total premium relating to the company.

PCS. 2. Under sub-item 1.2. Ceded premiums charged amount, the insurance company in the financial year have paid or have been guilty reinsurers for reinsurance cover.

PCS. 3. Under sub-item 1.3. Change in unearned premiums, the difference between gross unearned premiums at the beginning and end, see. § 20.

PCS. 4. Under sub-item 1.4. Change in reinsurers' share of unearned premiums, the difference between the share of unearned premiums attributable to reinsurance cover at the beginning and end.

PCS. 5. The share of the differential payments in accordance with paragraph. 3 and 4, which are attributable to currency translation differences and changes in the discount rate applied shall not be entered under the items 1.3. and 1.4., but under item 6.5. Adjustments, see. § 22 paragraph. 5, or under the heading ROI, see. § 32.

PCS. 6. Is the provisions calculated by discounting, see. § 69 paragraph. 4, include the share of the differential payments in accordance with paragraph. 3 and 4, which are attributable to discounting, not under the items 1.3. and 1.4., but recognized in item 2. Technical interest, see. § 36 paragraph. 3.

PCS. 7. Under the main heading 1. Earned premiums net of reinsurance, the result of sub-items 1.1.-1.4.

§ 36. At the main post 2. Technical interest included a calculated return on the average technical provisions, net of reinsurance As interest rates the rates are in accordance with Annex 8 on average over the accounting period has corresponded to the liabilities expected settlement. A corresponding amount deducted under item 7. Interest on technical provisions.


PCS. 2. When the insurance provisions are not discounted, instead of the interest rates referred to in paragraph. 1, a rate equivalent to the average of the Copenhagen Stock Exchange at the end of each month of the year published effective average bond before taxation of all bonds with a residual maturity of less than 3 years. When used on non-life insurance activities covered by pension yield tax, the same average bond yields but reduced tax rate under the Danish Pension Tax Act. An amount equal to the calculated interest return deducted under item 7. Interest on technical provisions.

PCS. 3. When the technical provisions calculated by discounting, see. § 69 paragraph. 4 and § 70 paragraph. 4 deducted from the portion of the increase in provisions, net of reinsurance attributable to discounting, the amount under item 2. Technical interest.

PCS. 4. For companies operating indirect business, the part of the technical provisions, offset by reinsurance deposits not included in the calculation under paragraph. 1. This year's interest on reinsurance deposits be included in the amount under item 2. Technical interest.

PCS. 5. Post 2. Technical interest explained and specified the amounts determined after the paragraph. 1, 3 and 4 in a note.

§ 37. Under sub-item 3.1. Claims paid included amounts in the financial year paid for insurance claims. The amount must include internal and external costs of inspecting and assessing claims, costs to combat and contain claims incurred and other direct and indirect costs associated with handling of claims incurred. Claims paid are included after deduction of amounts received as a result of its acquisition of insured values ​​or subrogated to the insured's rights with claims payments.

PCS. 2. Under sub-item 3.2. Reinsurance cover received included amount the insurance company in the financial year have received from the company's reinsurers to cover claims incurred under reinsurance contracts.

PCS. 3. Under sub-item 3.3. Change in claims provisions, the difference between claims reserves at year-end and the beginning, see. § 21.

PCS. 4. Under sub-item 3.4. Change in reinsurers' share of claims provisions, the difference between the percentage of claims provisions attributable to reinsurance cover at the end and beginning.

PCS. 5. The share of the differential payments in accordance with paragraph. 3 and 4, which are attributable to currency translation differences and changes in the discount rate applied shall not be entered under the items 3.3. and 3.4., but under item 6.5. Adjustments, see. § 22 paragraph. 5, or under the heading ROI, see. § 32.

PCS. 6. Is the provisions calculated by discounting, see. § 70 paragraph. 4, include the share of the differential payments in accordance with paragraph. 3 and 4, which are attributable to discounting, not under the items 3.3. and 3.4., but recognized in item 2. Technical interest, see. § 36 paragraph. 3.

PCS. 7. Under the main heading 3. Claims incurred net of reinsurance, the result of sub-items 3.1.-3.4.

§ 38. In the main post 4. Bonus and rebates include those premium amounts refunded or to be refunded to policyholders when the amount reimbursed shall be determined on the basis of claims experience during the financial year for each insurance contract or a portfolio of insurance contracts using criteria laid down before the beginning or at the insurance contract the drawing.

Movements in equity

§ 39. Changes in equity must show:

1) Shareholders' equity at end of previous year.

2) Profit for the period.

3) income or expense for the period recognized directly in equity, in accordance. § 83, and the sum thereof.

4) The total income calculated as the sum of nos. 2 and 3, which shows the total amount that can be assimilated to equity.

5) The effect of changes in accounting policies and corrections of errors.

6) Dividends.

7) Contributions of capital or reductions, including the purchase and sale of treasury shares.

8) Shareholders' equity at year-end.

Chapter 3

Recognition and Measurement

The balance

General provisions


§ 40. The balance consists of recognized assets, recognized liabilities, including provisions, and equity, which represents the difference between these assets and liabilities. Liabilities: the sum of equity and recognized liabilities.

§ 41. An asset should be recognized in the balance sheet when it is probable that future economic benefits will flow to the company and the asset can be measured reliably.

PCS. 2. An obligation be recognized in the balance sheet when it is probable that future economic benefits will flow from the company, and the value can be measured reliably.

PCS. 3. Recognition and measurement of assets and liabilities must take into account information obtained after the balance sheet date but before financial statements are prepared if - and only if - the information or disproving matters that arose before the reporting date.

§ 42. Transactions undertaken in a currency other than the functional currency are translated into the functional currency using the exchange rate at the transaction date.

PCS. 2. Monetary items denominated in a currency other than the functional currency are translated into the functional currency using the closing price at the balance sheet date.

PCS. 3. Non-monetary items denominated in a currency other than the functional currency are translated into the functional currency using the exchange rate at the transaction date, if the item is recognized on the basis of cost.

PCS. 4. Non-monetary items denominated in a currency other than the functional currency are translated into the functional currency at the closing price at the balance sheet date, if the item is recognized on a fair value basis.

PCS. 5 pieces. 1-4 apply equally to foreign entities whose activities are included in the financial statements, which have a functional currency different from the reporting entity's functional currency.

PCS. 6. Exchange differences arising on the disposal of assets or settlement of liabilities covered by paragraph. 2-4 or conversion under subsection. 1-4 should be recognized in the income statement.

PCS. 7. Differ presentation currency from the company or a foreign entity's functional currency, it is converted or the functional currency (ies) into the presentation currency as follows:

1) Income statement items are converted at the exchange rate on the transaction date.

2) Balance sheet items are translated at the closing rate at the balance sheet date.

PCS. 8. Exchange differences arising on translation by paragraph. 7 recognized directly in equity.

Financial instruments

§ 43. Financial assets and financial liabilities are recognized in the balance sheet when the company becomes a party to the financial instrument's contractual provisions.

§ 44. A financial asset is sold or otherwise transferred to another party, shall cease to be recognized in the balance sheet. A part of a financial asset ceases to be recognized in the balance sheet when sold or handed a uniquely defined share of the asset.

PCS. 2. The purchase or sale of financial assets at normal market conditions the company can choose uniformly for all purchases and sales to recognize and to cease recognition of the assets on the balance sheet at trade date or settlement date.

PCS. 3. Where the trade date as the recognition date, see. Paragraph. 2, recognized simultaneously with the recognition of the financial asset liability equal to the agreed price. Similarly recognized on the sale of a financial asset is an asset corresponding to the agreed price. This commitment or the asset ceases to be recognized in the balance sheet on the settlement date.

PCS. 4. Where the settlement date as the recognition date, see. Paragraph. 2, the changes in value of the asset acquired or sold during the period between trade date and settlement date is recognized as a financial asset or a financial liability. For an asset that after initially measured at cost or amortized cost, the fair value changes in the period between trade date and settlement date not.

PCS. 5. Notwithstanding paragraph. 1, a financial asset that is transferred in a way that implies that the company substantially retains the risks and the availability of return (cash flow) to the asset is retained in the balance sheet. By such a transfer is recognized a financial liability equal to the payment received in connection with the transfer.

§ 45. Financial liabilities cease to be recognized in the balance sheet when - and only when - the obligation ceases. That is, when the original contract obligation is fulfilled, canceled or expired.

§ 46. Financial instruments At the time of initial recognition at fair value.


PCS. 2. Financial liabilities and loans and receivables, which after initial recognition measured at amortized cost, see. §§ 48 and 49 should be measured on initial recognition at fair value plus transaction costs and deducting the fees and commissions received by directly related to the acquisition or issue of the financial instrument.

§ 47. Financial instruments must be after initial recognition measured at fair value.

PCS. 2. Unlisted securities, if their fair value can not be reliably measured, however, measured at cost less impairment, see. Paragraph. 3. The same applies to derivative financial instruments whose value is derived from such investments.

PCS. 3. If there is any objective evidence of impairment, financial assets are covered by paragraph. 2 written down by the difference between the carrying amount and the present value of expected future payments discounted at the current market rate for similar financial assets. Such impairment may not be reversed.

§ 48. Non-derivative financial liabilities Notwithstanding § 47 paragraph. 1, after initial recognition, measured at amortized cost provided that there is no

1) the measurement at fair value eliminates or significantly reduces a measuring or recognition inconsistency that would otherwise occur due to measurement or recognition by different bases

2) that the commitments included in a risk management or investment strategy, which is based on fair values ​​and are included on this basis in the company's internal management reporting, or

3) that the liabilities contain an embedded derivative instrument

a) significantly changes the cash flows of the commitments or

b) alternatively, would have to be separated and measured separately at fair value.

PCS. 2. Financial obligations under paragraph. 1 is measured at amortized cost, can not subsequently measured at fair value.

§ 49. Loans and receivables Notwithstanding § 47 paragraph. 1, after initial recognition, measured at amortized cost provided that there is no

1) the measurement at fair value eliminates or significantly reduces a measuring or recognition inconsistency that would otherwise occur due to measurement or recognition by different bases

2) that the loans and receivables are included in a risk management or investment strategy, which is based on fair values ​​and are included on this basis in the company's internal management reporting, or

3) that the loans and receivables contains an embedded derivative that

a) significantly changes the cash flows of the loans and receivables and

b) alternatively, would have to be separated and measured separately at fair value.

PCS. 2. Loans and receivables, which after paragraph. 1 is measured at amortized cost, can not subsequently measured at fair value.

PCS. 3. If there is no objective evidence of impairment, loans and receivables covered by paragraph. 1 written down by the difference between the carrying amount and the present value of expected future payments discounted at the loan or receivable's original effective interest rate. If a subsequent event causes the impairment is reduced in whole or in part, must impairment loss accordingly. Reversal should be recognized in the income statement.

§ 50. The fair value of listed financial instruments is determined by the closing price at the balance sheet date or, if not available, another public price deemed to be most similar thereto.

PCS. 2. When an enterprise has matching positions can be used mid-market prices as a basis for determining the fair value of the matching position and used bid and ask prices on the net open position.

PCS. 3. The fair value of drawn listed bonds is calculated as the present value of the bonds.

PCS. 4. The fair value of listed financial instruments whose published price is not likely to reflect the instrument's fair value, measured in accordance with § 51.


§ 51. For financial instruments not listed on an exchange or for which no price is quoted that reflects the instrument's fair value, see. § 50 paragraph. 4, establishes fair value by using a valuation technique which aims to determine the transaction price which would result from a transaction at the measurement date between independent parties establish normal commercial considerations.

PCS. 2. A valuation technique after paragraph. 1,

1) involve all factors, including observable, current market data, which are likely to affect the fair value and market participants are likely to take into account in the pricing of the financial instrument and

2) comply with generally accepted methods for pricing financial instruments.

§ 52. Own shares and other own equity instruments are not recognized as an asset. Purchases or sales of treasury shares and other own equity instruments are recognized as a change in equity.

PCS. 2. Individual debt instruments are not recognized as an asset. Purchases or sales of own debt instruments are recognized as a change in the liability.

Subsidiaries and associates

§ 53. Shares in subsidiaries and associates are recognized and measured at net asset value. Corporate net asset value is calculated according to the reporting entity's own accounting policies.

PCS. 2. The sum of the shares representing interests in subsidiaries and associated companies included in the income statement under the item Income from affiliated companies respectively item Income from associated companies.

PCS. 3. The carrying amount of the investment is revalued or written down to in paragraph. 2 those sums and the possible adjustments of the subsidiaries and associates' net asset value, which is led by the movement of capital in the subsidiary and associated companies. Dividends to Parent Company and the company deducted from the net asset value of the subsidiary and associated companies.

PCS. 4. An amount equal to the total net revaluation, see. Paragraph. 3 shall be allocated to the reserve for net revaluation under the equity method under liability item 4.3. Other reserves. The reserve can not be recognized with a negative amount. Reserve for net revaluation under the equity method can not be used as a dividend or distribution.

PCS. 5 pieces. 4 shall not apply to undertakings which operate direct life insurance.

PCS. 6. Any difference between the cost price and net asset value at the acquisition of a subsidiary is treated in accordance with § 142 paragraph. 2-4.

PCS. 7. Any difference between the cost price and net asset value at the acquisition of an associate is in accordance with § 142 paragraph. 2-4. Any goodwill amounts are recognized as part of the value of the associated company and not as an asset under intangible assets.

§ 54. Notwithstanding § 53 must subsidiaries and associates that are held temporarily, see. § 10, are measured at the lower of the value calculated in accordance with § 53 and the fair value less selling costs.

PCS. 2. There will be no depreciation on assets in subsidiaries and associates whom paragraph. 1.

Tangible assets

§ 55. Tangible fixed assets held for use in the company or for rent, which is expected to be used during more than one financial year shall, when initially measured at cost.

PCS. 2. The cost includes all costs occasioned by the acquisition until the asset is ready to be put into use, or directly attributable to the asset produced.

§ 56. Tangible fixed assets, except for investment properties and owner-occupied properties, see. §§ 57 and 58, as well as assets covered by § 59 must be initially measured at cost less accumulated amortization and accumulated impairment losses.

PCS. 2. Depreciation is recognized in the income statement. Depreciation is the systematic allocation over the expected useful life of the asset cost less the residual value, the asset is expected to generate at the end of their useful life. The depreciation base shall be measured on the date of start and by subsequent changes in the elements included in the depreciation base.


PCS. 3. Write-downs for impairment losses to be made if it is estimated that the recoverable value is lower than the carrying value after depreciation. Write-downs to be reversed if there is no longer a basis for depreciation.

§ 57. Investment property shall, upon initial recognition measured at fair value.

PCS. 2. Fair value is determined in accordance with Annex 7

§ 58. Owner-occupied properties must after initial recognition measured at revalued amount, which is fair value at revaluation less any subsequent accumulated depreciation and subsequent impairment losses. Reassessment should be made so frequently that the carrying amount does not differ materially from owner-occupied property's fair value at the balance sheet date.

PCS. 2. The fair value at the balance sheet date shall be calculated in accordance with Annex 7.

PCS. 3. Increases in owner-occupied properties revalued amount is recognized directly in the item revaluation reserve unless the increase corresponds to a decrease in value previously recognized in the income statement, see. Paragraph. 4.

PCS. 4. Decrease in owner-occupied properties revalued amount is recognized in the income statement unless the decrease corresponds to an increase in value previously recognized directly in the item revaluation reserve, see. Paragraph. 3. In this case, the fall in value is transferred directly as a reduction in the revaluation reserve.

