An INSIGHT into Pensioenfonds. Zorg en Welzijn
|
|
- Cynthia Owen
- 7 years ago
- Views:
Transcription
1 Stichting An INSIGHT into Pensioenfonds Pensioenfonds Zorg Zorg en Welzijn en Welzijn JAARVERSLAG 2013
2 Profile This is Pensioenfonds Zorg en Welzijn Pensionfonds Zorg en Welzijn (PFZW) provides a compulsory collective pension scheme for the care and welfare sector. The aim is to provide participants with a high-quality pension package at the lowest possible price. The basic principle of the scheme is solidarity. PFZW invests the contributions paid by employers and employees with the aim of achieving a high, stable and responsible return over the long term at an acceptable level of risk. The fund invests globally in the investment categories of variable yield securities, fi xed-income securities and commodities. PFZW is organised as a foundation. The Board of Governors of the foundation is responsible for the policy and implementation of the collective pension scheme. It comprises representatives of employer organisations in the sector, representatives of employee organisations in the sector, a representative of pensioners and an independent chairman. The Pension Council, consisting of participants, pensioners and employers, is an important part of our organisation. In order to implement the principles of good pension fund governance, it has been decided to integrate co-determination and the accountability function into the Pension Council. The pension fund had a total 163,6 billion of assets under management at the end of
3 Organisation PFZW was established by the employers and employees organisations in the care and welfare sector. The structure of the pension fund is as follows: Employers organisations Employees organisations Pension Council General Affairs Committee Supervisory Board Audit Committee Board of Governors Pensions Committee Executive Office Investments Committee Complaints Committee Appeals Committee 3
4 Five-year review Employers and participants (numbers) Affi liated employers 22,850 22,400 22,000 21,500 21,200 Contributing participants 1,151,300 1,181,600 1,219,800 1,251,200 1,245,800 Former participants 1,041,200 1,022, , , ,500 Pensioners 390, , , , ,500 Current and former participants 2,583,400 2,573,100 2,532,300 2,487,800 2,411,800 Contribution rates Old-age pension 22.4% 24.4% 24.4% 23.8% 23.4% (% of salary less state old-age pension threshold) VPL premium 1.1% Invalidity pension 0.4% 0.4% 0.4% 0.4% 0.4% (% of salary less state invalidity pension threshold) Income and expenditure (in millions) Contributions 5,145 5,570 5,500 5,202 4,915 Pension Benefi t payments 2,968 2,832 2,726 2,641 2,551 Pension administration costs Costs per employee (euro per employee) 69,4 73,0 76,7 75,4 77,7 Financial position (in millions) Actual Funding ratio as at year end 95% 102% 109% 101% 97% Policy Funding ratio as at year end 97% 108% Investments 163, , , , ,688 Foundation capital and reserves (8,469) 3,468 11,273 1,840 (3,845) Provision for pension liabilities 172, , , , ,451 Indexation Indexation % 1) 0% 0% 0,94% 0% 0% Wage growth in the sector 0.68% 0.48% 1.88% 1.67% 1.43% Indexation rate 2) 0.6% 1.0% 2.5% 2.5% 2.3% Investments (in millions) Investment results 3) (219) 21,496 4,785 14,998 8,498 Total costs management in % 4) 0.48% 0.54% 0.61% 0.57% 0.55% Total return (0.1%) 15.5% 3.7% 13.4% 8.4% 10-year average return 6.2% 7.9% 7.4% 8.6% 6.4% Average return since ) 8.2% 8.4% 8.2% 8.3% 8.2% Z-Score 1,34 0,91 1,02 0,68 0,69 Performance test 6) 2,08 1,88 1,36 (0,07) 0,07 1) Percentage of indexation granted on the basis of wage growth in the sector. 2) Source: Statline (CBS). 3) Asset management costs are deducted from the investment results 4) Total expense rate has been presented in accordance with the recommendations of the Federation of the Dutch Pension Funds since The percentage refers to total asset management costs as a proportion of average assets under management. Transaction costs are not included. 5) This percentage shows the average annual return achieved from the launch date (1971) to the end of the fi nancial year. 6) The performance test is the total of the Z scores over a period of fi ve years, divided by the root of fi ve. The standard is (1.28). 4
