Business operating profi t 5,593 5,186 8% Net income attributable to shareholders 3,215 3,039 6%
#3 largest personal lines P&C insurer in the U.S. based on market share report 2008
In 2009 we revealed the strength and scale of our ambition by acquiring direct auto insurer 21st Century in the United States. By coupling it with the Farmers organization, the Farmers Exchanges are now positioned to maintain their place as a leading multi-line, multichannel personal lines insurer in the United States. One of the ways that this acquisition will allow them to do that is to exploit the cross-sell opportunities that naturally arise when they add 21st Century’s roughly 1.2 million customers to the Farmers base.
Another way we achieve profi table growth organically is by leveraging Zurich’s global scale and diverse range of propositions. General Insurance and Global Life are working together to offer retail banks a broad set of product offerings for their customers. The Zurich Risk Engineering network played its own role by exceeding its cross-selling target for the third consecutive year, with more than USD 40 million of business booked.
All the while we kept up the momentum with all our other activities that are aimed at maintaining our engagement with customers and living the Zurich HelpPoint brand, with more than 100 new Zurich HelpPoint solutions in development since then.
Committed to deliver Relations between our Board and our Management are structured to support both groups in fulfi lling their commitment to deliver. This structure establishes checks and balances and is designed to provide for institutional independence of the Board of Directors from the Chief Executive Offi cer (CEO) and the Group Executive Committee (GEC).
This report basically follows the recommended structure outlined in the Directive on Information Relating to Corporate Governance of the SIX Swiss Exchange. The chapter on compensation, shareholdings and loans of the Directors and the members of the GEC is dealt with in a separate report, the Remuneration report (see pages 50 to 67), which complements this Corporate governance report.
The Board is required to meet at least six times each year; during 2009 it held eleven meetings (of which two were partly attended by phone and two were held over two days). On the occasion of one meeting the Board conducted a separate visit to the Farmers University, the development centre for agents and employees in the U.S. One meeting was fully dedicated to the discussion of strategic topics. Six meetings lasted between four and eight hours per day, and the remaining fi ve meetings took about two hours in average. In addition, the Board unanimously approved two circular resolutions.
Paul van de Geijn retired from the GEC on December 31, 2008. As from January 1, 2009, Paul Hopkins became Chairman of the Board of Farmers Group, Inc. and CEO Americas and Geoff Riddell assumed the new positions of Chairman of Global Corporate and CEO Asia-Pacifi c and Middle East.
PwC assumes all auditing functions, which are required by law and by the Articles of Incorporation of Zurich Financial Services Ltd. They are elected by the shareholders of Zurich Financial Services Ltd on an annual basis. At the Annual General Meeting of shareholders on April 2, 2009, PwC was re-elected by the shareholders of Zurich Financial Services Ltd. The Board of Directors proposes that PwC be re-elected at the upcoming Annual General Meeting as external auditors for the business year 2010. PwC fulfi ls all necessary requirements under the new Swiss Federal Act on the Admission and Oversight of Auditors and has been admitted as a registered auditing company by the Federal Audit Oversight Authority under this Act.
The Audit Committee oversees the work of the external auditor. It reviews, at least annually, the qualifi cation, performance and independence of the external auditors and reviews any matters that may impair their objectivity and independence based on a written report by the external auditors describing the fi rm’s internal quality-control procedures, any material issues raised and all relationships between the external auditors and the Group and/or its employees that could be considered to bear on the external auditors’ independence. The Audit Committee evaluates the cooperation received by the external auditors during their audit examination. It elicits the comments of management regarding the performance and responsiveness of the external auditors to the needs of Zurich Financial Services Ltd and the Group. The Audit Committee reviews, prior to the commencement of the annual audit, the scope and general extent of the external audit and suggests areas requiring special emphasis.
Risk management and internal control statement The Board is responsible for overseeing the Group‘s risk management and internal control system, which Management is responsible for implementing. The process is designed to manage rather than eliminate the risk of failure to achieve business objectives and can provide only reasonable, and not absolute, assurance against material fi nancial misstatement or loss. There are two committees at the Board level that have primary risk management and internal control oversight responsibilities: the Risk Committee – with oversight over risk management and •
Variable pay Incentive plans are designed to provide a range of award opportunities linked to levels of performance. Business and individual performance may result in superior awards above target for superior performance, and reduced or no awards for performance below expectations. Variable pay opportunities are provided, in markets where this is the norm, to motivate employees to achieve key short and long-term business goals to increase shareholder value. Variable pay opportunities may include both short-term and long-term incentives: Short-term (1 year) incentives are performance-driven based on relevant factors which can include the performance • of the Group and the business areas as well as individual performance achievements. Key performance measures are determined annually and focus on business priorities. They typically include profi tability measures, such as Group net income after tax (NIAT) and business operating profi t (BOP).
