felanders/preprocessed huggingface dataset:
In addition, Zenith Insurance, CalFarm Insurance and CalFarm Life, in the regular conduct of their business, are lessees of offices in various cities. See Note 9 of the Notes to Consolidated Financial Statements of Zenith on pages 65 and 66 of the 1993 Annual Report to Stockholders, which note is hereby incorporated by reference.
The five-year record of operations and accompanying notes, included in Zenith's 1993 Annual Report to Stockholders on pages 48 and 49, is hereby incorporated by reference.
Reference is made to pages 50 and 51 of Zenith's 1993 Annual Report to Stockholders for information setting forth the loss and loss adjustment expense liability development for 1983 through 1993 and page 10 for incurred loss and loss adjustment expense development for 1988 through 1993, and to the consolidated financial statements and notes thereto on pages 52 to 69 of Zenith's 1993 Annual Report to Stockholders, all of which are hereby incorporated by reference.
The Company currently leases its corporate offices in Southfield, Michigan from 26600 Development Associates Limited Partnership. In 2000, the Company paid rent in the amount of approximately $1,272,951. The term of the lease for the offices in Southfield expires on September 30, 2004. The Company, through its subsidiaries, is also a party to various leases for locations in which such subsidiaries have offices. The Company does not consider any of these leases to be material.
The information required by this item is incorporated by reference to page 16 of the Company’s 2000 Annual Report to Shareholders.
The information required by this item is incorporated by reference to pages 5-15 of the Company’s 2000 Annual Report to Shareholders.
The information required by this item is incorporated by reference to page 18-22 of the Company’s 2000 Annual Report to Shareholders.
The Company's business includes two principal segments: financial guaranty direct and financial guaranty reinsurance. The financial guaranty direct segment includes policies issued directly to the holders of insured obligations at time of issuance and those issued in the secondary market. The financial guaranty reinsurance segment includes assumed reinsurance contracts written to third parties. The Company's mortgage guaranty insurance business, which was previously as a separate segment and has had no new activity in recent years, and other lines of business that were 100% ceded upon Assured Guaranty's IPO in 2004, are shown as "other." Each segment is reported net of business ceded to external reinsurers. The financial guaranty segments include contracts accounted for as both insurance and credit derivatives. Financial guaranties of RMBS and CMBS are included in both the financial guaranty direct and reinsurance segments.
The Company manages its business without regard to accounting requirements to consolidate certain VIEs. As a result, underwriting gain or loss includes results of operations as if consolidated VIEs were accounted for as insurance.
The following table provides the source from which each of the Company's segments derives their net earned premiums:
(1)Includes fair value gain (loss) on CCS, net change in financial guaranty VIEs and other income.
Except as mentioned below, the Company leases its Agencies' offices. Information on the Company's lease commitments is incorporated herein by reference to "Note H-Leases" of the Notes to Consolidated Financial Statements in the Company's 2000 Annual Report to Shareholders.
At December 31, 2000, the Company owned buildings in Oklahoma City, Oklahoma and Victoria, Texas from which the Agencies in those cities operate.
Information as to selected financial data is incorporated herein by reference to the material under the heading "Selected Financial Data" in the Company's 2000 Annual Report to Shareholders.
Information as to management's analysis of financial condition and results of operations is incorporated herein by reference to the materials under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2000 Annual Report to Shareholders.
The response to this item is submitted in a separate section of this report.
We own a building in London, England, which houses a portion of our U.K. operations. We retained ownership of another building in London subsequent to the sale of Minet Holdings plc to Aon Corporation in 1997, which is being leased to an outside party. In a transaction completed in March 2001, we sold a 50% interest in this building.
Management considers the currently owned and leased office facilities of The St. Paul and its subsidiaries adequate for the current and anticipated future level of operations.
The “Six-Year Summary of Selected Financial Data” included on page 57 of The St. Paul’s 2002 Annual Report to Shareholders is incorporated herein by reference.