5 Consolidated balance sheet as at 31 December 2015 (after profi t appropriation) (amounts in millions of euros) Assets Investments at pension fund s risk Real estate and infrastructure 26,724 24,037 Equities 56,682 62,196 Fixed-income securities 72,463 67,679 Derivatives 21,257 26,496 Other Investments 8,434 8, , ,244 Investments at participants risk Real estate and infrastructure Equities Fixed-income securities Derivatives Other Investments Reinsurance part of technical provisions Participating interests Receivables in respect of investments 227 1,460 Receivables and prepayments and accrued income Cash Total assets 187, ,901 Liabilities Foundation capital and reserves (8,469) 3,468 Technical provisions Provision for pension liabilities at pension fund s risk 171, ,129 Other technical provisions Provisions for net pension 1-172, ,024 Provision for pension liabilities at participants risk Liabilities in respect of investments Derivatives at pension fund s risk 10,743 12,084 Derivatives at participants risk 5 7 Liabilities 11,515 17,009 22,263 29,100 Other liabilities and accruals and deferred income Total liabilities 187, ,901 5
6 Consolidated statement of income and expenditure for 2015 (amounts in millions of euros) Income Contributions (from employers and employees) 5,145 5,570 Investment income at pension fund s risk (222) 21,485 Investment income at participants risk 3 11 Other income (7) (1) Total income 4,919 27,065 Expenditure Pension benefi t payments (2,968) (2,832) Pension administration costs (107) (113) Movement in provision for pension liabilities at pension fund s risk Pension accrual (4,807) (4,361) Indexation - Interest added (290) (484) Made available for pensions and pension administration costs 2,945 2,787 Change in market interest rate (11,591) (29,399) Change from transfer of rights (38) (203) Change in actuarial assumptions for pension scheme 53 (443) Other movements (49) (15) (13.777) (32,118) Movements in other technical provisions (23) (12) Movement in provision for net pension (1) - Movement in provision for pension liabilities at participants risk 11 (3) Movement in Reinsurance part of technical provisions (13) 4 Net transfers of rights Total expenditure (16,856) (34,870) Balance of income and expenditure (11,937) (7,805) 6
7 Investment policy The investment policy of PFZW is focused on the long term. The policy is consistent with the pension fund s objectives and obligations, which are to provide a good and affordable pension. That primarily means it seeks to generate a high infl ation adjusted return over the longer term. PFZW is a relatively young pension fund. Over the next decade pension contributions are expected to exceed pension benefi t payments. The pension fund can therefore afford to take this into account in its asset allocation. The objectives and long investment horizon lead to an investment mix with holdings in investment categories other than fi xed income securities. The 2015 investment plan had 65% of assets allocated to investment categories such as listed equities, private equity, private real estate and infrastructure. The fi xed-income allocation in the 2015 investment plan was 30%. This comprised both ordinary government bonds and infl ation-linked bonds, as well as interest rate and infl ation derivatives. Finally, the allocation to commodities was 5%. The key points of the investment policy are as follows: Diversifi cation of assets across various investment categories PFZW is a long-term investor with a large volume of assets under management. That means the pension fund is able to invest in investment categories that are not accessible to all institutional investors. Better coverage of investment categories Within the various investment categories PFZW analyses which investments fi t in best with its portfolio and investment policy. Taking market conditions into account While investing, market conditions are taken into account if they differ materially from the forecasts on which the policy is based. Risk management Risk management means that risks are clearly identifi ed and are then controlled as effectively as possible at every step of the investment process. Transparency In April 2016 PFZW publishes a list of all investments, together with the mandates given to external asset managers on its website, held on 31 December 2015 in order to give a clear account of its activities and policy. This website also lists the companies that have been excluded on the basis of responsible investment criteria. Furthermore, the pension fund publishes fi gures and results on a quarterly basis. Responsible investment PFZW is responsible for the proper fi nancial implementation of the pension scheme. At the same time, it also has a social responsibility. As a result, responsible investment has been an important principle in determining the investment policy for many years. The aim is to achieve both a good and a responsible return. For the pension fund, responsible investment means consciously taking the impact of environmental and social factors and good corporate governance into account during all its investment activities april 2016 Pensioenfonds Zorg en Welzijn Utrechtseweg 91, Zeist Postbus 4004, 3700 KA Zeist