Compensation for former Group Executive Committee members No benefi ts (or waiver of claims) have been provided to former members of the Group Executive Committee during the year 2009, nor during the year 2008.
All interests are benefi cial and include shares or share options held by related parties to the Group Executive Committee members. One vested option gives the right to one share with normal voting and dividend rights.
in USD millions, for the years ended December 31 06_Financial_Review_8212_Eng.indd 7706_Financial_Review_8212_Eng.indd 77 24/2/10 20:09:4424/2/10 20:09:44
Net reserves increased USD 25.4 billion or by 16 percent in U.S. dollar terms to USD 180.1 billion and by 10 percent in local currency, compared with December 31, 2008. On a local currency basis, the increase was primarily driven by fi nancial market recovery fl owing through to unit-linked insurance and investment contracts, as well as growth in traditional reserves. Assets under management increased by 19 percent in U.S. dollar terms and by 12 percent on a local currency basis, compared with December 31, 2008. Assets under management benefi ted from policyholder net infl ows of USD 5.4 billion for the full year 2009 driven by new business as well as focused efforts on in-force management.
Gross written premiums and policy fees 6,615 3,381 96% Net underwriting result 58 59 (3%) Business operating profi t 228 154 48% Loss ratio 68.2% 68.2% – Expense ratio 30.8% 29.3% (1.5 pts) Combined ratio 99.0% 97.5% (1.5 pts)
Common stock portfolios backing participating with-profi t policyholder contracts 673 630 – – Trading equity portfolios in capital markets and banking activities 461 786 – –
Other life insurance liabilities, net of reinsurance, increased by 5 percent or by 2 percent in local currency terms, compared with December 31, 2008. The growth arose from higher interest and bonuses credited to policyholders for traditional products.
Mission and objectives of risk management 98 Risk management framework 98 External perspectives 100 Risk governance and risk management organization 101 Risk types 103 Strategic risk 104 Insurance risk 104 Market risk 111 Credit risk 118 Liquidity risk 125 Operational risk 128 Risks to our reputation 129 Capital management 130
Our major Enterprise Risk Management objectives are to: Protect the capital base by monitoring that risks are not taken beyond the Group’s risk tolerance • Enhance value creation and contribute to an optimal risk-return profi le by providing the basis for an effi cient • capital deployment Support the Group’s decision-making processes by providing consistent, reliable and timely risk information • Protect our reputation and brand by promoting a sound culture of risk awareness and disciplined and informed • risk taking
In addition to the specifi c risks listed above, the Group is exposed to policyholder behavior and expense risks. Policyholder behavior risk is mitigated by product designs that match revenue and expenses associated with the contract as closely as possible. Expense risk is mitigated by careful control of expenses and by regular expense analyses and allocation exercises.
The market risk scenarios assume a concurrent movement of all stock markets and an unrelated parallel shift of all • interest rates in different currencies.
The Group manages individual exposures as well as concentrations of credit risk. Our objective in managing credit risk exposures is to maintain them within parameters that refl ect our strategic objectives and the Group’s risk tolerance. Sources of credit risk are assessed and monitored, and the Group has policies to manage the specifi c risks within the various subcategories of credit risk. To assess counterparty credit risk, the Group uses the ratings assigned by external rating agencies, qualifi ed third parties, such as asset managers, and internal rating assessments. When there is a difference among external rating agencies, we apply the lowest of the external ratings, and we assess the external ratings for inconsistencies and consider other indicators of downward rating pressure, applying an internal rating when necessary. The Group maintains counterparty credit risk databases, recording external and internal sources of credit intelligence.
Capital management framework Our capital management framework forms the basis for actively managing the capital within Zurich.
