Notice Of Financial Reports For Insurance Companies And Lateral Pension Funds

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

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Overview (table of contents) Chapter 1 the covered companies and reports Chapter 2 Classification and nomenclature Chapter 3 Chapter 4 Note recognition and measurement information Chapter 5 management report Chapter 6 Reporting of consolidated accounts Chapter 7 acquisitions and mergers, etc.

Chapter 8 preparation of interim report Chapter 9 Chapter 10 penal provisions for entry into force and transitional provisions Annex 1



Annex 2



Annex 3



Annex 4



Annex 5



Annex 6



Annex 7



Annex 8



Annex 9



Annex 10



Annex 11



Annex 12



Annex 13



Annex 14



Annex 15



Annex 16



Annex 17 full text notice on financial reports for insurance companies and lateral pensionskasser1)

Under section 188, paragraph 3, section 196 and § 373, paragraph 4, of the financial business Act, see. lovbekendtgørelse nr. 1125 by 23. September 2010, as amended by Act No. 1556 of 21. December 2010, fixed: title I scope Chapter 1 the covered companies and reports section 1. This notice applies to the following companies: 1) insurance companies.

2) institutions governed by the financial business Act (lateral pension funds).

3) parent undertakings the business of which consists wholly or mainly in owning shares in insurance companies.

(2). Businesses, which are to be or who choose to submit financial reports in accordance with the international accounting standards drawn up by the International Accounting Standards Board and approved by the Commission, in accordance with article 3. section 183, paragraph 4, of the law on financial business, is only subject to the provisions dealing with matters that are not regulated in the mentioned international accounting standards.

(3). Lateral pension funds must apply the concepts listed in annex 6 instead of the concepts set out in the notice text.

§ 2. Establishments covered by article 1, paragraph 1, for each financial year prepare and publish an annual report, see. § 183 of the financial business Act, and a half-yearly report. The annual and half-yearly report must contain consolidated financial statements if it follows from § § 133-135.

(2). The annual and half-yearly report must be written in Danish. However, in special cases, after permission from the Danish financial supervisory authority is replaced by the text in another language.

§ 3. A company as an enterprise solely prepares for its own use, is not an annual report or a half-yearly financial report in accordance with this Ordinance. Presenting a company a company that is not an annual report or an interim report under this Ordinance or in accordance with the international accounting standards regulation. section 1, paragraph 2, should not be described as annual report or interim report, and it must as well in form as content appear in such a way that it cannot be confused with a company made in accordance with this Ordinance or in accordance with international accounting standards.

Title II annual report Chapter 2 Classification and general provisions



§ 4. Balance sheet and profit and loss account shall be drawn up in schematic form in accordance with annexes 2-4.

(2). In the tables in annexes 2, 3 and 4 shall be stated separately and records specified in the order specified. Provided that the layouts are maintained, can be made a more detailed breakdown, if the amount in the new post is essential, and if the nature or function of the record is different from the other sub-items. New entries can be added, if the amount of such is essential, and if the nature or function of the new record is different from the other entries.

(3). Records containing only insubstantial amount, may be combined with other items of the same class or function. This does not apply to the sub-items of the following entries: 1) Annex 2: For items under III. Reserves for insurance and investment contracts, a total of deposit on the liabilities side.

2) Annex 3: For the record 1. Prizes f.e.r., total, item 5. Insurance benefits f.e.r., total and item 6. Change in life insurance provision f.e.r., total profit and loss account.

3) Annex 4: For the record 1. Premium income f.e.r., total and item 3. F.e.r., total claims incurred in the income statement.

§ 5. For each entry in the balance sheet, profit and loss and other comprehensive income indicate the corresponding amounts for the previous financial year, as the statement of movements in own funds shall be provided with a similar list from the year before. The entries 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 made adaptation must be specified and duly justified in the notes on the accounts, see. section 90.

(2). Items in the balance sheet and profit and loss account, which does not contain any amount should only be included if the previous financial statements contain such a post.

(3). Paragraphs 1 and 2 shall apply mutatis mutandis for the notes information, unless otherwise prescribed in this Ordinance.

The balance sheet



Common provisions



§ 6. Under assets items 1. Operational funds shall be shown tangible fixed assets, other than land and buildings, as well as assets in the temporary possession of the basic regulation. § 10. The record also includes assets arising from financial leasing contracts with the lessee and assets arising from operating leases of the lessor. Also includes record enabled costs to leasehold improvements.

§ 7. During active records 4.2. Loans to affiliated undertakings and 4.4. Loans to associated companies entered equity loan and other long-term loans to the firms concerned. Other debts owed by the companies in question shown under assets item 10 or active record 11 or under another entry under which the receivable after its kind falls. Included among the assets locations in affiliated or associated companies, which are not included under assets records 4, 10 or 11 shall be disclosed in a note with exact indication.

§ 8. Assets: item 6. Reinsurance deposits used by undertakings that operate indirect insurance, and applied to the amount due under reinsurance contracts held by assigns. The entry must not be entered under assets, owned by the reinsurance undertaking and are subject to the security to cedenters requirements.

§ 9. Under asset item 7. Reinsurers ' shares of technical provisions, total entered the amount, which the company expects to receive from reinsurers under reinsurance contracts entered into.

§ 10. Under assets item 13. Assets in temporary possession transferred tangible fixed assets or groups of tangible fixed assets as well as subsidiaries and associated companies, which are only temporarily in the company's possession and awaiting sale within a short period of time, and where a sale is highly likely. A sale is highly probable, if 1) company executives actively seeking a buyer for the assets, 2) assets offered for a price that is in a reasonable proportion to the assets ' fair value, and 3) assets are expected to be sold within 12 months.

§ 11. Under liabilities item (II). Equity loan entered debt obligations (possibly founded by the issuing of securities) in respect of which it applies, to the creditor's demands to step down for all other creditors ' claims. During the record entered member accounts in lateral pension funds and mutual insurance companies.

§ 12. Costs incurred prior to the balance sheet date, but which relate to subsequent years, is to be built during the period such items in the assets. Revenue, which is concluded before the balance sheet date, but which relates to the following year shall be shown under Accruals entries in liabilities. However, this does not apply for contracts concluded prizes, unless the insurance period not commence until after the end of the financial year.

(2). Expenditure, with the exception of insurance services, which relate to the financial year, but which will only be paid in the following year, must be shown under liabilities. Revenue for the financial year, but which will only be paid after the balance sheet date, must be shown under receivables. Accrued interest as well as earned, uforfalden uforfaldne, rental income, however, entered under assets item 18. Interest receivable and rent.

(3). If the expenditure or revenue referred to in paragraphs 1 and 2, is of major importance, they must be explained in the notes on the accounts.

§ 13. Under liabilities item (IV). Non-current liabilities, total budgeted obligations, there is to be seen in terms of size or time of settlement, see. Sections 72 and 73 and section 76, paragraph 2.

(2). Provisions may not be used for regulation of asset value.

§ 14. Passive entry v. Reinsurance depots used by assigns to the amount due, as the company has withheld or received from reinsurers under reinsurance contracts. The entry must not be entered under assets, owned by reinsurers and is added to the security of the company's requirements.

Life insurance
§ 15. Under liabilities item 9. Mathematical provisions, in all shown under 9.1. Guaranteed benefits obligations to pay benefits, which are guaranteed under insurance and investment contracts, except the part thereof listed in outstanding claims. Under item 9.2. Bonus potential of future premiums shall be entered for insurance and investment contracts eligible obligations to provide bonus regarding the agreed not yet overdue premiums. Under item 9.3. Bonus potential at paid-up policy services will be built for eligible insurance and investment contracts obligations to provide bonus regarding the already paid-up premiums, etc.

§ 16. Under liabilities item 10. Claims entered overdue insurance benefits. Amount must include an estimate of the insurance benefits for not yet notified the insurance events, which would be due in the fiscal year, if the matter had been reviewed and finalized.

§ 17. Under liabilities item 11. Collective bonus potential, see. section 67 shall be obligations to provide bonus in addition to the bonus amount allocated to life-assurance provisions.

§ 18. Businesses that have insurance and investment contracts, which are associated with investment funds (class III) in their portfolio to produce obligations in connection with these contracts under liabilities item 14. Provisions for unit-linked contracts on the liabilities side.

(2). The investment assets that are attached to the contracts referred to in paragraph 1 shall be shown under assets item (IV). Investment assets associated with unit-linked contracts. The assets are specified by type in the balance sheet or in a note.

(3). It shall be disclosed in a note, for insurance and investment contracts covered by paragraph 1 are drawn with guarantee based on a certain minimum return and, where applicable, how big this is. The company has both contracts based on a minimum return and contracts that are not based on a minimum return, subject to paragraph 1, shall be carried out in a note a quantitative breakdown of liabilities item 14. Provisions for unit-linked contracts on the different types, with an indication of the types of insurance to the individual affiliated investment assets specified as indicated in paragraph 2.

§ 19. Under liabilities item 13. Special bonus provisions entered bonus obligations that meet the criteria in order to be included in the base capital in accordance with the Danish financial business Act.

Damage insurance



§ 20. Under liabilities item 8. Unearned premiums shall comprise obligations and amount to cover costs relating to the non-past parts of the risk periods for the non-life insurance contracts that the company has entered into, see. section 69.

§ 21. Under liabilities item 10. Claims entered amount to cover later payments and costs of insurance events occurred during the financial year or earlier, see. section 70.

The profit and loss account



Common provisions



§ 22. Under the record revenue from affiliates entered the shares equivalent to income from associated companies in the form of dividends and value adjustment.

(2). Under the record revenue from affiliates entered the shares equivalent to income from associated companies in the form of dividends and value adjustment.

(3). Under the record income from investment properties entered surplus or deficit by operation of the company's investment properties. The amount shall be shown after the deduction of expenses for property management, and before the deduction of mortgage interest, entered under the record interest expenses. Regulation of investment property value be entered not less than the record income of investment properties, but less than the record exchange adjustments.

(4). Under the record interest income and dividends, etc. shall be shown interest and interest-like income from bonds, other securities, loans, deposits and loans and advances, including index adjustment of index bonds. Also be shown yields of shares, unless the amounts are included under entries income from affiliated companies, and income from associated companies.

(5). Under the entry value adjustments shall comprise the total revaluation, including exchange rate adjustment, as well as net gains and net losses from the sale of head office buildings and assets belonging to the Group of investment assets in the balance sheet. Exceptions are revaluations Related affiliated and associated companies, see. paragraphs 1 and 2, as well as exchange rate adjustment of goodwill, which has to be recognised directly in equity, in accordance with article 3. § 42, paragraphs 7 and 8.

(6). Under record management costs in connection with investment business entered the costs that can be attributed to trade with, and managing the company's investments, see. However, paragraph 3.

§ 23. Under the main entry Technical driftsomkostningerf. e.r., total entered the costs associated with acquiring and managing the company's stock of insurance and investment contracts, including the corresponding share of staff costs, commissions, marketing costs, rents, operating costs relating to the Headquarters property, expenses for Office supplies and office expenses as well as amortisation and write-downs on tangible and intangible assets excluding write-downs of goodwill without prejudice. section 142.

(2). The proportion of the total operating costs attributable to the acquisition and renewal of the stock of insurance and investment contracts, entered in the record acquisition costs.

(3). The company has carried out the acquisition and/or administrative tasks for affiliates, which settled on cost recovery basis, the consideration received is entered as a deduction from the main entry. The deduction shall be shown under a separate heading named refund from affiliated undertakings.

§ 24. Under the main records Other revenue/cost covers revenue and costs related to agency business, other ancillary activities, management of other companies, as well as other income and expenses not attributable to the company's portfolio or investment assets. Income and expenses in connection with the administration of affiliated undertakings may, however, be included in the record of technical operating costs f.e.r., see. Article 23, paragraph 3. Are amounts under the records other revenues/costs of major importance, they must be explained in a note.

§ 25. Under the main entry Tax shall be shown in the tax on profit for the year, see. However, section 34.

Life insurance



section 26. Under 1.1. Gross premiums written shall comprise amounts for direct and indirect insurance contracts is due in the fiscal year, as well as prizes on investment contracts with a right to the bonus. Gross premiums written shall comprise less grating ornerede premium and exclusive taxes charged along with premiums to public authorities. In connection with co-insurance, the share of the total premium that relates to the company.

(2). Under 1.2. The extent to which insurance premiums shall comprise amounts, the insurance company for the financial year paid to reinsurance undertakings or has been guilty of reinsurance cover.

(3). Under the main entry 1. F.e.r., total premiums shall comprise the result of entries 1.1. and 1.2.

§ 27. Below the main post 3. Pension return tax entered the pension return tax based on the rates of return that are included in the profit and loss account, regardless of whether the tax is only payable in the current or subsequent periods.

section 28. Under 5.1. Benefits paid shall comprise the amount for the company's direct insurance contracts and investment contracts with the right to bonus in fiscal year is paid to 1) insured by death, 2) insured by critical illness, 3) insured by disability, 4) insured at maturity, 5) pension and finance services, 6) withdrawals, 7) cash paid out bonuses and 8) insurance premiums

as well as benefits paid to assigns to the company's indirect insurance contracts.

(2). (1). 8, shall include insurance premiums, which the company has paid to other insurance companies for insurance coverage for policyholders. In addition to the amount referred to in paragraph 1 may be under item 5.1. be shown the costs of rehabilitation and medical treatment of the insured when the expenditure was incurred for the purpose of averting an invalidity allowance in this case.

(3). Under sub-item 5.2. Received or receivable amount received will be built from reinsurance cover the company's reinsurers to coverage of insurance benefits in accordance with the reinsurance contracts.

(4). Under 5.4. Change in reinsurers ' share of claims shall be shown the difference between the share of gross claims, which can be attributed to genforsikringsdækningen at the end of the accounting year and at the beginning of the financial year.

(5). Under the main entry 5. Insurance benefits f.e.r., total entered the result of under entries 5.1.-5.4.

section 29. Under 6.1. Change in life insurance provision shall comprise the difference between the value of the life-assurance provisions at the beginning and end of the fiscal year, except the part thereof relating to deposits and withdrawals relating to investment contracts without right to the bonus. In businesses that do not use section 30, paragraph 2, item 6.1. with the deduction of the part of the amendment, that is the year accrued bonus.
(2). Under item 6.1. Change in life insurance provision is specified in a note on the changes of the sub-items, as life-assurance provisions are divided on the balance sheet.

section 30. Under 7.1. This year's accrued bonus entered the bonus on the year that is distributed to policyholders by increasing the guaranteed benefits.

(2). Companies that regularly attribute bonus after a preceding financial year fixed rate, may choose not to use the record 7.1. In such a case shall be referred to as post 7. Change in collective bonus potential and/or special bonus provisions without subdivision.

section 31. Below the main post 10. Transferred return on investment shall be deducted from the share of the investment return that relate to equity as well as the company's sickness and accident insurance company.

section 32. Under item (II). Insurance technical result of sickness and accident insurance shall be shown the result of the company's sickness and accident insurance company. The entry shall be specified in a note in accordance with the income statement form for non-life insurance, records 1-6 of annex 4, as well as a further record investment returns, which entered the share of the total return on investment relating to sickness and accident insurance undertaking, including the part of changes in outstanding claims and reinsurers ' share of claims, as well as changes in unearned premiums reinsurers ' share of unearned premiums and for sickness and accident insurance company, attributable to currency translation differences and changes in the discount rate used. The return on investment is entered after the deduction of insurance technical interest, see. § 36.

section 33. Under the main item 11. Determining ROI entered the share of investment relating to shareholders ' equity.

§ 34. In enterprises that are not subject to corporation tax there, will be constructed under the main item 14. The share of pension fund tax cat that can be attributed to shareholders ' equity. In such a case shall be referred to as the record Pension return tax for equity.

Non-life insurance



section 35. Under 1.1. Gross premiums written shall comprise amounts, insurance company during the accounting year has received or has been good for direct and indirect insurance contracts, if the insurance period is started before the end of the financial year. Gross premiums written shall comprise less grating ornerede premiums, bonuses and rebates granted to insured persons regardless of the injury process, and after deduction of taxes for public authorities charged with premiums. In connection with co-insurance, the share of the total premium that relates to the company.

(2). Under 1.2. The extent to which insurance premiums shall comprise amounts, insurance company during the accounting year has paid for or has been guilty of reinsurance reinsurance cover.

(3). Under 1.3. Change in unearned premiums shall comprise the difference between the gross provision for unearned premiums at the beginning and end of the financial year, in accordance with article 3. § 20.

(4). Under 1.4. Change in reinsurers ' share of unearned premiums shall comprise the difference between the share of the provision for unearned premiums attributable to reinsurance cover at the beginning and end of the fiscal year.

(5). The share of unequal amounts in accordance with paragraphs 3 and 4, which can be attributed to currency translation differences and changes in the discount rate used shall be shown under the entries not 1.3. and 1.4., but under item 6.5. Exchange adjustments, see. section 22, paragraph 5, or less than the record investment returns, see. section 32.

(6). The provision for unearned premiums is calculated by discounting, see. section 69, paragraph 4, shall be shown in the proportion of unequal amounts in accordance with paragraphs 3 and 4, which can be attributed to discounting, not under entries 1.3. and 1.4., but included in item 2. Insurance technical interest, see. section 36, paragraph 3.

(7). Under the main entry 1. F.e.r., total premium income entered the result of under entries 1.1.-1.4.

§ 36. Under the main postal 2. Actuarial interest being shown a calculated yield of this year's average technical provisions f.e.r. As interest rates applied the rates in accordance with Annex 8, on average, over the reporting period has the answer to the mathematical provisions expected settlement. A corresponding amount is deducted under item 7. Rate of return on technical provisions.

(2). In cases where the technical provisions are not discounted, there may in lieu of the interest rates referred to in paragraph 1, it shall apply a rate of interest equal to the average of the of the Copenhagen Stock Exchange at the end of each month in that fiscal year published effective average bond yields before tax of all bonds with a residual maturity of less than 3 years. For the purposes of sickness and accident insurance company incorporated under the pension return tax used the same average obligationsrenter, but reduced by the tax rate according to the pension yield tax law. An amount equal to the calculated interest deduction under item 7. Rate of return on technical provisions.

(3). When the technical provisions calculated by discounting, see. section 69, paragraph 4, and section 70, paragraph 4, shall be deducted from the share of the increase in the provision for unearned premiums f.e.r. attributable to discounting, in the amount shown under item 2. Insurance technical interest.