An insight into Pensioenfonds Zorg en Welzijn
An insight into Pensioenfonds Zorg en Welzijn Profile This is Pensioenfonds Zorg en Welzijn Pensioenfonds Zorg en Welzijn (PFZW) provides a compulsory collective pension scheme for the care and welfare
More informationQuarterly report Third quarter of 2009
Quarterly report Third quarter of 2009 Cover ratio at 107% Assets under management 81.9 billion Third-quarter return 9.1% Decision on contribution and indexation in fourth quarter Pensioenfonds Zorg en
More informationAbsolute return investments in rising interest rate environments
2014 Absolute return investments in rising interest rate environments Todd White, Head of Alternative Investments Joe Mallen, Senior Business Analyst In a balanced portfolio, fixed-income investments have
More informationNOTES TO THE UK GAAP PARENT COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008
1. SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION The Company s fi nancial statements are prepared on the historical cost basis, except for derivative fi nancial instruments which are stated at their
More informationPaper F9. Financial Management. Thursday 10 June 2010. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants
Fundamentals Level Skills Module Financial Management Thursday 10 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FOUR questions are compulsory and MUST be attempted. Formulae
More informationNET FINANCIAL LIABILITIES
CHAPTER 5: NET FINANCIAL LIABILITIES Net Financial Liabilities of the General Government Sector are estimated to fall by $6,456 million over the four years to June 2001 and reduce by a further $1,209 million
More informationADVISORY. KPMG Pensions Accounting Survey in the Netherlands. 2014 year-end preview and 2013 year-end retrospective. kpmg.nl
KPMG Pensions Accounting Survey in the Netherlands 2014 year-end preview and 2013 year-end retrospective kpmg.nl ADVISORY 2 KPMG Pensions Accounting Survey in the Netherlands Introduction 3 Headlines 4
More informationHaltvetia Insurance - Review
Helvetia Switzerland Operative Account 2014 Collective life insurance. Your Swiss Insurer. 2014: reforms are needed and so is transparency! Dear Readers, It is undisputed that our social security system
More information2013 IN BRIEF PENSIONS ON THE MOVE. Stichting Shell Pensioenfonds
2013 IN BRIEF PENSIONS ON THE MOVE Stichting Shell Pensioenfonds FUNDING RATIO The funding ratio is the relationship between the current assets (the funds held by the Pension Fund) and the pension liabilities
More informationGOAL SM Collective Investment Trust Funds: Another Life Cycle Innovation
GOAL SM Collective Investment Trust Funds: Another Life Cycle Innovation Manning & Napier - Driving Outcomes for More than Four Decades With over 40 years of experience managing life cycle strategies,
More informationFiduciary Asset Management. A Discretionary Investment Management Solution
Fiduciary Asset Management A Discretionary Investment Management Solution 01 / MORGAN STANLEY The Fiduciary Asset Management program is designed to provide a customized, discretionary solution to help
More informationAnnouncement to the Copenhagen Stock Exchange 11/2005 12 August 2005 HALF-YEAR REPORT 2005
Announcement to the Copenhagen Stock Exchange 11/2005 12 August 2005 HALF-YEAR REPORT 2005 The BANK of Greenland Half-Year Report 2005 1/11 FINANCIAL HIGHLIGHTS and KEY FIGURES half-year half-year 2nd
More informationReport 2. Statement and reports 15
Contents Report 2 Supplementary/corrective information on the annual report for 214 - Financial highlights for Danica Pension (corrected) 4 - Financial highlights for the Danica Pension (Annual Report
More informationQUARTERLY REPORT 1/2001
Industrial Automation 4CONTROL Automotive Electronics We set Standards in Control and Communication Technology Softing Everything under 4CONTROL For the first three months of 2001, turnover and EBIT of
More informationAnnual Report 2011 Extract. PensionDanmark A/S Langelinie Allé 41 DK 2100 Copenhagen O Denmark. CVR No. 16163279 pension.dk/english info@pension.