PCS. 5. Depreciation is recognized in the income statement, see. § 56 paragraph. 2.

§ 59. Tangible fixed assets covered by § 10 of temporary assets are measured at the lower of carrying amount and fair value less selling costs.

PCS. 2. There will be no depreciation of tangible fixed assets covered by paragraphs. 1.

Intangible assets

§ 60. Intangible assets At the time of initial recognition, at cost, see. However paragraph. 2 and 3.

PCS. 2. Development costs are only recognized as an intangible asset if there is evidence

1) that it is technically possible for the completion of the intangible asset so that it can be used

2) that the company intends to complete the intangible asset

3) the company is able to use the intangible asset

4) that the intangible asset will generate probable economic benefits in the future, at least equivalent to the costs incurred, and

5) that the company can reliably measure the expenditure attributable to the intangible asset during its development.

PCS. 3. Internally generated brands, customer lists and the like, research costs, the formation and establishment costs, training costs, marketing costs, relocation and reorganization costs as well as internally generated goodwill should not be recognized as assets.

§ 61. Intangible assets must be initially measured at cost less accumulated depreciation if the asset is estimated to have a finite useful life and accumulated impairment losses, see. § 56 paragraph. 2 and 3.

leasing

§ 62. Financial leases are recognized by the lessee from the time the lessee has the right to use the leased asset. On initial recognition, the asset is measured at the lower of fair value or present value of the agreed lease payments. At the same time recognized the present value of the agreed lease payments as a liability. When calculating the present value lease is applied interest rate if it is possible to determine this. Otherwise the lessee's incremental borrowing rate.

PCS. 2. After initial recognition, financial leases by the lessee under the principles of §§ 55-61, depending on the nature of the leased asset.

PCS. 3. Receivables from financial leases with the lessor as a receivable with a value equal to the net investment in the lease.

PCS. 4. Assets under operating lease are recognized in the balance sheet of the lessor, but not by the lessee in accordance with the principles of §§ 55-61, depending on the nature of the leased asset.

Insurance liabilities

§ 63. Insurance liabilities are recognized in the balance sheet from the time when the insurance risk is transferred to the company.

§ 64. An insurance obligation or part thereof to be removed from the balance sheet when it has ceased. This is the case when the insurance liability, as specified in the contract is fulfilled, canceled or expired.


§ 65. The provision for insurance liabilities should be measured so that the taking into account what can reasonably be foreseen, is sufficient to cover all of its insurance liabilities, but are no larger than necessary.

Provision for life insurance obligations

§ 66. Liability item 9.1Garanterede benefits are calculated as the value of guaranteed benefits plus under paragraph. 5 and 6. For bonus eligible insurance and investment contracts, the value is determined irrespective of future rewriting of contracts to paid-up policies and surrender.

PCS. 2. Outward Post 9.2Bonuspotentiale on future premiums is calculated for the stock of bonus eligible insurance and investment contracts as the difference between the value of the guaranteed paid-up benefits and value of guaranteed benefits, see. However paragraph. 7.

PCS. 3. Passive Post 9.3Bonuspotentiale on paid is calculated for bonus eligible insurance and investment contracts as the difference between the value of retrospective provisions and value of the guaranteed paid-see. However paragraph. 8.

PCS. 4. The calculation of the items in paragraph. 1-3 used

1) the best estimate of the involved insurance risks including mortality and disability rates, etc.

2) the best estimate of the costs that where contracts are expected to be administered under the conditions prevailing on the market and

3) a discount rate, which is calculated as provided in Annex 8

PCS. 5. Life insurance provisions for each insurance and investment contract before any supplement to guaranteed surrender value is lower than the value that is guaranteed by the repurchase of the contract, increased liability item 9.1 Guaranteed benefits, see. Paragraph. 1, with the difference. The difference mentioned in the first section. can be reduced, taking into account the overall probability that the contract will be surrendered before its expiry. Such a reduction can only be made when the applied probability for repurchase under 1 is justified because of the insured's right to buy back is contractually limited to take place in special situations.

PCS. 6. Liability item 9.1Garanterede services shall include amounts to cover future benefits resulting from claims incurred that are not shown under liability item 10. Provisions for claims.

PCS. 7. If the guaranteed paid-up benefits for each insurance and investment contract is less than the guaranteed benefits for each insurance and investment contract be guaranteed paid-up benefits for each insurance and investment contract for this insurance equal to guaranteed benefits. If the value of the guaranteed paid-up benefits for the population of bonus eligible insurance and investment contracts is less than the value of guaranteed benefits, see. Paragraph. 1 relating to bonus eligible insurance and investment contracts, the value of the guaranteed paid-up policies for these contracts equal to the portion of the value of guaranteed benefits relating to bonus eligible insurance and investment contracts.

PCS. 8. If the value of the retrospective provision for each insurance and investment contract is less than the guaranteed paid-up benefits for each insurance and investment contract, the value of the retrospective provision for each insurance and investment contract for this contract equal to the guaranteed paid-up benefits for each insurance and investment contract. If the value of retrospective provisions for the stock of bonus eligible insurance and investment contracts is less than the portion of the value of the guaranteed paid-up policies relating to bonus eligible insurance and investment contracts, the value of retrospective provisions for these contracts equal to the portion of the value of the guaranteed paid-up policies, relating to bonus eligible insurance and investment contracts.

PCS. 9. For subscription basis, which is recognized average margins on individual elements, the restrictions in paragraphs. 7, first paragraph. And paragraphs. 8, 1st clause., No.

PCS. 10. Passive items 9.2Bonuspotentiale on future premiums and 9.3Bonuspotentiale on paid may only contain amounts relating to bonus eligible insurance and investment contracts. PCS. 7 and 8 only apply to bonus eligible insurance and investment contracts.

§ 67. Liability item 11 The collective bonus potential is calculated as the amount that the company has set aside collectively to bonus eligible insurance and investment contracts in addition to the insurance provisions, see. § 15 Claims provisions, see. § 16, and Special bonus provisions, see. § 19 , amount determined pursuant. however paragraph. 2.


PCS. 2. The amount should be of a size so that the amount together with the insurance provisions, claims provisions and Special bonus provisions similar to what the contracts based on the current value of its assets individually and collectively entitled under insurance and investment contracts and the notional contribution principle , see. § 21 of the financial business Act and the executive order on the contribution principle.

PCS. 3. The collective bonus potential can only be reduced by a transfer to another post in the technical provisions or with negative results realized that may be distributed to the bonus eligible insurance and investment contracts in accordance with the principles of distribution of realized results that apply to each contract referred. paragraphs. 4.

PCS. 4. Bonus eligible for insurance and investment contracts as a proportion of negative results realized is primarily accounted for by reducing the collective bonus potential and can not affect the value of liability items 9.3. Bonus potential of paid when collective bonus potential has been exhausted. When liability item 11. The collective bonus potential is divided by sub-portfolio, the rule in the first section. for each sub-portfolio separately.

§ 68. Provisions for unit-linked insurance and investment contracts are measured at estimated fair value in accordance with the fair value of the assets related to the contracts.

PCS. 2. For unit-linked contracts guarantee a certain minimum return calculated the estimated fair value in accordance with the principles in § 66.

Provisions for insurance liabilities

§ 69. The provision for unearned premiums is calculated as the sum of the amount that an entity within each portfolio of insurance contracts covering the same risks, the best estimate, is expected to pay in respect of insurance events, which are likely to take place after the balance sheet date and are covered by the insurance contracts the company has signed. Unearned premium provisions should also include the amount that the company after its best estimate to incur after the balance sheet date to the direct and indirect costs associated with administration and claims of the insurance contracts which it has signed.

PCS. 2. Premium provisions not be less than the sum of each portfolio of insurance contracts covering the same risks of each insurance contract estimated share of gross premium corresponding to the part of the insurance period occurring after the balance sheet date. Average Calculations can be used when there is reason to believe that they are approximately the same result as a calculation based on individual contracts.

PCS. 3. When calculating the minimum amount under subsection. 2 gross premium is determined after deducting the portion of the premium corresponding to the acquisition costs, which have a close and verifiable link to the extension and renewal of insurance contracts and are expensed when the contract was concluded.

PCS. 4. If discounting is crucial for the amount of the mathematical provisions calculated in accordance with paragraph. 1, the amount discounted. If applicable, a discount rate calculated in accordance with Annex 8

§ 70. Compensation Provisions are measured as the sum of the amounts the company after its best estimate to pay in connection with insurance events that have occurred until the balance sheet date in addition to the amounts already paid in respect of such events. Claims provisions should also include the amount that the company after its best estimate to incur direct and indirect costs associated with claims settlement.

PCS. 2. Provisions for claims are calculated as the sum of the expected claims payments and costs on

1) a case-by-case assessment of reported events, there must at least include all reported events of considerable extent

2) an experience-based estimate of inadequately informed insurance events that have been the subject of a case-by-case assessment,

3) an experience-based estimate of reported events that have not been subject to a case-by-case assessment, and

4) an experience-based estimate of events that occurred before the balance sheet date but which are unclaimed at the time of preparing the financial statements.


PCS. 3. When calculating claims reserves must take into account the revenues and costs associated with the acquisition and realization of assets and rights that the company makes the right connection with claims payments.

PCS. 4. If discounting is crucial for the amount of provisions for claims, the expected payments discounted. If applicable, a discount rate calculated in accordance with Annex 8

Insurance assets

§ 71. The company's rights under a reinsurance contract that relates to future contingencies, calculated at net premium less the share of net premium relating to the period before the balance sheet date. The net premium is the premium paid by the company for the reinsurance contract minus the part that is payment for the company's acquisition costs.

PCS. 2. The company's rights under a reinsurance contract that relates to claims incurred, calculated based on the terms of the reinsurance contract on the basis of the same estimate and discounting principles which formed the basis for the calculation of claims provisions.

PCS. 3. Insurance assets are assessed for impairment and written down to the present value of the payments expected to be recovered if this is lower than the value calculated in accordance with paragraph. 1 and 2.

Provisions

§ 72. Provisions, guarantees and other liabilities which are uncertain as to size or time of settlement are recognized as provisions when it is probable that the obligation will require an outflow of resources and the liability can be measured reliably.

PCS. 2. Onerous contracts are contracts in which the unavoidable costs to fulfill the contractual obligations exceed the expected economic benefits, are also recognized as provisions.

PCS. 3. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the balance sheet date.

PCS. 4. If discounting is crucial for the amount of a provision should be measured at the present value of the costs expected to be required to settle the obligation.

PCS. 5. The discount rate used to measure the present value, determined in accordance with Annex 8 regulated such that it reflects the risks specific to the liability. The discount rate should not reflect risks that are adjusted for in the estimate of the costs required to settle the obligation, see. Paragraph. 3.

PCS. 6. Guarantees may not be recognized or measured at a lower value than the premium or commission, the company has received to assume the guarantee amortized systematically over the risk period.

§ 73. Provisions should be reviewed at each reporting date and adjusted to reflect the best current estimate. If it is no longer probable that settlement will require an outflow of economic benefits, the liability shall be reversed.

PCS. 2. A provision shall be used only to cover the cost, which at initial recognition justified the provision.

Employee Benefits

§ 73 a. Cost of services and benefits to employees for their work benefits should be recognized in the income statement as the employees perform the work services entitling them to the services and goods.

PCS. 2. Unpaid amounts expensed in accordance with paragraph. 1, should be recognized as a liability. Amounts falling due within 12 months after the period in which they are earned, not discounted, while amounts due more than 12 months after the period in which they are earned, must be discounted. Prepaid amount recognized as an asset.

§ 74. Pension Obligations to employees to be recognized at the present value of the services from the best possible estimate, is expected to be paid.

PCS. 2. Pension obligations must be reviewed at each balance sheet so that the amount recognized reflects the present value of the best current estimate.

PCS. 3 pieces. 1 and 2 shall not apply to pension commitments to employees whose terms correspond to the usual terms in insurance contracts which the company offers to customers. Such insurance contracts are accounted together with and on the same principles as the corresponding insurance contracts with customers.

Share-based payment


§ 75. Share-based payment of management and employees to be recognized as an expense in the income statement over the vesting period. At the same time recognized a corresponding increase in equity.

PCS. 2. The expense recognized is measured at fair value on the date of the instrument used as payment.

tax

§ 76. Current tax for the financial year and prior periods shall, to the extent unpaid, recognized as a liability. Is the tax paid exceeds the actual tax for the financial year and previous years, the difference is recognized as an asset.

PCS. 2. The tax liability arising on a temporary difference between the carrying value and the tax value shall be recognized as deferred tax. Is the temporary difference is negative, and it is likely that it will be used to reduce future tax recognized a deferred tax asset.

PCS. 3. Notwithstanding paragraph. 2, there is no provision for deferred tax on security funds, which are allocated from untaxed funds as referred to. § 124, unless it is probable that in the foreseeable period occurs a situation that will trigger the taxation of funds in security fund provided. § 13 c of the Act on income taxation of limited companies, etc.

Hedge accounting

§ 76 a. If there is established a hedging relationship related to fair value hedge between one or more derivatives, or in the case of hedge currency risks between one or more non-derivative financial instruments (hedging instrument) and a recognized asset, a recognized liability, one group of assets or a group of liabilities (the hedged item), which are measured at amortized cost, the value of the hedged item as regards the hedged risk are adjusted to fair value. Change in value is recognized in the income statement. Upon termination of the hedge are revalued the hedged item the principles for measurement at amortized cost based on the recalculated value.

PCS. 2 pcs. 1 shall apply mutatis mutandis relating to the security of the risk of changes in the fair value of an unrecognized agreed future payments for goods and services, as changes in the fair value of the payments is recognized as an asset or a liability. Change in value is recognized in the income statement. At the time of settlement of the agreed future cash adjusted value of this asset acquired or liability acquired with the already recognized value changes.

§ 77. If established a hedging relationship hedging of cash flows between one or more derivatives, or in the case of hedge currency risks between one or more derivative or non-derivative financial instruments (hedging instrument) and future payments, the part of change in fair value of the hedging instrument to hedge fluctuations in the cash flows are recognized directly in equity.

§ 78. If there is established a hedging of an investment in a foreign entity, the proportion of the value adjustment of the hedging instrument relating to insurance are recognized directly in equity. The hedging instrument may be a non-derivative financial instrument. The amounts recognized directly in equity, including the amount recognized in equity relating to currency conversion of an investment in a foreign entity, in accordance. § 42 paragraph. 8, are recognized in the income statement when the foreign entity is disposed of.

§ 79. A hedging relationship can only be treated in accordance with §§ 76 a and 78 when the following conditions are met:

1) There is formal documentation at the time the hedge is the establishment of the existence of a hedging relationship and the entity's risk management strategy that includes

a) identification of the hedging instrument and the hedged item

b) identification of the risk guaranteed and

c) the method used for measuring the hedging effectiveness as required. # 2.

2) There is reason to believe a high degree of efficiency in the fuse.

3) In connection with the security arrangements for payment flows must be included future payments be very probable and variations in income flow must be of such a nature that they will affect the company's future financial results.

4) hedging relationships effectiveness as required. No. 2, can be measured reliably.

5) hedging relationship is regularly assessed and has proved in practice to demonstrate a high degree of efficiency in the part of the accounting period in which it has been established.


