Summary Annual Report Anker Verzekeringen n.v.

Transcription

1 Summary Annual Report 2014 Anker Verzekeringen n.v.

2 PERSONAL DETAILS SUPERVISORY BOARD Mr. A. Engelsman (chairman) Mr. G. X. Hollaar Mr. M.J.M. Steenkamp EXECUTIVE BOARD Mr. B.J. Posthumus Mr. S. Zijlstra ACTUARY Actwell B.V., Mr. J. Voois AAG ACCOUNTANT Deloitte Accountants B.V., Mr. C.J. de Witt RA LABELS/ACTIVITIES Anker Crew Insurance Zee-Risico 1996 Anker Verzuim Anker Rechtsbijstand Paterswoldseweg BM Postbus KA Page 2

3 Anker Verzekeringen n.v. Summary Annual Report 2014 Page 3

4 Page 4 Anker Verzekeringen n.v.

5 Content Foreword Balance Sheet as at 31 December Profit and Loss Account for Cash Flow Statement for Notes to the Profit and Loss Account for Premiums and losses Proceeds from investments Employee and management expenses, depreciation of operating assets Acquisition costs Investment expenses Corporation tax Page 5

7 Summary Annual Report 2014 Page 7

9 Summary of the annual report of Anker Verzekeringen n.v. for 2014 Anker is a small-scale insurance company having a custom-based approach and target group policy, and is in particular known as a legal expenses insurer and insurer of crew members on sea-going vessels. FOREWORD Anker looks back positively on We have been able to strengthen our market position and to achieve a good financial result by realising changes from an increasingly more solid foundation. Foundation The financial sector finds itself emerged in a transition process. Insurance companies are looking for and working on achieving a new balance. Anker has found that new balance. Insurance solutions are being developed in close cooperation with participants in the market. By placing focus, a firm basis with an ever-expanding scope will be created. At the same time financial principles are secured and strengthened, and Anker is working continuously on the further development of the organisation. Continuous change In the last year Anker has worked hard. (Changing) laws and regulations require much attention, but development paths and action plans are also given top priority. In addition and at the same time, Anker makes a great effort to initiate and expand partnerships. Together with these partners growth scenarios are developed and realised. Looking ahead The economic crises seems to be bottomed out. Gradually, we can see that clients and partners are confident that the economy is recovering. The economic activities of our business customers are growing and as a result also the demand for covering risks is increasing. However, this does not alter the fact that the recovery is slow and that the economic developments are fragile and fickle. In 2015 Anker will steadily stay the course. Building new sustainable partnerships and working on a reciprocal basis. Fair and square. We would like to thank our customers and partners for their trust in Anker. And we wish to thank our colleagues in and Amsterdam, the Works Council and the Supervisory Board for their dedication, and their pleasant and constructive cooperation. Bert Posthumus and Sjoerd Zijlstra Page 9

10 1 Balance Sheet as at 31 December 2014 (before appropriation of profit or treatment of loss) ASSETS EUR EUR EUR EUR Intangible fixed assets Software 166, ,347 Value of business acquired 268, , , ,456 Investments Investments in group undertakings and participating interests Claims against group undertakings 0 1,782,574 Other financial investments Shares and fixed-interest securities 4,330, ,861 Bonds 2,682,012 0 Deposits 2,689,575 5,834,083 9,701,761 7,745,518 Receivables Direct insurance claims against: - policyholders 708, ,650 - intermediaries 395, ,862 - insurance companies 428, ,510 Receivables from reinsurance 1,647,199 1,454,624 Taxes and national insurance contributions 48,500 31,000 Other receivables 378, ,636 3,605,819 3,528,282 Other assets Tangible fixed assets 97,478 70,993 Cash at bank and in hand 557,958 3,051, ,436 3,122,271 Prepayments and accrued income Accrued interest 29,583 62,739 14,427,834 15,039,267 Page 10

11 1 Balance Sheet as at 31 December 2014 (before appropriation of profit or treatment of loss) LIABILITIES EUR EUR EUR EUR Capital and reserves Paid and called-up part of the capital 2,248,000 2,248,000 Share premium reserve 1,300,000 1,300,000 Other reserves 3,889,597 3,317,343 Unappropriated result 1,481,293 1,572,254 8,918,890 8,437,597 Technical provision unearned premiums For unearned premiums and current risks Gross 275, ,782 For losses payable Gross 8,100,906 8,407,278 Reinsurance part -3,787,024-3,526,840 4,313,882 4,880,438 Provisions Provision before taxes 123,750 37,667 Liabilities Amounts owed to policyholders, intermediaries and insurance companies 248, ,391 Amounts owed to group undertakings 37,380 0 Liabilities from reinsurance 77, ,888 Taxes and national insurance contributions 12,047 18,802 Other liabilities 420, , ,728 1,576,785 14,427,834 15,039,267 Page 11