• Dividends • Share buy-back • Share issuances • Senior & hybrid debt • Reinsurance
Zurich Financial Services Ltd is not subject to legal restrictions on the amount of dividends it may pay to its shareholders other than under the Swiss Code of Obligations. The Swiss Code of Obligations provides that dividends may only be paid out of freely distributable reserves or retained earnings and that 5 percent of annual retained earnings must be allocated to a general legal reserve until such reserve in the aggregate has reached 20 percent of the paid-in share capital and therefore the earnings allocated to those reserves are restricted. As of December 31, 2009, the amount of the general legal reserve exceeded 20 percent of the paid-in share capital of the Group . Similarly, the company laws in many countries in which the Group’s subsidiaries operate may restrict the amount of dividends payable by those subsidiaries to their parent companies.
Some countries have already introduced, or are in the process of introducing, requirements for an economic risk-based capital assessment. In the UK, this is known as Pillar 2. In Switzerland, the Insurance Supervisory Law, which came into effect on January 1, 2006, introduces the Swiss Solvency Test (SST). Under SST, groups, conglomerates and reinsurers are required to use company-specifi c internal models to calculate risk-bearing and target capital. Models must be approved by the Swiss Financial Market Supervisory Authority (FINMA). In 2009, Zurich continued to further enhance and refi ne our internal model to meet evolving regulatory requirements. The model approval process continued with FINMA, and Zurich fi led SST results as required.
The chart below shows the estimated AFR at the beginning of the respective year (based on the IFRS balance sheet as of December 31 of the prior year) to cover the risks that could materialize during the year indicated. Zurich’s estimated RBC is broken down by segment and risk types.
Available Financial Resources RBC by segment Other Operating Businesses and Non-Core Businesses Farmers Global Life General Insurance
Basic earnings per share 23 24.39 23.53 Diluted earnings per share 23 24.21 23.35 1 Effective June 30, 2008, the underlying contracts relating to a UK annuity portfolio reinsured in 2007 were transferred to the reinsurer. This transaction had no net impact on the consolidated income statement in 2008, but impacted each of these line items by USD 7.0 billion.
2 As of December 31, 2009, assets held for sale include land and buildings held for own use reclassifi ed in March and December 2009 as assets held for sale.
in USD millions, for the years ended December 31 08_Financial_Statements_Part1_7442_Eng.indd 14408_Financial_Statements_Part1_7442_Eng.indd 144 24/2/10 20:16:4124/2/10 20:16:41
As of December 31, 2009 and 2008, cash and cash equivalents held to meet local regulatory requirements were USD 1,715 million and USD 1,131 million, respectively.
As of December 31, 2008 an amount of USD 618 million previously reported under “Debt securities – Available-forsale “, is now presented under “Other loans“ to better refl ect the nature of the underlying investments.
Standards published and effective as of January 1, 2009 and relevant for the Group’s operations The following new accounting standards or amendments to and interpretations of standards relevant to the Group have been implemented for the fi nancial year beginning January 1, 2009 with no material impact on the Group’s fi nancial position or performance.
In November 2008, IFRIC 17 “Distributions of Non-cash Assets to Owners” was issued. IFRIC 17 is effective for reporting periods beginning on or after July 1, 2009. The interpretation clarifi es when a dividend payable should be recognized and how distributions of assets other than cash should be measured when an entity pays dividends to its owners.
Investments in associates and partnerships where the Group has the ability to exercise signifi cant infl uence but not control, as well as joint ventures where there is joint control, are accounted for using the equity method. Signifi cant infl uence is presumed to exist when the Group owns, directly or indirectly, between 20 percent and 50 percent of the voting rights. Under the equity method of accounting, investments in associates, partnerships or joint ventures are initially recognized at cost and adjusted thereafter for the post-acquisition change in the Group’s share of net assets of the investment.
A number of insurance and investment contracts contain DPF which entitle the contract holder to receive, as a supplement to guaranteed benefi ts, additional benefi ts or bonuses: that are likely to be a signifi cant portion of the total contractual benefi ts;•
For traditional life contracts, the net premium reserve, calculated on a locked-in basis and reduced by the unamortized balance of DAC or present value of future profi ts of acquired insurance contracts (PVFP) is compared with the gross premium reserve, calculated on a best-estimate basis as of the valuation date. If there is a defi ciency, the DAC or PVFP is written down to the extent of the defi ciency. If, after writing down the DAC or PVFP to nil (for the respective portfolio of contracts), a defi ciency still exists, the net liability is increased by the amount of the remaining defi ciency.