§ 80. The accounting treatment of hedging relationships, see. §§ 76a ​​and 78 shall cease from the time when

1) hedging instrument or the hedged item expires, is sold or exercised, except the hedging instrument is replaced by a new hedging instrument as part of the entity's documented hedging strategy

2) hedging relationship no longer meets the criteria of § 79

3) the future transaction, pursuant to which the hedged forecast payments no longer expected to occur, or

4) the company completes the hedging relationship.

§ 81. When a transaction or payment stream where payments have been included in a hedging relationship in accordance with § 77, managed or realized, the amounts previously recognized directly in equity are recognized in the income statement over the same period as that in which the transaction or cash flow affects the income statement.

PCS. 2. In the circumstances described in § 80, no. 3, the amounts recognized directly in equity are recognized in the income statement.

Income

§ 82. Income consists of income and expenses.

§ 83. In the income statement income as it is earned, and expenses as incurred. All value adjustments, depreciation, impairment losses and reversals of amounts previously recognized in the income statement are recognized in the income statement. However, the following elements are recognized directly in equity plus or minus the tax effect:

1) Increases in owner-occupied properties revalued value and reversals of such increments provided. § 58 paragraph. 3 and 4.

2) Exchange rate differences resulting from the translation of transactions and balance sheet items, including goodwill, in a unit with a functional currency different from the presentation currency, see. § 42 paragraph. 8.

3) Purchase and sale price in the purchase and sale of treasury shares, etc., see. § 52 paragraph. 1.

4) Share-based payment, see. § 75.

5) Changes in value of hedging instruments to hedge fluctuations in the amount of future cash flows, in accordance. § 77.

6) Changes in value of hedging instruments to hedge the currency risk on an investment in a foreign entity, in accordance. § 78.

7) The effect of changes in methods of recognition, the basis of measurement or presentation currency, see. § 84, and the effect of that material errors in previous annual reports be referred. § 86.

PCS. 2. The part of the amount to which paragraph. 1, no. 1-7, and to be distributed to bonus eligible insurance and investment contracts, are initially recognized directly in equity and then transferred to the appropriate item under the item III. Provisions for insurance and investment contracts in total.

Change in accounting policies

§ 84. Changes business methods of recognition, the basis of measurement or presentation currency, all the items concerned, including comparative figures, notes and five-year summaries, unless there are special rules for the change of method, prepared as if the new method had always been applied.

PCS. 2 pcs. 1 shall not apply to the extent that it is not practical to change items from previous years, so that they are in accordance with the new method. In such cases the opening balance sheet in accordance with the new method from the earliest possible time, and other items will be renumbered accordingly.

Change in Accounting Estimates and Errors

§ 85. If amounts recognized in respect of an earlier period, as a result of a change in accounting estimate, the impact recognized prospectively in the same manner as the initial estimate.

§ 86. If previous annual reports were substantially affected by errors in the preparation, all the items concerned, including comparative figures, notes and five-year summaries, prepared as if the error had not occurred.

PCS. 2 pcs. 1 shall not apply to the extent that it is impracticable to correct records from previous years. In such cases the opening balance sheet at the earliest possible time, and other items will be renumbered accordingly.

Chapter 4

Notice Information

General

§ 87. In addition to the information required by this chapter, shall be given the additional supplementary information necessary to give a true and fair view.


§ 88. Notice information should as far as possible be presented in a systematic order. Information related to accounting items, given in the form of a note to the relevant item. Unless otherwise specified in the individual provisions of this Order, it is the carrying amounts as shall be explained.

PCS. 2. The information to be provided pursuant to this chapter shall be contained in a separate part of the annual report, there are clearly defined and described as "notes" referred. However, §§ 89-91. If a disclosure requirements are complied by the fact that under the notes is given a reference to the information given in the management report or in other parts of the annual report that are not included in the financial statements, must reference be precise, and limit the information in question in relation to other information not subject to disclosure requirements under this chapter. The required information is also covered in such cases the auditors in accordance. § 193 of the Financial Business Act.

Accounting policies

§ 89. There must be a separate section of the financial statements accounted for all significant recognition methods and measurement bases used for the items in the balance sheet, income statement and notes.

PCS. 2. For financial instruments shall be provided on the accounting policies that are applied with regard to the recognition and measurement basis, including whether the company recognizes on the trade date or settlement date.

PCS. 3. For tangible assets, except investment property and owner-occupied property shall for each type disclosed

1) the measurement basis used to determine the carrying value

2) the depreciation methods used and

3) the useful lives and depreciation rates used.

PCS. 4. For investment properties and owner-occupied properties must be disclosed

1) the measuring basis

2) the methods and assumptions have been applied in determining the fair value, and

3) the criteria that have been used to separate owner-occupied properties from investment properties.

PCS. 5. For items arising from insurance contracts, provide information about

1) the measurement methods used for the various items

2) if discounting is used, the method used must be disclosed,

3) the main assumptions and estimates that are used for the measurement of the items

4) the process used to determine the assumptions that have the greatest effect on the measurement of the items

5) significant correlations between different assumptions

6) the method of calculation, if the amount in a record in the annual report is the result of a division calculation and

7) how the calculation method in point. 6 is changed compared to the previous financial year, if this is the case and indicating the significance of the change for financial statements individual items and comparability with the corresponding amounts for the previous financial year.

PCS. 6. Changes in accounting policy should be disclosed

1) The reason for the change,

2) the change made in accounting policies, including the nature of the change and

3) the financial impact of the change in accounting policy for items in the balance sheet and income statement for the current, previous and future periods if possible.

PCS. 7. Changes in accounting estimates that have an effect in the current or future periods, an entity discloses the nature and amount of the change made. If it is not possible to estimate the financial impact, the company must disclose that fact.

PCS. 8. When accounting errors should be disclosed the nature of this and the monetary effect on and correction of entries in the balance sheet and income statement.

§ 90. After making adjustment of comparative figures. § 5, paragraph. 1 Provide the following information

1) the nature of the adjustment,

2) The amount of each item, which is adapted and

3) the reason for the adjustment.

PCS. 2. Lack of adjustment of comparative figures. § 5, paragraph. 1 shall be identified and justified.

§ 91. derogations pursuant to § 188 paragraph. 3, in the Financial Business Act, the requirement note disclosure in this Act § 186 paragraph. 3, 2nd sentence. Apply.

Five-year summary

§ 91a. The management report must contain a five-year summary of financial and operational data in accordance with Annex 9 and 10.


PCS. 2. Life insurance companies, which operates non-life insurance company must provide highlights for this part of the business in accordance with Annex 10. The main figures 7. Net profit 11 Shareholders' equity, total and 12. Total assets as well as key figures 6. Equity Business in percent and 7 Solvency ratio must not be disclosed. Financial highlights for health and accident insurance company need not be disclosed in the management report relating to the company's key performance indicators in general, but can be disclosed in the notes linked to other information about the health and accident business, see. 32.

PCS. 3. If the numbers in the five-year survey is not comparable, must as far as possible an adjustment of the figures. Lack of comparability or the restatement must be specified and duly substantiated.

PCS. 4 .If the company has only existed for a shorter period than five years, a statement in accordance with paragraph. 1-3 for the shorter period.

Risk information

§ 91b. The company should describe its financial risk as well as its policies and objectives for managing financial risks.

PCS. 2. The company should describe its insurance risks and its policies and objectives for managing insurance risks.

Financial instruments

§ 92. For financial instruments disclosed the nature of the instruments, including significant terms and conditions that may affect the amounts, timing and uncertainties concerning the future cash flows.

Tangible assets

§ 93. For tangible assets, except investment property and owner-occupied properties, provide the following:

1) Cost:

a) The cost of the previous financial year end without depreciation or amortization.

b) Foreign currency translation adjustment.

c) Additions during the year, including improvements.

d) Disposals during the year.

e) Transfers to other lines during the year.

f) The total cost at the balance sheet date.

2) Impairment and amortization:

a) Impairment and amortization at the preceding year-end.

b) Foreign currency translation adjustment.

c) Write-downs.

d) Depreciation.

e) Net depreciation and amortization of disposals and retirements are.

f) Net reversals of prior year impairment and reversal of total depreciation and impairment of assets during the year is sold or withdrawn from operation.

g) The total depreciation and amortization at the balance sheet date.

§ 94. For investment properties, see. § 57, indicate:

1) The fair value of the previous financial year.

2) Additions during the year, including improvements.

3) Disposals during the year.

4) Net fair value adjustments.

5) Other changes.

6) The fair value at the balance sheet date.

PCS. 2. For owner-occupied properties, see. § 58, indicate:

1) Revaluation of the previous financial year.

2) Additions during the year, including improvements.

3) Disposals during the year.

4) Depreciation.

5) value adjustments, which during the year recognized directly in equity.

6) Valuation adjustments, which during the year are recognized in the income statement.

7) Other changes.

8) Revaluation at balance sheet date.

PCS. 3. It is further stated whether external experts were involved in the measurement of investment properties and owner-occupied properties.

§ 95. For investment properties and owner-occupied properties disclosed the weighted average of the rates of return that are taken into account in determining the individual properties' fair value specified on the types of property.

§ 95 a. For all items in the income statement and balance sheet, including profit and equity are affected by discounting using the adjusted discount rate in accordance with Annex 8, the item's size according to the balance sheet and income statement disclosed together with the size of the item, as it would have been if the discount rate had been used the term dependent discount rate.

Investments in companies operating life insurance business

§ 96. The company's assets and their return shall be specified in accordance with the table in Annex 11, see. The rules for filling the table in Annex 12

PCS. 2. Information provided under paragraph. 1 are not covered by the requirement for comparative § 5, paragraph. 3.


§ 97. The percentage distribution of the company's portfolio of investments, including investments in mutual funds, specified by industry and region in a note in accordance with the table in Annex 13, see. The rules for filling the table in Annex 14

PCS. 2. Information provided under paragraph. 1 are not covered by the requirement for comparative § 5, paragraph. 3.

§ 98. If the company's annual report contains a list of all companies in which the company has a shareholding and the size of these investments, it must also state whether the public on request or otherwise have access to this information.

contingent

§ 99. Unless it is very unlikely that the economic benefits will flow to the entity, the entity shall disclose a brief description of the nature of the contingent assets at the balance sheet date and, where practicable, an estimate of their financial effect.

Life insurance liabilities

§ 100. The trend in total provisions for insurance and investment contracts (gross), including provisions for unit-linked contracts specify choosing:

1) Life insurance provisions at the beginning.

2) Accumulated value adjustment, beginning of year (+/-).

3) Retrospective provisions, beginning of year (1-2).

4) Gross premiums (+).

5) Addition of interest (+).

6) Insurance benefits (-).

7) Expense supplement after addition of expense bonus (-).

8) Risk gain after addition of risk bonus (-).

9) Retrospective provisions, closing (3-8).

10) Accumulated value adjustments at the end of (+/-).

11) Life insurance provisions at the end (9-10).

PCS. 2. For each relevant sub-portfolio disclosed the distribution of life insurance provisions broken down by insurance contracts' respective investment contract the original basis interest on guaranteed benefits, bonus potential on future premiums and bonus potential of paid at year-end and the beginning.

PCS. 3. The difference between the life insurance provisions for indirect insurance at year-end and the beginning stated. Specification as referred to. Paragraphs. 1, is not required.

§ 101. If the special conditions must be met for the bonus potential on paid-up policies can be used to cover losses, the size of this part of the bonus potential of paid and the conditions stated. It must also be indicated with amounts, the bonus potential on paid-up policies is reduced in connection with the distribution of actual results to the insurance respectively investment contracts.

PCS. 2. Guaranteed benefits include a supplement pursuant to § 66 paragraph. 5, the sum of the increases reported before and after recognition of repurchase probabilities.

PCS. 3. The principles for calculating the applied risk, see. Annex 1, must be reported.

§ 101a. It should be stated whether Guaranteed benefits are calculated with or without regard to rewriting of contracts to paid-up policies and withdrawals, see. § 66 paragraph. 1. If there is taken into consideration paid-up policies and surrender, they used probabilities of rewrites to paid-up policies and for the repurchase described stating the reasons for their use. The monetary effect on the amount of guaranteed benefits must be reported.

Non-life insurance liabilities

§ 102. off result of claims incurred must be disclosed both on a gross basis for their own account.

PCS. 2. Is the run-off result of unusual size, must include an explanation.

Other liabilities

§ 103. There must disclose the following about equity loan:

1) A specification of interest, extraordinary repayments and the costs of raising and repayment of subordinated debt during the year.

2) An indication of the proportion of the subordinated loan capital may be included in the capital base.

PCS. 2. For each contribution of equity loan that exceeds 10% of its total equity loan, the company must state:

1) The amount of the loan, the currency it is denominated, the interest rate and the due date and whether it is a perpetual issue.

2) Whether, under certain circumstances provide faster recovery.

3) Other conditions for the subordinated obligation, including any provisions for the subordinated obligation may be converted into shares, cooperative or guarantee capital or some other form of debt and conditions.


§ 104. For each creditors item in the balance sheet must be given of the part due more than 5 years after the balance sheet date.

PCS. 2. If the company has a pledge or other security assets must be stated and the extent of the pledge and the pledged assets value specified for each entry. The total collateral for subsidiaries and other companies within the group must be shown separately.

PCS. 3. Unless it is very unlikely that there will be an outflow of financial resources must disclose for each class of contingent give a brief description of the nature of the contingent liability. The company must give value for each class of contingent liabilities and contingent liabilities are summarized. This does not apply to obligations under the company's insurance contracts. Liabilities of a parent company and its subsidiaries must be disclosed separately.

§ 105. For each hedging relationships that qualify for hedge accounting, see. § 79, it shall disclose:

1) The nature of the risk hedged.

2) The nature of the hedged item.

3) The nature of the hedging instrument.

4) hedges of forecasted transactions, the company beyond the Nos. 1-3 listed information describing the expected future transactions, including when they are expected to be made when they expected to be included in the income statement, and describe any expected transactions which have previously been treated hedge accounting but are no longer expected to take place.

5) If value adjustments of derivative financial instruments designated as hedging instruments related to hedging cash flows are recognized directly in equity, disclosed the amount

a) recognized in equity during the current period

b) transferred from equity and recognized in profit and loss account, and

c) transferred from equity and included in the cost of an asset or liability in the financial year.

§ 105 a. A company that measures the non-derivative financial liabilities at fair value, disclose the amount of change in fair value of these liabilities attributable to changes in credit risk on the obligations. This change can be determined either

1) as the difference between the total change in fair value of the liabilities and the portion thereof attributable to changes due to changes in market conditions related to market risks or

2) by an alternative method, which the company believes better give a true picture of the change in the credit risk on commitments.

PCS. 2. Information provided under paragraph. 1 is given for groups of company obligations relevant to the information requirement, respectively, for the financial period and accumulated from the initial recognition of liabilities.

PCS. 3. The methods used to determine the amounts disclosed in accordance with paragraph. 1 and 2 must be reported. Furthermore, it shall disclose if it does not believe that the amounts disclosed in a reliable way represent changes in credit risk on the obligations and provide information on the background to this conclusion and the factors the entity believes are relevant in this context.

PCS. 4. The difference between the carrying amount of liabilities covered by paragraph. 1 and the amount that an entity is contractually required to pay at maturity must be reported.

Income

§ 106. There must be disclosed in the year incurred commission expenses for the company's direct insurance and investment contracts.

§ 107. Posten adjustments disclosed distributed on asset item 2. Owner-asset item 3. Investment properties, sub-items of asset item 5. Other financial assets, total and any other items.

§ 108. Information must be given on the total fees for the financial year to the audit firm conducting the statutory audit, as well as to audit the company's subsidiaries. Furthermore, it is disclosed how much of this fee relating to non-audit services.