The “Management’s Discussion and Analysis of Financial Condition and Results of Operations” on pages 23 through 56 of The St. Paul’s 2002 Annual Report to Shareholders is incorporated herein by reference.
Arista provides certain office services to Bernard Kooper Life Agency, a life and health insurance agency owned by Bernard Kooper, the Chairman of the Board of the Company. The Bernard Kooper Life Agency reimburses the Company for a portion of these costs.
Pursuant to the terms of the cession of the insurance operations, the Company received a fee of 18% of the last twelve months' adjusted earned premium, plus the proceeds from the assumption of the due premium receivables at the Effective Date over all unpaid claim reserves, unearned premium liability reserves, claim expense reserves and GAAP assessment reserves assumed by The Guardian. These transactions significantly changed the Company's financial condition and results of operations in 1998 and subsequent years. Accordingly, the Company reformatted its consolidated statement of income and comprehensive income for 1998 to distinguish continuing operating results from its TPA services from its discontinued underwriting operations.
Consolidated revenues from third party administrative service operations for the years ended December 31, 2001 and 2000 were $3,848,094 and $3,966,704, respectively. Revenues decreased in 2001 mainly due to a premium rate reduction required by the New York State Insurance Department relating to some plans administered by the Company.
Consolidated miscellaneous income in 2001 was $133,156 as compared to $9,622 in 2000. The increase in 2001 was due to increased sales activities pursuant to the Company's managing general agency services.
The consolidated net loss for the year 2001 was ($106,166) (-$0.04 per share). The consolidated net income for the year 2000 was $118,203 ($0.05 per share).
Consolidated general and administrative expenses for 2000 was $3,773,390 as compared to such expenses of $3,669,298 for 1999. The increase in consolidated general and administrative expenses in 2000 was due principally to increases in rent and salaries and wages for claims department employees.
Despite the reduction in assets and liabilities at December 31, 2001 as compared to December 31, 2000, the Company's financial condition remains stable. These reductions pertain mainly to reductions in receivables from third party administration and from a payable to related parties.
At December 31, 2001, the Company had cash and cash equivalents aggregating $472,940, compared to $463,573 at December 31, 2000.
PROPERTIES Hartford Life occupies office space leased by Hartford Fire. Expenses associated with these offices are allocated on a direct and indirect basis to the Life subsidiaries by Hartford Fire.
In 1994, the division assumed life and annuity policies from Pacific Standard Life Insurance Company, adding $219 million of life and $181 million of annuity assets. In 1993, ILAD assumed $3.2 billion in fixed and variable annuity assets and $0.9 billion of modified guaranteed life insurance from Fidelity Bankers Life Insurance Company. The significant growth from these assumptions along with new deposits from fixed and variable annuity sales of $7.0 billion in 1994 and $4.2 billion in 1993 increased assets under management. The management and maintenance fees and cost of insurance associated with this growing policyholder base were the source of ILAD's increased revenues and net income.
Total division revenues of $1,273 in 1995 increased by $354 to 39% over 1994 levels and were driven by substantial increases in COLI sales. In 1994, this reportable division began to offer a variable COLI product which accounted for nearly 69% of all new 1995 sales.
Our physical property consists of the home office building and grounds, owned in fee, at 200 Capital Avenue, Frankfort, Kentucky. Adjacent to the home office, we own additional property on Second Street and on Shelby Street in Frankfort, Kentucky. One building is used for agency and company meetings; one building is a print shop used by Investors Heritage Printing; one building is currently available for lease to a commercial tenant and one building is a residential apartment building. All of the properties are in good condition.
We own 71 buildings located throughout the United States. These facilities, which contain approximately 4.1 million square feet of space, are not segregated by industry segment.
We lease approximately 3.6 million square feet of space throughout the United States and one location in Australia. These leases are generally short-term to medium-term leases of commercial space.
In addition to our corporate headquarters and another office complex and call center in Mayfield Village, Ohio, we have significant locations in Colorado Springs, Colorado; Tampa, Florida; and Tempe, Arizona.