(4). In undertakings that operate indirect business, the share of technical provisions, which matched by deposits, not included in the basis referred to in paragraph 1. This year's rate of reinsurance dumps must be included in the amount shown under item 2. Insurance technical interest.

(5). Record 2. Insurance technical interest is explained and shown separately on the amounts generated after paragraphs 1, 3 and 4 in a note.

section 37. Under 3.1. Substitutes shall comprise amounts paid during the financial year is paid for insurance claims. Amount must include internal and external costs of inspection and assessment of the damage, the cost of control and reduction of instances of damage, as well as other direct and indirect costs associated with the treatment of instances of damage. Paid substitutes shall be shown after the deduction of amounts received as a result of the company's takeover of insured values or entry into the insured's rights by compensation payout.

(2). Under 3.2. Received amount, insurance business, reinsurance cover shall be entered in the accounting year has received from the company's reinsurers to cover instances of damage in accordance with the reinsurance contracts.

(3). Under 3.3. Change in outstanding claims shall comprise the difference between the outstanding claims at the end of the accounting year and the beginning of the basic regulation. § 21.

(4). Under 3.4. Change in reinsurers ' share of claims shall be shown the difference between the proportion of claims attributable to genforsikringsdækningen at the end of the accounting year and beginning.

(5). The share of unequal amounts in accordance with paragraphs 3 and 4, which can be attributed to currency translation differences and changes in the discount rate used shall be not less than the records 3.3. and 3.4., but under item 6.5. Exchange adjustments, see. section 22, paragraph 5, or less than the record investment returns, see. section 32.

(6). The provision for unearned premiums is calculated by discounting, see. section 70, paragraph 4, shall be shown in the proportion of unequal amounts in accordance with paragraphs 3 and 4, which can be attributed to discounting, not under entries 3.3. and 3.4., but included in item 2. Insurance technical interest, see. section 36, paragraph 3.

(7). Under the main entry 3. Claims incurred shall comprise in total, the result of f.e.r. under records 3.1-3.4.

section 38. Below the main post 4. Bonuses and rebates shall comprise the premium amount is repaid or must be repaid to policyholders when the size of the repayment shall be determined on the basis of the injury process during the accounting year on the individual insurance contract or a stock of insurance contracts on the basis of criteria laid down before the beginning of the financial year or by insurance contracts, drawing.

Movements in shareholders ' equity



§ 39. Changes in capital must show: 1) total total income consisting of the sum of the result for the period and other comprehensive income.

2) effect of changes in accounting practices and bug fixes for each entry under shareholders ' equity, see. sections 84 and 86.

3) For each entry under shareholders ' equity must appear at the beginning of the period and amount at end of period specified on the changes from: a) of period other comprehensive income results, b), c) capital injections or reductions, including the purchase and sale of own shares and d) distribution to owners.

Chapter 3 recognition and measurement the balance



General provisions



§ 40. The balance is made up of recognised assets recognised liabilities including non-current liabilities, and stockholders ' equity, which represents the difference between the assets and liabilities. By liabilities shall mean the sum of equity and recognised obligations.

§ 41. An asset are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of the asset can be measured reliably.

(2). An obligation must be are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value can be measured reliably.

(3). At the recognition and measurement of assets and liabilities must take into account information obtained after the balance sheet date but before the financial statements are drawn up, if – and only if – the information confirms or invalidates the relationship which arose at the latest at the balance sheet date.
§ 42. Transactions are carried out in a currency other than the entity's functional currency are translated into the functional currency using the exchange rate at the transaction date.

(2). Monetary items in a currency other than the entity's functional currency are translated into the functional currency using the exchange rate for the currency close at the balance sheet date.

(3). Non-monetary items in a currency other than the entity's functional currency are translated into the functional currency using the exchange rate on the transaction day, if the entry has been included on the basis of the unit cost.

(4). Non-monetary items in a currency other than the entity's functional currency are translated into the functional currency using the exchange rate at the balance sheet date, if the closing entry is calculated based on the fair value.

(5). Paragraphs 1 to 4 shall apply mutatis mutandis to a foreign entity, whose operations included in the financial statements, and that have a functional currency different from the functional currency of the reporting entity.

(6). Exchange rate differences resulting from the disposal of assets or settlement of obligations covered by paragraphs 2 to 4 or conversion in accordance with paragraphs 1 to 4 shall be recognised in the income statement.

(7). Presentation currency differs from the company or a foreign entity's functional currency are translated at the or the functional currency (is) to the presentation currency according to the following rules: 1) income statement items are translated using the exchange rate on the transaction day after.

2) Balance sheet items are translated at rates of exchange prevailing on the balance sheet date in accordance with the close.

(8). Exchange rate differences resulting from conversion in accordance with paragraph 7 are recognised in other comprehensive income, within the meaning of section 83 (2), and transferred to a separate item under equity.

Financial instruments



section 43. Financial assets and financial liabilities are recognised in the balance sheet when the company will be subject to the financial instruments contractual provisions.

§ 44. A financial asset is sold or otherwise transferred to another party, must cease to be recognised in the balance sheet. A part of a financial asset shall cease to be recognised in the balance sheet if there is sold or transferred to a uniquely defined share of the asset.

(2). With the purchase or sale of financial assets in normal market conditions the company may choose in a uniform way for all purchases and sales to recognise and cease recognition of assets in the balance sheet either at trade date or the settlement date.

(3). Used trade date as date recognition, see. (2), are recognised at the same time, with the inclusion of the financial asset an obligation corresponding to the agreed price. Equivalent is recognised on the disposal of a financial asset an asset corresponding to the agreed price. This obligation or that asset ceases to be recognised in the balance sheet on the settlement date.

(4). Settlement date is used as the recognition date of the basic regulation. (2) changes in the value of the acquired or sold, active in the period between the trade date and settlement date are recognised as a financial asset or a financial liability. For an asset that after initial recognition are measured at cost or amortised cost, value changes are recognised in the period between the trade date and settlement date not.

(5). Notwithstanding paragraph 1, a financial asset that is transferred in a manner that implies that the company substantially retains the risk and access to returns (cash flows) associated with the asset, which is retained in the balance sheet. Upon such transfer be recognized a financial commitment corresponding to the payment that is received in connection with the transfer.

§ 45. Financial obligations cease to be recognised in the balance sheet, when-and only when-the obligation ceases. That is to say, when the obligation specified in the contract are met, cancelled or expired.

§ 45 a. regardless of whether the prohibition of set-off in section 188 (1) (8). 8, in the financial business Act to financial assets and financial liabilities netted and presented with the net amount when the following conditions are met: 1) the company has the right to set-off in relation to the counterparty and 2) the company intends to dispose of the asset and liquidate the obligation by offsetting or dispose of the asset and settle the obligation at the same time.

§ 46. Financial instruments must, at the time of initial recognition are measured at fair value.

(2). Financial liabilities and loans and receivables, which, after initial recognition continuously measured at amortised cost, see. §§ 48 and 49 shall, however, at initial recognition, are measured at fair value plus transaction costs and deductions for the received fees and commissions, which are directly related to the acquisition or issue of the financial instrument.

§ 47. After initial recognition financial instruments measured at fair value on a continuous basis.

(2). Unlisted equity securities shall, if their fair value cannot be reliably measured, however, are measured at cost less any impairment losses, see. (3). Similarly for derivative financial instruments whose value is derived from such shareholdings.

(3). If there is an objective indication of impairment occurred, financial assets within the scope of paragraph 2 is reduced by the difference between the carrying amount and the present value of the expected future payments discounted at the current market rate of return for a similar financial asset. Such write-downs may not be reversed.

section 48. Non-derivative financial liabilities, regardless of section 47, paragraph 1, after initial recognition continuously measured at amortised cost provided that there is no question of 1) to measurement at fair value eliminates or significantly reduces a measurement or indregningsmæssig inconsistency that would otherwise arise due to measurement or recognition after different basis, 2) that those obligations are included in a risk management system or an investment strategy based on fair values, and is included on this basis in the company's internal management reporting, or 3) to the relevant obligations contains an embedded derivative that significantly modifies) the cash flows of the commitments or b) alternative would have to be separated and measured separately at fair value.

(2). Financial obligations, as referred to in paragraph 1 are measured at amortised cost, may not subsequently measured at fair value.

§ 49. Lending and receivables can regardless of section 47, paragraph 1, after initial recognition continuously measured at amortised cost provided that there is no question of 1) to measurement at fair value eliminates or significantly reduces a measurement or indregningsmæssig inconsistency that would otherwise arise due to measurement or recognition after different basis, 2) that those loans and receivables are included in a risk management system or an investment strategy based on fair values, and is included on this basis in the company's internal management reporting, or 3) that such lending and receivables contains an embedded derivative that significantly modifies) the cash flows of the loans and receivables and (b)) alternative would have to be separated and measured separately at fair value.

(2). Loans and receivables, which in accordance with paragraph 1 are measured at amortised cost, may not subsequently measured at fair value.

(3). If there is an objective indication of impairment occurred, lending and receivables covered by paragraph 1 is reduced by the difference between the carrying amount and the present value of the expected future payments discounted at udlånets or receivable original effective interest rate. If a subsequent event causes the value soil degradation is reduced in whole or in part, the write-down is reversed accordingly. The reversal is to be recognised in the income statement.

§ 50. The fair value of publicly traded financial instruments is determined on the basis of closing price on the balance-sheet date or, if such is not available, another published rate, likely best to reply thereto.

(2). When the company has matching positions, can be used as the basis for the inventory of the courses means the fair value of the matched position and used purchase and sales prices on the net open position.

(3). The fair value of unlisted debt securities are stated, however, that extracted the present value of the bonds.

(4). The fair value of publicly traded financial instruments, if published quoted price must not be assumed to reflect the instrument's fair value shall be measured according to § 51.

§ 51. For financial instruments that are not quoted on a stock exchange, or for which the absence of an exchange rate that reflects the instrument's fair value, see. section 50, paragraph 4, establishes fair value using a valuation technique that aims to establish the transaction price, which would be in a trade at the measurement date between independent parties, bringing normal business considerations.

(2). A valuation technique after paragraph 1, 1) include all factors, including observable current market data, which is likely to affect the fair value, and as market participants are likely to take into account in the pricing of the financial instrument in question and 2) be in accordance with generally accepted methods for pricing financial instruments.
§ 52. Own shares as well as other own equity instruments are recognised not as an asset. Acquisitions or sales of Treasury shares and other own equity instruments are recognised as a change in equity.

(2). Own debt instruments are recognised not as an asset. Acquisitions or sales of own debt instruments is recognised as a change in the obligation in question.

Subsidiaries and associated companies



§ 53. Investments in subsidiaries and associates are recognised and measured to corporate accounting internal value. Corporate equity value is calculated according to the reporting entity's own accounting practice.

(2). The sum of the shares corresponding to the units of the affiliated and associated companies ' result shown in the profit and loss account under post resources from affiliated undertakings respectively record income from associated companies.

(3). The carrying amount of the shares increase or decrease with the amount referred to in paragraph 2 and subject to any adjustments of the affiliated and associated companies ' accounting internal value as capital of the affiliated and associated companies. Dividends to the parent company, respectively, the company shall be deducted in the carrying value of the related internal and associated companies.

(4). An amount equal to the total net revaluation of the basic regulation. (3) to be assigned to reserve for net revaluation according to equity method under liabilities item 4.3. Other reserves. The reserve can not be factored with a negative amount. Reserve for net revaluation according to equity method can not be used as a dividend or distribution.

(5). Paragraph 4 shall not apply to undertakings that operate direct life assurance.

(6). Any difference between the cost price and the intrinsic value by the acquisition of a subsidiary undertaking shall be dealt with under section 142, paragraph 2-4.

(7). Any difference between the cost price and the intrinsic value by the acquisition of an associate is treated under section 142, paragraph 2-4. A possible goodwill-amount is recognised as a part of the value of the associated company and not as an asset under intangible assets.

§ 54. Notwithstanding section 53 to subsidiaries and associated companies, that are in the temporary possession of the basic regulation. § 10, are measured at the lower of the value calculated according to § 53 and fair value less costs of sale.

(2). No depreciation on assets in subsidiaries and associated undertakings covered by paragraph 1.

Tangible fixed assets



§ 55. Tangible fixed assets held for use in the business or to rent, and which is expected to be used for more than one fiscal year, at the time of initial recognition are measured at cost.

(2). The cost included all costs that are a result of the acquisition until the time when the asset is ready to be put into circulation, or as directly attributable to the manufactured active.

section 56. Tangible fixed assets, other than investment properties and location properties, see. sections 57 and 58, as well as assets within the scope of section 59, after initial recognition are measured at cost less accumulated depreciation and accumulated impairment impairment.

(2). Depreciations are recognised in the income statement. Depreciation is the systematic allocation of the asset expected useful life of the asset's cost price after deducting the residual value that the asset is expected to be able to introduce by the end of the instruction time. The depreciation base must be measured at the time of placing in service as well as by subsequent changes in the elements that are part of the depreciable basis.

(3). Write-down for impairment losses must be carried out, if it is estimated that the asset's recoverable amount is lower than the carrying amount after carried out depreciation. Write-downs should be reversed, if there is no longer any basis for write-down.

(4). A group of tangible fixed assets after initial recognition are measured at revalued amount in accordance with the rules of domicile properties in section 58. All assets belonging to that group must then be measured by this method.

§ 57. After initial recognition must continuously investment property measured at fair value.

(2). The fair value is calculated in accordance with Annex 7.

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

(2). The fair value at the balance sheet date should be calculated in accordance with Annex 7.

(3). Increases in a Headquarters property revalued value are recognised in other comprehensive income, see. section 83 (2), and transferred to the revaluation reserve under equity, unless the increase corresponds to a value decrease previously recognised in the income statement, see. (4).

(4). Drop in a Headquarters property revalued value are recognised in the income statement, unless the drop corresponding to an increase in the value of the previously recognised in other comprehensive income, see. (3). In this case, the value dropped are recognised in other comprehensive income and are transferred by a reduction in the revaluation reserve under equity.

(5). Depreciation based on the revalued value recently, see. section 56 (2), 2. item are recognised in the income statement.

section 59. Tangible fixed assets within the scope of § 10 of assets in temporary possession is measured to the lowest amount of net book value and fair value less costs of sale.

(2). No depreciation on tangible fixed assets covered by paragraph 1.

Intangible assets



section 60. Intangible assets shall at the time of initial recognition are measured at cost, see. However, paragraphs 2 and 3.

(2). Development costs can only be recognised as an intangible asset if there is evidence, 1) that there is a technical possibility for completion of the intangible asset so that it can be used, 2) to the company's intention to complete the intangible asset, 3) to the company's abilities to use the intangible asset, 4) to the intangible asset will generate probable economic benefits in the future that, as a minimum, equivalent to the costs incurred, and 5) to the company in a reliable way to measure the costs attributable to the intangible asset during its development.

(3). Internally built up brand names, customer lists, and the like, research costs of incorporation and start-up costs, training costs, marketing costs, move and reorganisation costs as well as internally generated goodwill should not be recognised as an asset.

section 61. Intangible assets shall, upon initial recognition are measured at cost less accumulated depreciation, if the asset is assessed to have a finite useful life and accumulated impairment losses, see. section 56 (2) and (3).

Leasing



§ 62. Financial assets are recognised at the lessee under lease from the date on which the lessee has the right to use the leased asset. The asset is measured at initial recognition to the lowest amount of the fair value or the present value of the agreed lease payments. At the same time recognised the present value of the agreed lease payments as a liability. In the calculation of the net present value used leasing contract internal rate of return, if it is possible to determine this. Otherwise, the lessee's marginal lending interest rate is used.

(2). After initial recognition financial assets under lease with the lessee shall be measured according to the principles of § § 55-61, depending on the nature of the leased asset.

(3). Receivables from financial leasing contracts are recognised with the lessor as a receivable, the value of which corresponds to the net investment in the lease agreement.

(4). Assets subject to an operating lease, are recognised in the balance sheet of the lessor, but not with the lessee, pursuant to the principles laid down in §§ 55-61, depending on the nature of the leased asset.

Insurance obligations



section 63. Insurance liabilities are recognised in the balance sheet from the time when the risk passes to the insurance company.

section 64. An insurance obligation or a part thereof must be removed from the balance sheet when it is stopped. This is the case, when the insurance obligation, as specified in the contract is fulfilled, lifted or expired.

section 65. Provisions for insurance liabilities should be calculated in such a way that, taking into account what is reasonably foreseeable, sufficient to cover all the company's insurance obligations, but at the same time is not greater than necessary.

Provisions for life insurance liabilities



§ 66. Liabilities: item 9.1 guaranteed benefits is calculated as the value of guaranteed benefits with appendix in accordance with paragraphs 5 and 6. Eligible for insurance and investment contracts, the value is calculated without regard to future rewrites of contracts for fripolicer and withdrawals.

(2). Liabilities: item 9.2 Bonuspotentiale on future premiums is calculated for the stock of eligible insurance and investment contracts as the difference between the value of the paid-up policy guaranteed benefits and the value of benefits payable, in accordance with article 3. However, paragraph 7.
(3). Liabilities: item 9.3 Bonuspotentiale on paid-up policy benefits are assessed for eligible insurance and investment contracts as the difference between the value of retrospective provisions and the value of guaranteed benefits, see paid-up policy. However, paragraph 8.

(4). By the estimation of the records referred to in paragraph 1-3 used 1) the best possible estimate of the involved insurance risks, including mortality and invalidity frequency, etc., 2) the best possible estimate of the costs, such as contracts, on average, are expected to be able to trust for under the conditions existing on the market, and 3) a discount rate, which is calculated according to the rules set out in annex 8.

(5). If the life insurance provision for each week of insurance and investment contract before possibly supplement for guaranteed buyback value is lower than the value that is guaranteed by the withdrawal of the contract, be increased liabilities item 9.1 guaranteed benefits, see. paragraph 1, with the difference. The difference referred to in 1. paragraphs can be reduced, taking into account the overall likelihood that the contract withdrawn before its expiry. Such a reduction can only be made when the applied probability for withdrawals of less than 1 can be justified by that insured person access to buy back are contractually limited to take place in special situations.

(6). Liabilities: item 9.1 guaranteed benefits must include amounts to cover future payments by reason of insurance events occurred, which is not included under liabilities item 10. Outstanding claims.