§ 109. The company must in the financial statements provide information on the major components of tax or income items.

PCS. 2. The company must provide an explanation of the relationship between tax expense or income and accounting loss of one or both of the following ways:


1) A numerical reconciliation between tax expense or income and the accounting results multiplied by the applicable tax rate, which shows the basis on which the applicable tax rate is computed.

2) A numerical reconciliation between the average effective tax rate and the applicable tax rate, which shows the basis on which the applicable tax rate is computed.

PCS. 3. The company shall, for each type of temporary difference, unused tax losses and unused tax credits disclose the amount of:

1) The deferred tax assets and liabilities recognized in the balance sheet.

2) The deferred tax income or expense recognized in the income statement, if this is not apparent from the changes in the amounts recognized in the balance sheet.

Life insurance contracts

§ 110. gross premiums between direct and indirect insurance and investment contracts must be reported. For the company's direct contracts, gross premiums attributed respectively:

1) Continuous and single premiums.

2) Premiums for group life insurance contracts and premiums for other insurance and investment contracts. Premiums for other insurance and investment contracts attributed respectively to individual contracts signed and contracts taken out as part of an employment relationship.

3) Contracts with bonus entitlement, contracts not eligible for bonus and contracts where the investment risk is borne by the policyholder.

PCS. 2. Number of insured persons at the year end is covered under each of the 3 categories of contracts mentioned under paragraph. 1 pt. 2, must be reported.

PCS. 3. Gross premiums for direct insurance and investment contracts must be distributed by the policyholders residing at:

1) Denmark.

2) Other EU countries.

3) Other countries.

§ 111. The principles to which the company uses for sharing the results realized, cf. Order on the contribution principle, be described. In this context the size of the realized profit for the year and the distribution of the amount specified. Have equity because of insufficient technical profit in the year or in previous years been a minor part of the realized profits than principles dictate, and the company is entitled to rectify this in the coming year's allocation must be stated and the amount expected to be allocated to equity, in addition to what principles would otherwise cause.

§ 112. The share (exemption ratio) of the otherwise-tax returns that are exempt from tax on pension after pension Tax Act, §§ 7, 15 and 16 should be disclosed.

Non-life insurance contracts

§ 113. For at least the 3 largest of the following classes of insurance in terms of gross premium income must to that class attributable amounts specified in paragraph. 4, no. 1-7, disclosed:

1) Health and accident insurance.

2) Health Insurance.

3) Insurance.

4) Motor vehicle insurance, liability.

5) Motor vehicle insurance, property insurance.

6) Marine, aviation and transport insurance.

7) Fire and contents insurance (private).

8) Fire and contents insurance (business).

9) Change of ownership.

10) Liability insurance.

11) Credit and surety insurance.

12) Legal expenses.

13) Tourist Assistance Insurance.

14) Other direct insurance and proportional reinsurance.

15) Non-proportional reinsurance.

PCS. 2. The classes 1-14 must include proportional reinsurance.

PCS. 3. Insurance contracts covering risks attributable to more of the paragraph. 1 listed classes are assigned to the class in which the major part of the risk falls.

PCS. 4. The amounts under paragraph. 1 must be allocated to individual classes are as follows:

1) Gross premiums.

2) Gross premiums.

3) Gross claims incurred.

4) Gross operating expenses.

5) Result of ceded business.

6) Technical interest on own

7) Technical result.

PCS. 5. The amount under paragraph. 4, no. 4, to be shown before deducting commissions and profit shares from reinsurance companies recognized under paragraph. 4, no. 5


PCS. 6. The amounts in accordance with paragraph. 4 shall in all cases be disclosed on each of the below paragraph. 1, no. 1-13, listed the classes, where gross premiums exceed 70 million. kr. Represents gross premium income for non-proportional reinsurance, see. paragraph. 1, no. 15, less than 10 per cent. of total gross premiums, the amounts of these insurance contracts aggregated with amounts for other direct insurance, see. paragraph. 1, no. 14, under the title "Other insurance". Are the this merger, the total gross premium income for non-proportional reinsurance disclosed separately. The sum of the amounts reported in accordance with paragraph. 1 and 4 shall correspond to the amounts included in the income statement as the business that are not assigned to one of the classes within paragraph. 1, no. 1-13 or 15, attributed to 'Other direct insurance and proportional reinsurance' / 'Other insurance' referred to. Paragraphs. 1 pt. 14

PCS. 7. Gross premiums for reinsurance to be allocated to non-life and life insurance.

PCS. 8. Gross premiums for direct insurance should be geographically allocated by location of the risk. When determining the location of the risk, the definition in § 4 of the executive order on matching and localization. Gross premium income must at least be distributed in the following areas:

1) Denmark.

2) Other EU countries.

3) Other countries.

§ 114. There must supply the following information about developments in claims divided on the classes specified in § 113 paragraph. 1:

1) The number of substitutes.

2) Average amount of claims.

3) Claims frequency.

Related parties etc.

§ 115. The amount of loans to and liens, collateral or guarantees provided for members of the company or its parent companies, directors or Representatives must be specified for each category with details of the principal terms, including interest rate and the amount repaid during the year.

PCS. 2. Paragraph. 1 does not apply to loans and guarantees for the acquisition of shares in the company or to employees of the company or its subsidiaries.

PCS. 3. Paragraph. 1 includes receivables from and collateral related to in paragraph. 1 persons mentioned.

PCS. 4. In specific cases where a company of Representatives is not a narrow governing body, the information under subsection. 1 and 3 is omitted.

§ 116. Information must be given on the average number of full-time employees during the year. Staff costs must be disclosed and specified respectively salary, pension, other social security costs and fees calculated on the basis of staff numbers or payroll.

PCS. 2. The company must state the total remuneration, etc. for the financial year to the current and former members of management for their function of each governing body and where there is no designated a management body for the owners. In addition, the company must state the total liabilities to pay pensions to those mentioned. Are there any specific incentive programs for directors, indicate which category of members of management program applies to which services program includes, and what is necessary in order to assess their value.

§ 117. The company must provide the name and home of the parent companies, including foreign parent companies that prepare consolidated financial statements, respectively the largest and smallest group in which the company is a subsidiary, and where the foreign parent companies' consolidated accounts etc. can be obtained.

§ 118. Name, registered office and legal form of significant subsidiaries and associates should be reported together with the undertaking's activity. For each company must specify the percentage owned, and the size of the company's equity and results according to the latest Annual Report. This information is given in the form of a Group structure.

PCS. 2. When a subsidiary is the parent company of a group, the disclosure requirement in paragraph. 1 does not apply to this company's subsidiaries and associates.

§ 119. There should be informed about transactions and agreements between the company and related parties, including the basis of the connection with the related parties.

PCS. 2. In addition to the information under subsection. 1 and § 120 must be disclosed on related parties, which have a controlling interest in the company. The information shall include the name, place of residence, for businesses, the registered office and the basis for the controlling interest.


§ 120. Public limited companies, pursuant to the Companies Act § 28a and § 28b shall maintain a special register of shareholdings must indicate who at the time of the annual report presentation is included in the special list indicating the full name and address or for firms, home.

Business capital

§ 121. For joint-stock companies specified number of shares and par value. The share capital consists of several classes, these must be specified and the number of shares and their face value must be specified for each class.

§ 122. If the company has taken out loans against issuance of convertible debt instruments be for each such loan disclosed the amount outstanding, exchange rate, and the deadline for the exchange for shares. The same applies to warrants issued (warrants).

PCS. 2. Are there borrowing against bonds or against other debt instruments with a right to interest, the amount is fully or partly dependent on the profits which the company's shares or of the profits, must be stated for each loan on the outstanding loan amount and the agreed rate .

§ 123. Regarding the company's holding of own shares shall be disclosed:

1) The number and nominal value of own shares included in the company's portfolio, and the percentage that the stock represents the share capital.

2) The number and nominal value of own shares acquired or sold during the financial year and the percentage that this represents of the share capital and the total amount of buying and selling.

3) The reason for the acquisition of own shares carried out during the year.

PCS. 2. The paragraphs. 1 listed information must be provided separately for shares acquired for ownership or security.

PCS. 3. The information under paragraph. 1 and 2 shall also be given for shares in the company, which is part of the subsidiaries' holdings or acquired or sold by the subsidiaries during the year.

§ 124. It should be noted the extent to which any security fund is allocated from untaxed funds and the purpose for which the security fund for the company's articles of association are bound.

§ 125. The company's capital requirements and capital base at year end should be disclosed. Any difference between the capital base and equity according to the balance sheet must be specified.

PCS. 2. In cases where the company has used the adjusted maturity-dependent discount rate for the discounting of obligations. See Annex 8, the monetary effect on capital requirements and capital base as provided by paragraph. 1 of the use of the adjusted maturity-dependent discount compared to the previously used term dependent discount rate disclosed.

Sensitivity information

§ 126. Companies life insurance undertaking shall provide information about sensitivity to risk in accordance with the table in Annex 15. The information need not be provided with the comparative figures. § 5, paragraph. 3.

§ 127. Companies, which operates non-life insurance undertaking shall provide information about sensitivity to risk in accordance with the table in Annex 16. The information need not be provided with the comparative figures. § 5, paragraph. 3.

Chapter 5

Management Report

General

§ 128. The management report must

1) describe the company's main activities

2) describe uncertainty about recognition and measurement, as far as possible with the sums,

3) describe the unusual conditions that may have affected the recognition or measurement, as far as possible with the sums,

4) report on developments in the company's activities and financial affairs,

5) mention any important events that have occurred after the reporting period

6) describe the company's likely future development including special assumptions and uncertain factors which management has based its description,

7) describe the company's knowledge resources if they are of particular importance for future earnings,

8) describe the specific risks, including business and financial risks that may affect the company,

9) describe research and development or for the company and

10) the activities and branches abroad.

§ 129. The management report must describe the net profit compared with the expected development according to the latest published annual report, or according to the latest in the year announced expectations, and justify deviations in the results accordingly.


§ 129 a. There should be informed about the managerial positions held by the company's directors and managers holding in Danish companies, except ledeseshverv in the company's own 100 per cent. owned subsidiaries. Is the member of the leadership in both the other parent as one or more of its subsidiaries, it is regardless of the first section. Suffice it to disclose the name of that parent and the number of its subsidiaries, of which he is a member of management.

§ 130. The management report must contain the Board's proposal for dividend. The amount to be reported as a special item in equity.

§ 130 a. An entity that has one or more classes of shares to which voting rights are admitted to trading on a regulated market in an EU / EEA country should complement the management report with details that create transparency about the company's relationship with the aim of promoting the free sales of the company's shares. The information must include the following:

1) Issues concerning the company's capital structure and ownership, including

a) the number of shares to which voting rights and their face value

b) the proportion of shares to which voting rights are not admitted to trading on a stock exchange, an authorized market place or a similar regulated market in an EU / EEA country

c) a specification of the different classes of shares as specified in § 121 if the company has several classes of shares, and

d) the full name and residence or for business, the registered office, as well as the precise ownership and voting rights of any recorded in the in § 120 above special list of shareholdings.

2) Information that is known by the company, whether

a) the rights and obligations attaching to each class of shares

b) limitations on the transferability of the shares and

c) restrictions on voting rights.

3) Rules of appointment and replacement of members of the board as well as for amendment of the Articles of Association.

4) The Board of Directors powers, in particular the power to issue shares. See the Companies Act § 37 paragraph. 1, or to acquire own shares. See the Companies Act § 48.

5) Significant agreements concluded by the company and which take effect, alter or terminate upon change of control as a result of a successful takeover bid, and the effects thereof. The information under the 1st clause. may be omitted if the information the disclosure would seriously jeopardize the company, unless the company is specifically obliged to disclose such information under other legislation. The omission of information for the second section. should be mentioned.

6) Agreements between the company and its directors or employees, after which they receive compensation if they resign or are dismissed without just cause or their employment ceases because of a takeover bid.

PCS. 2. Companies covered by paragraph. 1, may refrain from providing information under §§ 120 and 121.

§ 131. A company that has securities admitted to trading on a regulated market in an EU / EEA country shall include a report on corporate governance, which includes the following:

1) Information on whether the company is subject to a corporate governance code, referring to the Code, the company to which they are subject.

2) Indication of where the no. 1 issue code is publicly available.

3) Indication of which parts of it in no. 1 shall Code, the company departs from and the reasons if the company has decided to deviate from parts of the code.

4) Indication of the reasons why the company does not use it in no. 1 shall Code, if the company has decided not to apply the Code.

5) Reference to any other codes of corporate governance that the company has decided to use in addition to or instead of the no. 1 code referred to or to whom voluntarily use, giving the same information as in no. 2 and 3 indicated.

6) Description of the main elements of the company's internal control and risk management systems in relation to the financial reporting process.

7) Description of the composition of its governing bodies and their committees and their function.

PCS. 2. A company covered by paragraph. 1, and which have only securities other than shares admitted to trading on a regulated market in an EU / EEA country can not to provide in paragraph. 1, Nos. 1-5 and 7, that information unless the company whose shares are admitted to trading on a multilateral trading facility in an EU / EEA country.


PCS. 3. The statement by paragraph. 1 is granted in conjunction with the in § 130 a information referred to in the Management's review in. However paragraph. 4.

PCS. 4. The company may, after authorization by the Financial Supervisory Authority not to include the report under paragraph. 1 in the management report, the management report contains a reference to the company's website where the report is published. The permit requires that the company meets specified by the FSA for the authorization required conditions for updating the information on the website and on the auditor's responsibilities in connection with the information published on the website.

§ 132. A company that has securities admitted to trading on a regulated market in an EU / EEA country, as well as companies operating life insurance business, will complement the management report with a CSR report, see. Paragraph. 2-6. By social responsibility means that companies voluntarily integrate, among other human rights, social, environmental and climatic conditions as well as fighting corruption in their business strategy and business operations. The company has no CSR policies, should be disclosed.

PCS. 2. The statement shall contain information on:

1) Corporate social responsibility policies, including any standards, guidelines or principles of social responsibility, the company uses.

2) How the business translates its CSR policies into action, including any systems or procedures.

3) The company's assessment of what has been achieved as a result of corporate social responsibility initiatives, as well as the company's possible future expectations.

PCS. 3. The statement shall be given in relation to the management report. The company may instead, or choose to give statement:

1) in a supplementary report to the annual report provided. § 190 of the Financial Business Act, referred to in the management report, or

2) on the company's website referred to in the management report.

PCS. 4. For companies that prepare consolidated financial statements, it is sufficient that the information requirements under subsection. 1 and 2 are provided for the group as a whole.

PCS. 5. A subsidiary, as part of a group, to exclude information in its own management report if

1) The parent company complies with the disclosure requirements pursuant to subsection. 1 and 2 for the entire group, or

2) the parent has prepared a progress report in connection to the UN Global Compact and the UN Principles for Responsible Investment.

PCS. 6. A company which has prepared a progress report regarding the connection to the UN Global Compact and the UN Principles for Responsible Investment, may fail to provide the information specified in paragraph. 1 and 2. The entity shall disclose in the management report that it uses this exemption and specify where the report is publicly available.

Section III

Consolidated and acquisitions

Chapter 6

Presentation of consolidated
Reporting consolidated

§ 133. Parent Companies' annual report must include a consolidated unless otherwise provided by § 134 and § 136.