Annual Report 2011 Extract PensionDanmark A/S Langelinie Allé 41 DK 2100 Copenhagen O Denmark CVR No. 16163279 pension.dk/english info@pension.dk Summary Increase in contributing members despite subdued
More informationFundamentals Level Skills Module, Paper F7 (MYS)
Answers Fundamentals Level Skills Module, Paper F7 (MYS) Financial Reporting (Malaysia) June 2010 Answers 1 (a) Consolidated statement of financial position of Picant as at 31 March 2010 RM 000 RM 000
More informationThe Dutch Pension System. an overview of the key aspects
The Dutch Pension System an overview of the key aspects The Dutch Pension System an overview of the key aspects Dutch Association of Industry-wide Pension Funds (VB) Contents 1 Introduction 6 2 The Three
More information22. Provisions for other liabilities and charges
22. Provisions for other liabilities and charges The movements during the year in provisions for other liabilities and charges are presented in the following table: Beginning balance at 12/31/2006 145,119
More informationAnnouncement of Financial Results 1999. for. Den Danske Bank Group
Announcement of Financial Results 1999 for Den Danske Bank Group 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) 1999 1998 1997 1996 1995 Net interest income,
More informationSIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT
SIMPLIFIED CONSOLIDATED BALANCE SHEET PROFIT AND LOSS ACCOUNT SIMPLIFIED CONSOLIDATED BALANCE SHEET ASSETS in thousand euro Year 2002 A. SUBSCRIBED CAPITAL UNPAID 0 0 of which called-up capital ( 0 ) B.
More informationFinancialfacts. Great-West Life participating life insurance. Accountability Strength Performance
2014 Financialfacts Great-West Life participating life insurance Accountability Strength Performance This guide provides key financial facts about the management, strength and performance of the Great-West
More informationThe Case for Investing in Corporate Bonds Rated Below Single A
The Case for Investing in Corporate Bonds Rated Below Single A Executive Summary Most non-life insurance companies invest in corporate bonds with a focus on securities rated single A and higher, with only
More informationInvestment Principles
NEWSLETTER Time-Tested Investment Principles Financial markets are not predictable or stable, they constantly evolve. It is for this reason that investors should maintain a sound and disciplined approach
More informationMain Business Indicators
Supplementary Financial Data Main Business Indicators (1) Policies in Force and New Policies 1) Policies in Force (Number of policies, millions of yen, %) As of March 31 2015 2014 Individual insurance
More informationRetirement and Benefits, Risk Management, and Procurement (revised 3/5/14)
Retirement and Benefits, Risk Management, and Procurement (revised 3/5/14) Sample Examination 1. In the public sector, there are commonly separate pension plans covering: a) general employees. b) public
More informationTechnical interest rate for determining the pension conversion rate concerning non-mandatory occupational pension plans 03.11.2003 /FOPI, Life section
Technical interest rate for determining the pension conversion rate concerning non-mandatory occupational pension plans 03.11.2003 /FOPI, Life section I. Summary The pension conversion rate depends in
More informationmr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com
Date: 27 August 2015 For information: mr. M.G.F.M.V. Janssen Secretary to the Managing Board T: +31 20 557 52 30 I: www.kasbank.com Growth of 20% in net result, excluding non-recurring items, to EUR 8.3
More informationOperative Account 2011. Collective life insurance.
Operative Account 2011. Collective life insurance. 2 011 So simple. Just ask us. T 058 280 1000 (24 h), www.helvetia.ch 2011: A year marked by consolidation, expansion and innovation. for other reasons.
More informationLIFE ASSURANCE BUSINESS - REVENUE ACCOUNT FORM 1. Ark Life Assurance Company Limited. Reporting Institution: Written In Ireland - Irish Risk
LIFE ASSURANCE BUSINESS - REVENUE ACCOUNT FORM 1 Written In Ireland - Irish Risk Items to be shown net of reinsurance ceded Premiums receivable (less rebates and refunds) 1 114,030 Investment income receivable
More informationinterim report 1st kvartal 2008 BN Boligkreditt AS
interim report 1st kvartal 2008 BN Boligkreditt AS innhold Styrets beretning...3 Resultatregnskap...4 Balanse...4 Endring i egenkapital...5 Kontantstrømanalyse...5 Noter...6 [ 2 ] BN Boligkreditt Accounting
More informationArte Bunkering OÜ Annual Report 2014
ANNUAL REPORT 2014 Contents Management report 3 Annual accounts 4 Balance sheet 4 Income statement 5 Cash flow statement 6 Statement of changes in owner s equity 7 Notes to annual accounts 8 Note 1. Accounting
More informationGlobal Pension Finance Watch Year-End 2015. Mixed Financial Results for Pension Plans in 2015
Brazil Canada Eurozone Japan Switzerland U.K. U.S. Global Pension Finance Watch Year-End Mixed Financial Results for Pension Plans in Fourth quarter returns were positive across all regions, while interest