LNC and the various operating businesses headquartered in Fort Wayne lease approximately 1.3 million square feet of office space in the Fort Wayne area. Approximately 1.5 million square feet of space is owned or leased by operating businesses headquartered in Indianapolis, Indiana; Oakbrook Terrace, Illinois; and Uxbridge, London, England. In addition, branch offices owned or leased for all of the operating businesses referenced above as well as the space for some smaller operations total approximately 1.0 million square feet. As shown in the notes to consolidated financial statements (see note 7 to the consolidated financial statements on page 51), the rental expense on operating leases for office space and equipment for continuing operations totaled $51.4 million for 1994 of which $45.4 million was for office space. This discussion regarding properties does not include information on investment properties.
PREMIUM RESERVE Life (incl. Annuity Fund) Frs. 28,425,938. — Fire, Accident, Marine and Burglary . . „ 6,131,044.—
Fire, Accident, Marine and Burglary DepS. Premium Reserve from 1907 .... Reserve for outstanding losses from 1907 Net premiums
Shareholder's Capital (4000 shares of Fr. 2000 each) . 8,000,000 — Reserve Fund ... 1,000,000 — Special Reserve . . . .... . . . . ., • . • ,. • •• .•••.. .... . : •• • 740,000 — Due to other Companies . . ... . . . ... . 2,953,588 42 Sundry creditors 57,560 10 Reserves, Fire,. Accident, Marine and Burglary Dep^-: j for unexpired risks .......... . Fr. 6,131,044. -
Government Securities and Bonds . . . , 16,719,582.90 (Market value on 31 December 1908: 17,156,980.60)
Deposits bearing interest . . , 878,788.29 Cash in Bank .-. . . . . . .. . . . .. . . : „ 646,609.84 Cash in hand ......... . . . . ' . . , 12,387.89 39,928,213 92 Due by other Companies . . . . ... . . . 8,295,917 13 Due for Premium Reserve, Life Dept., in hand of ceding Offices . . . . . 5,067,839 39 Accrued interest' 437,993 65
Board of Directors: J. R. Hanhart, Chairman . Zurich. D"" E. Welti, Deputy-chairman Berne. Ed. Leicht Zurich.
Located on the same 15.0 acre campus is a 12,800 square foot building. Nearly 9,800 square feet of this building are used as warehouse storage for records and equipment. The remaining 3,000 square feet are used as office space.
Additionally, the Company owns two other buildings located near the headquarter building. One, a 19,000 square foot building, is leased to Maui Jim, Inc. and is used as their headquarters. The other, a 20,000 square foot building, was purchased in December of 1996. Currently used for warehousing and record storage, this building will provide space for future office expansion.
During 2011, Genworth Life Insurance Company, our indirect wholly-owned subsidiary, acquired $175 million principal amount of notes secured by our non-recourse funding obligations, plus accrued interest, for a pre-tax gain of $48 million. We have accounted for these transactions as redemptions of our non-recourse funding obligations. On March 25, 2011, River Lake Insurance Company IV Limited (“River Lake IV”), our indirect wholly-owned subsidiary, repaid $6 million of its total outstanding $22 million Class B Floating Rate Subordinated Notes due May 25, 2028 following an early redemption event, in accordance with the priority of payments. On March 25, 2010, River Lake IV repaid $6 million of its total outstanding $28 million Class B Floating Rate Subordinated Notes due May 25, 2028 following an early redemption event, in accordance with the priority of payments. On March 25, 2009, River Lake IV repaid $12 million of its total outstanding $40 million
On January 24, 2012, Genworth Life Insurance Company, our indirect wholly-owned subsidiary, repurchased $475 million of our non-recourse funding obligations. In connection with the repurchase, we ceded certain term life insurance policies to a third-party reinsurer. The combined transactions will result in a U.S. generally accepted accounting principles after-tax loss of approximately $40 million that will be recorded in the first quarter of 2012.