§ 134. A parent whose debt or equity instruments are not admitted to trading on a regulated market may omit to prepare consolidated financial statements if it is itself a subsidiary of a higher parent that fall under the law of an EU country or in a another country with which the Community has concluded an agreement, and

1) the higher parent

a) holds 90 per cent. of the shares in the lower parent and minority participants to the parent company's senior management has accepted that it does not present consolidated financial statements, or

b) holds less than 90 per cent. of the shares in the lower parent company and its senior management not later than 6 months before the year end from minority shareholders holding at least 10 per cent. of company capital, has received claims for preparing the consolidated accounts, and

2) the higher the parent company prepares consolidated financial statements in accordance with the law of the Member State to which the higher parent undertaking is governed, and the consolidated financial statements are audited by persons authorized under that legislation.


PCS. 2. A parent whose debt or equity instruments are not admitted to trading on a regulated market may also decide not to present consolidated financial statements if it is itself a subsidiary of a higher parent that fall under the laws of a country that does not fall under the law of an EU country or in another country with which the Community has concluded an agreement, and

1) the lower the parent company's senior management not later than 6 months before the year end from minority participants have received requirements on annual consolidated financial statements and

2) the higher the parent company prepares consolidated financial statements in accordance with Council 7th Directive or under laws which are at least equivalent to the rules for consolidated financial statements of the Directive, and are reviewed by persons who are authorized under national law, during which the higher parent falls.

PCS. 3. For those in paragraph. 1 and 2. exceptional cases required further that

1) the lower the parent company's own and its subsidiaries' financial statements included in the consolidated financial statements for the higher parent

2) the lower parent entity in its financial statements indicates that it pursuant to paragraph. 1 or paragraph. 2 failed to prepare consolidated financial statements and stating the name, principal place of company registration number or registration number of the higher parent and

3) the lower the parent company together with its financial statements submitted to in paragraph. 1 and 2 consolidated financial statements for the FSA and the additional information, the FSA may require.

§ 135. If a parent need not present consolidated, yet shall such, is not used exclusively for business use, the present regulation on consolidated accounts apply.

The scope of consolidation

§ 136. Unless otherwise provided in this rule, all subsidiaries and other companies over which the company exercises a dominant influence, be consolidated by full consolidation.

PCS. 2. A subsidiary under § 10 on temporary assets to be included in the consolidated financial statements in accordance with paragraph. 3.

PCS. 3. Assets and liabilities of subsidiaries, subject to paragraph. 2, shall be recognized together as a separate item on the respective assets and liabilities in the consolidated financial balance. The results of the subsidiary to be recognized as a separate item in the consolidated income statement.

General requirements for consolidated financial statements

§ 137. The consolidated financial statements should show the consolidated assets, liabilities, financial position and their results, as if together they were a single company.

PCS. 2. On consolidation, the accounts so that uniform income and expenses, assets and liabilities merged. There shall be adjusted as necessary because of the special circumstances that apply to the consolidated accounts for the difference from financial statements.

PCS. 3. Group companies for which the group relationship is established during the financial year may only be included in the summary of income and expenses of the transactions and circumstances arising after the date of group relationship was established.

PCS. 4. Group companies for which the group is terminated during the financial year may only be included in the summary of income and expenses of the transactions and circumstances that have arisen up to the date of the consolidated termination.

§ 138. The consolidated financial results and balance drawn up in accordance with Annex 2-5 and the rules for the classification and presentation applicable to the Group's core business. In groups where both the non-life insurance business of life assurance is material, used income statement table in Annex 5. If the size of the general insurance business is negligible, the table in Annex 3 is used.

PCS. 2. For groups that engaged in activities that do not fit into the items set out in Annex 2-5, add the extra items that may be necessary under the provisions of § 4, paragraph. 2.

PCS. 3. Parent companies covered by § 1. 1, no. 3, can be authorized by the FSA waive the rules of § 4, paragraph. 2, by adapting the layout of the consolidated income statement and balance sheet for activities that do not fit in the items in Annex 2-5.


PCS. 4. Minority interests 'proportionate share of the subsidiaries' equity is shown as a separate item under equity. Minority interests 'proportionate share of the subsidiaries' results are shown in relation to the income statement.

§ 139. included in consolidated assets and liabilities, income and expenses are recognized and measured in accordance with standard methods in accordance with the provisions of this Order.

PCS. 2. The consolidated financial statements are used as far as possible the same methods of recognition and the basis for measurement as in parent financial statements. Consolidated subsidiaries use other methods and bases in their own financial statements, prepared a new accounting for the purpose of the consolidated financial statements, which are recognized and measured in accordance with the methods and bases used in the consolidated financial statements. Uses associates and jointly controlled entities other methods and bases in their own financial statements, making the necessary adjustments to the associates and jointly controlled entities' income and equity so that recognized and measured in accordance with the methods and bases used in the consolidated financial statements.

PCS. 3. Associates and jointly controlled entities are recognized and measured in the consolidated financial statements using the equity method. See the provisions of paragraph. 4 and 5.

PCS. 4. A jointly controlled entity can be included in the consolidated financial statements by proportionate consolidation. The items in the JCE included in relation to the consolidated entities' share of the company's equity and results. A jointly controlled entity which becomes an associate are recognized and measured under the equity method. See the paragraph. 3.

PCS. 5. Assets and liabilities of subsidiaries, associates and jointly controlled entities that are only temporarily in the company's possession and awaiting sale within a short time, and when a sale is very likely see. § 10, measured at the lower of carrying amount and fair value less selling costs.

PCS. 6. There will be no depreciation on assets in subsidiaries, associates and jointly controlled entities covered by paragraph. 5.

§ 140. The following items should be eliminated:

1) Receivables and payables are eliminated.

2) Income and expenses resulting from transactions between consolidated companies.

3) Gains and losses arising from transactions between consolidated companies included in the record's carrying amount.

§ 141 of the Annual Report Management's review, statement of accounting policies and notes to the consolidated financial statements shall contain information about the group as of the consolidated companies were a single company. The provisions of this notice provisions relating to the management report, statement of accounting policies and notes apply mutatis mutandis to the consolidated financial statements.

Chapter 7

Acquisitions and mergers, etc.

§ 142. On acquisition of another company by merger or the acquisition of a business activity are recognized and measured assets and liabilities in the acquired company or business activity at fair value at the acquisition date.

PCS. 2. Any positive difference between the total cost and the net asset fair value at the acquisition date is recognized in the balance sheet under asset item I. Intangible Assets. Posten called Goodwill.

PCS. 3. Goodwill is assessed at each closing of accounts and written down if there is evidence of impairment.

PCS. 4. Any negative difference between the total cost and the net asset fair value at the acquisition date is recognized as income in the income statement.

PCS. 5 pieces. 1-4 apply correspondingly in the consolidated financial statements from the acquisition of a subsidiary, see. However paragraph. 2.

§ 143. If the two companies either merge or establish a group structure, both subject to the same parent company in a group relationship or is otherwise subject to the same Interesses controlling interest, the merger or the Group are handled by pooling method. See paragraph. 3.

PCS. 2. Aggregation method can also subject to authorization by the FSA used in connection with acquisitions or mergers which only involves mutual companies or pension funds.


PCS. 3. After consolidation method, the financial statements respectively consolidated financial statements for the period in which the amalgamation occurred, as if the companies had been combined as of the earliest reporting period included in the financial statements. The difference between the amount paid as capital, and any premium plus any cash consideration and the book value of the acquired business added to or deducted in a clear manner the reserves that can be used to cover losses.

Fusion Accounting etc.

§ 144. When, in connection with a merger or similar under the provisions of the legislation prepared an opening balance, it must be prepared in accordance with the provisions of § 142 or § 143.

Section IV

Interim

Chapter 8

The preparation of interim

§ 145. The Interim Report, see. § 2 shall contain the income statement for the period 1 January to 30 June with comparative figures from the corresponding interim period last year and balance sheet. June 30 with comparative figures from the balance at the end of last year. If the company is newly established and has not prepared its first annual report, the income statement should cover the period from inception to 30 June and the balance sheet comparative figures must be from the company's opening balance. Resultatopgørelsestal and balance sheet figures are calculated in accordance with the rules of the annual report and presented in accordance with Annex 2-5.

PCS. 2. For enterprises whose annual report shall include the consolidated accounts, the interim report accordingly contain the consolidated half-yearly basis prepared in accordance with paragraph. 1.

PCS. 3. The interim report, including the consolidated financial statements for the half year, must include a management report at least describe the important events that have occurred in the first half with an indication of the importance they have had for the accounting figures. The management report must also describe the principal risks and uncertainties which the company is subject to the remaining six months of the financial year. Have there in the first half been major transactions with related parties, these must be described.

PCS. 4. The interim report, including the consolidated financial statements for the half year, shall contain the comments, highlights and specifications for the accounting, company management deems necessary to explain the evolution of the period. The company must state whether the accounting policies are unchanged compared to the accounting policies of the latest annual report. In the event of a change in accounting policy on the nature of the change and indicate the amount of their impact on profit and equity.

PCS. 5. If the interim report is unaudited, the auditors' report reproduced in its entirety in the report. The same applies if there is a review report from the auditor. If the interim report has neither been audited or reviewed, state that fact in the report.

PCS. 6. The interim report shall include a statement by the management that meets the requirements of § 185 of the Financial Business Act.

PCS. 7. The interim report must be submitted to the Danish FSA no later than 31 August. The interim report must by the same date be publicly available, for example on the company's internet address or by interested can get the interim report delivered or sent by consulting the organization.

Issuing quarterly

§ 145 a. If the company publishes quarterly reports, they must be prepared in accordance with § 145 paragraph. 1-6, with the adjustments necessitated by the fact that there is a quarterly report and not an interim report. A parent may fail to include their own accounts, the quarterly report covers only the consolidated financial statements on a quarterly basis.

PCS. 2. Financial information published by the company shall not be described quarterly, unless they meet the requirements of paragraphs. 1 or provided in an interim report by international accounting standards as required. § 1. 2.

PCS. 3. Any quarterly reports must be submitted to the FSA immediately after publication.

Section V

Penalties and commencement and transitional provisions

Chapter 9

Penalties

§ 146. Intentional or grossly negligent violation of §§ 2-39, §§ 41-81, 83-90 or 91 a-145 a fine.

Chapter 10

Commencement and transitional provisions


§ 147. Order comes into force on 1 January 2009 and will first apply for financial years beginning January 1, 2009. The notice may Notwithstanding paragraph. 8 also be applied to the annual report for 2008. The rules on adjusted term dependent discount and the related note disclosure requirements of § 95 a and § 125 paragraph. 2, shall in any case apply to statements in the Annex 8 specified period.

PCS. 2. The rules of this Order on the recognition and measurement of assets and liabilities acquired in connection with acquisitions and mergers, etc. shall not apply to takeovers and mergers, etc., that have taken place before 1 January 2005.

PCS. 3. Goodwill, which may be recognized in the balance sheet. December 31, 2004 after the previous rules, should no longer amortized under the rules in force when it was recognized, but is assessed for impairment in accordance with this notice on or after 1 January 2004.

PCS. 4. The provisions of this Order on share-based payments only applies to programs established after 1 January 2004. For programs established before January 1, 2004 the company may choose to apply the provisions of this notice apply. If the program is established January 7, 2002 or earlier, the company can only use the provisions of this Order, if the program's fair value at the time of establishment has been informed.

PCS. 5. Changing the methods of recognition and measurement of intangible assets, see. § 60 and 61 may be made so that only matters that occurred from 2003 onwards and later recognized and measured according to its rules.

PCS. 6. For companies that previously presented financial statements by executive order on insurance companies 'annual accounts, the requirement that increases in the properties' restated value recognized directly in liability item Revaluation reserves only to the portion of the revaluation amount that exceeds the higher of the following amounts:

1) The value at which the property in question was employed in the financial statements on which the Order no. 723 of 27 November 1989 on the insurance companies' financial statements last time applied.

2) The acquisition cost.

PCS. 7. For businesses previously present financial statements in accordance with Order for life insurance companies and lateral pension funds 'annual accounts, the requirement that increases in the properties' restated value recognized directly in liability item Revaluation reserves only to the portion of the revaluation amount that exceeds the fair value per. 31 December 2003.

PCS. 8. Executive Order no. 1266 of 26 October 2007 on financial reports for insurance companies and pension funds as amended by Executive Order no. 1527 of 13 December 2007 is repealed. This Order shall apply to annual reports and interim reports for the financial year 2008.

FSA, December 16, 2008
Peter Sylvest Larsen
/ Flemming Petersen


Summary of Annex







Appendix 1:


definitions







Appendix 2:


Balance Sheet







Appendix 3:


Income statement form for life insurance







Appendix 4:


Income statement form for non-life insurance







Appendix 5:


Income Statement Schedule for groups







Appendix 6:


Concepts used by pension funds








Appendix 7:


Measurement of the properties' fair value







Appendix 8:


Discount rates in the measurement of insurance liabilities







Annex 9:


Five-year summary of financial highlights for the operators engaged in life insurance business







Annex 10:


Five-year summary of financial highlights for the operators engaged in insurance activities







Annex 11:


Analysis of assets







Annex 12:


Rules for completing the document in Annex 11







Annex 13:


Specification of investments, including investments in mutual funds







Annex 14:


Rules for completing the document in Annex 13







Annex 15:


Form for sensitivity information for companies operating life insurance business







Annex 16:


Form for sensitivity information for companies operating non-life







Annex 17:


Contents










Appendix 1

Definitions
first Finance leases:
lease agreement that transfers substantially all the risks and rewards of ownership of an asset regardless of whether ownership is transferred at lease end or not.
Second Functional currency:
The currency prevailing in the economic environment in which the reporting entity or an entity within that primarily operate.
Third JCE:
A jointly controlled entity is a joint venture that involves the establishment of a company on the basis of an agreement between the participants, which establishes joint control over the company's commercial activity.
Fourth Non-monetary items:
Assets and liabilities that are not monetary items.
Fifth Monetary items:
Cash and assets and liabilities, including provisions, which settled in fixed or determinable amounts.
6th Related parties:



a) Persons or companies, one of which directly or indirectly has control or significant influence over the other or each other's operational and financial management, or

b) several persons or companies whose operational or financial management is under the control of the same person or company.

7th Operating leases:
Leasing Agreement that is not a finance lease.
8 thereof. Presentation Currency:
The currency presenting the financial statements.
9th Hedge conditions:




a) Fair value hedge: a hedge against the risk of fluctuations in the fair value of a recognized asset, a recognized liability or an agreed unrecognized future payment for goods or services.

b) Hedging of cash flows: a hedge against exposure to changes in the cash flows associated with recognized assets or liabilities or highly probable future transactions and which may affect future financial results.

c) Ensuring investment in a foreign entity.

10th Affiliated companies:
A company's subsidiaries, its parent companies and their subsidiaries.
11th Exchange differences:
The difference resulting from the conversion of a given amount of one currency into another currency at different exchange rates.
The Annual Report elements
12th Derivative instrument:
A financial instrument



a) whose value changes in response to changes in a specified interest rate, security price, commodity price, exchange rate, price or interest rate index, credit rating, credit index or other variable (sometimes called the 'underlying')

b) that the award does not require or require only limited net investment relative to other types of contracts that have a similar response to changing market conditions, and

c) which are settled at a future date.