(7). If guaranteed paid-up policy benefits for each week of insurance and investment contract is less than the guaranteed benefits for each week of insurance and investment contract, be guaranteed paid-up policy benefits for each week of insurance and investment contract for this insurance equal to benefits payable. If the value of the guaranteed benefits for the stock of eligible paid-up policy of insurance and investment contracts is less than the value of guaranteed benefits, see. (1) that relates to eligible insurance and investment contracts, the value of guaranteed benefits for these contracts paid-up policy equal to the share of the value of guaranteed benefits that relate to the eligible insurance and investment contracts.

(8). If the value of the retrospective provision for each week of insurance and investment contract is less than guaranteed paid-up policy benefits for each week of insurance and investment contract, the value of the retrospective provision for each week of insurance and investment contract for this contract equal to the paid-up policy guaranteed benefits for each week of insurance and investment contract. If the value of the retrospective provisions of the stock of eligible insurance and investment contracts is less than the share of the value of the paid-up policy guaranteed benefits relating to eligible insurance and investment contracts, the value of retrospective provisions in these contracts equal to the share of the value of the paid-up policy guaranteed benefits relating to eligible insurance and investment contracts.

(9). For subscription basis, where there is a recognised average margins on individual items, applies the restrictions in paragraph 7, 1. paragraph and paragraph 8, 1. item, not.

Paragraph 10. Passive records 9.2 Bonuspotentiale on future premiums and 5.8 Bonuspotentiale on paid-up policy benefits must only include amounts relating to eligible insurance and investment contracts. Paragraphs 7 and 8 shall only apply to eligible insurance and investment contracts.

section 67. Liabilities: item 11. Collective bonus potential are stated at the amount that the company has retained to meet collectively for eligible insurance and investment contracts in addition to the mathematical provisions of the basic regulation. section 15 claims, see. § 16, and Special bonus provisions, see. § 19, ascertained amount referred to in article 6. However, paragraph 2.

(2). Amount must be of a size, so together with the amount of the mathematical provisions for outstanding claims, and Special bonus provisions similar to what the contracts on the basis of the current value of the company's assets individually and collectively entitled under insurance and investment contracts and the computational principle, see kontributions. section 21 of the financial business Act and Ordinance on the kontributions principle.

(3). Collective bonus potential can only be reduced by transfer to another post in the technical provisions or with negative results, realized there might be distributed to the eligible insurance and investment contracts in accordance with the principles for allocation of unrealized results that apply to each contract, in accordance with article 3. (4).

(4). Bonus eligible for insurance and investment contracts proportion of negative results to be realized mainly accounted for by reducing Collective bonus potential and can only affect the value of the liabilities item 9.3. Bonus potential at paid-up policy benefits, when Collective bonus potential has been exhausted. When liabilities item 11. Collective bonus potential is split on delbestande, the rule is applied in 1. point for each delbestand separately.

section 68. Provisions for unit-linked insurance and investment contracts are stated at fair value in accordance with an estimated fair value of the assets associated with the contracts.

(2). For unit-linked contracts with guarantee of a certain minimum return is calculated the estimated fair value in accordance with the principles set out in section 66.

Provisions for non-life insurance liabilities



section 69. The provision for unearned premiums is calculated as the sum of the amounts that the company within each stock of insurance policies covering the same risks, in accordance with the best estimate is likely to have to pay in respect of insurance events, which are likely to take place after the balance-sheet date and which are covered by the insurance contracts, the company has concluded. The provision for unearned premiums shall also include the amount by which the company after best discretion is likely to incur after the balance sheet date for direct and indirect costs associated with administration and claims handling of the insurance contracts that the company has concluded.

(2). Unearned premiums must at least amount to the sum for each stock of insurance policies covering the same risks of the for each insurance contract calculated share of gross premium, corresponding to the part of the insurance period elapsing after the balance sheet date. Average calculations may be used when there is reason to assume that they lead to the same result as an approximate calculation based on the individual insurance contracts.

(3). For the purpose of calculating the minimum amount referred to in paragraph 2, the gross premium is calculated after deduction of the part of the premium corresponding to the acquisition costs, which have a close and provable consistency to the conclusion and renewal of the insurance contract, and which are expensed at the conclusion of the contract.

(4). If a discount is of major importance for the amount of the mathematical provisions calculated in accordance with paragraph 1, the amount must be discounted. Be used, where appropriate, a discount rate determined according to the rules set out in annex 8.

section 70. The provision is calculated as the sum of the amounts that the company after best discretion is likely to have to pay in respect of insurance events that have taken place until the balance sheet date in addition to the amounts already paid in respect of such events. Claims shall also include the amount by which the company after best discretion is likely to incur for direct and indirect costs associated with the settlement of the liability obligations.

(2). The provision is calculated as the sum of the expected amount of damages and costs after 1) a case-by-case assessment of reported insurance events, which should at least include all notified the insurance events of considerable extent, 2) an experiential estimations of insufficiently enlightened insurance events that have been the subject of a case-by-case assessment, 3) an experience-based estimates of pending insurance events that have not been the subject of case-by-case assessment and 4) an experience-based estimates of insurance events which occurred before the balance sheet date, but which is not declared at the time of the preparation of company accounts.

(3). By statement of claims shall take into account the income and expenses in connection with the acquisition and realization of assets and rights which the company obtains the right to compensation payout.

(4). If a discount is of significant importance to the size of claims, the expected payments are discounted. Be used, where appropriate, a discount rate determined according to the rules set out in annex 8.

Insurance assets



§ 71. The company's rights under a reinsurance contract, relating to future events, are stated at net insurance premium after deducting the share of net premium, which relates to the time before the balance sheet date. Net premium is the premium which the company has paid for reinsurance contracts net of the part that is payment for the company's acquisition costs.

(2). The company's rights under a reinsurance contract, concerning instances of insurance events, is calculated on the basis of the terms of the reinsurance contract on the basis of the same principles of estimation and discounting, which has formed the basis for the statement of claims.
(3). Insurance assets shall be assessed for any impairment and written down to the present value of the payments, which are expected to be recovered, if this value is lower than the value calculated in accordance with paragraphs 1 and 2.

Non-current liabilities



section 72. Non-current liabilities, warranties and other obligations, which is to be seen in terms of size or time of settlement, as non-current liabilities, are recognised when it is probable that the obligation will cause a drag on the company's financial resources, and the obligation can be measured reliably.

(2). Loss-making contracts which are contracts in which the unavoidable costs associated with fulfilling the contractual obligations in excess of the expected economic benefits are recognised as well as non-current liabilities.

(3). Provisions are measured at the best estimate of the costs necessary to meet the current obligation at the balance sheet date.

(4). If discounting is of significant importance to the size of an accrued obligation, it shall be measured to the present value of the costs, which are expected to be required to settle the obligation.

(5). The discount rate used to measure the present value shall be determined in accordance with Annex 8 regulated in such a way as to reflect the risks specifically associated with the obligation. Discount rate may not reflect the risks that are regulated for in the estimate of the costs required to meet the obligation referred to in article 6. (3).

(6). Guarantees may not, however, recognised or measured to a lower value than the premium or Commission, the company has received in order to assume the warranty, systematically depreciated over the period of risk.

section 73. Provisions are reviewed at each financial reporting and must be regulated in such a way that they reflect the best current estimates. If it is no longer probable that repayment would cause a drag on the company's financial resources, the obligation is reversed.

(2). A accrued obligation may only be used to cover the costs, which justified the provision on initial recognition.

Employee benefits



section 73 a. Costs for services and goods to the employees for their outputs to be recognised in the income statement in line with the employee's performance of the work benefits giving entitlement to the relevant services and goods.

(2). Unpaid amounts are expensed in accordance with paragraph 1 shall be recognised as an obligation. Amount is due within 12 months after the period in which they are earned, not discounted, while the amounts falling due more than 12 months after the period in which they are earned, are discounted. Prepaid amounts are recognised as an asset.

§ 74. Pension obligations to employees are to be recognised at the present value of the benefits from the best possible estimates are likely to be paid.

(2). Pension plans must be reviewed at each balance sheet date, so that the amount recognised reflects the present value of the best current estimates.

(3). Paragraphs 1 and 2 shall not apply to pension obligations to employees, if the conditions are similar to usual terms and conditions of insurance contracts that the company provider to customers. Such insurance contracts shall be treated for accounting purposes along with and according to the same principles as the corresponding insurance contracts with customers.

Share-based payment transactions



§ 75. Share-based payment transactions by management and employees should be recognised as an expense in the income statement over the vesting period. At the same time, a corresponding increase recognised in equity.

(2). The recognised cost are measured at fair value at the grant date of the instrument, used as payment.

Tax



§ 76. Current tax relating to the financial year and previous financial years shall, to the extent that it has not been paid, are recognised as a liability. Is the tax paid, larger than the current tax for the financial year and the previous fiscal year, the difference is recognised as an asset.

(2). The tax liability that rests on a temporary difference between the carrying amount and the tax value, is recognised as deferred tax. The temporary difference is negative, and it is likely that it will be able to be used to reduce future tax, recognised a deferred tax asset.

(3). Notwithstanding the provisions of paragraph 2 shall not be placed on deferred tax of security funds deposited by untaxed products, see. section 124, unless it is likely that within a foreseeable period occurs a situation that will trigger the taxation of funds in the Trust Fund referred to in article 6. section 13 (c) of the Act on income taxation of limited liability companies, etc.

Hedge accounting



§ 76 (a). If there are established a hedging relationship on security at fair value between one or more derivative financial instruments or, in the case of hedging of exchange rate risk between one or more non-derivative financial instruments (hedging) and a recognized asset, an obligation, a group of recognized assets or a group of obligations (the insured mail), which are measured at amortised cost, the value of the insured item in respect of the insured risk is adjusted to fair value. Value change are recognised in the income statement. At the termination of the insurance funds are revalued the insured post in accordance with the principles of measurement at amortised cost based on the nyberegnede value.

(2). Paragraph 1 shall apply mutatis mutandis in connection with insurance of the risk of changes in fair value of a non-recognised agreed future payments for goods and services, since the changes in the fair value of the payment concerned is recognised as an asset or a liability. Value change are recognised in the income statement. At the time of settlement of the agreed future payments adjusted value of the acquired asset or obligation acquired therefor with the already recognised value changes.

§ 77. If there is established a hedging relationship on security of payment flows between one or more derivative financial instruments, or in the case of ensuring exchange rate risks between one or more derivative or non-derivative financial instruments (hedging) and future payments, it must be part of the change in the fair value of the hedging, which uncovers fluctuations in the payment flow, are recognised in other comprehensive income, see. section 83 (2).

§ 78. If there is established an exchange rate hedging of an investment in a foreign entity, the share of revaluation of the hedging relating to security, are recognised in other comprehensive income. Hedging can be a non-derivative. The amounts recognised in other comprehensive income, including amounts recognised in other comprehensive income in connection with currency conversion of an investment in a foreign entity, see. section 42, paragraph 8, are recognised in the income statement when the foreign entity is disposed of.

§ 79. A hedging relationship can only be treated according to the rules laid down in §§ 76 and 78 (a), when the following conditions are met: 1) there is formal documentation at the time of the security relationship establishment for the existence of a hedging relationship as well as for the company's risk management strategy, which includes a) identification of the security instrument and the hedged item, b) identification of the risk, which is ensured, and (c)) the method used for measuring the effectiveness of hedging without prejudice to article. Nr. 2.2) There is good reason to believe a high degree of efficiency in the fuse.

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

4) Security relationship efficiency, see. Nr. 2, can be measured reliably.

5) Security relationship shall be assessed on an ongoing basis and have been proven in practice that show a high degree of efficiency in the part of the accounting period, where it has been established.

section 80. The accounting treatment of the hedging relationship, see. § § 76 (a) and 78, shall cease as from the date on which 1) hedging or the secured expires, is sold or used, unless security instrument shall be replaced by a new security instrument as part of the company's documented security strategy, 2) security relationship no longer meet the criteria set out in section 79, 3) the future transaction that forms the basis for the person insured expected payments are no longer expected to occur, or 4) the company terminates the security relationship.

§ 81. When a transaction or payment stream where payments have been subject of a hedging relationship under section 77 shall be implemented or realized, the amount previously recognised in other comprehensive income are recognised in the income statement over the same period as that in which the relevant transaction or payment flow affects the profit and loss account.

(2). In a situation such as specified in § 80, no. 3, the amounts are recognised in other comprehensive income are recognised in the income statement.

Profit and loss and other comprehensive income



section 82. The profit and loss account is made up of recognised income and expense.

section 83. All revenues are recognised in the profit and loss account as they are earned, and all the costs, as applied to the company. All value adjustments, depreciation, impairment losses and reversals of amounts previously recognised in the profit and loss account, are recognised in the income statement, see. However, paragraph 2.
(2). The following are recognised in a separate statement in the wake of the economic outturn account referred to as "other comprehensive income": 1) rises in a Headquarters property revalued value and reversals of such increases, see. § 58, paragraphs 3 and 4.

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

3) changes in the value of hedging instruments that uncovers fluctuations in the size of future payment flows, see. § 77.

4) changes in the value of hedging, which uncovers the exchange risk on an investment in a foreign entity, see. § 78.

(3). The portion of the amount referred to in paragraph 2, no. 1-4, and which is to be distributed to eligible insurance and investment contracts, are recognised in other comprehensive income initially and then transferred to the relevant items under III. Reserves for insurance and investment contracts, a total of.

(4). For each entry under other comprehensive income indicate the corresponding tax effect either directly in comprehensive income or in a note.

Change in accounting practice



section 84. Change the company methods for recognition, the basis for measurement or presentation currency, all affected records, including comparative information, the note information, and the five-year summaries, unless there are specific rules laid down for that method change, be prepared as if the new method had been used all the time.

(2). Paragraph 1 shall not apply to the extent that it is not practical to change the entries from previous fiscal years, so that they will be in accordance with the new method. In this case, change the opening balance in accordance with the new method from the earliest possible stage, and other records in relation thereto shall be informed impact.

Change in accounting estimates and errors



§ 85. Change the amount that was recognised for a previous fiscal year, as a result of a changed accounting estimates, the impact are recognised prospectively in a similar fashion as the original estimate.

§ 86. If previous annual reports were significantly affected by the error in the preparation, all relevant records, including comparative information, the note information, and the five-year summaries, drawn up as if the error had not been committed.

(2). Paragraph 1 shall not apply to the extent that it is not practicable to correct ledger entries from previous fiscal years. In this case, change the opening balance from the earliest possible stage, and other records in relation thereto shall be informed impact.

Chapter 4 Note General information



section 87. In addition to the information required in this chapter, shall be communicated to the further supplementary information, which is necessary in order to give a true and fair view.

section 88. Note information should as far as possible, be presented in a systematic order. Information related to accounting records, must be given in the form of a note to the concerned accounting record. Unless otherwise stated in the individual provisions of this Ordinance, is it the carrying values, which must be explained.

(2). The information to be provided pursuant to this chapter, shall be contained in a separate part of the annual report, there are clearly demarcated and described as ' notes ', see. However, §§ 89-91. If a disclosure requirement is complied with by that in the notes is given a reference to the fact that the information is given in the management report or in other parts of the annual report, are not included in the financial statements should reference be precise, and delineate the relevant information in relation to other information that is not subject to the disclosure requirements pursuant to this chapter. The required information is to be awarded also in such cases of revision of the basic regulation. section 193 of the financial business Act.

Accounting policies



section 89. To be in a separate section of the financial statements explain all essential recognition methods and measurement basis applied to entries in the balance sheet, income statement and notes.

(2). For financial instruments must be given information about the accounting practices applied with regard to recognition criteria and measurement bases, including whether the company incorporates on the trade date or the settlement date.

(3). For tangible fixed assets, other than investment properties and location properties, must be reported for each type 1) the measurement basis used to determine the asset's carrying amount, 2) the depreciation methods used, and 3) the useful lives and the depreciation rates used.

(4). For investment properties and location properties must be reported 1) the measurement basis, 2) the methods and assumptions that have been used in determining the fair value, and 3) the criteria that have been used to separate Headquarters buildings from investment properties.

(5). For entries arising from insurance contracts, particulars shall be given of 1) the measurement methods applied to the various items, 2) if discounting is used, the method used must be reported, 3) the most important assumptions and estimates, which are used for the measurement of the entries, 4) process, which is used to determine the assumptions that have the greatest effect on the measurement of the entries, 5) significant correlations between different conditions , 6) the method of calculation, if the amount in a record in the annual report is obtained by an allocation calculation, and 7) how the calculation method prescribed in paragraph 6 has been changed compared to the previous fiscal year, if this is the case, and with an indication of the change impact on the reliability and comparability of individual records with the corresponding amounts for the previous financial year.

(6). By changes in accounting policies must be reported 1) the reason for the change, 2) the change in accounting practices, including the nature of the change, and (3)) the monetary effect of change in accounting policy for transactions in the balance sheet and profit and loss account for the current, former and future fiscal years, if it is possible.

(7). By changes in accounting estimates, which have effect in this or future fiscal years, shall disclose the nature and amount of the change. If it is not possible to estimate the monetary effect, must disclose this.

(8). By accounting errors must be reported on the nature of this as well as the monetary impact on and correction of entries in the balance sheets and profit and loss account.

section 90. When carried out adaptation of comparative information, see. section 5, paragraph 1, the following must be reported 1) the nature of the adjustment, 2) amount for each entry, as is custom, and 3) the reason for the adjustment.

(2). Lack of adjustment of comparative information, see. section 5, paragraph 1, shall be stated and justified.

section 91. By derogations pursuant to section 188, paragraph 3, of the law on financial business will find the requirement of note information in this law § 186 (3), 2. paragraph shall apply.

Five-year overview



§ 91a. To be given a five-year history with key figures and ratios in accordance with Annex 9 and 10.

(2). Life insurance companies, which operates the sickness and accident insurance company must provide key figures and ratios for this part of the business in accordance with annex 10. The main figures 7. Profit for the year, 11. Equity, total and 12. Assets, total, as well as key figures 6. Equity business in percent and 7. Solvency coverage must not be reported. Key figures and ratios for sickness and accident insurance company need not be disclosed in connection with the company's key figures and ratios, incidentally, but may be indicated in the notes on the accounts in association with other information about sickness and accident company, see. 32. Paragraph 3. If the numbers in the five-year history are not comparable, as far as possible, be adjusted by the numbers. Lack of comparability or made adaptation must be specified and duly justified.

(4). If the company has only been in existence for a shorter period than five years compiled a list in accordance with paragraphs 1 to 3 for the shorter period.

Risk information



section vi hereto, is inserted. The company should describe its financial risks as well as its policies and objectives for the management of financial risks.