Investment income primarily consists of dividend income on equity securities, interest income on fi nancial assets other than equity securities, rental income earned on real estate held for investment and income earned on investments that are accounted for using the equity method of accounting.
Available-for-sale fi nancial assets Available-for-sale fi nancial assets are subsequently carried at fair value, with changes in fair values recognized directly in shareholders’ equity until the securities are either sold or impaired.
Other intangible assets with infi nite lives are not subject to amortization but are tested for impairment annually and whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
The time required to learn of and settle claims is an important consideration in establishing the Group’s reserves.
Fair value of liabilities related to unit-linked investment contracts are based on the fair value of fi nancial assets backing these liabilities. Fair values of liabilities related to other investment contracts are determined using discounted cash fl ow models. A variety of factors are considered in the Group’s valuation techniques, including credit risk, embedded derivatives (such as unit-linking features), volatility factors (including contract holder behavior), servicing costs and surrenders of similar instruments.
Book value of net assets prior to acquisition 147 9 156 Fair value of net tangible assets acquired 8 9 17 Identifi able intangible assets, net of deferred tax 91 19 110
Cash and cash equivalents acquired – 47 47 1 The 21st Century purchase price allocation is provisional.
Table 7.1 shows the fair value and notional amounts for instruments which do not qualify for hedge accounting as of December 31, 2009 and 2008, respectively. Whilst these notional amounts express the extent of the Group’s involvement in derivative transactions, they are not however representative of amounts at risk. Fair values for derivatives are included in the consolidated balance sheets in the lines Other Assets and Other Liabilities.
The Group also has fair value hedge relationships consisting of currency swaps to protect the certain non Euro- denominated fi xed income securities from foreign currency fl uctuation.
Table 7.3 in USD millions, as of December 31Gains/(losses) arising from fair value hedges 09_Financial_Statements_Part2_7443_Eng.indd 19109_Financial_Statements_Part2_7443_Eng.indd 191 24/2/10 20:18:0324/2/10 20:18:03
Table 11.4 in USD millions, for the years ended December 31Change in reserves for unearned premiums 09_Financial_Statements_Part2_7443_Eng.indd 20109_Financial_Statements_Part2_7443_Eng.indd 201 24/2/10 20:18:1024/2/10 20:18:10
Foreign currency translation effects 85 39 146 – 269 Net carrying value as of December 31, 2009 2,297 1,137 4,882 1 1,025 9,342 Plus: accumulated amortization / impairments 34 1,612 2,263 – 3,909 Gross carrying value as of December 31, 2009 2,331 2,749 7,145 1,025 13,251 1 Other intangible assets include software of USD 1,569 million and distribution agreements of USD 3,193 million.
Net income before income taxes 4,531 2,663 Less: income tax (expense)/benefi t attributable to policyholders (387) 1,184 Net income before income taxes attributable to shareholders 4,144 3,847 Expected income tax expense attributable to shareholders computed at the Swiss statutory tax rate 22.0% 912 22.0% 846 Increase/(reduction) in taxes resulting from: Tax rate differential in foreign jurisdictions 69 164 Tax exempt and lower taxed income (53) (10) Non-deductible expenses 79 98 Tax losses previously unrecognized or no longer recognized 40 (262) Prior year adjustments and other (139) (104)
Various debt instruments payable within 1 year 200 100 Other Various debt instruments payable within 1 year 5 1 Various debt instruments payable in more than 1 year 149 156 Senior debt 6,277 3,358 Subordinated debt Zurich Insurance Company Ltd 12.0% EUR 143 capital notes, undated 6 203 –
ZFS Finance (USA) Trust IV Series IV 5.875% USD 500 Trust Preferred Securities,
4 The holders of these notes benefi t from the Replacement Capital Covenant which states that if Series IV and V Fixed / Floating Trust Preferred Securities, issued by ZFS Finance
5 This bond is part of a qualifying fair value hedge. 6 Issued under the Group’s Euro Medium Term Note Programme (EMTN Programme).