On April 3, 2000, GE Financial Assurance Holdings, Inc., an indirect subsidiary of GE, issued to a subsidiary a senior unsecured note with a principal amount of $233 million with an interest rate of 7.85% maturing on November 30, 2010. As part of our corporate formation, the note was assumed by Genworth. This note was eliminated in consolidation. On March 31, 2010, this note was repaid in full with $33 million in cash and the issuance of a senior unsecured note with a principal amount of $200 million, with an interest rate of 7.25% and a maturity date of March 31, 2020.
In connection with our 2004 separation from our former parent, GE, we made certain joint tax elections and realized certain tax benefits. During 2010, the Internal Revenue Service (“IRS”) completed an examination of GE’s 2004 tax return, including these tax impacts. Therefore, $36 million of previously uncertain tax benefits related to separation became certain and we recognized those in 2010.
NOL carryforwards amounted to $922 million as of December 31, 2011, and, if unused, will expire beginning in 2029.
Approximately 27,406 square feet occupying a portion of the 1st and 9th floors and all of the 11th, 12th, 13th and 14th floors. The term of the lease is from March 23, 1992 through September 30, 1994 with options to extend through September 30, 2000.
Premiums earned are recognized as net revenues after reduction for reinsurance ceded and after establishment of the provision for the pro rata unearned portion of premiums written. Net premiums earned in 1995 totaled $63,865,500, compared with $52,461,456 and $43,456,430 in 1994 and 1993, respectively. The net unearn- ed premium reserve was $31,555,728, $26,794,249 and $23,327,682 at each year- end.
Consolidated statements of cash flows - for each of the three years in the period ended December 31, 1995.
Financial position on 31 Decemlber, 1905. CAPITAL fully subscribed (25 "/o paid-up) Frs. 8,000,000. — RESERVE FUND „ 1,000,000.— SPECIAL RESERVE „ 660,000.-
Property, Deposits, Cash in Bank and in Hand .... Frs. 30,789,807. 80
PREMIUM RESERVE Life (incl. Annuity Fund) Frs. 19,626,989. — Fire, Marine, Accident and Burglary „ 4,646,964. —
Retrocession Premiums, less cancellations Commissions, less retrocession Losses paid less retrocession Premium Reserve . . . Reserve for outstanding losses .... .
Shareholder's Capital (4000 shares of Fr. 2000 each) ......... Reserve Fund . . . . Special Reserve ' . . . . . Due to other Companies Sundry creditors Reserves, Fire, Marine, Accident and Burglary Dep^:: for unexpired risks Fr. 4,646,964. — for outstanding losses . , 5,646,061. — (including provision for San Francisco loss)
BiUs of Shareholders House Property Fr. 350,000. — Mortgages , 12,490,440. — Government Securities and Bonds , 16,403,586. 90
SAFECO Credit Company, Inc., organized in 1969, provides loans and equipment financing and leasing to commercial businesses. At December 31, 1995, 9% of the outstanding loans and leases of SAFECO Credit Company, Inc. consisted of loans to affiliated SAFECO companies. These affiliate loans are limited to 50% or less of the total loans outstanding.
SAFECO Securities, Inc., organized in 1967, is the principal underwriter of the SAFECO Mutual Funds including: the SAFECO Common Stock Trust, SAFECO Bond Trust, SAFECO Tax-Exempt Bond Trust and the SAFECO Money Market Trust, totaling seventeen separate investment portfolios, which are marketed directly to the public; the SAFECO Institutional Series Trust which is marketed to institutions and has one investment portfolio; the SAFECO Advisor Series Trust which is sold to the public through broker/dealers and which has eight investment portfolios each of which has three classes of stock. In addition, SAFECO Securities, Inc., is the principal underwriter for the SAFECO Resource Series Trust mutual fund which has five separate investment portfolios and for the variable insurance products issued by SAFECO Resource Variable Account B, SAFECO Separate Account SL and SAFECO Separate Account C, all of which are separate accounts of SAFECO Life Insurance Company.
Talbot Financial Corporation, acquired by the Corporation in 1993, is a broad-based insurance brokerage with a heavy emphasis on the distribution of qualified and non-qualified annuity products and mutual funds through the banking and brokerage arenas.