(2). The company should describe its insurance risks as well as its policies and objectives for the management of insurance risks.

Financial instruments



section 92. For financial instruments disclosed the nature of the relevant instruments, including significant terms and conditions that may influence the amounts, timing and uncertainties regarding the future payment flows.

Tangible fixed assets



section 93. For tangible fixed assets, other than investment properties and location properties, reported the following: 1) Cost: a) the unit cost at the end of the previous financial year without by-or write-downs.

(b) exchange rate adjustment).

c) approach in the course of the year, including improvements.

d) Disposals during the year.

e) transfers to other records in the course of the year.

f) The total cost on the balance sheet date.

2) Down and amortization: a) Down-and depreciation at the end of the previous financial year.

(b) exchange rate adjustment).

c) write-downs.

(d)) amortisation for the year.

(e)) of the year down and depreciation on disposed and end-of-life assets.

such reversals of write-downs in the past Year) as well as the reversal of the total amortisation and impairment losses on assets during the year are disposed of or discontinued operations.

(g)) The total depreciation, amortisation and write-downs on the balance sheet date.
§ 94. For investment properties, see. § 57, reported the following: 1) the fair value at the end of the previous financial year.

2) approach in the course of the year, including improvements.

3) Departure in the course of the year.

4) Year revaluation at fair value.

5) Other changes.

6) the fair value at the balance sheet date.

(2). For domicil properties, see. § 58, reported the following: 1) revalued amount in the previous financial year.

2) approach in the course of the year, including improvements.

3) Departure in the course of the year.

4) depreciation.

5) value adjustments, which in the course of the year are recognised in other comprehensive income.

6) value adjustments, which in the course of the year are recognised in the income statement.

7) Other changes.

8) revalued amount at the balance sheet date.

(3). It must be stated in addition to whether external experts have been involved in the measurement of investment properties and location properties.

section 95. For investment properties and location properties reported the weighted average of the yield percentages, that is taken into account when determining the fair value of each property specified on the types of properties.

Investments in enterprises, which operates life insurance company



section 96. The company's assets and their return to be specified in accordance with the table in annex 11 of the basic regulation. rules for document completion of annex 12.

(2). The information referred to in paragraph 1 shall not be subject to the requirement for comparative information in § 5, paragraph 3.

section 97. The percentage distribution of the company's inventory of holdings, including shares in mutual funds are specified on industries and regions in a note in accordance with the table in annex 13 of the basic regulation. rules of the form filling in annex 14.

(2). The information referred to in paragraph 1 shall not be subject to the requirement for comparative information in § 5, paragraph 3.

section 98. If the company's annual report does not contain a list of all undertakings in which the company has shareholdings, as well as the size of these shares, it must also be stated whether or not the public on request or otherwise have access to this information.

Contingent assets



section 99. Unless it is very unlikely that the economic benefits will flow to the company, the company must provide a brief description of the nature of the contingent assets at the balance sheet date and, if practicable, an estimate of their economic impact.

Life insurance liabilities



§ 100. Development in the total reserves for insurance and investment contracts (gross), including provisions for unit-linked contracts, shall be specified by indicating: 1) life-assurance provisions at the beginning.

2) accumulated revaluation primo (+/-).

3) Retrospective provisions primo (1-2).

4) Gross premiums (+).

5) interest (+).

6) insurance benefits (-).

7) Cost Appendix after attribution of cost-bonus (-).

8) Risk gains after attribution of risk bonus (-).

9) Retrospective provisions at the end (3-8).

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

11) life-assurance provisions at the end (9-10).

(2). For each relevant delbestand reported the distribution of the life-assurance provisions divided according to insurance contracts, investment contracts, respectively, original base interest rates on guaranteed benefits, Bonus potential for future prizes and Bonus potential of paid-up policy services at the end of the accounting year and the beginning of the financial year.

(3). The difference between life-assurance provisions for indirect insurance at the end of the accounting year and beginning to be indicated. Specification of this regulation. (1) is not required.

§ 101. If special conditions must be met for that Bonus potential at paid-up policy benefits may be used to cover losses, the size of this part of the Bonus potential at paid-up policy benefits and the associated conditions be reported. It shall, Furthermore, be provided with exact indication whether Bonus potential at paid-up policy benefits are reduced in connection with distribution of the realized results of insurance-investment contracts respectively.

(2). If the guaranteed benefits are calculated with allowance pursuant to section 66 (5), the sum of the charges shall be disclosed before and after recognition of repurchase probabilities.

(3). The principles for calculating the applied risk premium, without prejudice. Annex 1, must be reported.

section 101 (a). It must be stated whether the benefits payable are calculated with or without taking into account the rewrites of contracts for fripolicer and withdrawals, see. section 66 (1). If fripolicer has been taken into account and withdrawals, they used probabilities for rewrites to fripolicer and for withdrawals described with an indication of the reason for their use. The monetary effect on the size of the guaranteed benefits must be reported.

Non-life insurance liabilities



§ 102. Drain the result of instances of damage must be reported as well on gross basis as for its own account.

(2). Is the result of unusual size drain, the reason for this is explained.

Other obligations



§ 103. There must be reported the following about equity loan: 1) A specification of interest, exceptional installments as well as costs of recording and redemption of equity loan during the financial year.

2) an indication of the part of the responsible loan capital may be included in the inventory of the basic capital.

(2). For every deposit of equity loan that exceeds 10% of the company's total responsible loan capital, the company must specify: 1) the loan size, the currency in which it is denominated in, the interest rate and the maturity date, and whether or not it is a perpetual issue.

2) whether there are any circumstances require faster repayment.

3) Other conditions in connection with the subordinated obligation, including any provisions for the subordinated obligation can be converted to stock, cooperative or guaranteed capital or some other form of debt and conditions.

section 104. For each debt item in the balance sheet shall be given information about the part, due in more than five years after the balance sheet date.

(2). If the company has made a pledge or other security interest in assets, this should be reported with an indication of the extent of mortgage statement and the pledged property value specified for each record. The total guarantee for subsidiaries and for other companies within the group must be shown separately.

(3). Unless it is very unlikely that there will be a drag on the company's financial resources, the company must, for each category of contingent liabilities provide a brief description of the nature of eventualforpligtelsen. The company must state the value for each category of contingent liabilities and contingent liabilities total. However, this does not apply to obligations under the company's insurance contracts. Obligations in respect of a parent company and its subsidiaries must be shown separately.

§ 105. For each hedging relationship that qualifies for hedge accounting, see. section 79, shall disclose: 1) the nature of the risk, be ensured.

2) the nature of the insured person.

3) nature of the security instrument.

4) By securing anticipated transactions, the entity shall, in addition to the under nr. 1-3 listed information describe the expected future transactions, including when they are expected to be carried out, when they are expected to be included in the profit and loss account, as well as describe any expected transactions, which has previously been treated as hedge, but which is no longer expected to take place.

5) If value adjustments of derivative financial instruments that are classified as hedging instruments in connection with the securing of payment flows are recognised directly in equity, be informed of the amount a) recognised in other comprehensive income in the current fiscal year, b) transferred from equity and recognised in the income statement of the year, and (c)) transferred from equity and included in the cost price of an asset or a liability in the financial year.

section 105 (a). A company, which measures non-derivative financial liabilities at fair value, should disclose the amount of change in fair value of these commitments, which can be attributed to changes in the credit risk on commitments. This change can be set either 1) as the difference between the total change in the 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 credit risk on commitments.

(2). The information referred to in paragraph 1 shall be given for groups of company's obligations are relevant in relation to the disclosure requirement, respectively, for the fiscal period and accumulated from initial recognition of obligations.

(3). The methods used to determine the amount that is stated in accordance with paragraphs 1 and 2 must be reported. In addition, the entity shall disclose, if it considers that the reported amount in a reliable manner represent changes in the credit risk on commitments as well as provide information on the background to this conclusion and the factors which the company believes is relevant in this context.

(4). The difference between the carrying amount of obligations covered by paragraph 1 and the amount that the company is kontraktsmæssigt required to pay at maturity must be reported.

The profit and loss account
§ 106. To be given information on the expenditure incurred in the year for commissions for the company's direct insurance and investment contracts.

§ 107. During the record exchange adjustments reported spread of assets item 2. Head Office properties, assets items 3. Investment property sub-items of asset item 5. Other financial investments, in total, as well as any other entries.

§ 108. The total fees for the financial year to the audit firm that carries out the statutory audit, the audit of the establishment and subsidiaries must be reported. This information should be specified in the fee for the statutory audit of the annual accounts, fees for other assurance services, tax advisory services and royalty fees for other services. For it in 1. item amounts must be set corresponding to the previous financial year.

(2). A company may choose not to provide the information referred to in paragraph 1, if the company's accounts by full consolidation is part of a consolidated financial statement, in which the information is given for the group as a whole, and the consolidated financial statements are drawn up by a parent undertaking governed by the law of an EU/EEA country.

section 109. The company shall disclose in the financial statements of the essential tax cost or withholding tax revenue items.

(2). The company must give an account of the relationship between tax cost or tax revenue and accounting result on one or both of the following ways: 1) A numerical reconciliation of tax expense or income tax and accounting profit multiplied by the applicable tax rate, which shows the basis on which the applicable tax rate is calculated.

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

(3). The company shall, in respect of each type of temporary difference, unused tax losses and unused tax deductions to inform the amount of: 1) The deferred tax assets and tax liabilities that are recognised in the balance sheet.

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

Life insurance contracts



section 110. Gross premiums direct and indirect distribution of insurance and investment contracts must be reported. The company's gross premiums must be allocated to direct contracts respectively: 1) Current premiums and compensatory payments.

2) Prizes for group life contracts and premiums for other insurance and investment contracts. Premiums for other insurance and investment contracts are distributed respectively individually subscribed contracts and sign as part of an employment relationship.

3) Contracts with the right to award contracts without right to bonus and contracts where the investment risk is borne by policyholders.

(2). Number of insured persons at the end of the year is covered under each of the 3 groups of contracts referred to in paragraph 1, no. 2, must be reported.

(3). Gross premiums written for direct insurance and investment contracts are to be distributed after the insured person domiciled in, respectively: 1) Denmark.

2) Other EU-countries.

3) Other countries.

§ 111. The principles on which the company uses for sharing of the realized outcome, without prejudice. notice on the kontributions principle, must be described. In conjunction with this to the size of the realised result for the year and the distribution of the amount is entered. Have own funds due to an inadequately realized profit in the year or in previous years received a smaller portion of the realized outcome, than the principles so requires, and the company is entitled to redress on this in the coming year's distribution, must be disclosed with an indication of the amount likely to be allocated to shareholders ' equity, in addition to what the principles would otherwise give rise to.

section 112. The share (the disclaimer fraction) of the otherwise taxed income securities are kept free for pension return tax after pension yield Tax Act sections 7, 15 and 16, shall be reported.

Non-life insurance contracts



§ 113. For at least the 3 greatest of the following classes of insurance, measured on gross præmieindtægten they must for that insurance class attributable amounts referred to in paragraph 4, no. 1-7, reported: 1) Sickness and accident insurance.

2) health insurance.

3) workers ' compensation insurance.

4) motor vehicle insurance, liability.

5) motor vehicle insurance, collision damage.

6) marine, aviation and transport insurance.

7) Fire-and movable property insurance (private).

8) Fire-and movable property insurance (business).

9) change of ownership insurance.

10) liability insurance.

11) credit and surety insurance.

12) legal expenses insurance.

13) Tourist assistance insurance.

14) Other direct insurance and proportional reinsurance acceptances.

15) non-proportional reinsurance acceptances.

(2). Classes 1-14 must include proportional reinsurance acceptances.

(3). Insurance contracts covering risks that can be assigned to several of the classes listed in paragraph 1, shall be assigned to the class in which the major portion of risk falls.

(4). The amount pursuant to paragraph 1 shall be allocated to each of the classes is as follows: 1) gross premiums written.

2) gross premiums earned.

3) Gross claims incurred.

4) gross operating expenses.

5) Result of outward business.

6) insurance technical interest f.e.r.

7) insurance technical result.

(5). The amount under paragraph 4(2)(a). 4, must be shown before the deduction of commissions and profit participations from reinsurance undertakings, which are included under paragraph 4(2)(a). 5. (6). The amounts referred to in paragraph 4 shall in all cases be reported on each of the below (1). 1-13, listed insurance classes, where gross premiums exceeding 70 million. KR Represents gross premium income for non-proportional reinsurance acceptances without prejudice. (1). 15, less than 10 per cent of the total gross premiums earned, the amounts of these insurance contracts can be merged with the amounts for other direct insurance regulation. (1). 14, under the designation ' Other insurance '. Made this aggregation, gross premium income for non-proportional reinsurance acceptances shall be disclosed separately. The sum of the amounts reported according to paragraphs 1 and 4, shall correspond to the amounts included in the income statement, since the business that is not assigned to one of classes under paragraph 1, nr. 1-13 or 15, attributed to ' other direct insurance and proportional reinsurance acceptances '/' other insurance ', see. (1). 14. (7). Gross premium income of insurance must be allocated to indirect non-life insurance and life insurance.

(8). Gross premium income of direct insurance shall be distributed geographically according to risk location. In determining the risk location used the definition in § 4 of the FSA announcement on congruence and localisation. Gross premium income must at least be divided into the following areas: 1) Denmark.

2) Other EU-countries.

3) Other countries.

§ 114. The following information must be provided on the progress of the substitutions by the classes of insurance specified in article 113, paragraph 1:1) the number of substitutions.

2) average compensation for any damage.

3) Replacement frequency.

Related parties, etc.



section 115. Amount of loan and mortgage, guarantee or warranty made to members of the company's or its parent companies ' Executive Board, Board of directors or Board of regulators should be set for each category, with an indication of the essential terms, including interest rates and the amounts recovered during the year.

(2). The provision of paragraph 1 shall not apply to loans and guarantees for the acquisition of shares in the company or to the employees of the company or its subsidiaries.

(3). The provision in paragraph 1 also applies to debts owed by and securities related to the persons referred to in paragraph 1.

(4). In exceptional cases, where a company's representatives are not a narrow governing body, the information referred to in paragraphs 1 and 3 are omitted.

section 116. To be given information about the average number of full-time employees in the fiscal year. Staff costs must be stated and specified respectively salary, pension, other expenditure on social security and taxes, calculated on the basis of the number of personnel or payroll.

(2). The company must separately specify the total remuneration for the financial year to the current and former members of the Executive Board, 1) 2) Board and 3) employees, whose activities have a material impact on the company's risk profile.

(3). For each of the three groups referred to in paragraph 2 shall be indicated the number of persons covered by the group as well as the distribution of remuneration on fixed and variable compensation. In addition, the company must specify the total obligation to provide pension for the mentioned groups. Provides for special incentive programs for members of the management team, must indicate which category of Directors program applies to what services program includes, and what is necessary in order to assess the value thereof.

§ 117. The company must disclose the name and registered office of the parent undertakings, including foreign parent companies that draw up consolidated accounts for, respectively, the largest and smallest group of companies in which the company forms part as a subsidiary undertaking, as well as where the foreign parent companies ' consolidated financial statements, etc. can be obtained.
section 118. Name, registered office and legal form of significant subsidiaries and associated companies must be provided with a statement of the undertaking's activity. For each undertaking must be specified how big a share owned, as well as the size of the company's equity and the result, according to the latest available annual report. Information may be given in the form of a consolidated chart.

(2). When a subsidiary is the parent company of a group, find the information requirement referred to in paragraph 1 shall not apply to this business of subsidiaries and associated companies.

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

(2). In addition to the information referred to in paragraph 1 and section 120 shall be given information about the related parties, which have a dominant influence on the company. The information must include the name, domicile, for enterprises registered office, and the basis for the dominant influence.

section 120. Stock companies shall maintain a special register of shareholding within the scope of the Danish companies Act section 55 and section 56 shall inform, who at the time of annual reporting is included in the special list indicating the full name and domicile or registered place of business of enterprises.

Corporate capital



§ 121. For public limited companies must be specified the number and nominal value of the shares. 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.

section 122. If the company has included loans against issuance of convertible debt securities, shall for each such loan shall disclose the amount which remains outstanding, the swap price and the deadline for the Exchange to shares. Similarly for issued warrants (warrants).

(2). Is there recorded loans against bonds or other debt securities with a right to interest, the amount of which is wholly or partly dependent on the dividend, as the company's shares payments or of the year's profit must be indicated for each loan outstanding loan amount and the agreed rate of return.

section 123. Regarding the company's holding of own shares must be reported: 1) the number and the nominal value of Treasury shares, which are included in the company's inventory, and the percentage that the book represents of the share capital.

2) the number and the nominal value of the Treasury shares acquired or disposed of during the financial year, and the percentage that they constitute of the share capital as well as the size of the entire purchase-and sales AMT.

3) reason for the acquisitions of own shares, which have been made in the financial year.

(2). The information referred to in paragraph 1 shall be given separately for shares acquired to owning or mortgage.

(3). The information referred to in paragraphs 1 and 2 shall be granted for equivalent shares in the company, which is part of subsidiaries acquired or disposed of or daughter companies in the fiscal year.

section 124. It must be reported, the extent to which any Security Fund is deposited by untaxed products, as well as for what purpose the Security Fund in accordance with the company's articles of Association is bound.

section 125. Any difference between the kernel and the basic capital of the basic regulation. §§ 128-138 of the financial business Act, and shareholders ' equity according to the balance sheet must be specified.

Sensitivity information



section 126. Life-assurance undertakings, must give information about sensitivity to risks in accordance with the table in annex 15. The information need not be provided with comparative information, see. § 5, paragraph 3.

section 127. Life-insurance companies, must give information about sensitivity to risks in accordance with the table in annex 16. The information need not be provided with comparative information, see. § 5, paragraph 3.

Chapter 5 management report § 128. The management report must 1) describe the company's main activities, 2) describe uncertainty by recognition and measurement, as far as possible, stating the amount, 3) describe any unusual incidents which may have influenced the inclusion or measurement, as far as possible, stating the amount, 4) an account of the evolution of the company's activities and financial situation, 5) mention significant events which occurred after the end of the financial year, 6) describe the company's expected development , including special conditions and uncertain factors, such as management has laid the basis for the 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 to which the company may be affected by, 9) describe the research and development activities or for the company and 10) publicity activities and branches abroad.

section 128 (a). The management report must contain information on the amount at the end of the accounting year of the company's capital requirements, see. section 127 of the financial business Act, and about the size of the company's individual solvency need, see. § 126, paragraph 8, of the law on financial activity and explain how the amounts are calculated. The corresponding amounts for the year ahead to be supplied for comparison.