USD 458 million of Series V Fixed/Floating Rate Trust Preferred Securities issued by ZFS Finance (USA) Trust V. •
In addition, Zurich Insurance Company Ltd also has access to a USD 300 million credit facility expiring in 2010 for the sole purpose of fi nancing surplus notes issued by the Leschi Life Assurance Company (Leschi), a special purpose reinsurer owned by Farmers New World Life (FNWL) and to which FNWL cedes business subject to U.S. Regulation Reserve Requirements XXX (Triple X). As of December 31, 2009 and December 31, 2008, USD 200 million and USD 100 million, respectively, were drawn under this credit facility.
Financial debt Financial debt consists of all debt items that are included in fi nancial leverage calculations of rating agencies.
On February 14, 2007 the Board of Zurich Financial Services Ltd authorized a share buy-back program. 3,432,500 fully paid shares, with a nominal value CHF 0.10, were bought back at an average price of CHF 364 per share, at a total cost of CHF 1.2 billion. At the Annual General Meeting on April 3, 2008, the shareholders approved a share capital reduction by CHF 343,250 from CHF 14,554,682 to CHF 14,211,432 by cancelling these 3,432,500 registered shares. The effective date of the capital reduction was June 27, 2008.
Effect of potentially dilutive shares related to share-based compensation plans 1,023,350 (0.16) (0.17) Diluted earnings per share 3,196 142,966,726 22.35 24.21
Executive long-term performance share plans Each year, selected executives are granted performance shares which vest on an annual basis over the subsequent three year period. The actual level of vesting, which can be between 0 percent and 175 percent, with an additional discretion to increase vesting to a maximum of 200 percent, of the original number of shares granted, depends on the performance of the Group during the previous calendar year. For 2009 and future grants we are looking back to a three year performance period. The current performance metrics are the Group’s ROE and the position of its total annual relative shareholder return measured against an international peer group of insurance companies. Grants under the plan are made annually each April. The actual number of performance shares granted is determined such that the economic value is a defi ned percentage of the annual salary in the year of allocation. Actual awards under these plans are made fully in shares of Zurich Financial Services Ltd. One half of the shares that actually vest are sales-restricted for a further period of three years. There were a total of 900 and 833 participants in this plan as of December 31, 2009 and 2008, respectively.
Table 28.1 in USD millionsRelated party transactions included in the Consolidated Financial Statements 10_Financial_Statements_Part3_7444_Eng.indd 23910_Financial_Statements_Part3_7444_Eng.indd 239 24/2/10 20:23:4824/2/10 20:23:48
Net income before income taxes 2,614 2,156 1,318 347 Income tax expense (attributable to policyholders and shareholders)
Southern Africa 22 10 Rest of Europe & Africa 1,437 1,341
Net investment result on unit-linked investments 146 (291) 6,618 (11,160) 1,689 (3,028)
Zurich Insurance plc Dublin General Insurance 100 100 EUR 4.9 Italy Zurich Investments Life S.p.A. Milan Global Life 100 100 EUR 74.0 Zurich Life and Pensions S.p.A. Milan Global Life 100 100 EUR 40.5 Zurich Life Insurance Italia S.p.A. Milan Global Life 100 100 EUR 25.9 Luxembourg Zurich Eurolife S.A. Howald Global Life 100 100 EUR 5.0
b) Transfer to Free Surplus The expected transfer to shareholders’ net assets shows the profi ts expected to emerge during the period in respect of business that was in force at the beginning of the period. The net effect is zero, as the reduction in value of business in force is offset by the increase in shareholders’ net assets.
Embedded value shareholders’ net assets 6 6.6 5.4 Value of business in force 7 10.2 7.4 Embedded value 16.8 12.8 1 Global Life balance sheet value 2 Includes Spanish joint ventures and other non-controlling interests 3 Since IAS 19 liabilities are included in IFRS equity but not EV shareholders’ net assets 4 Actuarial intangibles (after allowance for tax and ph sharing), goodwill and other intangibles 5 Unrealised gains / losses on investments, statutory vs IFRS reserving requirements 6 EV shareholders’ net assets net of joint ventures and non-controlling interests 7 EV value of business in force in USD billions, as of December 31Reconciliation of Global Life IFRS shareholders’ equity to embedded value 12_Embedded_Value_Report_8065_Eng.indd 28412_Embedded_Value_Report_8065_Eng.indd 284 24/2/10 20:27:2724/2/10 20:27:27
The simulations used for calculation of time value of fi nancial options and guarantees refl ect the actual yield curves and implied volatilities observable as of December 31, 2009.
p) Change in Legislation or Solvency Regime The impacts of changes in legislation or solvency regimes are included in economic variance for the analysis of movement.
a) Economic Assumptions Market Consistent Framework The Group has adopted a computational method known as “risk neutral”. With this method the key economic assumptions are: risk free rates;•
In our opinion, the EV Report for the companies and business reported in Zurich Financial Services Ltd’s Global Life segment for the year ended December 31, 2009 has been properly prepared in accordance with the MCEV Principles and Guidance.