More informationMutual Insurance Company Pension-Fennia 1999
1 Mutual Insurance Company Pension-Fennia 1999 Managing Director s Review During 1999, reorganisation continued in the insurance sector in Finland. The reorganisation of pension and life insurance companies
More informationBlue Cross Plans: Tax Efficient Investing
With the expiring 833(b) tax deduction, the issue of taxability has entered the equation as a key consideration in the asset allocation process for many Blue Cross plans. Optimizing the allocation between
More informationSweden. Qualifying conditions. Benefit calculation. Earnings-related. Key indicators. Sweden: Pension system in 2012
Sweden Sweden: Pension system in 212 The earnings-related part is based on notional accounts and there is a small mandatory contribution to individual, defined-contribution funded pensions. There is also
More informationNedSense enterprises n.v. Condensed consolidated Interim financial statements
NED NEDSENSE enterprises n.v. NedSense enterprises n.v. Condensed consolidated Interim financial statements 30 June 2012 NedSense enterprises n.v. Half-year Report 2012 (unaudited) Report of the Board
More informationKansas City 4Life Insurance Company
Kansas City 4Life Insurance Company 2010 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationOur strength, your security RiverSource Life Insurance Company
June 2016 Our strength, your security RiverSource Life Insurance Company The company you choose matters. When you choose RiverSource Life Insurance Company, you want to be confident we ll be here for you
More informationWith Our PRSA You Can
Live Life Your Way With Our PRSA You Can Making Your Money Work As Hard As You Do Contents Why Should I Plan For My Retirement?... 2 How Will My PRSA Work?... 4 How Will I Benefit From A PRSA?... 6 Investment
More informationUNDERSTANDING MUTUAL FUNDS. TC83038(0215)3 Cat No 64095(0215)
UNDERSTANDING MUTUAL FUNDS 10 % TC83038(0215)3 Cat No 64095(0215) Investing your hard earned money comes with some big decisions. So, before you invest, you need to ask yourself a simple question: What
More informationLarge Company Limited. Report and Accounts. 31 December 2009
Registered number 123456 Large Company Limited Report and Accounts 31 December 2009 Report and accounts Contents Page Company information 1 Directors' report 2 Statement of directors' responsibilities
More information1st quarter interim financial report
2011 1st quarter interim financial report Contents Contents 2 Contents 2 Management report Key fi gures 3 Letter to the shareholders 4 Earnings and performance 5 Financial position 6 Net worth 6 Risk report
More informationFINANCIAL STATEMENTS OF THE COMPANY COMPANY STATEMENT OF FINANCIAL POSITION
COMPANY STATEMENT OF FINANCIAL POSITION Notes Restated Assets Investments in Group subsidiaries 2 5,729 5,760 Investments and securities 3 347 153 Investments in associated undertakings and joint ventures
More informationThe accompanying notes constitute an integral part of the Financial Statements.
Consolidated Statement of Financial Position Assets Note As at December 31 1022 1020 Intangible assets 4 797,997 785,585 Deferred tax assets 78 9,357 5,565 Deferred acquisition costs 5 8,535,538 949,585
More informationThe future of corporate bond market liquidity
January 2012 The future of corporate bond market liquidity Tom Murphy, CFA, Senior Sector Manager Timothy Doubek, CFA, Sector Manager Royce Wilson, Sector Manager Steven Gorny, CFA, Senior Analyst Gregg
More informationRetiring on a pension. Version 25.07.2016
Retiring on a pension Version 25.07.2016 Version 25.07.2016 Retiring on a pension Retirement is on the horizon! The rhythm of your life is about to change, and it won t just affect your daily routine.
More informationProposed Insurance Act Amendments Life Insurance
Risk Based Capital for Risk Based Capital for Minimum paid-up share capital increased Class of Business Long-term business Long-term and general insurance business Industrial life business Current Requirement
More informationSpeech at the inauguration of the Flacq branch of the Island Life Assurance Co. Ltd
Financial Services Commission Mauritius Speech at the inauguration of the Flacq branch of the Island Life Assurance Co. Ltd Clairette Ah-Hen, Chief Executive of the Financial Services Commission Thursday,
More informationAnnual Report 2013 Extract. PensionDanmark A/S Langelinie Allé 41 DK 2100 Copenhagen O Denmark CVR No. 16163279 pension.dk/english info@pension.
Annual Report 2013 Extract PensionDanmark A/S Langelinie Allé 41 DK 2100 Copenhagen O Denmark CVR No. 16163279 pension.dk/english info@pension.dk Summary Slight increase in the number of members At the
More informationEnthusiasm? «Knowing my retirement is in good hands.» Helvetia Vested Benefits Solutions. Invest your vested benefits to best meet your needs.