§ 129. The management report shall describe the net profit compared with the projected evolution according to the last published annual report, or in the course of the year, according to the latest published expectations and justify variances in profit or loss in relation thereto.

§ 129 (a). To be informed of the fiduciary, which the company's Board of Directors and members of the Board hold in other companies, with the exception of directorships in the company's own 100% owned subsidiaries. Is the Member concerned by the management of both a second parent company as one or more of its 100%-owned subsidiaries, is it regardless of 1. paragraph shall be sufficient to indicate the name of this parent and the number of its subsidiaries, in which the person concerned is Director.

§ 130. The management report shall include the Board of Directors ' proposal for dividend. The amount should be entered as a special item in equity.

section 130 (a). A company that has one or more classes of shares with the associated voting rights to be admitted to trading on a regulated market in the EU/EEA country, will complement the management report with information which creates transparency about the company's relationship with the aim of promoting the free circulation of the company's shares. The information must include the following: 1) conditions regarding the company's capital structure and ownership, including (a)) the number of shares with voting rights and their associated nominal value, b) proportion of shares with the associated voting rights, which are not admitted to listing or trading on a stock exchange, an authorised market place or a similarly regulated market in an EU/EEA country, c) a specification of the different classes of shares as set out in § 121 If the company has several classes of shares, a and d), an indication of the full name and domicile or registered place of business of the enterprises, as well as the exact ownership and voting for anyone who is included in the special list of referred to in § 120 shareholding of the company.

2) Information, which is known by the company, about a) rights and obligations attached to each class of shares, (b) and (c) limitations on the transferability of shares)) voting restrictions.

3) Rules for the appointment and replacement of members of the company's Board of Directors as well as for amending the company's articles of Association.

4) Board of Directors ' powers, especially regarding the possibility to issue shares, see. the Danish companies Act § 155, or to acquire own shares, see. section 198 of the Danish companies act.

5) Significant agreements to which the company has concluded, and which takes effect, is modified or expires, if control of the company be amended as a result of a completed takeover bids, as well as its effects. Information after 1. paragraph may, however, be omitted if the disclosure would be seriously detrimental to the company, unless the company specifically obliged to disclose such information pursuant to other legislation. Omission of information after 2. point should be mentioned.

6) Agreements between the company and its management or employees, and these receive compensation if they are made redundant without valid reason or resigns or the position will be closed as a result of a takeover bid.

(2). Companies that are subject to the provisions of paragraph 1, may choose not to provide information in accordance with sections 120 and 121.

§ 131. An undertaking which has securities admitted to trading on a regulated market in the EU/EEA country, must include a statement of corporate governance, which includes the following: 1) an indication of whether the company is subject to a code of corporate governance, with reference to the code, the company is subject, where appropriate.

2) indication of where the in no. 1, the code is publicly available.

3) indicating which parts of the in no. 1, the code of conduct, the company departs from and the reasons therefor, if the company has decided to waive parts of the code.

4) Indication of the reasons why the company does not use the in no. 1 referred to code, if the company has decided not to apply the provisions of the code.

5) reference to any other codes of corporate governance that the company has decided to apply in addition to or in place of the in no. 1 code, or as the company voluntarily applies, with indication of corresponding information such as those of nr. 2 and 3.
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 the company's governing bodies and their committees and their function.

(2). An undertaking which are covered by paragraph 1, and the sole securities other than shares admitted to trading on a regulated market in the EU/EEA country can fail to provide in paragraph 1, no. 1-5 and 7, the information referred to, unless the undertaking has shares admitted to trading on a multilateral trading facility in an EU/EEA country.

(3). The statement referred to in paragraph 1 shall be given in the context of the information referred to in article 130 (a) in the management report, see. However, paragraph 4.

(4). The company may choose not to include the statement in the management report in accordance with paragraph 1, if the management report contains a reference to the company's website where the statement is published. Publication on the company's website assumes that the company meets the requirements for it as set forth in the Danish Commerce and companies Agency notice of the publication of the statement of corporate governance and statement of social responsibility on the company's website, etc. with the necessary adaptations.

§ 132. An undertaking which has securities admitted to trading on a regulated market in a EU/EEA-country, as well as enterprises, which operates life insurance company, to complement the management report with a statement of social responsibility, see. paragraphs 2 to 6. By social responsibility means that companies voluntarily integrate into account, among other things, human rights, social conditions, environmental and climatic conditions as well as the fight against corruption in their business strategy and business activities. The company has no policies for social responsibility, must be disclosed.

(2). The statement shall indicate: 1) the company's policies on corporate social responsibility, including any standards, guidelines or principles for social responsibility that the company uses.

2) how the company translates its policies of social responsibility into action, including any systems or procedures for doing so.

3) the company's assessment of what has been achieved as a result of the company's work with corporate social responsibility, as well as the company's expectations with regard to future work, if any.

(3). Statement shall be given in relation to the management report. The company, however, may instead choose to give Exposition: 1) in a supplementary report to the annual report referred to in article 6. section 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.

(4). The publication of the statement referred to in paragraph 2, no. 1 or 2, requires that the company meets the requirements for it as set forth in the Danish Commerce and companies Agency notice of the publication of the statement of corporate governance and statement of social responsibility on the company's website, etc. with the necessary adaptations. section 193. 3. points, in the financial business Act shall apply mutatis mutandis to the statement in those cases in which the statement is published elsewhere than in the management report.

(5). For businesses, which draws up consolidated accounts, it is sufficient if the disclosure requirements in accordance with paragraphs 1 and 2 shall be granted for the group as a whole.

(6). A daughter company, which is part of a group may choose not to include the information in its own management report if 1) parent undertaking complies with the disclosure requirements in accordance with paragraphs 1 and 2 of the Group's total, or 2) the parent undertaking has prepared a progress report in relation to adherence to the UN Global Impact or the UN principles for responsible investment.

(7). A company that has prepared a progress report in relation to the endorsement of the United Nations Global Compact or the UN principles for responsible investment, may choose not to provide the information referred to in paragraphs 1 and 2. The company should disclose in the management report, that the use of this exception and specify where the report is publicly available.

Title III consolidated accounts and acquisitions Chapter 6 Reporting of consolidated accounts

Duty to report consolidated financial statements section 133. The parent companies ' annual report must contain a consolidated accounts, without prejudice to § 134 and section 136.

section 134. A parent company whose debt or equity instruments not admitted to trading on a regulated market, or may fail to prepare consolidated accounts, if it even is a subsidiary undertaking of a parent undertaking governed by higher law of an EU Member State or in another country with which the community has concluded an agreement, and 1) the higher parent company a) holds at least 90 per cent of the shares in the parent company and lower minority participants in the face of this parent company's senior management has approved that it is not presenting consolidated financial statements, or b) holds less than 90 per cent of the shares in the lower parent entity and its top management not within 6 months before the end of the financial year from minority participants, who owns at least 10 per cent of the company's capital, have received demands for presentation of the consolidated financial statements, and (2)) the higher parent undertaking draw up consolidated accounts in accordance with the law of the Member State to which the higher parent company falls and the consolidated financial statements are audited by persons authorized in accordance with the legislation of that Member State.

(2). A parent company whose debt or equity instruments not admitted to trading on a regulated market, may also fail to present a consolidated financial statement, if it even is a subsidiary undertaking of a parent undertaking governed by higher law in a country that does not fall under the law of an EU Member State or in another country with which the community has concluded an agreement, and 1) the lower parent company top management not within 6 months before the end of the financial year from minority participants have received demands for reporting of consolidated accounts and 2) the higher parent undertaking draw up consolidated accounts in accordance with the Council's 7. company law directive or in accordance with rules which are at least equivalent to the rules for the consolidated financial statements in the said directive, and are audited by persons authorized in accordance with the national legislation under which the higher parent company falls.

(3). For in paragraphs 1 and 2 shall be exceptional cases required further to 1) the lower parent company own and its subsidiaries ' are included in the consolidated financial statements for the parent company, 2) higher the lower the parent undertaking in its annual accounts indicate that the in application of paragraph 1 or paragraph 2 of this article have failed to draw up consolidated accounts and communicate the name, registered office and, where appropriate, VAT number or registration number of the higher parent company and 3) the lower parent company along with its financial statements and submit it in (1) and (2) referred to consolidated accounts for financial supervision as well as the additional information the Danish financial supervisory authority may require.

section 135. If a parent company may choose not to present consolidated financial statements, but nevertheless bear such a that are not exclusively used for the company's own use, will find this publication provisions relating to consolidated accounts use.

The scope of consolidation



section 136. All subsidiaries, see. § 5 (1) (8). 8, in the financial business Act, to be included in the consolidated financial statements by the full consolidation.

(2). A subsidiary undertaking within the scope of § 10 of assets in temporary possession to be included in the consolidated financial statements in accordance with paragraph 3.

(3). Assets and liabilities of the subsidiaries that are covered by paragraph 2, should be included as a separate item on the asset side and "liabilities" respectively in the consolidated financial statements balance sheet. The result of the subsidiary undertaking must be included as a separate item in the consolidated financial statements profit and loss account.

General requirements for consolidated financial statements



section 137. Consolidated accounts shall show the assets and liabilities of the consolidated companies, their financial situation, their outcome and other comprehensive income and changes in capital, as if together they were a single company.

(2). By consolidating the accounts may be combined, so that uniform income and expenses and assets and liabilities grouped. To be made the adjustments that are necessary because of the special circumstances that apply to consolidated accounts for difference from financial statements.

(3). Business units for which the business relationship is established in the course of the financial year, may only be included in the summary of income and expenses of the transactions and relationships that have occurred after the date of the consolidated relationship establishment.

(4). Business units for which the business relationship is terminated in the course of the financial year, may only be included in the summary of income and expenses of the transactions and relationships that have arisen until the time of group termination.

section 138. The consolidated financial statements income statement and balance sheet shall be drawn up in accordance with Annex 2-5 as well as the rules for classification and nomenclature, applicable to the Group's main activity. In groups where both the non-life insurance business of life-assurance is of considerable size, used income table in annex 5. If the size of the non-life insurance is minor, the table in annex 3 shall be used.
(2). For groups engaged in activities that cannot be accommodated in the accounting records, which are set out in annex 2-5, added the extra entries, which may be required by the rules in section 4, paragraph 2.

(3). Parent undertakings covered by article 1, paragraph 1, no. 3, after permission from the Danish financial supervisory authority may depart from the rules in section 4, paragraph 2, by the adjustment of the layout of consolidated financial statements profit and loss account and balance sheet for activities that cannot be accommodated in the accounting entries in annexes 2-5.

(4). Minority interests proportionate share of subsidiaries ' equity shown as a separate item under equity. Minority interests proportionate share of subsidiary companies ' results and other comprehensive income is recognised in the profit and loss account and linked to other comprehensive income. Movements in shareholders ' equity, see. § 39, must separate show parent undertaking and minority interests share of total comprehensive income.

§ 139. The assets and liabilities of undertakings included in a consolidation as well as income and expenses are recognised and measured in accordance with uniform methods in accordance with the provisions of this Ordinance.

(2). In the consolidated financial statements are used as far as possible the same methods for recognition and the basis for measurement as in the annual accounts of the parent undertaking. Consolidated subsidiaries using other methods and basis of their own financial statements, drawn up a new company for the purpose of the consolidated financial statements, which are recognised and measured in accordance with the methods and bases used in the consolidated financial statements. Apply the associated and joint controlled companies other methods and basis in their own annual accounts, made the necessary adjustments of the associated and joint controlled companies ' results and equity, so that there are recognised and measured in accordance with the methods and bases used in the consolidated financial statements.

(3). Associated companies and jointly controlled companies are recognised and measured in the consolidated financial statements in accordance with the equity method, see. However, paragraphs 4 and 5.

(4). A common controlled activities can be included in the consolidated financial statements by the proportional consolidation. Entries in the JCE be included in relation to the consolidated companies ' share of the company's equity and result. A joint controlled entity, which will be an associate are recognised and measured in accordance with the equity method, see. (3).

(5). Assets and liabilities of subsidiaries, associates and jointly controlled companies that are only temporarily in the company's possession and awaiting sale within a short period of time, and where a sale is highly likely, see. § 10, measured to the lowest amount of net book value and fair value minus selling costs.

(6). No depreciation on assets in subsidiaries, associates and jointly controlled companies covered by paragraph 5.

section 140. The following entries must be eliminated: 1) claims and liabilities between the consolidated companies.

2) income and expenses arising from transactions between the consolidated enterprises.

3) Gains and losses resulting from transactions between the consolidated companies, which are included in the carrying amount of its entries.

§ 141. Annual report management report, statement of accounting policies and notes to the consolidated financial statements must contain information about the group as if they were one company consolidated companies together. The provisions laid down in this Ordinance on the management report, the statement of accounting policies and notes shall apply mutatis mutandis for the consolidated financial statements.

Chapter 7 acquisitions and mergers, etc.

section 142. The acquisition of another company, in the case of a merger or the acquisition of a business activity, are recognised and measured the acquired assets and liabilities of the acquired company or business activity at fair value on the acquisition date.

(2). Any positive difference between the total cost and net assets fair value at the acquisition date are recognised in the balance sheet under assets item i. intangible assets. The entry referred to as Goodwill.

(3). Goodwill is assessed by each clearance and reduced, if impairment.

(4). Any negative difference between the total cost and net assets fair value at the date of acquisition is recognised as income in the profit and loss account.

(5). Paragraphs 1 to 4 shall apply mutatis mutandis in the consolidated financial statements by the acquisition of a subsidiary undertaking within the meaning of. However, paragraph 2.

section 143. If two companies that either merge or establish a business relationship, both are subject to the same parent company in a group or are otherwise subject to the same interest dominant influence, merger or corporate establishment is treated after the aggregation method, see. (3).

(2). The aggregation method can, moreover, after permission from the Danish financial supervisory authority used in connection with acquisitions or mergers, which exclusively involve mutual companies or pension funds.

(3). After the aggregation method presented financial statements respectively, the consolidated financial statements for the period in which the merger has happened, as if the companies had been combined as of the earliest accounting period, are included in the financial statements. The difference between the amount of Directors as corporate capital, as well as possible premium with the addition of any cash consideration and the intrinsic value of the accounting acquiree attributed respectively to be deducted on clear display in the reserves may be used to cover deficits.

Merger accounting, etc.



§ 144. When in connection with a merger or similar pursuant to provisions of the legislation be drawn up an opening balance, this shall be drawn up in accordance with the rules set out in section 142 or § 143.

Title IV Chapter 8 preparation of interim reports interim report § 145. The half-yearly financial report, see. § 2 shall include profit and loss and other comprehensive income for the period from 1 January. January to 30. June with comparative information from the corresponding six-month period the year before, as well as balance sheet as at 30. June with comparative information from the balance at the end of the year before. If the company is newly created and has not prepared its first annual report, the profit and loss account shall cover the period from the Foundation to the 30. June and balance comparative information should be from the company's opening balance sheet. Resultatopgørelsestal and balancetal are stated in accordance with the rules laid down for the annual report and shall be drawn up in accordance with Annex 2-5.

(2). For companies whose annual report must contain a consolidated financial statement, the half-yearly financial report should contain a corresponding consolidated accounts on half-yearly basis prepared in accordance with paragraph 1.

(3). The half-yearly financial report, including the consolidated financial statements on half-yearly basis, should include a management report, as at least describes the important events that have occurred in the half year with an indication of the importance they have had for the figures. The management report shall also describe the principal risks and uncertainties to which the company is subject to the remaining six months of the financial year. There have been larger in half year transactions with related parties, these must be described.

(4). The half-yearly financial report, including the consolidated financial statements on half-yearly basis, must contain the comments, key figures and specifications to the accounting figures, which are necessary in order to describe and explain the evolution of the period. The company should disclose whether the accounting policies are unchanged in relation to the accounting practice in the latest cast-off annual report. In the event of a change in accounting policies on the nature of the change and specify the monetary impact on the company's result and equity.

(5). If the half-yearly financial report has been audited, the auditor's endorsement be reproduced in its entirety in the report. Similarly, if there is a reviewerklæring from the auditor. If the half-yearly financial report has not been subject to audit or review, must be disclosed in the report.

(6). The half-yearly financial report should include a management endorsement, which complies with the requirements of § 185 of the law on financial business.

(7). Half-yearly report shall be submitted to the FSA last 31. August. Half-yearly report shall be available to the public no later than on the same date, for example, on the company's internet address or know that interested parties can get the half-yearly financial report handed over or sent to you by contacting the company.

Preparation of quarterly reports



§ 145 (a). If the company publishes quarterly reports, these must be drawn up in accordance with the rules laid down in § 145, paragraph 1-6, with the adjustments that might be required by, that this is a quarterly report and not a half-yearly report. A parent undertaking shall not be required to include his own accounts, so that the quarterly report only includes the consolidated financial statements on a quarterly basis.

(2). Accounting information, which will be published by the company, shall not be referred to quarterly reports, unless they meet the requirements laid down in paragraph 1 or the requirements of an interim report in accordance with the international accounting standards regulation. section 1, paragraph 2.

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

Title V penal provisions as well as the date of entry into force and transitional provisions Chapter 9 penalties § 146. Intentional or grossly negligent violation of §§ 2-39, §§ 41-81, 83-90 or 91 a-145 (a) is punishable by a fine.

Chapter 10-entry into force and transitional provisions
§ 147. The notice shall enter into force on the 15. January 2011 and finds the first time apply to annual and interim reports relating to the financial year, which begins 1. January 2011. However, notwithstanding paragraph 8 notice may also be used in the annual report for 2010. If the provisions of this Ordinance, who deviates from the provisions of Decree No. 1310 of 16. December 2008 will not be applied in full in the annual report 2010, must be disclosed in the section on accounting policies, with an indication of the provisions of this Ordinance, there is applied early.

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

(3). Goodwill, which may be recognised in the balance sheet at 31 December. December 2004 after previously existing rules, must no longer be depreciated in accordance with the rules in force when it was incorporated, but shall be assessed for impairment in accordance with the provisions of this Ordinance with effect from the 1. January 2004.

(4). The rules laid down in this notice on a share-based remuneration shall only apply to programs established after the 1. January 2004. For programs established before the 1. January 2004, companies can choose to have the provisions of this Ordinance apply. If the program is established on 7 August. January 2002 or earlier, can the company, however, only apply the provisions of the Executive order, if the application's fair value at the time of establishment has been informed.