12 2 Profit and Loss Account for EUR EUR EUR EUR Earned premiums for own account Gross premiums 12,242,951 11,376,598 Ceded reinsurance premiums 1,781,295 1,891,812 10,461,656 9,484,786 Change in value of technical provision for unearned premiums Gross -168,802 4, ,802 4,552 Proceeds from investments Proceeds from investments 281,620 84,917 Profits achieved on investments 27,786 0 Non-realised result from investments 138,131 5, ,537 90,777 10,740,391 9,580,115 Losses for own account Gross loss 6,188,913 5,245,277 Reinsurer s share 3,320,122 2,461,769 2,868,791 2,783,508 Change of the technical provision for losses payable Gross 9,928-79,157 Reinsurer s share 260, , , ,837 2,618,535 2,083,671 Operating costs Staff and management costs, depreciation 4,874,255 4,328,533 Acquisition costs 1,277,019 1,129,440 Commission received from reinsurer -16,409 2,867 6,134,864 5,460,840 Investments expenses Administrative expenses and interest charges 25,270 54,280 25,270 54,280 Result of technical account nonlife insurance 1,961,723 1,981,323 Corporation tax -480, , Result after taxation 1,481,293 1,572,254 Page 12

13 3 Cash Flow Statement for 2014 (according to the indirect method) EUR EUR EUR EUR Cash flow from operational activities Result after taxation 1,481,293 1,572,254 Depreciation (in)tangible fixed assets 205, ,829 (Non)realised changes in investment value -138,131-5,860 Change in receivables -77, ,757 Change in prepayments and accrued income 33,156-42,510 Change in technical provision -397, ,389 Change in provisions 86,083-27,850 Change in current liabilities -781, ,539 Total of cash flow from operations 411, ,177 Cash flow from investment activities Investments in intangible fixed assets -49, Investments in tangible fixed assets -68,660-41,300 Disposal tangible fixed assets 30,922 0 Investment buying -7,549,460-2,606,553 Sale/payment of investments 5,731,347 2,967,965 Cash flow from investment activities -1,905, ,562 Cash flow from financing activities Dividend payments -1,000,000 0 Net cash flow -2,493, ,739 Change in cash at bank and in hand Cash at bank and in hand at the end of the year under review 557,958 3,051,278 Cash at bank and in hand at the end of the previous financial year 3,051,278 2,350,539 Change in cash -2,493, , Statement of the total result of the legal entity for 2014 Net result after taxation accrued to the legal entity 1,481,293 1,572,254 Total of the direct changes in the equity capital of the legal entity as part of the group 0 0 Total result of the legal entity 1,481,293 1,572,254 Page 13

14 4 Notes to the Profit and Loss Account for Premiums and losses Booked premiums Earned premiums Booked gross losses Losses for reinsurance EUR EUR EUR EUR Legal assistance 3,758,159 3,760, , ,869 disability insurance and other medical/accident insurances 4,651,937 4,480,343 3,055,968 3,646,063 Medical insurances, supplementary 3,412,199 3,412,199 2,148,310 1,811,871 WGA ER 420, , , ,038 Total 12,242,951 12,074,149 6,188,913 6,198,841 Operating costs Reinsurance balance EUR EUR Legal assistance 2,849,147 0 Disability insurance and other medical/accident insurances 1,827,533-1,184,148 Medical insurances, supplementary 1,284, ,864 WGA ER 173,450 0 Total 6,134,864-1,799,012 The premium has been obtained from the following regions: EUR EUR The Netherlands 8,164,573 7,658,802 Other countries within the European Union 1,898,196 1,815,626 Countries outside the European Union 230,085 14,910 Total net premium amount 10,292,854 9,489,338 Page 14

15 4 Notes to the Profit and Loss Account for Proceeds from investments The proceeds can be specified as follows: EUR EUR Interest on deposits 52,429 79,617 Interest on current account with banks and group companies 11, Dividend on shares 37,571 5,063 Interest on bonds 3,089 0 Exchange rate fluctuations 177,072 0 Profit achieved on investments 27,786 0 Non-realised result from investments 138,131 5,860 Total proceeds from other investments 447,537 90, Employee and management expenses, depreciation of operating assets The employee expenses included under operating costs can be specified as follows: Salaries (after deduction of received sick pay) 2,465,710 2,177,275 Social insurance costs 364, ,092 Pension contributions 338, ,553 Other expenses 218, ,789 Total of employee expenses 3,386,779 3,016,709 The staff members are employed by Anker Verzekert b.v. The employee expenses relating to Anker Verzekeringen n.v. are charged on. The fees for the services provided by the accounting body amount to: Annual accounts audit 44,218 33,285 Other audit instructions 2,000 2,000 Tax advice 0 0 Other non-audit services 0 0 Total 46,218 35,285 Page 15

16 4 Notes to the Profit and Loss Account for Acquisition costs The acquisition costs can be specified as follows: EUR EUR Acquisition costs paid 1,117,516 1,010,532 Acquisition costs due 159, ,908 Total amount of acquisition costs 1,277,019 1,129, Investment expenses The investment expenses can be specified as follows: Administrative expenses 24,167 13,928 Exchange rate fluctuations 0 38,409 Interest expense 1,102 1,944 Total amount of investment expenses 25,270 54, Corporation tax The effective tax rate amounts to 24,5%. There is a difference between the effective tax rate and the normalized tax burden. This is caused by a difference in valuation of the fiscal equalization reserve. A signed Dutch copy of the annual report is available for inspection at our business address in. Page 16