13th Assets:
Resources, which is under its control as a result of past events and from which future economic benefits are expected to accrue to the company.
14th Owner-occupied properties:
Land and buildings used by the company's own operations.
15th Contingent:
A possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events which are not under the company's full control.
16th Contingent liabilities:



a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events which are not under the company's full control, or

b) a present obligation that arises from past events but is not recognized because (i) it is not likely that the obligation will cause an outflow of economic resources, or (ii) the obligation can not be measured with sufficient reliability,

17th Financial commitment:
A commitment in the form of



a) a contractual obligation to deliver cash or another financial asset to another party or

b) a contractual obligation to exchange financial instruments with another party under potentially unfavorable conditions at the time of assessment.

18th Financial asset:
An asset in the form of



a) cash

b) a contractual right to receive cash or another financial asset from another party

c) a contractual right to exchange financial instruments with another party under potentially favorable conditions at the time of assessment or

d) another entity's equity instruments.

19th Financial instrument:
A contract that gives rise to a financial asset of one entity and a financial liability of another party or equity instrument of another entity.
20th Liabilities:
Present obligations of the enterprise arising from past events, the settlement is expected to result in an outflow of financial resources.
21st Provision:
An amount to cover liabilities that are uncertain with respect to size and / or time of settlement.
22nd Revenue:
Increases in economic benefits in the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity. The revenues are not included contributions from owners.
23rd Investment properties:
Land and buildings acquired in order to obtain a return on invested capital in the form of operating income and / or capital gains on resale.
24th Cost:
Decrease in economic benefits in the accounting period in the form of outflows or depletions of assets or increase in liabilities that result in decreases in equity. The costs are not included dividend or distribution to owners.

Measurement

25th Amortized cost:
The amount which a financial asset or a financial liability was measured at initial recognition



a) less repayments,


b) plus or minus the total amortization of the difference between the initial amount and the amount due at maturity, and

c) less impairment losses.

Depreciation is calculated using the effective interest method.
26th Fair value:
The amount at which an asset could be exchanged, or a liability settled, in a transaction between knowledgeable, willing and independent parties.
27th Recoverable amount:
The higher of an asset's net selling price and its value. The utility value is the present value of expected future cash flows, which are expected to bring about, continued use and disposal at the end of its useful life.

Insurance Concepts

28th Run-
off result is the difference between



a) claims provisions in the balance sheet for the financial year, adjusted for currency translation differences and discounting, and

b) the total of financial claims paid and the portion of provisions for claims relating to claims incurred in previous years.

Driver company reinsurance, the run-off result for the previous financial result led premium income and commissions for this business included in the run-off result.
29th Cedant:
An insurer, bought or demand for reinsurance cover.
30th Combined ratio:
sum of the loss ratio, see. Section. 33, the expense ratio, see. Section. 51, and the net reinsurance ratio, see. Section. 50.
31st The retrospective provision for each life insurance and investment contract:
Premiums less benefits paid, payment for costs, the risk adjustment and plus accrue interest etc. of the individual insurance.
32nd Claims frequency:
The number of claims incurred in the reporting period compared to the average number of insurance contracts in force during the reporting period.
33rd Claims ratio:
ratio of claims incurred to premiums earned. Premium income reduced by bonuses and rebates.
34th Facultative reinsurance:
Indirect insurance for individual risks, the reinsurer retains the ability to accept or reject each risk offered by the assignor, see. Section. 29
35th Insurance assets:
An insurance company's net rights under an insurance contract.
36th Insurance Event:
An uncertain future event that is covered by an insurance contract and which results in insurance risk.
37th Insurance liabilities:
An insurance company's net obligations under an insurance contract, see. Section. 38.
38th Insurance Contract:
A contract under which one party (the insurer) accepts significant insurance risk from another party (the policyholder, see. Section. 41) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event, see. section. 36) adversely affects the policyholder, see. section. 41.
39th Technical provisions:
The technical provisions is equivalent to liability item III. Provisions for insurance and investment contracts in total.
40th Insurance risk:
Risk, other than financial risk, transferred from the policyholder, see. Section. 41, the issuer of an insurance contract under. Section. 38.
41st Policyholder:
The party is entitled to compensation under an insurance contract, see. Section. 38, if an insurance event, see. Section. 36, occurs.
42nd Guaranteed paid-up for every life insurance and investment contract:
The present value of the benefits guaranteed to the policyholder, see. Section. 41, under the contract by Regraphing to paid-up policy, and the present value of the expected future costs of administration of the policies.
43rd Guaranteed benefits for each life insurance and investment contract:
The present value of the benefits guaranteed to the policyholder, see. Section. 41, under the contract, and the present value of estimated future costs for administration of the contract less the present value of the agreed future premiums.
44th Average amount of claims:
share of the total claims in relation to the number of claims in the accounting period.
45th Investment Contract:
A contract that the insurance company has a concession to issue, see. Annex 8 of the Financial Business Act, but does not contain sufficient insurance risk to be covered by the definition of insurance contracts, see. Section. 38.
46th Life insurance assets:
An insurance company's net rights under a life insurance contract.
47th Life insurance liabilities:

An insurance company's net obligations under a life insurance contract.
48th Life insurance provisions for each insurance and investment contract before any allowance for repurchase value:
The largest of guaranteed benefits for each life insurance and investment contract under. No. 43, guaranteed paid-up benefits for each life insurance and investment contract under. No. 42, and the value of the retrospective provision for each life insurance and investment contract (no. 59), minus the contract's share of the expected future administrative results, plus the contract share the risk of the total life insurance provisions, see. no. 54.
49 . Life Insurance Contract:
An insurance contract that is within the definition of insurance contracts, see. Section. 38 and which insurance company has the concession to issue, see. Annex 8 of the Financial Business Act.
50th Net reinsurance ratio:
The ratio of reinsurance results and premium income. Premium income reduced by bonuses and rebates.
51st Expense ratio:
ratio between operating expenses and premiums. Premium income reduced by bonuses and rebates. Net operating expenses are calculated as the sum of income statement items 5.1. Acquisition costs and 5.2. Administrative expenses, see. Annex 4, less depreciation and operating costs on owner-occupied properties and by adding the calculated costs (rent) concerning the owner-occupied property based on a calculated market rent. The adjustment of the domicile properties should include only the share of depreciation and operating costs related to insurance operations.
52nd Operating ratio:
Calculated as combined ratio, see. Section. 30, but based on the claims, costs and net reinsurance ratio where the allocated investment return equal to the amount included in technical interest in the income statement (see. Item 2 of Annex 4) are added to earned premiums in the denominator.
53rd Relatively run-off results:
off result, see. Section. 28, in relation to the opening provision relates.
54th Risk:
The estimated allowance by the company in the market is expected to pay to acquire the company's portfolio of life insurance and investment contracts, for this will assume the risk of fluctuations in the amount and time of payment of guaranteed benefits.
55th Recovered premium amount:
Refunded premiums, for example, when an insurance ceases during a prize period.
56th Non-life insurance assets:
An insurance company's net rights under an insurance contract.
57th Non-life insurance Liabilities:
An insurance company's net obligations under an insurance contract.
58th Non-life insurance contract:
An insurance contract that is both within the definition of insurance contracts, see. Section. 38, and the classes listed in Annex 7 of the Financial Business Act.
59th The value of the retrospective provision for each life insurance and investment contract:
The retrospective provision for each life insurance and investment contract under. No. 31, with the increase or reduction that may be made by distribution of actual results to the policyholder in accordance with the principles of distribution of realized results applicable to the contract.
60th The value of the guaranteed paid-up benefits:
sum of guaranteed paid-up benefits for each life insurance and investment contract under. No. 42, except the part thereof which is listed as a liability under 10. Provisions for claims, and the risk premium see. Nr. 54th
61st The value of guaranteed benefits:
sum of guaranteed benefits for each life insurance and investment contract under. No. 43, except the part thereof which is listed as a liability under 10. Provisions for claims, and the risk premium see. Nr. 54th
62nd The value of retrospective provisions:
sum of the value of the retrospective provision for each insurance and investment contract under. No. 59, less the present value of expected future administrative results, except for the part thereof which is listed under liability item 10 . Provisions for claims, and the risk premium see. no. 54. the present value of the expected future administrative result must be reduced by the likelihood that insurance and investment contracts rewritten reduction or repurchased.



Appendix 2

Balance Sheet








ASSETS






I.




INTANGIBLE ASSETS




1.



Operating




2.



Owner-occupied properties









II.




TANGIBLE ASSETS, TOTAL




3.



Investment properties






4.1. Investments in affiliated companies





4.2. Loans to subsidiaries





4.3. Investments in associates





4.4. Loans to associates



4.



Investments in subsidiaries and associated companies, totaling






5.1. Investments





5.2. Unit trusts





5.3. bonds





5.4. Participation in investment





5.5. Secured loans





5.6. Other loans





5.7. Deposits with credit institutions





5.8. other



5.



Other financial investments, totaling




6



Reinsurance deposits









III.




INVESTMENT ASSETS, TOTAL









IV.




UNIT-LINKED






7.1. Reinsurers' share of unearned premiums





7.2. Reinsurers' share of technical provisions






7.3. Reinsurers' share of claims provisions





7.4. other



7.



Reinsurers' share of insurance contract provisions, totaling






8.1. Receivables from policyholders





8.2. Receivables from insurance brokers



8.



Debtors arising out of insurance contracts, totaling




9.



Receivables from insurance companies




10.



Receivables from affiliates




11.



Receivables from associated companies




12.



Other receivables









V.




RECEIVABLES TOTAL




13



Assets in temporary possession




14



Current tax




15



Deferred tax assets




16



Cash




17



other









WE.




OTHER ASSETS, TOTAL




18



Accrued interest and rent




19



Other prepayments









WE YOU.





DEFERRED INCOME TOTAL








ASSETS, TOTAL








LIABILITIES




1.



Share or guarantee capital




2.



Share premium




3.



Revaluation reserves






4.1. Security Fund





4.2. Statutory reserves





4.3. Other reserves



4.



Reserves total




5.



Retained earnings




6



Proposed dividend




7.



Minority interests









I.




EQUITY, TOTAL









II.




SUBORDINATED LOAN CAPITAL




8.



Premium provisions






9.1. Guaranteed benefits





9.2. Bonus potential of future premiums





9.3. Bonus potential of paid



9.



Life insurance provisions, totaling




10.



Claims provisions




11.



The collective bonus potential





12.



Provisions for bonuses and rebates




13



Special bonus provisions




14



Provisions for unit-linked contracts









III.




PROVISIONS FOR INSURANCE AND INVESTMENT CONTRACTS




15



Deferred tax on pension




16



Pensions and similar obligations




17



Deferred tax liabilities




18



Other provisions









IV.




PROVISIONS TOTAL









V.




REINSURANCE HOLDINGS




19



Payables related to direct insurance




20



Debts arising from reinsurance




21



Bond




22



Convertible debentures




23



Dividend Qualifying debt




24



Amounts owed to credit institutions




25



Payables to affiliated companies




26



Payables to associated companies





27



Current tax liabilities




28



Other debt









WE.




LIABILITIES, TOTAL









WE YOU.




DEFERRED INCOME








LIABILITIES, TOTAL








Appendix 3

Income Statement Schedule for life insurance companies









1.1.


Gross premiums





1.2.


Ceded



1.



Premiums net of reinsurance






2.1.


Income from affiliated companies





2.2.


Income from associates





2.3.


Income from investment properties





2.4.


Interest income and dividends, etc.





2.5.


adjustments





2.6.


Interest expense





2.7.


Administrative expenses in connection with investment activities



2.



ROI, total




3.



Tax on pension




4.



Investment return after tax on pension






5.1.


Benefits paid






5.2.


Reinsurance cover received





5.3.


Change in provisions for claims





5.4.


Change in reinsurers' share of claims provisions



5.



Claims incurred net of reinsurance






6.1.


Change in life insurance provisions





6.2.


Change in reinsurers' share



6



Change in life insurance provisions, net of reinsurance






7.1.


The year's accrued bonus





7.2.


Change in collective bonus potential





7.3.


Change in special bonus provisions



7.



Total bonus




8.



Change in provisions for unit-linked contracts






9.1.


Acquisition costs





9.2.


Administrative expenses





9.3.


Commissions and profit commissions from reinsurance companies



9.



Insurance operating expenses, net of reinsurance




10.



Transferred investment return





I.




TECHNICAL RESULT





II.




TECHNICAL RESULT OF HEALTH AND ACCIDENT




11.



Investment return on equity





12.



Other income




13



Other costs





III.




PROFIT BEFORE TAX




14



tax





IV.




PROFIT








Appendix 4

Income Statement Schedule for non-life insurance companies









1.1.


Gross premiums





1.2.


Ceded





1.3.


Change in unearned premiums





1.4.


Change in reinsurers' share of unearned premiums



1.



Earned premiums net of reinsurance




2.



Technical interest






3.1.


Claims paid





3.2.


Reinsurance cover received





3.3.


Change in provisions for claims





3.4.


Change in reinsurers' share of claims provisions



3.



Claims incurred net of reinsurance




4.



Bonuses and rebates






5.1.


Acquisition costs





5.2.


Administrative expenses





5.3.



Commissions and profit commissions from reinsurers



5.



Insurance operating expenses, net of reinsurance





I.




TECHNICAL RESULT






6.1.


Income from affiliated companies





6.2.


Income from associates





6.3.


Income from investment properties





6.4.


Interest income and dividends, etc.





6.5.


adjustments





6.6.


Interest expense





6.7.


Administrative expenses in connection with investment activities



6



ROI, total




7.



Return on technical provisions





II.




INVESTMENT RETURNS AFTER TECHNICAL INTEREST




8.



Other income




9.



Other costs





III.




PROFIT BEFORE TAX




10.



tax





IV.




PROFIT








Appendix 5

Income Statement Schedule for groups








NON-LIFE






1.1.



Gross premiums





1.2.


Ceded





1.3.


Change in unearned premiums





1.4.


Change in reinsurers' share of unearned premiums



1.



Earned premiums




2.



Technical interest on own






3.1.


Claims paid





3.2.


Reinsurance cover received





3.3.


Change in provisions for claims





3.4.


Change in reinsurers' share of claims provisions



3.



Claims incurred




4.



Change in other technical provisions, net of reinsurance




5.



Bonuses and rebates






6.1.


Acquisition costs





6.2.


Administrative expenses





6.3.


Commissions and profit commissions from reinsurers



6



Insurance operating expenses, net of reinsurance





I.




TECHNICAL RESULT OF NON-LIFE INSURANCE








LIFE INSURANCE





7.1.


Gross premiums





7.2.


Reinsurance premiums ceded




7.



Net written premiums




8.



Transferred investment return fer






9.1.


Benefits paid





9.2.


Reinsurance cover received





9.3.


Change in provisions for claims





9.4.


Change in reinsurers' share of claims provisions



9.



Insurance benefits, net






10.1.


Change in life insurance provisions





10.2.


Change in reinsurers' share



10.



Change in life insurance provisions, net




11.



bonus




12.



Change in provisions for unit-linked contracts






13.1.


Acquisition costs





13.2.


Administrative expenses





13.3.


Commissions and profit commissions from reinsurers



13



Insurance operating expenses, net of reinsurance





II.




TECHNICAL RESULT OF LIFE








NON-TECHNICAL ACTIVITIES



14



Technical result of general insurance




15



Result from life insurance







16.1.


Income from associates





16.2.


Income from investment properties





16.3.


Interest income and dividends, etc.





16.4.


adjustments





16.5.


Interest expense





16.6.


Administrative expenses in connection with investment activities



16



ROI, total




17



Technical interest transferred to insurance activities




18



Tax on pension




19



Investment return transferred to life insurance business




20



Other income




21



Other costs





III.