(5). Modification of the methods for the recognition and measurement of intangible assets, see. § 60 and 61, can happen in such a way that the only relationship that occurred as from the financial year 2003 and later, are recognised and measured in accordance with the rules of the Executive order.

(6). For companies that have previously reported financial statements in accordance with the notice on non-life insurance companies ' financial statements, considers the requirement for increases in Headquarters property revalued value has to be factored into passive record revaluation reserve only apply to the part of the revaluation amount is in addition to the higher of the following amounts: 1) The value to which the property in question was employed in the financial statements on which the Decree No. 723 of 27. November 1989 on non-life insurance companies ' financial statements last time was applicable.

2) acquisition price.

(7). For companies that have previously reported financial statements in accordance with the Ordinance on life insurance companies and lateral pension funds financial statements, considers the requirement for increases in Headquarters property revalued value has to be factored into passive record revaluation reserve only apply to the part of the revaluation amount beyond the fair value as at 31 December 2003. December 2003.

(8). FSA bekendtgørelse nr. 1310 of 16. December 2008 on financial reports for insurance companies and lateral pension funds shall be repealed. The notice shall, however, apply to annual reports for the financial year 2010, see. However, paragraph 1.

The Danish financial supervisory authority, the 11. January 2011 Ulrik Nødgaard/Flemming Petersen



List of annexes Annex 1:





Definitions





 

 





Annex 2:





Balance sheet





 

 





Annex 3: income statement form for life insurance





 

 





Annex 4: income statement form for non-life insurance





 

 





Annex 5: income statement scheme for groups of companies





 

 





Annex 6: Concepts used by lateral pension funds





 

 





Annex 7: measurement of the fair value of the property





 

 





Annex 8: Discount rates by the measurement of insurance liabilities





 

 





Annex 9: five-year overview of key figures and ratios for companies, which operates life insurance company





 

 





Annex 10:





Five-year overview of key figures and ratios for non-life insurance undertakings





 

 





Annex 11: Specification of assets





 

 





Annex 12: Rules for completion of the form set out in annex 11





 

 





Annex 13: Specification of shares, including shares in mutual funds





 

 





Annex 2: rules for the filling in of the table in annex 13





 

 





Annex 15: Schedule for sensitivity information for enterprises, which operates life insurance company





 

 





Annex 16: Schedule for sensitivity information for enterprises, which operates life insurance company





 

 





Annex 5:





Table of contents





 











Annex 1 Definitions

1. Financial leasing:

Lease agreement, which transfers all the significant risks and rewards associated with ownership of an asset without regard to whether the right of ownership is transferred at the end of the term of the lease or not.

2. Functional currency:

The currency is valid in the economic environment, as the reporting entity or an entity within that primarily operates in.

3. the controlled company:

A joint controlled entity is a joint venture which involves the establishment of a company on the basis of an agreement between the participants, which establishes common dominant influence on the company's business activity.

4. Non-monetary items:

Assets and liabilities that are not monetary items.

5. Monetary items:

Cash and cash equivalents as well as assets and liabilities, including provisions settled in fixed or determinable amounts.

6. Related Parties: (a)) Persons or companies, one of which is, directly or indirectly, a dominant or substantial influence on the other's or others ' operational and financial management, or



b) multiple persons or enterprises whose operational or financial management is subject to the dominant influence of the same person or company.

7. Operating leases:

Lease agreement, there is no financial leasing.

8. Presentation currency:

The currency in which the annual accounts are presented in.

9. Security conditions: a) the safeguarding of fair value: a hedge against the risk of fluctuations in the fair value of a recognized asset, a recognised liability or a contractually agreed non-recognised future payment for goods or services.



b) Assurance of payment flows: A hedge against the risk of changes in the payment flows linked to recognised assets or liabilities, or to very likely future transactions, which may affect future financial results.



c) securing the investment in a foreign entity.

10. Associated companies:

A company's subsidiaries, its parent companies and their subsidiaries.

11. the exchange-rate differences:

The difference resulting from the conversion of a given amount in one currency into another currency at different exchange rates.

Annual items
12. Derivative:

A financial instrument, a) if the value changes as a result of changes in a specific interest rate securities and Exchange, commodity price, foreign exchange rate, price or interest rate index, credit rating, credit index or similar variables (sometimes called the ' underlying '),



(b)) as for the award does not require or only require limited net investment compared to other types of contracts that are affected in a similar way to changing market conditions, and



(c)) which is settled at a future time.

13. Assets:

Resources that are under the company's control as a result of past events and from which future economic benefits are expected to accrue to the company.

14. The Domicil properties:

Land and buildings, which the company uses in its own motion.

15. Contingent assets:

A possible asset that arises from past events whose existence can only be confirmed by to occur or not occur one or more uncertain future events, which are not under the company's full control.

16. Contingent liabilities: a) a possible obligation that arises from past events whose existence can only be confirmed by to occur or not occur 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 recognised, because (i) it is not probable that the redemption of the obligation will cause a drag on the company's financial resources, or (ii) the size of the obligation cannot be measured with sufficient reliability, 17. Financial obligation:

A commitment in the form of a) a contractual obligation to transfer cash or another financial asset to another party or



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

18. Financial asset:

An asset in the form of (a)) cash and cash equivalents,



(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 on the potentially favourable conditions at the time of the assessment or



d) another company's equity instruments.

19. Financial instrument:

A contract that constitutes a financial asset in one enterprise and a financial liability to another party, or an equity instrument of another enterprise.

20. Commitments:

Existing duties of the company arose as a result of past events, and if the settlement is expected to result in the transfer of economic resources.

21. Accrued obligation:

An amount that covers the obligations which are to be seen in terms of size and/or settlement date.

22. Resources:

Increases in economic benefits during the accounting period in the form of approach or increase in value of assets or decreases of liabilities that result in increases in equity. However, no deposits are included in revenue from owners.

23. Investment properties:

Land and buildings acquired with a view to achieving return on the invested capital in the form of ongoing operating returns and/or capital gain on resale.

24. Cost:

Decreases in economic benefits during the accounting period in the form of departure or impairment of assets or increase in liabilities resulting in decrease in shareholders ' equity. However, not included in the cost distribution or distribution to owners.

Measuring 25. Amortised cost:

The amount by which a financial asset or financial liability was measured on initial recognition with a) net of repayments,



(b)) price increases or reductions of the total write-off on the difference between the initial amount recognised and the amount payable at maturity, and



c) deduction of depreciation.

Depreciation is calculated using the effective interest method.

26. Fair value:

The amount as an asset can be converted to, or an obligation can be fulfilled by a deal between knowledgeable, willing and independent parties.

27. Recoverable:

The highest net selling price of an asset and its usefulness. The added value is the present value of the expected future cash flows, to which the asset is expected to generate by continuing use and the transfer at the end of its useful life.

Insurance concepts 28. Drainage result:

Drain the result is the difference between a) claims on the balance sheet at the beginning of the financial year, adjusted for currency translation differences and discount effects, and



(b)) the sum of the compensation paid in the financial year and the proportion of claims relating to injuries incurred in the previous financial year.

Driver company indirect insurance, must drain the result for the previous fiscal year result led in premium income and commissions for this business included in drainage result.

29. Cedent:

An insurer who has bought or asking for reinsurance cover.

30. Combined ratio:

The sum of the replacement rate, see. paragraph 33, the indirect cost percentage from the basic regulation. paragraph 51, and nettogenforsikringsprocent, see. paragraph 50.

31. The retrospective provision for each life insurance and investment contract:

Paid-in premiums after deduction of benefits paid, payment for costs, regulation of risk and with the addition of attributed to interest rate, etc. on the individual insurance.

32. the replacement frequency:

The number of instances of damage in the accounting period in relation to the average number of insurance contracts that were in force during the accounting period.

33. Compensation percentage:

The ratio of compensation expenses and premium income. Premiums are reduced by bonuses and rebates.

34. Facultative reinsurance acceptances:

Indirect insurance for individual risks, where the reinsurer retains the ability to accept or decline each risk, which is offered by cedenten, see. paragraph 29.

35. The insurance assets:

An insurance company's net rights under an insurance contract.

36. Insurance event:

An uncertain future event that is covered by an insurance contract, and which results in the insurance risk.

37. Insurance obligations:

An insurance company's net obligations under an insurance contract, see. paragraph 38.

38. The insurance contract:

A contract whereby one party (the insurer) accepts significant insurance risk from another party (the policyholder, see point 41) by agreeing to compensate the policyholder if a specified uncertain future event (insurance event, see point 36) have an unfavourable effect for the policyholder, see. paragraph 41.

39. Technical provisions:

The technical provisions corresponding to the liabilities item (III). Reserves for insurance and investment contracts, a total of.

40. The insurance risk:

Risk, apart from financial risk that is transferred from the policyholder, see. paragraph 41, to the issuer of an insurance contract, see. paragraph 38.

41. The policy holder:

The party who is entitled to compensation under an insurance contract, see. paragraph 38, if an insurance event, see. paragraph 36, occurs.

42. Guaranteed paid-up policy benefits for each life insurance and investment contract:

The present value of the benefits which are guaranteed the policyholder, see. paragraph 41, in accordance with the contract by repaint to paid-up policy, as well as the present value of the expected future costs of the administration of fripolicen.

43. Benefits payable for each life insurance and investment contract:

The present value of the benefits which are guaranteed the policyholder, see. paragraph 41, in accordance with the contract, as well as the present value of the expected future costs for administration of the contract, less the present value of future premiums agreed.

44. Average replacement for instances of damage:

The proportion of the total damages in proportion to the number of substitutions in the fiscal period.

45. the investment contract:

A contract to which the insurance undertaking has the concession to issue, in accordance with article 3. Annex 8 of the financial business Act, but which do not contain sufficient insurance risk to be covered by the definition of insurance contracts, see. paragraph 38.

46. life insurance assets:

An insurance company's net access during a life insurance contract.

47. life insurance liabilities:

An insurance company's net obligations under a life insurance contract.

48. Life Assurance provision for each week of insurance and investment contract before possibly supplement for buyback value:

The largest of the guaranteed benefits for each life insurance and investment contract, see. Nr. 43, guaranteed paid-up policy benefits for each life insurance and investment contract, see. Nr. 42, and the value of the retrospective provision for each life insurance and investment contract (No. 59), with deduction of the share of the expected future administrative performance, plus risk premium on the share of the contract total mathematical provisions, see. Nr. 54.

49. life insurance contract:

An insurance contract, who are covered by the definition of insurance contracts, see. paragraph 38, and as an insurance undertaking has the concession to issue, in accordance with article 3. Annex 8 of the financial business Act.

50. Nettogenforsikringsprocent:

The ratio of the reinsurance result and premium income. Premiums are reduced by bonuses and rebates.

51. The cost percentage:
The relationship between technical operating costs and premium income. Premiums are reduced by bonuses and rebates. Technical operating costs are assessed at the sum of the result entries 5.1. Acquisition costs and 5.2. Administration costs referred to in article 6. Annex 4, with deduction of depreciation and operating costs of Headquarters buildings and with the addition of the calculated costs (rent) concerning the domicil properties based on a calculated market rent. The adjustment relating to domicile properties must only include the share of depreciation and operating costs relating to insurance operation.

52. Operating ratio:

Is calculated as combined ratio, see. paragraph 30, but based on liability, cost, and nettogenforsikringsprocenter, where the allocated investment return, similar to the amount that is listed under insurance technical interest in the profit and loss account (see item 2 in annex 4) is added to the premium income in the denominator.

53. Relatively drainage result:

Drain the outcome, without prejudice. paragraph 28, as compared to the primohensættelser to which it relates.

54. Risk premium:

The estimated charges, as the company in the market is likely to have to pay for an acquirer of the company's stock by life insurance and investment contracts, for this would assume the risk of fluctuations in the amounts and payment dates for the guaranteed benefits.

55. Grate ornerede prize amounts:

Recovered premium amount, for example when an insurance ceases in the course of a premium period.

56. Non-life insurance assets:

An insurance company's net rights under a life insurance contract.

57. Non-life insurance liabilities:

An insurance company's net obligations under a life insurance contract.

58. Non-life insurance contract:

An insurance contract that both are included in the definition of insurance contracts, see. paragraph 38, and the classes of insurance referred to in annex 7 of the financial business Act.

59. The value of the retrospective provision for each life insurance and investment contract:

The retrospective provision for each life insurance and investment contract, see. Nr. 31, with the increase or reduction, which may be made by allocating realized results of the insured person in accordance with the principles for allocation of unrealized results applicable to the contract.

60. The value of guaranteed paid-up policy services:

The sum of the paid-up policy guaranteed benefits for each life insurance and investment contract, see. Nr. 42, except the part thereof listed under liabilities item 10. Outstanding claims, and with risk premium, without prejudice. Nr. 54.

61. The value of guaranteed benefits:

The sum of the guaranteed benefits for each life insurance and investment contract, see. Nr. 43, except the part thereof listed under liabilities item 10. Outstanding claims, and with risk premium, without prejudice. Nr. 54.

62. The value of retrospective provisions:

The sum of the values of the retrospective provision for each week of insurance and investment contract, see. Nr. 59, minus the present value of the expected future management result, except the part thereof listed under liabilities item 10. Outstanding claims, and with risk premium, without prejudice. Nr. 54. The present value of the expected future administrative outcome must be reduced by the likelihood that the insurance and investment contracts are transliterated into paid-up policy or repurchased.



Annex 2 Balance sheet ASSETS









In the.







INTANGIBLE ASSETS









1.







Operating funds









2.







Domicile real estate







 

 







II.









TANGIBLE ASSETS, TOTAL









3.







Investment property







 



4.1. Shares in affiliated undertakings





 



4.2. Loans to affiliated undertakings





 



4.3. Shares in associated companies





 



4.4. Loans to associated companies







4.







Investments in affiliated and associated companies, in all







 



5.1. Capital shares





 



5.2. Unit shares





 



5.3. Bonds





 



5.4. Units in collective investments 5.5. Loans guaranteed by mortgages





 



5.6. Other loans





 



5.7. Deposits with credit institutions





 



5.8. Other







5.







Other financial investments, total









6.







Genforsikringsdepoter







 

 







III.









INVESTMENT INCOME, TOTAL







 

 







IV.









INVESTMENT ASSETS ASSOCIATED WITH UNIT-LINKED CONTRACTS







 



7.1. Reinsurance share of unearned premiums





 



7.2. The reinsurance units of mathematical provisions





 



7.3. the shares of Reinsurance claims





 



7.4. Other







7.







Reinsurance share of technical provisions for insurance contracts, a total of







 



8.1. Receivables from policyholders





 



8.2. Receivables from insurance intermediaries







8.







Receivables arising out of direct insurance contracts, a total of









9.







Receivables from insurance companies









10.







Receivables from affiliated undertakings









11.







Receivables from associated companies









12.
Other receivables







 

 







V.









RECEIVABLES, TOTAL









13.







Assets in temporary possession









14.







Current tax assets









15.







Deferred tax assets









16.







Cash and cash equivalents









17.







Other







 

 







Vi.









OTHER ASSETS, TOTAL









18.







Interest receivable and rent









19.







Andre periodeafgrænsningsposter







 

 







VII.









ACCRUALS IN EVERYTHING







 







ASSETS, TOTAL







 







LIABILITIES









1.







Stock or guaranteed capital









2.







Share premium account









3.







Revaluation reserve







 



4.1. Safety Fund





 



4.2. Statutory reserves





 



4.3. Other reserves







4.







Reserves, total









5.







Transferred surplus or deficit









6.







Proposed dividend









7.







Minority interests







 

 







I.









EGENKAPITAL, I ALT







 

 







II.









EQUITY LOAN









8.







Unearned premiums







 



9.1. Benefits payable





 



9.2. Bonus potential of future premiums





 



9.3. Bonus potential at paid-up policy services







9.







Mathematical provisions, total









10.







Outstanding claims









11.







Collective bonus potential









12.







Provision for bonuses and rebates









13.







Special bonus provisions









14.







Provisions for unit-linked contracts







 

 







III.









RESERVES FOR INSURANCE AND INVESTMENT CONTRACTS, A TOTAL OF









15.







Deferred pension return tax









16.







Pensions and similar obligations









17.







Deferred tax liabilities









18.







Other provisions







 

 







IV.









NON-CURRENT LIABILITIES, TOTAL







 

 







V.









REINSURANCE DEPOSITS









19.







Debts arising out of direct insurance









20.
Debts arising from reinsurance









21.







Debenture loans









22.







Convertible debt securities









23.







Non-profit debt letters









24.







Amounts owed to credit institutions









25.







Debts to group companies









26.







Liabilities to associated companies









27.







Current tax liabilities









28.







Anden gæld







 

 







VI.









DEBT, TOTAL







 

 







VII.









PERIODEAFGRÆNSNINGSPOSTER







 







LIABILITIES, TOTAL















Annex 3 income statement form for life assurance undertakings 1.1.





Gross premiums written





 



1.2.





The extent to which insurance premiums







1.







Prizes f.e.r., total







 



2.1.





Income from associated companies





 



2.2.





Income from associated companies





 



2.3.





Income from investment property





 



2.4.





Interest income and dividends, etc.





 



2.5.





Exchange adjustments





 



2.6.





Interest expenses





 



2.7.





Administrative costs in connection with investment business;







2.







Return on investment, a total of









3.







Pension return tax









4.







Return on investment for the pension return tax







 



5.1.





Benefits paid





 



5.2.





Received reinsurance cover





 



5.3.





Change in outstanding claims





 



5.4.





Change in reinsurers ' share of claims







5.







Insurance benefits f.e.r., total







 



6.1.





Change in life insurance provision





 



6.2.





Change in reinsurers ' share







6.







Change in life insurance provision f.e.r., total







 



7.1.





This year's accrued bonus





 



7.2.





Change in collective bonus potential





 



7.3.





Change in special bonus provisions







7.







Bonus, for a total of









8.







Change in reserves for unit-linked contracts







 



9.1.





Acquisition costs





 



9.2.





Administration costs





 



9.3.





Commissions and profit participations from reinsurance undertakings







9.







Technical operating costs f.e.r., total









10.







Transferred return on investment











In the.









INSURANCE TECHNICAL RESULT











II.
INSURANCE TECHNICAL RESULT OF SICKNESS AND ACCIDENT INSURANCE









11.







Determining return on investment









12.







Other revenue









13.







Other costs











III.









RESULT BEFORE TAX









14.







Tax











IV.









PROFIT FOR THE YEAR















Annex 4 income statement form for non-life insurance undertakings 1.1.