Net income for the year was CHF 4,082 million compared with CHF 2,658 million in the prior year. The increase refl ects the net gain from the restructuring of ZGH and Allied Zurich Limited offset by lower dividend income from subsidiary companies.
The issuance of shares, net income for the year and the dividend paid in 2009 resulted in an increase in shareholders’ equity to CHF 20,383 million as of December 31, 2009 from CHF 16,783 million as of December 31, 2008. The Board will propose a dividend of CHF 16 per share in respect of the year 2009 for approval at the Annual General Meeting to be held on March 30, 2010.
7. Investments in subsidiaries In December 2009, ZGH, the Group’s penultimate holding company, has been merged into Zurich Financial Services Ltd. To enable this transaction, Allied Zurich Ltd., a 100% owned subsidiary of Zurich Financial Services Ltd, had already sold its 42.3% share in ZGH to Zurich Financial Services Ltd on August 19, 2009. As of December 31, 2008, Zurich Financial Services Ltd held a 57.7% interest in ZGH with a carrying value of CHF 6,355 million. As a result of the merger with ZGH, Zurich Financial Services EUB Holdings Limited is now owned directly by the Company.
Zurich Financial Services Ltd has entered into various support agreements and guarantees for the benefi t of certain of its subsidiaries and their directors. These contingencies amounted to CHF 15,851 million as of December 31, 2009 and CHF 4,714 million as of December 31, 2008. CHF 9,373 million of CHF 15,851 million relate to guarantees in the aggregate amount of GBP 5,595 million provided to a fully owned subsidiary and some of its directors in connection with the rationalization of the Group’s top legal holding structure which resulted in the merger of Zurich Group Holding into Zurich Financial Services Ltd in December 2009. Furthermore, Zurich Financial Services Ltd has issued an unlimited guarantee in favour of the Institute of London Underwriters in relation to business transferred to Zurich Insurance Public Plc, from a group company, which no longer has insurance licenses.
10. Shareholders’ equity a) Issued share capital As of December 31, 2009, Zurich Financial Services Ltd had 147,473,068 issued and fully paid registered shares of CHF 0.10 par value, amounting to total issued share capital of CHF 14,747,306.80. As of December 31, 2008, the share capital amounted to CHF 14,212,262.00, divided into 142,122,620 fully paid registered shares of CHF 0.10 par value.
During the year 2009, a total of 550,448 shares were issued to employees out of the contingent capital.
in CHF 1Directors’ fees 2008 13_Holding_Company_7415_Eng.indd 31313_Holding_Company_7415_Eng.indd 313 24/2/10 20:30:2424/2/10 20:30:24
Number of vested shares and vested share options1, as of December 31Share and vested share option holdings of the GEC members 13_Holding_Company_7415_Eng.indd 31713_Holding_Company_7415_Eng.indd 317 25/2/10 19:50:0525/2/10 19:50:05
Report on other legal requirements We confi rm that we meet the legal requirements on licensing according to the Auditor Oversight Act (AOA) and independence (article 728 CO and article 11 AOA) and that there are no circumstances incompatible with our independence.
Basic earnings per share 24.39 23.53 Diluted earnings per share 24.21 23.35 Book value per share, as of December 31 209.27 167.92 Nominal value per share 0.10 0.10 Price at end of period 226.50 227.00 Price period high 260.00 336.50 Price period low 127.80 175.80 1 Proposed gross dividend, subject to approval by shareholders at the Annual General Meeting 2010; expected payment date as from April 8, 2010.
General information on the company’s ADR-program can be obtained from The Bank of New York Mellon at www.adrbnymellon.com.
For more information please visit www.zurich.com 14_Shareholder_Information_8645_Eng.indd 33014_Shareholder_Information_8645_Eng.indd 330 25/2/10 17:29:5125/2/10 17:29:51