PROFIT BEFORE TAX




22



tax





IV.




PROFIT








Appendix 6

Concepts used by pension funds
terms in column 2 are used by pension funds rather than the opposite in column 1 above concepts from the Order text, see. § 1. 3.








The notice




Pension funds




prizes


Membership



Insurance contracts


Pension agreements



Technical provisions



Pension provisions



Life insurance provisions


Pension provisions



Insurance benefits


Pension benefits



insurance


Pension Company



Insurance operating expenses


Pension operating expenses



Technical result


Pension Technical result



repurchase


Udtrædelsesgodtgørelser



policyholders


Members



Bonus potential of future premiums


Bonus potential on future membership



Bonus potential of paid


Bonus potential of dormant pensions



Insurance Risk result


Risk result



CustomerCapital Grad


Member Capital Grad



Equity capital ratio


Equity ratio







Appendix 7

Measuring the properties' fair value
According to §§ 57 and 58, investment properties and owner-occupied properties are measured at fair value, the latter properties using a revaluation model. This Annex describes the methods of determining fair value.
If a property belonging to a homogeneous group of properties that are regularly traded at published prices, the property's fair value determined on that basis. This may be true for smaller properties whose fair value can therefore be set at the published rates, see. Section. 7. In most cases, a property fair value, however, should be calculated using recognized measurement methods, cf. Below.
A property fair value can be calculated on the basis of



a) return method or

b) the DCF method ( 'discounted cash flows').

The yield method

A property fair value appears on the basis of the property operating income and a property linked to the required return (rate of return).
The fair value equals the operating return multiplied by 100 and divided by the rate of return equal to the present value of a perpetual annuity.
The resulting fair value may have to be corrected, see. Section. 3.
A property's operating income calculated in accordance with section. 1.
a property required rate of return (rate of return) determined in accordance with the rules in point. 2.
first Statement of the property's operating return
A property's operating income is derived as follows
+ rental income
-
maintenance costs - administrative expenses
-
operating costs = operating return
All these sizes are determined on an annual basis.
Rental income is included as a starting point with the actual rental income in the next 12 month period in accordance with the lease agreements concluded.
If it is judged that the contractual rent differ substantially (+/- 10 per cent.) From the market rent, cf. Below, the market rent be used instead of the contractual rent.

In special cases, a contract fixed rent, regardless of the market rent, included as rental income. Such case is when the tenant may be considered to be solid, and there is an interminable long lease under which the tenant has committed not to require the rent reduced for a period of at least 10 years from the time of calculation.
By market rent means the rent which the land in question must be assumed to be (re) rented to within a timeframe of 6 months, established in light of the knowledge of the past entered into lease agreements for and supply of corresponding areas in terms of location , species, size, quality, equipment and maintenance. In special cases, for example in the case of large corporate headquarters with only one tenant, can be operated with a longer (re) letting horizon of up to 12 months.
For vacant land included an estimated market rent in rental income. For land, which the company uses fixed an estimated market rents included in rental income.
Maintenance costs are included in the average annual cost to be used to keep the property in the normal state of maintenance.
Administration and operating expenses include basically with the budgeted costs for the next 12 month period. In cases where the costs are not taken in the form of fees paid to a property manager who is independent of the company, estimated the cost from what would be paid to a property manager on market terms.
Priority Interest shall not be included in operating costs.
Second Determination of the property return claims
A property interest requirements set so that the best estimates and taking into account that property's special relationship corresponds to the required rate of return, which is reflected in the deals that have taken place in the property market up to the time of assessment.
Return requirement for a property depends on general economic conditions and the factors that are specific to that property.
The general economic conditions, primarily bond yields and cyclical situation.
The specific circumstances of the individual properties that influence the rate of return requirement, are conditions that affect the security of the property's return could be maintained.
These special conditions are especially



a) property type and applications (residential, office, retail, industrial, warehouse, etc.)

b) location,

c) the installation and maintenance as well

d) rental contracts lapse, rent adjustment clauses and financial standing of tenants.

Other particularities of the individual property may influence the level of return requirement.
Third Any adjustment of the fair value
It will often be necessary to correct the value obtained on the basis of the above operating profit and return requirements. It concerns the following increases and reductions.

Supplement for prepayments and deposits

Can be made supplement equal to the value of the return of the deposit amount.

Supplement for merleje

Is the rental income (market rent), included in the calculation, reduced in proportion to the actual rental income at the time of assessment, see. Section. 1, the present value of 'merlejen' in the period up to the expected date of rent reduction added.

Deductions for vacant land

Rent for vacant land included in rental income following section. 1 shall be deducted for a period until the time when the areas expected to be leased.

Deductions for smaller rental

Is the rental income (market rent), included in the calculation, increased compared to the actual rental income at the time of assessment, see. Section. 1, the present value of 'less rent' in the period up to the expected time of rent increase is deducted.

Deductions for deferred maintenance

If there are major maintenance work that is not covered by the average maintenance costs included in the calculation under section. 1, the costs shall be deducted.

Deductions for expenses necessary for decor.

If the hiring of a uudlejet space rental income included in the calculation under section. 1, requires construction and rehabilitation after the tenant's needs, the costs shall be deducted.

DCF method

A property fair value calculated as the present value of future payments that the property holding means see. Section. 6. The future payments determined as the estimated payments in a planning period, see. Section. 4, and a terminal value, see. Section. 5.
fourth The calculation of the estimated payments over the planning horizon

There shall be a planning period for the property, a minimum of 5 years. The planning period is usually 5-10 years. Income and expenses must be estimated for each year in the chosen planning period. In the cash flows included in the section. 1 stated income and expenses. Each year's income and expenses determined based on realistic expectations about how the planning period will be distributed under the terms of existing leases, tenants moving, idling, maintenance costs, administration, inflation etc.
Fifth Calculation of terminal value
Terminal period is the period after the end of the planning period, and the terminal year is the first year in the terminal period. The value of the property is the calculated fair value in the terminal year. Based on the assumption that the cash flows will be constant in the terminal period, calculated the terminal value after the yield method as described above. The constant annual cash flow corresponds to the expected operating return in the terminal year calculated in accordance with clause. 1. The terminal value is adjusted if necessary in accordance with section. 3.
6th The calculation of the present value of future payments
Each year cash flow in the planning period and the terminal value discounted at a discount rate, which consists of the property set required rate of return calculated in accordance with clause. 2 with a supplement equal to the inflation expectations, as recognized in the development of current income and expenses.
7th The use of the public land
For smaller properties as single-family homes, condos and cottages, the public valuation is used as the fair value, except in the specific case is patently misleading.
8 thereof. Use of an external expert assessment
The determination of the properties' fair value, including determination of the elements in accordance with the above are included in the calculation of fair values, can rely on an external expert assessment. The judgments and the fact that the calculations are based on a relevant data basis, however, will in all cases be the company's management (Executive Board and Supervisory Board) responsibility. Responsibility for the assessment can not be entrusted to outside experts.



Appendix 8

Discount rates by measurement of insurance liabilities







1.


Discount rates are described in this Part shall apply when calculating





a)


life insurance obligations. See § 66





b)


provisions for non-life insurance obligations. See §§ 69-70, and





c)


provisions, cf. § 72.







2.


If commitments are made in a currency other than Danish kroner, used discount rates set by the principles set out in section. 4. If the total proportion of liabilities for amounts in other currencies does not exceed 10 per cent. the balance can discount rates on Danish kroner be used.







3.



Use a term dependent discount rate (yield curve) determined in accordance with clause. 4 below. However, for declarations of commitments in Danish kroner in the period 30 October 2008 to 31 December 2009, an adjusted term dependent discount rate (yield curve) in accordance with clause. 5 below. Companies which discount obligations in a currency other than Danish kroner at the rate stated in this currency, see. Section. 2, can be agreed with the FSA in the same period applying an adjusted term dependent discount determined by similar principles as outlined in section. 5 of these obligations. For companies that is transferred to the use of a term dependent discount in 2009, the section. 6 below.







4.



Maturity Depending discount rate (yield curve)






On each payment date applicable rate for discounting insurance liabilities in Danish kroner constructed from the following interest rate series calculated on the basis of end middle rates at the balance sheet date:





a)


Zero-coupon rates with maturities up to 30 years based on the most liquid fixed-income instruments (money market instruments, futures and interest rate swaps) expressed in EURO.





b)


Zero-coupon rates with maturities up to 10 years calculated based on Danish government bonds.





c)


Zero-coupon rates with maturities up to 10 years calculated on the basis of German government bonds.





The discount rate for each payment date is determined by the rate in (a) with the addition of the spread between interest rates (b) and (c).





For maturities longer than 10 years continued spread between yields (b) and (c) calculated by the maturity of 10 years.





For maturities longer than 30 years continued the 30-year discount rate.







5.



Adjusted duration independent discount rate (yield curve)






On each payment date applicable rate for discounting insurance liabilities in Danish kroner constructed as follows:





a)


For maturities from 0 to 2 years are weighted effective interest rates on adjustable-rate bonds included in the Nykredit Danish Mortgage Bond Index. Interest rates are weighted by the nominal amount on the latest rebalancing of the Nykredit Danish Mortgage Bond Index. From 0 to 1 years used a weighted effective interest rate of 4% 2010 bonds. The 2-year point is determined as a weighted effective interest rate of 4% 2011 bonds.





b)


For maturities from 7 years up to and including 30 years calculated the adjusted yield curve based on the yield curve calculated in accordance with the principles of section 4 plus a term independent option adjusted mortgage interest rate differentials. The spread is calculated as the sum of the weighted option-adjusted spreads on the bonds in Nykredit Realkeditindeks plus the Danish 10-year swap rate less the 10-year yield was calculated using the principles in section 4.






c)


For maturities from 2 years to 7 years is calculated yields by linear interpolation between the 2-year yield and the 7-year yield.





d)


For maturities longer than 30 years continued the 30-year discount rate.







6


Companies that in the year 2008 using a term independent discount rate to use the 10-year interest rate established pursuant to paragraphs 4 and 5 for the respective periods.







7.


For provisions relating to insurance, subject to the taxation of pension, reduced the discount rate by the tax rate under the Danish Pension Tax Act. For other provisions used a discount rate without any reduction of the tax rate.





In the FSA's website published daily (on working days) tables with discount rates for both the maturity-dependent discount to the adjusted maturity-dependent discount rate for maturities from 1 year to 30 years with 1 year interval calculated based on the stated principles.





Discount rates for other maturities than those published in the table, calculated by linear interpolation, where the weights are determined based on the actual number of days between the published maturities and the desired maturity.







Appendix 9

Five-year summary of financial highlights for the operators engaged in life insurance business
In the five-year overview is displayed in schematic form key figures for the financial year and the corresponding figures for the previous four financial years.
Five-year summary shall include the following highlights:







1.


Prices.



2.


Insurance benefits.



3.


Return on investment.



4.


Insurance operating expenses, total.



5.


Result of ceded business.



6


Technical result.



7.


Technical result of health and accident insurance.



8.


The result of the year.



9.


Provisions for insurance and investment contracts in total.



10.


Equity, total.



11.


Total assets.








Five-year summary must contain the following ratios:



1.


Return before tax on pension.



2.


Return after tax on pension.



3.


Expense of prizes.



4.


Expense of provisions.



5.


Cost per. insured.



6


Cost result.



7.


Insurance Risk Score.



8.


Bonus Grad.



9.


CustomerCapital Grad.



10.


Equity capital ratio.



11.


Over Coverage.



12.


Solvency ratio.



13


Return on equity before tax.



14


Return on equity after tax.



15


Return on customer funds after expenses.



16


Interest on member accounts before tax.



17


Return on equity loan before tax.



18


Return on special bonus provisions of type A before tax.



19


Return on special bonus provisions of type B before tax.





Calculation of key figures in the five year summary

Generally, the amount and number of variables concerning investment contracts included in the calculation of key figures, unless otherwise directly stated.
First Return ratios calculated using the following formulas:


If equity is placed in certain assets, the N1 supplemented with key figures N1E calculated analogously to N1, but based on the size of the equity at the beginning of the year and the equity attributed returns and financial ratios N1F calculated analogously to N1, but on the basis of Vprimo less equity at the beginning and the remaining part of the return.


The parameters included in the formulas is defined as follows:








A




total investment return under the income corresponding to the income statement item 2, see. Annex 3, with less investment return on unit-linked contracts, plus a calculated return on owner-occupied properties calculated using the same principles as the return on investment and on the basis of a calculated market rent. The net cost of owner-occupied property based on a calculated rental income, which is not recognized in net operating expenses, see. O below shall be deducted. To the extent that part of the return is posted directly to equity, in accordance. § 83, the investment return adjusted accordingly. Results in subsidiaries to be included in the investment return before the deduction of corporation tax, regardless of the subsidiaries' corporation as a result of joint taxation is expensed in the parent company.




C



payments (or payments with a negative sign), ie premiums, benefits, costs, PAL-tax and tax, etc., which are assumed paid smooth running of the financial year. Amounts relating to investment contracts are included as amounts relating to unit-linked contracts are not included.




D



payments (or payments with a negative sign), see. C above, the nature of major one-off payments. Amounts relating to investment contracts are included as amounts relating to unit-linked contracts are not included.




V



the market value of the net assets less the net assets related to unit-linked contracts. That is total assets less asset item IV and Liabilities item II, V, VI and VII, see. Annex 2.




X



the expensed tax on pension equal to the income statement item 3, see. Annex 3, less unit-linked contracts were part of the tax.




k



number of days after the beginning where the big one-off or payment from taking place.





Is it in the individual case is not reasonable to assume that the net current payments are evenly distributed throughout the year, the net current payments included in the formula in the same way as major one-off payments provided. D above, for example, so that the net current payments recognized daily or monthly basis in accordance with the actual daily / monthly net payments. The applied method of calculation with regard to the current net payments must be disclosed in the financial statements.
Second Cost and performance ratios are calculated using the following formulas:




















































The parameters included in the formulas is defined as follows:








F



the number of insured with individual insurance contracts and investment contracts. The number must appear in the annual report provided. § 110, paragraph. 2.




G



the number of insured in the group life contracts. The number must appear in the annual report provided. § 110, paragraph. 2.





H



the total of the retrospective provisions, see. § 100, paragraph. 1, no. 9, with the addition of provisions for unit-linked contracts equivalent to liability item 14, see. Annex 2.




O



year operating expenses corresponding to the income statement items 9.1. and 9.2., see. Annex 3, less depreciation and operating costs on owner-occupied properties and plus the imputed cost of owner-occupied property based on a calculated market rent. The adjustment of the domicile properties should include only the share of depreciation and operating costs related to insurance operations.




P



year gross premiums equal to the income statement item 1.1. under. Annex 3, plus payments related to investment contracts, to the extent they are not already included in this year's gross premiums.




Q



the number of insured contracts taken out as part of an employment relationship. The number must appear in the annual report provided. § 110, paragraph. 2.




R



Risk gain after addition of risk bonus, see. § 100, paragraph. 1, no. 8. The calculation shall include unit-linked contracts.




T



cost allowance after cost bonus, see. § 100, paragraph. 1, no. 7. The calculation shall include unit-linked contracts.





Third Consolidation The financial ratios calculated using the following formulas:




















































The parameters included in the formulas is defined as follows:








BK



capital base. The amount is stated in the annual report provided. § 125.




E



subordinated loan capital referred. liability item II referred. Annex 2.




EK



funds equivalent to liability item I see. Annex 2.