Winmar also owns or leases pursuant to long-term ground leases 1,360 acres of undeveloped land, primarily in Washington, Oregon, Texas and California.
Management's Discussion and Analysis of Financial Condition and Results of Operations is set forth under the same caption on pages 23 through 31 of the Company's 1999 Annual Report to Stockholders. Such information is incorporated herein by reference and should be read in conjunction with the Consolidated Financial Statements and the Notes thereto contained on pages 33 through 51 of such Annual Report.
The 1999 Consolidated Financial Statements, together with the Notes thereto and the Independent Auditors' Report thereon, are set forth on pages 32 through 51 of the Company's 1999 Annual Report to Stockholders. Such information is incorporated herein by reference.
Board of Directors: E. Hiirlimann, Chairman Hans Suizer, Deputy-Chairman Max Ruber Felix Calender C. J. Abegg G. Bachmann Fritz Baumgartner
G. de Dardei, R. Farmer, M. Grossmann, W. Habicht, K. Hasier, H. Jeckiin, M. Klaas, A. Ott, V. Tis!
The Premium Income rose from Frs. 301,275,470 to Frs. 863,418,201. The increase is particularly large in Fire insurance, where rising prices and the revival of commerce and industry brought higher insured values, and in Third Party Liability insurance, due to the expansion in motor traffic.
The technical result was, in the aggregate, less satisfying than in preceding years.
The profit in Fire insurance was modest. Large losses, especially in Switzerland, and the continued heavy burden of claims in the United States, were the main factors contributing to the somewhat disappointing experience.
Burglary and Theft insurance still produced an unfavourable result, owing to the after-effects of the war in many territories.
In Life insurance, in spite of the acquisition cost on the great influx of new busi­ ness, a favourable result was returned, as the mortality experience was again good.
The yield on investments, excluding interest applying to the Life Department, once more showed a slight increase over the preceding year.
PROFIT AND LOSS ACCOUNT for the year ending 31st December, 1946.
Life Department. Premium Reserve from 1945 Annuity Fund from 1945 ...... Reserve for Unsettled Claims from 1945 . Premiums, less cancellations Consideration for Annuities Interest
Interest, after deduction of interest due to Life Department Profit on Securities and Foreign Exchange
Life Department. Premiums for Retrocession .. . . . . Commission, less Retrocession . .. . Surrenders, less Retrocession Losses paid, less Retrocession Annuities paid, less Retrocession Premium Reserve, less Retrocession ... Annuity Fund, less Retrocession Reserve for Unsettled Claims, less Retrocession ......
lÄabilities. Capital (58,000 shares of Frs. 1000 each) Reserve Fund Special Reserve Fund . Reserve for Contingencies ' Due to other Companies . Life and other funds retained from other Companies . Sundry Creditors Reserves: Fire, Accident, Liability, Burglary, Fidelity, Surety and Marine Dep^ Premium Reserve Frs. 121,218,831. — Reserve for Unsettled Claims „ 133,119,033. — Reserve for Extraordinary Losses „ 10,000,000. —
Life Department Premium Reserve Frs. 377,805,881.— Annuity Fund , 7,185,820. — Reserve for Unsettled Claims „ 8,502,930. —
4.7. The issuer’s risks p26 to 31 5.1. The issuer’s accounts p47 to 83 5.2. Significant non-consolidated holdings N.A.
5.3. Other non-consolidated holdings p58 and 81 5.4. Scope and methods of consolidation p51 5.5. Accounts history (non-meaningful) N.A.
The original French version of this Annual Report was filed with the “Commission des Opérations de Bourse” (the French Securities and Exchange Commission)
on 24/4/2003 in compliance with regulation 98-01 of the said Commission. (COB registration number : 03 0520)
Profile Chairman’s message 2 Chief Executive Officer’s message 3 Board of Directors 4 Executive Management Committee 5 Natexis Banques Populaires share performance 6
Celite's largest mine is located on owned property immediately adjacent to the City of Lompoc, California, and is the site of one of the most unusual marine diatomite deposits in the world. The mine celebrated its 100th anniversary of production in 1993 and has been in continuous operation for more than 60 years. The Lompoc production facility has a rated capacity in excess of 200,000 tons annually and currently supplies more than 25 different grades of products to the filtration and filler markets. The facility also houses World Minerals' research and development, and health, safety and environmental departments and Celite's quality control laboratories.
