DOCSLIB.ORG

Your Partner in Insurance

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Your Partner in Insurance Your Partner in Insurance Annual Report 2011 Message of the Chairman and CEO of Ageas Report of the Board of Directors of Ageas Ageas Consolidated Financial Statements ageas SA/NV Company Financial Statements ageas N.V. Company Financial Statements Brussels | Utrecht 14 March 2012 A nnual Report 2011 3 nnual Report 2011 4 A Contents AGEAS at a glance 2011 ................................................................................................................................................................................................. 7 Key events in 2011 .........................................................................................................................................................................................................10 Introduction .....................................................................................................................................................................................................................11 Message of the Chairman and CEO of Ageas .................................................................................................................................................. 13 Message to the shareholders .........................................................................................................................................................................................14 Report of the Board of Directors of Ageas ........................................................................................................................................................ 17 1 Developments and results ................................................................................................................................................................................18 2 Corporate Governance Statement....................................................................................................................................................................24 Ageas Consolidated Financial Statements 2011 .............................................................................................................................................. 45 Consolidated statement of financial position ..................................................................................................................................................................46 Consolidated income statement .....................................................................................................................................................................................47 Consolidated statement of comprehensive income .......................................................................................................................................................48 Consolidated statement of changes in equity.................................................................................................................................................................49 Consolidated cash flow statement ..................................................................................................................................................................................50 General Notes ................................................................................................................................................................................................... 51 1 Legal structure ..................................................................................................................................................................................................52 2 Summary of accounting policies .......................................................................................................................................................................53 3 Acquisitions and disposals ...............................................................................................................................................................................65 4 Shareholders’ equity .........................................................................................................................................................................................69 5 Non-controlling interests ...................................................................................................................................................................................74 6 Earnings per share ...........................................................................................................................................................................................75 7 Risk Management .............................................................................................................................................................................................76 8 Supervision and solvency ...............................................................................................................................................................................105 9 Post-employment benefits, other long-term employee benefits and termination benefits .............................................................................108 10 Employee share option and share purchase plans ........................................................................................................................................116 11 Remuneration of Board of Director members and Executive Committee members ......................................................................................118 12 Audit fees ........................................................................................................................................................................................................125 13 Related parties ...............................................................................................................................................................................................126 14 Information on segments ................................................................................................................................................................................128 Notes to the Consolidated statement of financial position .............................................................................................................................. 141 15 Cash and cash equivalents ............................................................................................................................................................................142 16 Financial investments .....................................................................................................................................................................................143 17 Investment property ........................................................................................................................................................................................149 18 Loans ..............................................................................................................................................................................................................150 19 Investments in associates ..............................................................................................................................................................................153 20 Reinsurance and other receivables ................................................................................................................................................................156 21 Call option BNP Paribas shares .....................................................................................................................................................................157 22 Accrued interest and other assets ..................................................................................................................................................................159 23 Property, plant and equipment .......................................................................................................................................................................160 24 Goodwill and other intangible assets ..............................................................................................................................................................162 25 Liabilities arising from Life insurance contracts ..............................................................................................................................................166 26 Liabilities arising from Life investment contracts ............................................................................................................................................167 27 Liabilities related to unit-linked contracts ........................................................................................................................................................168 A 28 Liabilities arising from Non-life insurance contracts .......................................................................................................................................169 nnual Report 2011 29 Debt certificates ..............................................................................................................................................................................................170 5 30 Subordinated
Load more

Recommended publications
  • NLFI Exit Advice ASR Nederland
    Exit advice ASR Nederland NL financial investments 5 November 2015 10 15 20 25 30 35 40 45 50 55 Contents FOREWORD ...................................................................................................................................................... 3 SUMMARY & CONCLUSIONS ............................................................................................................................ 4 HISTORY PARLIAMENTARY DISCUSSION OF ASR SALE ...................................................................................... 8 5 PRECONDITIONS FOR SALE ......................................................................................................................................... 8 PARLIAMENTARY DEBATE SALES ADVICE AUGUST 2013 ................................................................................................... 8 PARLIAMENTARY DEBATE SALES ADVICE MAY 2014 ........................................................................................................ 9 SALES READINESS AND PRICE EXPECTATION .................................................................................................. 10 RESULTS ACHIEVED AND STRATEGY OF ASR ................................................................................................................. 10 10 READINESS FOR A TRANSACTION ............................................................................................................................... 11 Financial ......................................................................................................................................................