H
0



the total of the retrospective provisions, see. § 100, paragraph. 1, no. 9. The rate does not include provisions for unit-linked contracts.




KB



collective bonus potential equal to liability item 11, see. Annex 2.




M




capital requirements. The amount must be disclosed in financial statements, see. § 125.




MK



member accounts.




SB



Special bonus provisions corresponding to the liability item 13, see. Annex 2.





Fourth Return The ratios are calculated using the following formulas:


Financial ratios Return on member accounts before tax (N16), Return on Equity Loan before tax (N17), Return on special bonus provisions of type A before tax (N18) and Return on special bonus provisions of type B before tax (N19) is calculated analogously the calculation of the Business of customer funds after expenses (N15), the numerator is calculated as (exemplified by N19):












The parameters included in the formulas is defined as follows:








B



total movements to and from provisions for insurance and investment contracts excl. provisions for unit-linked contracts as a result of receipts and payments (premiums and benefits). This includes changes in provisions for claims, provisions for bonuses and rebates and transfer to special bonus provisions.




EK



funds equivalent to liability item I see. Annex 2.






provisions for insurance and investment contracts excl. provisions for unit linked contracts at the beginning of the period less any provisions for insurance and investment contracts not eligible for bonus and special bonus provisions.




In



significant deposits and withdrawals on provisions for insurance and investment contracts excl. provisions for unit-linked contracts, which serve as major one-off payments or disbursements.




K



capital increases and reductions.




R



Risk gain after addition of risk bonus, see. § 100, paragraph. 1 pt. 8




RT



payments, see. § 100, paragraph. 1 pt. 5




T



cost allowance after cost bonus, see. § 100, paragraph. 1 pt. 7




U



Distributions to owners.




Z



the tax on pension related insurance and investment contracts.






change in accumulated value adjustments, see. § 100, paragraph. 1 pt. 2 plus no. 10.







change in the bonus potential of paid-see. § 101 paragraph. 1.






change in collective bonus potential, ie change in liability item 11, see. Annex 2.




d



number of days after the beginning of the year where the dividend payment respectively capital increase or reduction takes place.




k



number of days after the beginning where the major receipt or payment occurs.





The calculation of R, RT, T, Z and ΔAV shall be confined to the life insurance provisions and should not include unit-linked insurance. The calculation of the numerator will also be without the part transferred to special bonus provisions.
Have you previously used a different formula than the formula above, the comparative figures in the five year summary changed back in time.



Annex 10

Five-year summary of financial highlights for the operators engaged in insurance activities
In the five-year overview is displayed in schematic form key figures and ratios for the period and the corresponding figures for the previous four financial years.







Five-year summary shall include the following highlights:



1.


Gross premium income.



2.


Gross claims incurred.



3.


Insurance operating expenses, total.



4.


Result of ceded business.



5.


Technical result.



6


Investment return after technical interest.



7.


The result of the year.



8.


Run-off.



9.


Technical provisions, total.



10.


Insurance Total assets.



11.


Equity, total.



12.


Total assets.







Five-year summary must also contain at least the following ratios:



1.


Gross claims ratio.



2.


Gross expense.



3.


Combined ratio.




4.


Operating ratio.



5.


Relative run-off result.



6


Return on equity rate (ratio between net profit and net average equity, total).



7.


Solvency ratio (the ratio of capital base and capital requirements).







Annex 11

Specification of assets
Specification of assets and their return, see. § 96.














Carrying amount





Primo


Ultimo







Net investments


Return% pa before tax on pension and corporate



1.1


Land and buildings directly owned







1.2


Property Limited companies







1.


Land and buildings







2.


Other subsidiaries







3.1


Listed Danish investments







3.2


Unlisted Danish shares







3.3


Listed foreign investments







3.4


Unlisted foreign investments







3.


Other investments Total







4.1



Government bonds (Zone A)







4.2


Mortgage bonds







4.3


Index-linked bonds







4.4


Credit bonds, investment grade







4.5


Credit bonds, non investment grade and emerging market bonds







4.6


Other bonds







4.


Bonds totaling







5.


Secured loans







6


Other financial investment assets







7.


Derivative financial instruments to hedge net change of assets and liabilities











Annex 12

Rules for completing the document in Annex 11







1.


Investment assets related to unit-linked contracts are not covered by Annex 11



2.


Lines in the chart that contains only insignificant amounts can be combined with other lines.



3.


In the column "Net Investment" Enter the total amount in the accounting period used to acquire the asset group minus the amount received from the sale of the asset group. This amount is mentioned with minus sign if the amount received from the sale exceeds the amount used for acquisitions.



4.


In the columns 'book value' shall be the total value of the asset group respectively at the beginning and at the end of the year.



5.


In the column "Return% pa before tax on pension and corporation 'indicate the overall time-weighted returns in percent with one decimal place, in the accounting period has been achieved by the active group. The time-weighted returns are calculated in principle by the following formula:






where r T is the period total time-weighted return, and rt is returns in partial periods, bounded every time there is a payment to or from the portfolio. The time-weighted rate of return can be calculated approximated from the return on fixed sub-periods, for example. return per. month or a shorter period. The method used is disclosed in connection with the scheme.



6


The returns included when calculating the return percentage, see. Section. 5 above, covers both were recognized investment income as relevant income recognized directly in equity, in accordance. § 83 paragraph. 1, and must be calculated before pension yield tax, corporate tax and costs.



7.


The value of fund units and shares in investment communities and derivatives are included in the individual lines after the underlying assets, as described. However, below. Investment Communities include limited partnerships and general partnerships, etc., created with the aim of creating a legal form of ownership of financial investments undertaken jointly with other investors.





The value of currency hedging instruments may be included in line 6, see. Section. 21, if the individual contract concluded in order to hedge / adjust the exchange rate risk on a portfolio of multiple asset classes. It should be separately disclosed in a note to return table where the value of currency hedging instruments are included in line 6



8.


In line 1, the total assets of line 1.1 and line 1.2.



9.


In line 1.1 include the same assets in balanceskemaets asset item 2. Owner-occupied properties and 3. Investment properties, see. Annex 2. For owner-occupied properties must in return is recognized imputed rent.



10.


In line 1.2 includes real estate subsidiaries and other investments by the company in practice regard as real estate investments. The rate of return for real estate subsidiaries and other investments are calculated on the basis of the company's profits before tax.



11.


In line 2 includes subsidiaries that are not included in line 1.2. The rate of return for subsidiaries calculated on the basis of the subsidiaries' profits before tax.



12.


In line 3 includes investments that are not included in lines 1.2 or 2. The assets must equal the sum of the assets included in lines 3.1-3.4.



13


In line 4 includes bonds. Assets must equal the sum of the assets of lines 4.1-4.6.



14


In line 4.1 includes government bonds, etc., in accordance with § 162 paragraph. 1 pt. 1 and 2, of the Financial Business Act.



15


In line 4.2 includes mortgage bonds under § 162 paragraph. 1 pt. 3 of the Financial Business Act.



16


In line 4.3 include index-linked bonds (government and mortgage) from zone A.



17



In line 4.4 includes credit bonds at the balance sheet date have achieved a rating of a recognized rating company equal to at least investment grade.



18


In line 4.5 includes credit bonds at the balance sheet date have not achieved a rating by a recognized rating company equal to at least investment grade and emerging market bonds, including bonds that are not included in line 4.1.



19


In line 4.6 includes other bonds to the extent that they can not be included in lines 4.1 to 4.5.



20


In line 5 include the same assets in balanceskemaets asset item 5.5. Secured loans, see. Annex 2.



21


In line 6 includes investment assets, including reinsurance deposits which are not included in any of the previous lines. It also includes property entered in balanceskemaets asset item V. Receivables, total, see. Annex 2 and under asset item VI.Andre assets in all, see. Annex 2 when it comes to assets that provide a return, such as interest-bearing demand deposits . Finally, enter the value of currency hedging instruments, see. Section. 7.



22


In line 7 included derivative financial instruments if the instrument is acquired to hedge net change of assets and liabilities. Among possible derivative financial instruments include CMS Floors, swaptions and interest rate swaps.







Annex 13

Specification of investments, including investments in mutual funds
portfolio analyzed by industry and regions provided. § 97.









Denmark


Other Europe


North America


South America


Japan


Other Far East


other
countries


not
distributed


Total



energy












materials












industry












Consumer goods












Consumer-goods













health care












Financial












IT












telecommunications












supply












Unallocated












Total
















Annex 14

Rules for completing the document in Annex 13







1.


Industry classification based on the industry classification used by the OMX Nordic Exchange Copenhagen A / S. Investments that are not listed on the OMX Nordic Exchange Copenhagen A / S, tap into the relevant categories.



2.


The value of investment fund shares and derivatives are included in the individual lines after the underlying assets character. Known industry not for the underlying assets included these under 'Unallocated'.



3.


The grading of a shareholding in a region must be based on the country of registration of the company in which it holds an interest. Known country of registration, not for the underlying assets are those under 'Unallocated'.



4.


Other Europe includes the following countries: Other EU countries, plus Iceland, Norway and Switzerland.



5.


North America includes the following countries: Canada, USA and Mexico.



6


South America includes the following countries: Argentina, Brazil, Chile, Colombia, Peru, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela.



7.


Other Far East includes the following countries: Hong Kong, China, Singapore, Indonesia, the Philippines, Korea, Malaysia, Taiwan and Thailand.



Eighth



Other countries include all other countries.







Annex 15

Form for sensitivity information for companies operating life insurance business







event


Minimum effect on capital base


Maximum effect on collective bonus potential


Maximum effect
the bonus potential of paid
before change in applied bonus potential on paid


Maximum effect
of applied bonus potential on paid



Interest rate increase
0.7-1.0 per cent. points







Falling interest rates
0.7-1.0 per cent. points







Share price drop of 12 percent.







Property price drop of 8 per cent.







Currency Risk (VaR 99.5 pct.)







Loss on counterparties of 8 per cent.







Decrease in
mortality of 10 per cent.







Increase in mortality of 10 per cent.







Increase in disability rate of 10 percent.









The form is completed in accordance with the instructions for reporting on the effects of risks that companies need to make to the FSA.
Column identifying the "Minimum effect on capital base 'shall be the total impact that the event will have on the capital base of the calculation of the event overall impact on the value of assets and liabilities. A reduction in the capital base shall be indicated with minus sign.
In the column for "Maximum effect on collective bonus potential" stated the corresponding overall impact of the incident on the collective bonus potential. A reduction in collective bonus potential indicated by minus sign. If the incident involves collective bonus potential fully used up, any additional effect indicated in the respective columns as an increase in applied bonus potential on paid-up or as a reduction in the capital base in the circumstances. Increasing the applied bonus potential on paid-listed with negative sign.

In the column "Maximum effect on bonus potential of paid-up policies before change in applied bonus potential on paid-up 'shall be the change in the bonus potential of paid-up policies as a result of the event's impact on the value of the guaranteed paid-up policies before change in applied bonus potential on paid-up policies. A reduction in the bonus potential of paid-listed with negative sign. If the incident involves bonus potential on paid fully used up, any additional effect indicated in the respective columns as a reduction in collective bonus potential or capital base in the circumstances.
The distribution of an event's impact on bonus potentials and capital base are made in accordance with the rules on the distribution of the profit realized by the company reported to the Financial Supervisory Authority. If the rules for distribution of realized results the company has notified provides options for distribution, selected by calculating the impact that is most favorable to the size of the capital base in the framework of the rules notified.
The influence of the individual events in the table are calculated from an all-things-right-account based on the closing balance sheet amounts disclosed in the financial statements. It is assumed that the individual events occur as immediate events - and not over time - whereby any additional return on equity (risk payment) does not affect the distribution.



Annex 16

Form for sensitivity information for companies operating non-life







event


The impact on equity



Interest rate increase of 0.7-1.0 per cent. points




Falling interest rates of 0.7-1.0 per cent. points




Share price drop of 12 percent.




Property price drop of 8 per cent.




Currency Risk (VaR 99.5)




Loss on counterparties of 8 per cent.






The form is completed in accordance with the instructions for reporting on the effects of risks that companies need to make to the FSA.
In the column for 'Impact on equity "stated the overall effect that the incident will have on equity for the calculation of the event overall impact on assets and liabilities.
The influence of the individual events in the table are calculated from an all-things-right-account based on the closing balance sheet amounts disclosed in the financial statements. It is assumed that the individual events occur as immediate events - and not over time.



Annex 17

Contents








Title I






scope






Chapter 1






The enterprises and reports




§§ 1-3









Section II






The annual






Chapter 2







Classification and presentation






General provisions




§§ 4-5





The balance






Common provisions




§§ 6-14





life insurance




§§ 15-19





Non-life insurance




§§ 20-21





Income






Common provisions




§§ 22-25





life insurance




§§ 26-34





Non-life insurance




§§ 35-38





Movements in equity




§ 39





Chapter 3






Recognition and Measurement






The balance






General provisions




§§ 40-42





Financial instruments




§§ 43-52





Subsidiaries and associates




§§ 53-54





Tangible assets




§§ 55-59






Intangible assets




§§ 60-61





leasing




§ 62





Insurance liabilities




§§ 63-65





Provision for life insurance obligations




§§ 66-68





Provisions for insurance liabilities




§§ 69-70





Insurance assets




§ 71





Provisions




§§ 72-73





Employee Benefits




§§ 73a-74





Share-based payment




§ 75





tax




§ 76





Hedge accounting




§§ 76a-81





Income




§§ 82-83





Change in accounting policies




§ 84





Change in Accounting Estimates and Errors




§§ 85-86





Chapter 4






information






General





§§ 87-88





Accounting policies




§§ 89-91





Notice Information






Five-year summary






Risk information




§ 91 b





The balance






Financial instruments




§ 92





Tangible assets




§§ 93-95





Investments in companies operating life insurance business




§§ 96-98





contingent




§ 99





Life insurance liabilities




§§ 100-101





Non-life insurance liabilities




§ 102





Other liabilities




§§ 103-105





Income




§§ 106-109





Life insurance contracts




§§ 110-112





Non-life insurance contracts




§§ 113-114





Related parties etc.




§§ 115-120





Corporate capital





§§ 121-125





Sensitivity information




§§ 126-127





Chapter 5






Management's






General




§§ 128-132









Section III






Consolidated and acquisitions






Chapter 6






Presentation of the consolidated






Reporting consolidated




§§ 133-135





The scope of consolidation




§ 136





General requirements for consolidated financial statements




§§ 137-141





Chapter 7






Acquisitions and mergers




§§ 142-143





Fusion Accounting etc.




§ 144









Section IV






Period Reports






Chapter 8






Preparation of interim




§ 145





Issuing quarterly





§ 145 a









Section V






Penalties and commencement and transitional provisions






Chapter 9






Penalties




§ 146





Chapter 10






Commencement and transitional provisions




§ 147






Official notes

1) The Order contains provisions implementing parts of Council Directive 91/674 / EEC of 19 December 1991 on the annual accounts and consolidated accounts (Official Journal. L374 31/12/1991 p. 7), parts of the European Parliament and Council Directive 2002/83 / EC of 5 november 2002 concerning life assurance (Official Journal. L 345, 19/12/2002 p. 1), parts of the European Parliament and Council Directive 2004/25 / EC of 21 . april 2004 on takeover bids (Official Journal. L142 of 30 april 2004 p. 12), and parts of the European Parliament and Council Directive 2004/109 / EC of 15 december 2004 on the harmonization of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001/34 / EC (Official Journal. L 390, 31.12 2004, p. 38).