The information required by this Item 8 is incorporated by reference from pages 30 through 46 of Alleghany's Annual Report to Stockholders for the year 2000, filed as Exhibit 13 hereto.
In addition, Zenith Insurance and CalFarm Insurance, in the regular conduct of their business, lease offices in various cities. See Notes to Consolidated Financial Statements -- Note 9 -- "Commitments and Contingent Liabilities" on page 62 of Zenith's 1998 Annual Report to Stockholders, which note is hereby incorporated by reference.
The Five-Year Summary of Selected Financial Information, included in Zenith's 1998 Annual Report to Stockholders on pages 44-45, is hereby incorporated by reference.
Surface area of land (owned or managed by a.s.r.) in, or adjacent to, protected areas: 4,673 hectares. Areas of high biodiversity value: 1,731 hectares.
No significant fines or sanctions were imposed in 2013 for non-compliance with environmental laws and regulations.
Audit fS9 Coverage and frequency of audits to assess implementation of environmental and social policies and risk assessment procedures.
Active ownership fS10 Percentage and number of companies held in the institution's portfolio with which the reporting organization has interacted on environmental or social issues.
fS12 Voting polic(ies) applied to environmental or social issues for shares over which the reporting organization holds the right to vote shares or advises on voting.
Group quote: both [TP] and [WG]; three worked alternatives ready to go
Trade unions a.s.r. met with the trade unions five times in 2013, on 16 January, 23 January, 7 March, 14 November and 28 November .
There were 365 press contacts in total, including questions from the press, interviews with colleagues, press releases and photography sessions, etc.
Contacts were maintained with 86 different media, of which the top 5 account for 40%. The top 5 are: • AD (11%); • AM (10%); • FD (7%); • Dutch Consumer Association (6%); • Telegraaf (5%).
Of the questions, 44% were about three topics: • Real estate (22%); • Non-life insurance (11%); • Marketing (11%).
The tone of the articles was: • positive (28%); • negative (5%); • neutral (67%).
Argonaut Insurance Company's headquarters are located in a facility that consists of an office building on approximately two acres of land in Menlo Park, California. Argonaut Great Central's headquarters are located in a facility in Peoria, Illinois. Argonaut Insurance Company and Argonaut Great Central own the buildings in which their headquarters are located. In addition, the Company has entered into other leases in conjunction with its operations at various locations throughout the country. The Company believes that its properties are adequate for its present needs
The information set forth under the caption "Selected Financial Data" in the Company's Annual Report to Shareholders for the Year Ended December 31, 2001 is incorporated herein by reference. See Exhibit Index.
The information set forth under the caption "Management's Discussion and Analysis of Results of Operations and Financial Condition" in the Company's Annual Report to Shareholders for the Year Ended December 31, 2001 is incorporated herein by reference. See Exhibit Index.
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As a closed life business consolidator Phoenix Life focuses on the efficient run-off of existing policies, maximising economies of scale and generating capital efficiencies through operational improvements. IGNIS focuses on the management of multi-asset funds, delivering strong investment performance and high quality service to its clients.
Paper information This annual report is printed on Revive 50:50 white silk. This paper is produced from 50% recycled fibre and 50% virgin fibre. Both the paper mill and printer involved in the production support the growth of responsible forest management and are both accredited to ISO 14001 which specifies a process for continuous environmental improvement and both are FSC certified. If you have finished reading this report and no longer wish to retain it, please pass it on to other interested readers or dispose of it in your recycled paper waste.
The selected consolidated financial data of the Company appears in a separate section of this Annual Report on Form 10-K on page 27.