Gross premiums written





 



1.2.





The extent to which insurance premiums





 



1.3.





Change in unearned premiums





 



1.4.





Change in reinsurers ' share of unearned premiums







1.







F.e.r., total premium income









2.







Insurance technical interest







 



3.1.





Paid substitutes





 



3.2.





Received reinsurance cover





 



3.3.





Change in outstanding claims





 



3.4.





Change in reinsurers ' share of claims







3.







Claims incurred f.e.r., total









4.







Bonuses and rebates







 



5.1.





Acquisition costs





 



5.2.





Administration costs





 



5.3.





Commissions and profit participations from reinsurers







5.







Technical operating costs f.e.r., total











In the.









INSURANCE TECHNICAL RESULT







 



6.1.





Income from associated companies





 



6.2.





Income from associated companies





 



6.3.





Income from investment property





 



6.4.





Interest income and dividends, etc.





 



6.5.





Exchange adjustments





 



6.6.





Interest expenses





 



6.7.





Administrative costs in connection with investment business;







6.







Return on investment, a total of









7.







Rate of return on technical provisions











II.









INVESTMENT RETURNS FOR INSURANCE TECHNICAL INTEREST









8.







Other revenue









9.







Other costs











III.









RESULTAT FØR SKAT









10.







Tax











IV.









ÅRETS RESULTAT















Annex 5 income statement scheme for groups of companies NON-LIFE INSURANCE







 



1.1.





Bruttopræmier





 



1.2.





The extent to which insurance premiums





 



1.3.





Change in unearned premiums





 



1.4.





Change in reinsurers ' share of unearned premiums







1.
Premium income f.e.r.









2.







Insurance technical interest f.e.r.







 



3.1.





Paid substitutes





 



3.2.





Received reinsurance cover





 



3.3.





Change in outstanding claims





 



3.4.





Change in reinsurers ' share of claims







3.







Claims incurred f.e.r.









4.







Change in other technical provisions f.e.r.









5.







Bonuses and rebates







 



6.1.





Acquisition costs 6.2.





Administration costs





 



6.3.





Commissions and profit participations from reinsurers







6.







Technical operating costs f.e.r., total











In the.









TECHNICAL RESULT OF NON-LIFE INSURANCE







 







LIFE INSURANCE







 



7.1.





Gross premiums written





 



7.2.





Outward reinsurance premiums







7.







Prizes f.e.r.









8.







Transferred ROI f.e.r.







 



9.1.





Benefits paid





 



9.2.





Received reinsurance cover





 



9.3.





Change in outstanding claims





 



9.4.





Change in reinsurers ' share of claims







9.







Insurance benefits f.e.r.







 



10.1.





Change in life insurance provision





 



10.2.





Change in reinsurers ' share







10.







Change in life insurance provision f.e.r.









11.







Bonus









12.







Change in reserves for unit-linked contracts







 



13.1.





Acquisition costs 13.2.





Administration costs





 



13.3.





Commissions and profit participations from reinsurers







13.







Technical operating costs f.e.r., total











II.









TECHNICAL RESULT FROM LIFE INSURANCE







 







NON-INSURANCE TECHNICAL COMPANY









14.







Technical result of non-life insurance









15.







Technical result from life insurance







 



16.1.





Income from associated companies





 



16.2.





Income from investment property





 



16.3.





Interest income and dividends, etc.





 



16.4.





Exchange adjustments





 



16.5.





Interest expenses





 



16.6.





Administrative costs in connection with investment business;







16.







Return on investment, a total of









17.







Insurance technical interest transferred to non-life insurance









18.







Pension return tax
19.







Investment return transferred to the life insurance company









20.







Other revenue









21.







Other costs











III.









RESULT BEFORE TAX









22.







Tax











IV.









PROFIT FOR THE YEAR















Annex 6 Concepts used by lateral pension funds

The concepts used in column 2 by lateral pension funds instead of the opposite in column 1, concepts from notice text, see. section 1, paragraph 3.











Executive order









Lateral pension funds









Prizes





Member contribution







Insurance contracts





Pension agreements







Technical provisions





Pension-related provisions







Mathematical provisions





Pension provisions







Insurance benefits





Retirement benefits







Insurance company





Pension activities







Total operating costs





Pension-related operating costs







Insurance technical result





Pension Technical result







Withdrawals





Withdrawal allowances







Policyholders





Members







Bonus potential of future premiums





Bonus potential future Member contributions







Bonus potential at paid-up policy services





Bonus potential at the resting pensions







Insurance risk score





Risk result







Customer capital degree





Member capital degree







Ejerkapitalgrad





Equity level













Annex 7 measurement of fair value property

Pursuant to sections 57 and 58, investment properties and location properties are measured at fair value, the latter properties using a revaluation model. This annex describes the methods for the determination of the fair value.

If a property belonging to a homogeneous group of properties, which regularly traded to published prices, property's fair value shall be established on the basis thereof. This can be the case for smaller properties, if fair value can be determined accordingly to the published prices, see. item 7. In most cases, however, a real estate fair value should be calculated using recognized metrics, see. below.

A real estate fair value can be calculated on the basis of (a)) return method or



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



The method returns a real estate fair value obtained on the basis of the property's operating returns and a property linked to business requirements (yield per cent).

The fair value is equal to operating yield multiplied by 100 and divided by the percentage rate of return equal to the present value of an infinite annuity.

The resulting fair value may optionally be corrected, see. item 3.

A real estate operating return is calculated according to the rules laid down in paragraph 1.

A real estate business requirements (yield per cent) shall be determined in accordance with the rules laid down in paragraph 2.

1. Inventory of the property's operating return

A real estate operating return obtained thereby

+ rental income

-maintenance costs

-administrative costs

-operating costs

= operating return

All the listed sizes are stated on an annual basis.

The rental income is included as a starting point with the actual rental income in the next 12-month period in accordance with signed rental contracts.

If it is considered that the contract agreements, rent differ significantly (+/-10%) from the market rent, see. below market rents, however, must be used instead of the contractual agreements, rent.

In special cases, a contract provided for rent, regardless of market rents, as rental income. Such cases exists when the tenant may be considered to be solid, and there is a non-cancellable lease in which the tenant has committed itself not to require the rentals reduced for a period of at least 10 years from the date of the statement.

At market rent is the rent that the areas in question must be assumed to be able to (re) hired out to within a time frame of 6 months, laid down, taking into account the knowledge of the recently concluded lease contracts and the supply of corresponding areas with regard to location, nature, size, quality, equipment and maintenance. In special cases, for example when there is talk about larger Headquarters buildings with only one tenant, who operated with a longer (thro) rental horizon of up to 12 months.

For uudlejede areas included an estimated market rent of rental income. In respect of areas, which the company itself uses, establishes an estimated market rent, which is part of the rental income.

Maintenance costs are included in the average annual costs to be used to keep the property in a normal state of maintenance.

Administrative and operational costs are included as a starting point with the budgeted cost for the upcoming 12-month period. In cases where costs are not incurred in the form of fees to a real estate administrator, which is independent of the company, estimated the costs on the basis of what would be paid to a real estate administrator on market-based terms.

Mortgage interest rates shall not be included in the operating costs.

2. Determination of the property's return requirements

A real estate business requirements shall be determined in such a way that this after best discretion and taking into account the specific characteristics of property corresponds to the return requirement, which is reflected in the acts that have taken place in the real estate market up to the time of the assessment.

Return the requirement for a property depends on the general socio-economic conditions and of conditions that are specific to that property.

The general socio-economic conditions are mainly bond interest rates and survey the situation.

The specific characteristics of the individual property that has an impact on the business requirement, are conditions that affect the security of that property's return could be maintained.

These special conditions are especially a) property types and uses (residential, Office, shop, industrial, warehouse, etc.),



b) location,



c) furnishings and maintenance as well as



d) length of contracts, rent rent adjustment clauses and tenants ' bonitet.

Other particularities of the individual property can influence the size of the return requirement.

3. any correction of the fair value

It will often be necessary to correct the value obtained on the basis of the above operational returns and return requirements. It concerns the following price increases and reductions.

Appendix for prepayments and deposits
Appendix can be made equal to the capital value of the return of the deposit amount.

Supplement for merleje Is the rental income (market rent), were included in the calculation, reduced in proportion to the actual rental income at the time of the assessment, see. paragraph 1, the present value of ' merlejen ' during the period leading up to the expected time of rent reduction shall be assigned.

Uudlejede areas deductions for Rent for uudlejede areas that are included in the rental income in accordance with paragraph 1, shall be deducted for a period up to the time when the land is expected to be rented.

Deduction for mindreleje Is the rental income (market rent), were included in the calculation, elevated in relation to the actual rental income at the time of the assessment, see. paragraph 1, to the present value of ' mindrelejen ' during the period leading up to the expected time of rent increase is deducted.

Deduction of deferred maintenance work If responsible for the major maintenance work, which is not covered by the average maintenance costs that were included in the calculation in accordance with paragraph 1, the expenditure is deducted.

Deduction for necessary expenses to furnishing.

If the rental of a uudlejet area to a rental income, were included in the calculation in accordance with paragraph 1 requires device and restoration after the tenant's needs, costs must be deducted.

DCF method, a real estate fair value is obtained as the present value of future payments, as the property's possession causes, see. item 6. The future payments determined as the estimated payments in a planning period, see. paragraph 4, as well as a terminal value, see. point 5.

4. Statement of the estimated payments in the planning period

There shall be established a planning period for the property, which must be at least 5 years. The planning period is usually 5-10 years. Revenue and costs must be estimated for each year of the planning period chosen. In the payment flow included in paragraph 1 stated income and expenses. Each year's income and expenses shall be determined on the basis of realistic assumptions as to how they will be distributed over the planning period, taking into account the existing rent contracts, companies moving away, idle, maintenance costs, administration, inflation etc.

5. Statement 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 Terminal value of the property is the calculated fair value of terminal year. Under the assumption that the payment flow will be constant in the terminal period, calculate terminal value after returns method as described above. The constant annual payment stream corresponds to the anticipated operating returns in the terminal year calculated in accordance with paragraph 1. Terminal value is adjusted where appropriate according to the rules laid down in paragraph 3.

6. Calculation of the present value of future payments

Each year's payment flows in the planning period as well as terminal value discounted with a discount rate of interest, which consists of the on site provided return requirements calculated in accordance with paragraph 2, a premium equivalent to the inflation expectations, which are factored into the development of the ongoing revenues and costs.

7. the use of the public property valuation

For smaller properties as single family homes, condominiums and cottages, the latest public property valuation is used as the fair value, except in the specific case is blatantly misleading.

8. the use of an external expert assessment

Determination of the fair value of the property, including the definition of the elements according to the above is included in the calculation of the fair values, can rely on an external expert assessment. The assessments as well as the fact that the calculations are based on a relevant data basis, however, in all cases will be enterprise management (Executive Board and Board of Directors) are responsible. Responsibility for assessment cannot be entrusted to outside experts.



Annex 8 Discount rates by the measurement of insurance liabilities 1.





Discount rates described in this annex shall apply to the Declaration of





 



(a))





life insurance obligations, see. section 66,





 



(b))





provisions for non-life insurance liabilities, see. § § 69-70, and





 



(c))





provisions of the basic regulation. section 72.





 

 





2.





If the obligations are in a currency other than Danish kroner, used discount rates adopted in accordance with the principles specified in point 4. If the total share of obligations regarding the amount in other currency does not exceed 10 per cent of the balance sheet, can discount rates on Danish crowns, however, be used.





 

 





3.





To be used a maturity depending on the discount rate (the yield curve) set in accordance with paragraph 4 below. However, for statements of commitments in Danish kroner in the period 30. October 2008 to 31. December 2012 used an adjusted maturity depending on the discount rate (the yield curve) in accordance with paragraph 5 below. Undertakings which discount obligations in a currency other than Danish crowns at a rate set out in that other currency, see. paragraph 2, after agreement with the FSA during the same period using an adjusted maturity depending on the discount rate determined under similar principles as indicated in paragraph 5 of these obligations. For companies, which first released for use of a maturity depending on the discount rate in 2009, applies to item 6 below.





 

 





4.







Maturity depending on the discount rate (the yield curve)







 



The time of payment of each applicable rate for discounting of insurance obligations in Danish kroner is constructed from the following interest rate series calculated on the basis of final product prices on inventory day:





 



(a))





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





 



(b))





Zero-coupon interest rates with maturities up to 10 years calculated on the basis of Danish Government bonds.





 



(c))





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





 



Discount rate for each payment date shall be determined as the interest in (a) plus the spread between interest rates (b) and (c).





 



For maturities longer than 10 years continued the spread between interest rates (b) and (c) a fixed amount at maturity of 10 years.





 



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





 

 





5.







Adjusted maturity depending on the discount rate (the yield curve)







 



The time of each payment of the applicable rate for discounting of insurance obligations in Danish kroner is constructed in the following way:





 



(a))





For maturities from 0 up to and including 2 years used weighted effective interest on the interest rate adjustment bonds included in Nykredit Mortgage index. The interest shall be weighted by the nominal amount from the last omlægningsdag of Nykredit Mortgage index. From 0 to 1 years used a weighted effective interest rate of 4% 2010 bonds. The 2-year-old 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 is calculated on the basis of the adjusted yield curve yield curve calculated in accordance with the principles set out in point 4 a maturity conferred on independent options 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 10-year-old Danish swap interest deducted from the 10-year interest rate calculated by use of the principles in section 4.





 



(c))





For maturities from 2 years to 7 years the interest shall be calculated by linear interpolation between the 2-year-old finance and the 7-year-old interest rate.





 



(d))





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





 

 





6.





Companies that in the financial year 2008 uses a maturity independent discount rate, use the 10-year interest rate determined in accordance with paragraphs 4 and 5 for the respective periods.





 

 





7.





For provisions relating to the insurance covered by pension yield taxation, reduced the discount rate with the tax rate according to the pension yield tax law. For other provisions used a discount rate without a reduction of the tax rate.





 



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





 



Discount rates for use by other maturities than those published in the table is calculated by linear interpolation, where the weights are determined on the basis of the actual number of days between the published running times and the desired duration.













Annex 9: five-year overview of key figures and ratios for companies, which operates life insurance company

During the five-year history is specified in schematic form financial highlights for the fiscal year, as well as the corresponding figures for the previous 4 years.

Five-year summary shall contain at least the following key figures: 1.





Prizes.







2.





Insurance benefits.







3.





Return on investment.







4.





Total operating costs, in total.







5.





Result of outward business.







6.





Insurance technical result.







7.





Insurance technical result of sickness and accident insurance.







8.





Profit for the year.







9.





Reserves for insurance and investment contracts, a total of.







10.





Equity, in everything.







11.





Assets, total.





 

 





Five-year summary shall also contain the following key figures:







1.





Return before pension return tax.







2.





Return after the pension return tax.







3.





Cost a percentage of premiums.







4.





Cost as a percentage of technical provisions.







5.





Costs per insured.







6.





Cost result.







7.





Insurance risk score.







8.





Bonus level.







9.





Customer capital level.







10.





Ejerkapitalgrad.







11.





Overdæknings degree.







12.





Solvency cover.







13.





Return on equity before tax.







14.





Return on equity after tax.







15.





Rate of return on customers ' money after costs before taxes.







16.





Rate of return on members ' accounts before taxes.







17.





Return on equity loan before taxes.







18.





Return of special bonus provisions by type (A) before tax.







19.





Return of special bonus provisions of type (B) before tax.











Calculation of key ratios in five-year summary

Generally speaking, that amount and quantity sizes relating to investment contracts is included in the calculation of key figures, unless the opposite direct quotes.

1. return on rebalancing the levels shall be calculated according to the following formulas: If equity is placed in certain assets, N1 is supplemented by key figures, which are calculated by analogy to N1E N1, but with a starting point in determining the size of the year and the equity assigned to primo returns, as well as the N1F, calculated key figures, by analogy to the N1, but on the basis of Vprimo deducted from shareholders ' equity primo as well as the remaining part of the return.



The sizes included in the formulas are defined as follows: (A)
total investment return in accordance with the profit and loss account corresponding to the resulting 2, see. Annex 3, minus the ROI on unit-linked contracts and with the addition of a calculated return of domiciliation properties calculated according to the same principles as the return on investment properties and on the basis of a calculated market rent. The proportion of net costs of Headquarters buildings based on an imputed rent income, which is not included in this year's total operating costs, in accordance with article 3. O below, must be deducted. To the extent that a portion of the return are recognized in other comprehensive income, see. section 83, the return on investment will be adjusted accordingly. Results in subsidiaries are to be included in the return on investment before deduction of corporation tax, irrespective of the daughter companies corporation tax as a result of joint taxation is expensed at the parent company.









(C)







deposits (or payouts with a negative sign), IE. premiums, insurance benefits, cost PAL-tax and tax, etc., which are assumed to be paid evenly continuous over the fiscal year. Amounts relating to investment contracts, shall be taken into account, while the amounts relating to unit-linked contracts, not be taken into account.









(D)







deposits (or payouts with a negative sign), see. (C) above, which has the character of a larger one-time payments. Amounts relating to investment contracts are included, while amounts relating to unit-linked contracts, not be taken into account.









(V)







the market value of the company's net assets after deduction of net assets associated with unit-linked contracts. That is, assets minus total assets item (IV) and liabilities item II, V, VI and VII of the basic regulation. Annex 2.









X







the charged pension return tax corresponding to the resulting 3, see. Annex 3, net of unit-linked contracts, share of the treasure.









(k)







number of days after the start of the year, where the great even mind-or payout takes place.











In each case, it is not reasonable to suppose that the ongoing NET deposits are evenly distributed over the year, the ongoing net cash receipts must be included in the formula in the same way as larger one-time payments, see. (D) above, for example, so that the ongoing NET deposits are recognised daily or monthly basis in accordance with the actual daily/monthly net deposits. The method of calculation used with regard to the ongoing NET deposits must be disclosed in the financial statements.

2. Cost and result key figures card shall be calculated according to the following formulas: The sizes included in the formulas are defined as follows: (F)







number of insured with individually subscribed insurance contracts and investment contracts. The number must be indicated in the annual report referred to in article 6. section 110 (2).









(G)







number of insured with group life contracts. The number must be indicated in the annual report referred to in article 6. section 110 (2).









(H)







the sum of the retrospective provisions of the basic regulation. section 100 (1) (8). 9, with the addition of provisions for unit-linked contracts equal to liabilities item 14 of the basic regulation. Annex 2.