    [Show full text]
  • Continuing the Growth Journey
    Continuing the Growth Journey Annual Report 2016 Annual ageas SA / NV Rue du Marquis 1 bte 7 - Markiesstraat 1 bus 7 1000 Brussels Belgium reporting2016.ageas.com Annual Report 2016 Annual Report 2016 Brussels, 7 April 2017 Report of the Board of Directors Consolidated Financial Statements Summarised ageas SA/NV Company Financial Statements 002 Ageas - Annual Report 2016 003 Ageas - Annual Report 2016 Annual Report 2016 Brussels, 7 April 2017 004 Ageas - Annual Report 2016 CONTENTS Introduction .................................................................................................................................................. 6 Report of the Board of Directors .................................................................................................................. 7 1 General description and strategy of Ageas ..................................................................................................................................... 7 2 Developments and results ............................................................................................................................................................. 10 3 Corporate Governance Statement ................................................................................................................................................. 13 AGEAS Consolidated Financial Statements 2016 ...................................................................................... 30 Consolidated statement of financial position .............................................................................................................................................
    [Show full text]
  • Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership
    Directorate-General for Internal Policies Directorate A - Economic and Scientific Policy Policy Department A.: Economic and Scientific Policy and Quality of Life Unit Cross-Border Financial Institutions in the EU: Analysis of Total Assets and Ultimate Ownership Briefing Note IP/A/ECON/NT/2008-10 PE 408.550 Only published in English. Author: Josina KAMERLING Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L046 B-1047 Brussels Tel: +32 (0)2 283 27 86 Fax: +32(0)2 284 69 29 E-mail: [email protected] Arttu MAKIPAA Policy Department Economy and Science DG Internal Policies European Parliament Rue Wiertz 60 - ATR 00L042 B-1047 Brussels Tel: +32 (0)2 283 26 20 Fax: +32(0)2 284 69 29 E-mail: [email protected] Manuscript completed in August 2008. The opinions expressed in this document do not necessarily represent the official position of the European Parliament. Reproduction and translation for non-commercial purposes are authorised provided the source is acknowledged and the publisher is given prior notice and receives a copy. Rue Wiertz – B-1047 Bruxelles - 32/2.284.43.74 Fax: 32/2.284.68.05 Palais de l‘Europe – F-67000 Strasbourg - 33/3.88.17.25.56 Fax: 33/3.88.36.92.14 E-mail: [email protected] IP/A/ECON/NT/2008-10 PE 408.550 Table of Contents 1. The Data on Financial Institutions in EU27 ......................................................................1 2. Largest Financial Institutions in Europe (Tables 1-5) .......................................................2
    [Show full text]
  • Koninklijke Boskalis Westminster Nv
    P.O. Box 43, 3350 AA Papendrecht, The Netherlands Telephone +31 78 6969 000, telefax +31 78 6969 555 Press release NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA OR AUSTRALIA Boskalis successfully raises EUR 230 million through equity offering Papendrecht, 10 December 2009 Royal Boskalis Westminster N.V. (Boskalis) has successfully raised EUR 230 million of equity. A total number of 9,019,606 new ordinary shares (the Shares) were placed, 4,913,568 through an accelerated bookbuild offering (the Offering) and 4,106,038 through a private placement (the Private Placement) with Boskalis’ large shareholders HAL Investments and Delta Lloyd Group. The Shares have been placed at a price of EUR 25.50 per share. The proceeds of the equity offering will be used to partly finance the intended public offer for Smit Internationale N.V. (see press releases 12 November and 7 December 2009). Allocation of the Shares has taken place today, 10 December 2009. The payment for and issue and delivery of the Shares is expected to take place on 15 December 2009. The Shares to be issued in the Offering are expected to be admitted to listing on Euronext Amsterdam by NYSE Euronext on 15 December 2009. It is expected that the Shares to be issued to HAL Investments and Delta Lloyd will be admitted to listing on Euronext Amsterdam by NYSE Euronext within a 90 day period from their issuance. After settlement of the Offering and the Private Placement, Boskalis’ total number of outstanding shares will consist of 98,651,289 shares.