Enthusiasm? «Knowing my retirement is in good hands.» Helvetia Vested Benefits Solutions. Invest your vested benefits to best meet your needs. Your Swiss Insurer. Vested benefits in occupational benefit
More informationSolvency II. Solvency II implemented on 1 January 2016. Why replace Solvency I? To which insurance companies does the new framework apply?
Solvency II A new framework for prudential supervision of insurance companies 1 Solvency II implemented on 1 January 2016. 1 January 2016 marks the introduction of Solvency II, a new framework for the
More informationEUROPEAN UNION ACCOUNTING RULE 12 EMPLOYEE BENEFITS
EUROPEAN UNION ACCOUNTING RULE 12 EMPLOYEE BENEFITS Page 2 of 18 I N D E X 1. Introduction... 3 2. Objective... 3 3. Scope... 4 4. Definitions... 5 5. Short-term employee benefits... 7 5.1 Recognition
More informationTable of Contents. 1. Company description 1-1 1.1 Organization structure 1-1
Clal Insurance Enterprises Holdings Ltd Financial Statements As At September 30,, 2014 Board of Directors' Report..11 Condensed consolidated interim financial statements....21 Financial data from the consolidated
More informationSummary Annual Report 2014. Anker Verzekeringen n.v.
Summary Annual Report 2014 Anker Verzekeringen n.v. 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
More informationCONSULTING ASSET MANAGEMENT EQUITY & REAL ESTATE
CONSULTING ASSET MANAGEMENT EQUITY & REAL ESTATE ABOUT INNOVATIS INNOVATIS is a global asset management and consulting company providing high quality services in its key business areas. The structure of
More informationAdoption of New Policy Asset Mix
Summary (1) Adoption of New Policy Asset Mix Government Pension Investment Fund ( GPIF ) has reviewed its policy asset mix for the third medium-term plan, which starts from April 2015. In June 2014, Ministry
More informationIcelandic insurance companies Annual accounts Accounting year 2000
Icelandic insurance companies Annual accounts Accounting year 2000 FME (Financial Supervisory Authority) 14 August 2001 The Financial Supervisory Authority (FME) publishes the annual accounts of Icelandic
More informationKansas City 2Life Insurance Company
Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationNN Group N.V. 30 June 2015 Condensed consolidated interim financial information
Interim financial information 5 August NN Group N.V. Condensed consolidated interim financial information Condensed consolidated interim financial information contents Condensed consolidated interim
More informationFinancialfacts. London Life participating life insurance. Accountability Strength Performance
2014 Financialfacts London Life participating life insurance Accountability Strength Performance This guide provides key financial facts about the management, strength and performance of the London Life
More informationEvaluating the government balance sheet: pensions
Report by the Comptroller and Auditor General HM Treasury Evaluating the government balance sheet: pensions HC 238 SESSION 2016-17 30 JUNE 2016 Our vision is to help the nation spend wisely. Our public
More informationMeasuring the Financial Sustainability of the Canada Pension Plan
Measuring the Financial Sustainability of the Canada Pension Plan Actuarial Study No. 10 January 2012 Office of the Chief Actuary Office of the Chief Actuary Office of the Superintendent of Financial Institutions
More informationIOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO. Update as of 15 February 2013
IOPS Member country or territory pension system profile: TRINIDAD AND TOBAGO Report 1 issued on September 2011, validated by the Central Bank of Trinidad and Tobago Update as of 15 February 2013 1 This
More informationFUNDING NEW JERSEY PUBLIC EMPLOYEE RETIREMENT SYSTEMS
FUNDING NEW JERSEY PUBLIC EMPLOYEE RETIREMENT SYSTEMS N ew Jersey has six major Stateadministered retirement systems. Along with the required contributions of the public employees, these systems are funded
More informationUNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE
UNDERSTANDING PARTICIPATING WHOLE LIFE INSURANCE equimax CLIENT GUIDE ABOUT EQUITABLE LIFE OF CANADA Equitable Life is one of Canada s largest mutual life insurance companies. For generations we ve provided
More informationSatisfactory result for the year
1 Mutual Insurance Company Pension-Fennia 2000 Managing Director s s Review Satisfactory result for the year The year under review was the second complete year of operations for Pension Fennia, and the
More informationAFRICA PRUDENTIAL REGISTRARS PLC UNAUDITED FINANCIAL STATEMENTS PERIOD ENDED 30 SEPTEMBER 2015
UNAUDITED FINANCIAL STATEMENTS Contents Page Consolidated Statement of Profit or Loss and other comprehensive income 1 Consolidated Statement of Financial Position 2 Consolidated Statement of Cash Flows
More informationJones Sample Accounts Limited. Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements
Company Registration Number: 04544332 (England and Wales) Report of the Directors and Unaudited Financial Statements Period of accounts Start date: 1st June 2008 End date: 31st May 2009 Contents of the
More informationNet Income From Kansas Life Insurance Company
Kansas City 4Life Insurance Company 2012 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationU.S. Pension Risk Management. What Comes Next?