O







This year's technical operating costs equivalent to result entries 9.1. and 9.2. without prejudice to article. Annex 3, net of depreciation and operating costs of Headquarters buildings and with the addition of the calculated costs relating to domicile properties based on a calculated market rent. The adjustment relating to domicile properties must only include the share of depreciation and operating costs relating to insurance operation.









P







This year's gross premiums equivalent to the resulting 1.1. without prejudice to article. Annex 3, plus deposits relating to investment contracts in so far as they are not already included in this year's gross premiums written.









Q







number of insured contracts, which was designed as part of an employment relationship. The number must be indicated in the annual report referred to in article 6. section 110 (2).









R







risk gains after attribution of risk bonus, see. section 100 (1) (8). 8. the calculation must include unit-linked contracts.









T







cost Appendix after attribution of cost-bonus, see. section 100 (1) (8). 7. the calculation must include unit-linked contracts.











3. Consolidated key figures card shall be calculated according to the following formulas: The sizes included in the formulas are defined as follows: BK







capital base. The amount must be indicated in the annual report referred to in article 6. section 125.









(E)







equity loan, see. liabilities: item (II) of the basic regulation. Annex 2.









EK







equity equal to liabilities item in, see. Annex 2.









(H)

0







the sum of the retrospective provisions of the basic regulation. section 100 (1) (8). 9. Size does not include provisions for unit-linked contracts.









KB







collective bonus potential equal to liabilities item 11 of the basic regulation. Annex 2.









M







capital requirements. Amount must be stated in the annual accounts referred to in article 6. section 128 (a).









MK







Member accounts.









SB







Special bonus provisions similar to liabilities item 13 of the basic regulation. Annex 2.











4. Rate rebalancing the levels shall be calculated according to the following formulas: key performance indicators return on members ' accounts before tax (N16), return on equity loan before tax (N17 are), Return of the special bonus provisions by type (A) before tax (N18) and Return of special bonus provisions of type (B) before tax (N19) shall be calculated mutatis mutandis to the calculation of the Business of client funds after expenses before tax (N15), as the nominator, however, is calculated as (exemplified by N19) : The sizes included in the formulas are defined as follows: (B)
the total movement to and from reserves for insurance and investment contracts excluding. provisions for unit-linked contracts due to deposits and withdrawals (premiums and benefits). This includes changes in outstanding claims, provision for bonuses and rebates as well as transfer to special bonus provisions.









EK







equity equal to liabilities item in, see. Annex 2.





 



reserves for insurance and investment contracts excluding. provisions for unit linked contracts primo period deducted from reserves for insurance and investment contracts without right to the bonus as well as special bonus provisions.









In







significant deposits and withdrawals to the provisions for insurance and investment contracts excluding. provisions for unit-linked contracts having the characteristics of larger one-time payments or withdrawals.









(K)







capital increase and reduction.









R







risk gains after attribution of risk bonus, see. section 100 (1) (8). 8.









RT







interest, see. section 100 (1) (8). 5.









T







cost Appendix after attribution of cost-bonus, see. section 100 (1) (8). 7.









U







Distribution to the owners.









Z







the pension return tax relating to insurance and investment contracts.







∆ AV change in accumulated value adjustment, see. section 100 (1) (8). 2 attributed to nr. 10. ∆ BFanvendt change in applied bonus potential at paid-up policy services, see. section 101 (1).







∆ KB change in collective bonus potential, IE. change in liabilities item 11 of the basic regulation. Annex 2.









(d)







number of days after the start of the year in which the dividend payment respectively the capital increase or reduction takes place.









(k)







number of days after the start of the year, where the significant deposit or withdrawal takes place.











The calculation of R, RT, T, Z and ΔAV must only relate to life-assurance provisions and should therefore not include unit-linked insurance. The calculation of the numerator must also be without the part transferred to special bonus provisions.

There are previously used a different formula than the above formula, the comparison figures in the five-year history is changed back in time.



Annex 10 five-year summary of key figures and ratios for non-life insurance undertakings

During the five-year history is specified in schematic form figures as well as figures for the financial year and the corresponding figures for the previous 4 years.









Five-year summary shall contain at least the following key figures:







1.





Gross premiums earned.







2.





Gross claims incurred.







3.





Total operating costs, in total.







4.





Result of outward business.







5.





Insurance technical result.







6.





Investment returns for insurance technical interest.







7.





Profit for the year.







8.





Drainage result.







9.





Technical provisions in everything.







10.





Insurance assets in total.







11.





Equity, in everything.







12.





Assets, total.





 

 





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







1.





The gross replacement rate.







2.





Gross cost percentage.







3.





Combined ratio.







4.





Operating ratio.







5.





Relatively drainage result.







6.





Return on equity in per cent (the ratio between net profit and average capital and reserves of the year in total).







7.





Solvency coverage (the ratio of capital base and capital requirement).













Annex 11 Specification of assets

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







 



Accounting





NET-





Return in% a year before





 



value





investments





pension return tax





 



Primo





At the end of



 



and corporation tax







1.1





Land and buildings, which are directly owned



 

 

 

 





1.2
Real estate company



 

 

 

 





1.





Land and buildings in total.



 

 

 

 





2.





Other subsidiaries



 

 

 

 





3.1





Listed Danish capital shares



 

 

 

 





3.2





Unlisted Danish capital shares



 

 

 

 





3.3





Listed foreign shares



 

 

 

 





3.4





Unlisted foreign shareholdings



 

 

 

 





3.





Other shares in total.



 

 

 

 





4.1





Government Bonds (Zone A)



 

 

 

 





4.2





Mortgage bonds



 

 

 

 





4.3





Index bonds



 

 

 

 





4.4





Credit bonds investment grade



 

 

 

 





4.5





Credit non investment grade bonds and emerging markets bonds



 

 

 

 





4.6





Other bonds



 

 

 

 





4.





Bonds total



 

 

 

 





5.





Loans guaranteed by mortgages



 

 

 

 





6.





Other financial investments



 

 

 

 





7.





Derivative financial instruments for hedging of net change of assets and liabilities



 

 

 

 











Annex 12 Rules for completion of the form set out in annex 11 1.





Investment assets associated with unit-linked contracts are not included in annex 11.







2.





Lines of the table that contains only negligible amounts, may be combined with other lines.







3.





In the column ' Net investment ' must indicate the total amount in the reporting period is used to acquire the relevant asset group with deduction of the amounts received from the sale of the asset group. The amount should be entered with a minus sign if the amount received from the sale exceeds the amount used for acquisitions.







4.





In the columns ' net book value ' indicate the total value of the respective asset group, respectively, at the beginning of the financial year and at the end of the year.







5.





In the column ' Return in% a year before the pension return tax and corporation tax ' must be accompanied by the total time-weighted rate of return as a percentage to one decimal place, which is achieved in the accounting period of the concerned asset group. The time-weighted return is calculated, in principle, by the following formula:





 

 



 

 



 

 



 



where rT is the period's total time-weighted returns, and rt's returns in subperiods bounded each time there is a payment to or from the portfolio. The time-weighted rate of return can be calculated on the basis of the rate of return in real approximated subperiods, URf.eks. return per month or a shorter period. The method used must be stated in the attachment to the form.







6.





The returns included in the calculation of the percentage rate of return regulation. paragraph 5 above, includes both the result out as relevant return on investment included in the second totalinkomst of the basic regulation. section 83, and must be compiled before the pension return tax, corporation tax and costs.







7.





The value of the unit trust as well as shares in the investment communities and derivative financial instruments are included in each line after the underlying assets character, see. However, below. Investment communities include limited partnerships, partner companies and partnerships, etc., which are created with the purpose of creating a legal ownership of financial investments made jointly with other investors.





 



The value of currency hedging instruments may be included in line 6 of the basic regulation. paragraph 21, if the individual contract is entered into in order to hedge the exchange rate risk on a portfolio/customizing multiple asset types. It should be separately disclosed in a note to the return form, where the value of currency hedging instruments included in line 6.







8.





In line 1 included the sum of assets of the line 1.1 and line 1.2.







9.





In line 1.1 included the same assets in the balance sheet assets item 2 below. Headquarters buildings and 3. Investment properties, see. Annex 2. For domicil properties must be in return recognised a calculated rents.







10.





In line 1.2 included real estate subsidiaries and other holdings, which the company regards as real estate investments in practice. Returns the percentage of real estate subsidiaries and other equity securities shall be calculated on the basis of the company's profit before tax.







11.
In line 2 included subsidiaries that are not included in line 1.2. Returns the percentage of subsidiaries are calculated on the basis of subsidiaries profit before tax.







12.





In line 3 is included in shares that are not included in lines 1.2 or 2. The assets shall be equal to the total of the assets included in the lines 3.1-3.4.







13.





In line 4 included bonds. The assets shall be equal to the sum of the assets in the lines 4.1-4.6.







14.





In line 4.1 included government bonds, etc. pursuant to § 162 (1) (8). 1 and 2 of the law on financial business.







15.





In line 4.2 included mortgage bonds under § 162 (1) (8). 3 in the financial business Act.







16.





In line 4.3 included index bonds (State and mortgage credit) from zone a.







17.





In line 4.4 concludes credit debt securities at the balance sheet date have achieved a rating of a recognized ratingvirksomhed corresponding to at least investment grade.







18.





In line 4.5 concludes credit debt securities at the balance sheet date has not achieved a rating by a recognized ratingvirksomhed corresponding to at least investment grade, as well as emerging markets debt securities, including government bonds, which are not included in line 4.1.







19.





In line 4.6 included other bonds to the extent that they cannot be contained in lines 4.1 to 4.5.







20.





In line 5 included the same assets as in balance schema asset item 5.5. Loans guaranteed by mortgages, see. Annex 2.







21.





In line 6 is part of investment assets, including deposits, which are not included in any of the previous lines. Also included assets included in the balance sheet assets item schema V. Receivables, in everything, see. Annex 2, and under asset item VI. Other assets, total, see. Annex 2, when it comes to assets that provide a return, for example, interest-bearing cash. Finally, can enter into the value of currency hedging instruments, see. item 7.







22.





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













Annex 13 Specification of shares, including shares in mutual funds

Inventory percent spread across industries and regions, see. section 97.







 



Denmark





Rest Of Europe





North America





South America





Japan





Other far East





Other

countries





Not

distributed





A total of







Energy



 

 

 

 

 

 

 

 

 





Materials



 

 

 

 

 

 

 

 

 





Industrial



 

 

 

 

 

 

 

 

 





Consumer goods



 

 

 

 

 

 

 

 

 





Consumer-goods



 

 

 

 

 

 

 

 

 





Health care



 

 

 

 

 

 

 

 

 





G/l



 

 

 

 

 

 

 

 

 





IT



 

 

 

 

 

 

 

 

 





Telecommunications



 

 

 

 

 

 

 

 

 





Supply



 

 

 

 

 

 

 

 

 





Not distributed



 

 

 

 

 

 

 

 

 





A total of



 

 

 

 

 

 

 

 

 











Annex 14 rules for the filling in of the table in annex 13 1.





Industry classification is based on the industry classification used by OMX Nordic Exchange Copenhagen a/s. Equity securities that are not quoted on the OMX Nordic Exchange Copenhagen a/s, tap into the relevant categories.







2.





The value of the unit trust and derivative financial instruments are included in each line after the underlying assets character. Industry not known for the underlying assets shall be listed under the ' unassigned '.







3.





The grading of a shareholding in a region shall be based on the country of registration of the company, which owned a capital share. Registration country not known for the underlying assets shall be listed under the ' unassigned '.







4.





Rest of Europe comprise the following countries: other EU countries, as well as Iceland, Norway and Switzerland.







5.
North America includes the following countries: Canada, United States 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, Korea, Malaysia, Taiwan and Philipinerne Thailand.







8.





Other countries include all other countries.













Annex 15 Schema for sensitivity information for enterprises, which operates life insurance company Event





Minimum impact of basic capital





Maximum impact of collective bonus potential





Maximum

impact

of bonus potential at paid-up policy services

before the change in the applied potential on the paid-up policy bonus benefits





Maximum

impact

of applied potential on the paid-up policy bonus benefits







Interest rate increase

0.7-1.0% points



 

 

 

 





Interest rate decrease

0.7-1.0% points



 

 

 

 





Decline of 12 per cent.



 

 

 

 





8 per cent drop in real property prices are assumed.



 

 

 

 





Currency risk (VaR 99.5%)



 

 

 

 





Losses on the counterparties on 8 per cent.



 

 

 

 





Drop in

mortality the intensity of 10 per cent.



 

 

 

 





Increase in mortality intensity at 10 per cent.



 

 

 

 





Increase in invalidity intensity at 10 per cent.



 

 

 

 









The form shall be completed in accordance with the guidance for the reports on the effects of risks that companies must make to the Danish FSA.

In the column to indicate the Minimum impact of basic capital ' ' indicate the overall effect, as the specific event will have on the basis of the capital after the calculation of the overall impact on the value of assets and liabilities. A reduction in the basic capital shall be indicated with a minus sign.

In the column to indicate the ' Maximum impact of collective bonus potential ' indicate the corresponding total influence of the incident on collective bonus potential. A reduction in collective bonus potential should be entered with a minus sign. If the incident involves collective bonus potential fully exhausted, any further effect shall be indicated in the respective columns as an increase in potential bonus on paid-up policy benefits or applied as a reduction of basic capital as appropriate. Increasing the applied potential bonus on paid-up policy services quotes with minus sign.

In the column ' Maximum impact of bonus potential at paid-up policy benefits before change in applied bonus potential at paid-up policy services ' shall indicate the change in bonus potential at paid-up policy benefits as a result of the event concerned effect on the value of the guaranteed benefits before change in paid-up policy used bonus potential at paid-up policy benefits. A reduction in bonus potential at paid-up policy services quotes with minus sign. If the incident involves bonus potential at paid-up policy services fully exhausted, any further effect shall be indicated in the respective columns as a reduction in collective bonus potential or base capital as appropriate.

The distribution of an event's impact on bonus potentials and the basic capital shall be carried out in accordance with the rules on the distribution of the realized profit or loss, as the company has reported to the FSA. If the rules for the allocation of unrealized results, as the company has declared, giving options with regard to distribution, is selected for the calculation the stimulus that is most favourable to the size of the base capital within the limits of the notified rules.

The impact of the individual events in the table is calculated from an everything-else-just-given out from the closing balance, which is reported in the financial statements. It is assumed that the individual events occurring as immediate events – and not over time – by which any merforrentning to equity (risk charge) not get impact on distribution.



Annex 16 Schedule for sensitivity information for enterprises, which runs the insurance Event





The impact of

shareholders ' equity







Interest rates of 0.7-1.0% points



 





Interest rate decrease of 0.7-1.0% points



 





Decline of 12 per cent.



 





8 per cent drop in real property prices are assumed.



 





Currency risk (VaR 99.5)



 





Losses on the counterparties on 8 per cent.



 









The form shall be completed in accordance with the guidance for the reports on the effects of risks that companies must make to the Danish FSA.

In the column to the indication of the influence of equity ' quotes ' the overall effect, as the specific event will have on shareholders ' equity after the calculation of the total impact on the assets and liabilities.

The impact of the individual events in the table is calculated from an everything-else-just-given out from the closing balance, which is reported in the financial statements. It is assumed that the individual events occurring as immediate events – and not over time.



Annex 17 table of contents section I





 







The scope of the





 







Chapter 1





 







They included companies and reports









§ § 1-3







 

 







Section II





 







Annual report





 







Chapter 2





 







Classification and nomenclature





 







General provisions









sections 4-5











The balance sheet
 







Common provisions









§ § 6-14











Life insurance









sections 15-19











Damage insurance









sections 20-21











The profit and loss account





 







Common provisions









sections 22-25











Life insurance









§ § 26-34











Damage insurance









sections 35-38











Movements in shareholders ' equity









§ 39











Chapter 3





 







Recognition and measurement





 







The balance sheet





 







General provisions









§§ 40-42











Financial instruments









§ § 43-52











Subsidiaries and associated companies









§ § 53-54











Tangible fixed assets









§ § 55-59











Immaterielle aktiver









§§ 60-61











Leasing









section 62











Insurance obligations









§ § 63-65











Provisions for life insurance liabilities









§ § 66-68











Provisions for non-life insurance liabilities









§ § 69-70











Insurance assets









section 71











Hensatte forpligtelser









§§ 72-73











Employee benefits









§ § 73 a-74











Share-based payment transactions









§ 75











Tax









§ 76











Hedge accounting









§ § 76 a-81











Profit and loss and other comprehensive income









§ § 82-83











Change in accounting practice









§ 84











Change in accounting estimates and errors









§ § 85-86











Chapter 4





 







Note information





 







General









§ § 87-88











Accounting policies









§§ 89-91











Five-year overview









section 91 (a)











Risk information









section 91 (b)











Financial instruments









§ 92











Tangible fixed assets









§ § 93-95
Investments in enterprises, which operates life insurance company









§ § 96-98











Contingent assets









§ 99











Life insurance liabilities









§§ 100-101 (a)











Non-life insurance liabilities









§ 102











Other obligations









§ § 103-105 (a)











The profit and loss account









§ § 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 report









§§ 128-132







 

 







Title III





 







Consolidated accounts and acquisitions





 







Chapter 6





 







Presentation of consolidated financial statements





 







Duty to report consolidated financial statements









§§ 133-135











The scope of consolidation









§ 136











General requirements for the consolidated company in both the sections 137-141











Chapter 7





 







Acquisitions and mergers









§ § 142-143











Merger accounting, etc.









§ 144







 

 







Title IV





 







Interim reports





 







Chapter 8





 







The preparation of the interim report









§ 145











Preparation of quarterly reports









§ 145 (a)







 

 







Title V





 







Penal provisions as well as the date of entry into force and transitional provisions





 







Chapter 9





 







Criminal provisions









section 146











Chapter 10





 







Date of entry into force and transitional provisions









§ 147







 

 



 

 







Official notes 1) Ordinance contains provisions that implement elements of Council Directive 91/674/EEC of 19. December 1991 on the annual accounts and consolidated accounts of insurance undertakings (Official Journal No. L374 of 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 No. L 345 of 19/12/2002 p. 1), parts of the European Parliament and of the Council Directive 2004/25/EC of 21. April 2004 on takeover bids (Official Journal No. L142 of 30. April 2004, p. 12), as well as parts of the European Parliament and of the Council Directive 2004/109/EC of 15. December 2004 on the harmonisation 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 No. L 390 of 31/12 2004, p. 38).