    [Show full text]
  • Deep Learning of Bank Stress in the News
    Detect & Describe: Deep learning of bank stress in the news Samuel Ronnqvist¨ Peter Sarlin Turku Centre for Computer Science – TUCS Department of Economics Department of Information Technologies Hanken School of Economics, Helsinki, Finland Abo˚ Akademi University, Turku, Finland RiskLab Finland sronnqvi@abo.fi Arcada University of Applied Sciences peter@risklab.fi Abstract—News is a pertinent source of information on finan- rely on manually-crafted dictionaries of sentiment-bearing cial risks and stress factors, which nevertheless is challenging to words. While such analysis can provide interesting insight as harness due to the sparse and unstructured nature of natural pioneering work on processing expressions in text to study text. We propose an approach based on distributional semantics risk, the approach is limiting as dictionaries are cumbersome and deep learning with neural networks to model and link text to adapt to specific tasks and generally incomplete. to a scarce set of bank distress events. Through unsupervised training, we learn semantic vector representations of news articles as predictors of distress events. The predictive model that we learn Data-driven approaches, such as Wang & Hua [23] pre- can signal coinciding stress with an aggregated index at bank or dicting volatility of company stocks from earning calls, may European level, while crucially allowing for automatic extraction avoid these issues. Their method, although allegedly providing of text descriptions of the events, based on passages with high good predictive performance gains, offers only limited insight stress levels. The method offers insight that models based on other into the risk-related language of the underlying text data. It types of data cannot provide, while offering a general means for also leaves room for further improvements with regards to interpreting this type of semantic-predictive model.
    [Show full text]
  • Verplichtinger)
    --~--V_o_orwaardelijke verplichtinger) 47 .1 Voorwaardelijke verplichtingen gerelateerd Beelndlgde procedures aan gerechtelijke procedures In Nederland zijn definitieve uitspraken gedaan (i) op 6 december De Ageas Groep is, zoals vele andere financiele groepen, ge­ 2013 met betrekking tot wanbeleid door Fortis N.V. op diverse tijd­ daagde in een aantal vorderingen, geschillen en rechtszaken die stippen in de periode 2007 - 2008 en (ii) op 4 maart 2014 met een gevolg zijn van de normale bedrijfsvoering. betrekking tot het handhaven van de door de AFM opgelegde boe­ tes inzake misleidende communicatie over solvabiliteit gerela­ Bovendien, als gevolg van de gebeurtenissen en ontwikkelingen teerde zaken in juni 2008. Geen van deze rechtszaken leidde ech­ die hebben plaatsgevonden met betrekking tot de voormalige For­ ter tot een beslissing over mogelijk financiele compensatie die het tis-groep tussen mei 2007 en oktober 2008 (zoals acquisitie van onderwerp van debat is in lopende procedures. Bijkomende AFM delen van ABN AMRO en kapitaalverhoging in september/oktober boetes inzake de communicatie over de subprime blootstelling 2007, aankondiging van het solvabiliteitsplan in juni 2008, desin­ van Fortis in september 2007 we rd en definitief op 14 februari 2014 vestering van de bankactiviteiten en de Nederlandse verzeke­ vernietigd. ringsactiviteiten in september/oktober 2008) is Ageas betrokken of kan het warden betrokken bij een aantal gerechtelijke procedures II Lopende procedures en een strafrechtelijke procedure in Belgie. 1. Administratieve procedure in Belgie Ageas ontkent dat het foutief gehandeld zou hebben en zal elke De Belgische Autoriteit voor Financiele Diensten en Markten aantijging voor de rechtbank betwisten. Als deze juridische acties (FSMA) heeft een onderzoek ingesteld inzake Fortis' externe com­ succesvol zouden blijken, zouden zij een grate impact kunnen municatie in het tweede kwartaal van 2008.