The Company's consolidated financial statements and schedule, as listed under Item 14, appear in a separate section of this Annual Report on Form 10-K beginning on page 31 and 23, respectively.
The non-municipal plaintiffs also allege a California unfair competition cause of action. On May 1, 2012, the court ruled in favor of the monoline defendants on their special motion to strike pursuant to California’s Anti-SLAPP statute. A hearing on the motion is scheduled for March 12, 2013.
Refer to “Note 20: Commitments and Contingencies” for information about legal proceedings that occurred after December 31, 2012.
Group life insurance in which an insured sum is payable on the death of a member of the group.
The financial result consists of the net financial income from financial assets for the group portfolio
(group and individual products without investment choice) less the guaranteed return. In addition, there is the net return on the company capital, which consists of equity and subordinated terms and expressions
loans. Any returns-based fees for asset management are included in the financial result.
For a more detailed description of the technical insurance reserves and accrual accounting for premiums and compensation, see note 1 –
The term solidity capital includes equity, subordinated loan capital, market value adjustment reserve, additional statutory reserves, conditional bonuses, surplus/deficit related to bonds at amortised cost, risk equalisation fund and retained earnings. The solvency capital is also calculated as a percentage of total customer funds, excluding additional statutory reserves and conditional bonuses.
abbreviation for the term “for own account“, i.e. before additions/deductions for reinsurance.
Periodic payments (representing both capital and interest) on a level repayment loan remain constant throughout the life of the loan.
The purchase of share options confers a right (but not an obligation) to buy or sell shares at a predetermined price. Share options may be related to stock market indices as well as to specific individual stocks. The sale of share options implies the equivalent one-sided obligation. In general, exchange traded and cleared options are used.
FRAs are agreements to pay or receive the difference between an agreed fixed rate of interest and the actual rate for a fixed amount and period of time.
Interest rate futures contracts are related to government bond rates or short-term benchmark interest rates. Interest rate futures are standardised contracts which are exchange traded and are subject to established clearing arrangements. Profits and losses on futures contracts are recognised daily and settled on the following day.
Interest rate swaps/asset swaps are agreements between two-parties to exchange interest rate terms for a specified period. This is normally an agreement to exchange fixed rate payments for floating rate.
Forward foreign exchange contracts/swaps relate to the purchase or sale of a currency for an agreed price at a future date. These contracts are principally used to hedge the currency exposure arising from securities, bank deposits, subordinated loans and insurance reserves. These contracts also include spot foreign exchange transactions.
1) Spp livförsäkring aB owns 29.4 per cent and Storebrand livsforsikring aS owns 66.4 per cent of Sia Front real estate. 2) Storebrand aSa owns 25.1 per cent, and the total stake in Storebrand is 100 per cent of aS Værdalsbruket.
− Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements present the underlying transactions and events in a manner that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Group in compliance with IFRSs as adopted by the EU and the additional requirements of German commercial law pursuant to Section 315e(1) HGB.
Editorial deadline: 1 March 2019 Online publication date: 20 March 2019 Print publication date: 3 April 2019
Net –35,116 –8,953 –8,857 –8,875 –8,431 4. Operating expenses Gross –13,105 –3,643 –3,245 –3,068 –3,149
Thereof: Attributable to Munich Reinsurance Company equity holders 2,310 255 505 724 826 Attributable to non-controlling interests –34 –18 –22 5 1
20 March 2019 Balance sheet press conference for 2018 financial statements 30 April 2019 Annual General Meeting 8 May 2019 Quarterly Statement as at 31 March 2019 7 August 2019 Half-Year Financial Report as at 30 June 2019 7 November 2019 Quarterly Statement as at 30 September 2019
Important dates 2020 18 March 2020 Balance sheet press conference for 2019 financial statements 29 April 2020 Annual General Meeting 7 May 2020 Quarterly Statement as at 31 March 2020 6 August 2020 Half-Year Financial Report as at 30 June 2020 5 November 2020 Quarterly Statement as at 30 September 2020