U.S. Pension Risk Management What Comes Next? November 2013 In 2012, there was an unprecedented amount of various settlement activities. In 2013, many pension plans financial positions benefited from a
More informationAchmea pension & life insurance. 19 May 2015 Bianca Tetteroo Leiden
Achmea pension & life insurance 19 May 2015 Bianca Tetteroo Leiden Key messages Pension Two major developments in the Dutch market: Customers need broad insight in their old-age situation; with growing
More informationCFO Insights: Gaining fi nancial visibility into your project portfolio
CFO Insights: Gaining fi nancial visibility into your project portfolio From simple research analyzing competitor data to complex ERP implementations, most work in modern corporations is done in projects.
More informationFinancialfacts. Participating life insurance. Accountability Strength Performance
2014 Financialfacts Participating life insurance Accountability Strength Performance This guide provides key financial facts about the management, performance and strength of the Canada Life participating
More informationKansas City 4Life Insurance Company
Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office
More informationINTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA
INTERIM REPORT Q1 2016 PROTECTOR FORSIKRING ASA (UNAUDITED) APRIL 2016 Highlights Q1 2016 Growth 26% - First UK client on board Protector delivers a strong premium growth for the first quarter of 2016,
More informationMBS in 2013: More of the same, with a slight twist
213 MBS in 213: More of the same, with a slight twist Jason Callan, Senior Portfolio Manager Agency mortgage-backed securities (MBS) should continue to offer an attractive risk-adjusted return opportunity
More informationColumbia Limited Duration Credit Fund A transparent approach to short-term investing
Columbia Limited Duration Credit Fund A transparent approach to short-term investing Class A ALDAX Class C RDCLX Class R4 CDLRX Class R5 CTLRX Class Z CLDZX Columbia Limited Duration Credit Fund is a pure
More informationSecuritisation and Private Equity. slaughter and may. October 2004
Securitisation and Private Equity slaughter and may October 2004 contents Securitisation and Private Equity 1 1. Refi nancing an Acquisition 2 2. Providing Debt Financing for an Acquisition 4 3. Realising
More informationTreasury Market Risk Management
Treasury Market Risk Management Treasury Management Treasury management is a broader concept than liquidity management Management of cash flows in terms of: Amount of cash inflow / outflow Currency of
More informationSUMMARY INTERIM REPORT 1Q2015
1st QUARTER REPORT 2015 1 SUMMARY INTERIM REPORT 1Q2015 The result for Norwegian Hull Club (NHC) in the first quarter of 2015 is minus USD 9.3 million. Technical result of insurance operations is minus
More informationSelf Managed Superannuation Fund investment strategy workbook
Self Managed Superannuation Fund investment strategy workbook Issue Number 2 June 2013 Prepared for Prepared by Contents Page Fund s Details 3 Member Details 6 Current SMSF s Assets and Liabilities 14
More informationBudget 2016 CHANGES IN DUTCH TAXATION FOR 2016. www.fi sconti.com
Budget 2016 CHANGES IN DUTCH TAXATION FOR 2016 www.fi sconti.com Table of contents Changes in Dutch payroll and income tax Tax credits and rates in 2016 ----------- 3 Emigration of substantial interest
More informationANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS
ANNEX I INDIVIDUAL PUBLIC FINANCIAL STATEMENTS OF CREDIT INSTITUTIONS ANNEX I.1 PUBLIC BALANCE SHEET ASSETS 1. Cash and balances with central banks 2. Financial assets held for trading 2.1. Loans and advances
More informationStatistics Netherlands. Macroeconomic Imbalances Factsheet
Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances
More informationInsurance Commission of Western Australia ANNUAL REPORT 2011. Insurance Commission of Western Australia. Key performance indicators 2011
ANNUAL REPORT 164 Insurance Commission of Western Australia Key performance indicators ANNUAL REPORT 165 CERTIFICATION OF KEY PERFORMANCE INDICATORS We hereby certify that the Key Performance Indicators
More informationACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD
ACCOUNTING STANDARDS BOARD NOVEMBER 2000 FRS 17 17 RETIREMENT BENEFITS FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 17 Retirement Benefits is issued by the Accounting
More informationFinancial Information Package for the Fourth Quarter 2004. As at December 31, 2004
Financial Information Package for the Fourth Quarter 2004 As at December 31, 2004 TABLE OF CONTENTS PAGE HIGHLIGHTS 1 PROFITABILITY 3 Profit (2003 restated) Return on common shareholders' equity (2003
More informationPreliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP)
November 1, 2012 Sony Financial Holdings Inc. Preliminary Consolidated Financial Results for the Six Months Ended September 30, 2012 (Prepared in Accordance with Japanese GAAP) Tokyo, November 1, 2012
More informationNATIONAL GENERAL INSURANCE COMPANY (P.S.C.) BEST'S CREDIT RATINGS RATING RATIONALE
Page 1 of 8 Operating Company Composite NATIONAL GENERAL INSURANCE COMPANY (P.S.C.) Levels Ground, 3, 5, 6, UP House, Port Saeed Street, Deira, Dubai, United Arab Emirates PO Box 154, Dubai, United Arab
More informationInterim report 1st quarter 2016
Interim report 1st quarter 2016 About Komplett Bank ASA Komplett Bank ASA started banking operations on 21 March 2014 when the company received its banking licence from the Norwegian authorities. Komplett
More informationSales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to $0.96 Operating Cash Flow increased 22 percent to $319 million
Contact: Mark Polzin (314) 982-1758 John Hastings (314) 982-8622 EMERSON REPORTS RECORD FIRST-QUARTER 2006 RESULTS Sales increased 15 percent to $4.5 billion Earnings per Share increased 37 percent to
More informationPhoenix Group Holdings: Q1 2015 Interim Management Statement 24 April 2015
Phoenix Group announces cash generation of 87 million in the three months to 31 March 2015 and remains on track to meet all its financial targets Financial and operational highlights in the three months
More informationKAISER FOUNDATION HEALTH PLAN, INC. AND SUBSIDIARIES AND KAISER FOUNDATION HOSPITALS AND SUBSIDIARIES. Combined Financial Statements.
Combined Financial Statements (Unaudited) Table of Contents Financial Statements (Unaudited): Kaiser Foundation Health Plan, Inc. and Subsidiaries and Kaiser Foundation Hospitals and Subsidiaries: Combined
More informationNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2008
1. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES British Polythene Industries PLC (the Company ) is a company domiciled and incorporated in the United Kingdom. The consolidated annual fi nancial
More informationThe Re-emergence of Collective Investment Trust Funds
The Re-emergence of Collective Investment Trust Funds A White Paper by Manning & Napier www.manning-napier.com Unless otherwise noted, all figures are based in USD. 1 Introduction As the retirement plan
More informationTerritorial Bancorp Inc. Announces Second Quarter 2015 Results
PRESS RELEASE FOR IMMEDIATE RELEASE Contact: Walter Ida (808) 946-1400 Territorial Bancorp Inc. Announces Second Quarter 2015 Results Earnings per share for the three months ended June 30, 2015 rose to
More informationGlobal Pension Finance Watch First Quarter 2016. Challenging start to 2016 for global pension plans
Global Pension Finance Watch First Quarter Challenging start to for global pension plans Falling interest rates and mixed investment returns drove reductions in pension plan funded status across all regions
More informationEmbedded Value 2014 Report
Embedded Value 2014 Report Manulife Financial Corporation Page 1 of 13 Background: Consistent with our objective of providing useful information to investors about our Company, and as noted in our 2014
More informationContents. Alecta in brief 3. CEO s statement 4. Board of Directors report 6. Proposed distribution of earnings 14. Ten-year summary 15
Annual report 2006 Contents Alecta in brief 3 CEO s statement 4 Board of Directors report 6 Proposed distribution of earnings 14 Ten-year summary 15 Income statements 16 Analysis of results 17 Balance
More information