    [Show full text]
  • A Nnual R Epo Rt 2 0 0 9 Fortis Bank Sa/Nv
    Fortis Bank sa/nv - Annual Report 2009 Fortis Bank sa/nv Annual Report 2010 Introduction The 2010 Annual Report of Fortis Bank contains both the Consolidated and the Non-consolidated Financial Statements, preceded by the Report of the Board of directors, the Statement of the Board of directors and a section on Corporate Governance including the composition of the Board of directors. The audited Fortis Bank Consolidated Financial Statements 2010, with comparative figures for 2009, prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union, are followed by the audited Non-consolidated Financial Statements 2010 of Fortis Bank SA/NV, prepared based on the rules laid down in the (Belgian) Royal Decree of 23 September 1992 on the annual accounts of credit institutions. All amounts in the tables of these Financial Statements are denominated in millions of euros, unless stated otherwise. Because figures have been rounded off, small differences with previously reported figures may occur. Certain reclassifications have been made with regard to the prior year’s Financial Statements in order to make them comparable to the presentation for the year under review. We refer to the note 8.k. “Comments on change of presentation” for more information on the representation of the Balance sheet as at 31 December 2009 and the Profit or loss account of the year 2009. Fortis Bank SA/NV is the legal name of the company and the commercial activities in Belgium are performed under the brand name BNP Paribas Fortis. Fortis Bank refers in the Consolidated Financial Statements to Fortis Bank SA/NV consolidated situation except if stated otherwise.
    [Show full text]
  • Towards a New Balance 2009 Annual Report
    Towards a new balance 2009 Annual Report Profile ASR Nederland is the third largest insurance company in the Netherlands with a gross premium income of € 4.9 billion in 2009. Our close to 4,500 employees are committed to our private and commercial clients in the product markets of group life, individual life, mortgages, non-life, disability and health insurance. We are the largest private real estate owner in the Netherlands. Our history stretches back to 1720. We serve the market with our brands Ardanta, ASR Verzekeringen, ASR Pensioenen, De Amersfoortse, Ditzo and Europeesche Verzekeringen. We use several distribution channels to deliver our products to our clients, for example the intermediary or broker distribution channel, which accounts for about 80% of our product sales, the direct and the banking channels. From 3 October 2008, ASR Nederland is wholly-owned by the Dutch State. Our driving force is to help people and businesses to realize their dreams by assuming their financial risks. In that manner, our clients are in a position to achieve things that really matter in their lives. To ensure assurance for our clients based on our professional ability to manage risks. That is our mission, the foundation of our existence. We provide substance to our mission by being client focused, by being efficient and financially solid. (€ milLION) 2009 2008 % Gross premiums life 2,527 3,491 -28% Gross premiums non-life 2,346 2,286 3% Total gross premiums 4,873 5,777 -16% Total result life before tax 240 -856 ** Total result non-life before tax
    [Show full text]
  • Explanatory Note to the Agenda of The
    Explanatory note to the Agenda of the Annual General Meeting of Shareholders of ageas N.V. on 28 April 2011 This document contains explanations of most of the items on the agenda of the Annual General Meeting of Shareholders of ageas N.V. to be held on 28 April 2011. It further clarifies whether an item is put to a vote by the General Meeting of Shareholders for approval or adoption or whether the item is only for discussion or information purposes. As expected, the required quorum of 50% of the issued and outstanding share capital for the Extraordinary General Meeting of Shareholders of 23 March 2011 was not attained. The Annual General Meeting of Shareholders convened to be held on 28 April 2011 will be able to validly deliberate and decide on the proposed amendments to the articles of association in item 6 of the agenda, regardless of the issued and outstanding share capital represented. 2 Annual Report and Accounts, Dividend and Discharge 2.1 Annual report and Accounts 2.2 Dividend 2.2.1 Information on the dividend policy. The Ageas dividend policy, as announced on 25 September 2009, sets a target dividend pay-out ratio of 40% to 50% of the net profit of the insurance operations. This dividend policy aims at allowing shareholders to benefit fully from the cash generative activities of Ageas while still being able to enjoy long-term value creation in growth markets. The Board of Directors does not contemplate any changes to the Ageas dividend policy. 2.2.2 Proposal to adopt a gross dividend for the 2010 financial year of EUR 0,08 per Ageas Unit.
    [Show full text]
  • D N B O C C a Sio N a L S T Ud Ie S
    Occasional Studies Vol.4/Nr.2 (2006) J.W.B. Bos, J.A.J. Draulans, D. van den Kommer and B.A. Verhoef An international scorecard for measuring bank performance: The case of Dutch banks DNB Occasional Studies Occasional DNB Occasional Studies Vol.4/Nr.2 (2006) J.W.B. Bos, J.A.J. Draulans, D. van den Kommer and B.A. Verhoef An international scorecard for measuring bank performance: The case of Dutch banks ©2006 De Nederlandsche Bank nv Corresponding authors: D. van den Kommer, B.A. Verhoef e-mail: [email protected], [email protected]. Aim of Occasional Studies is to disseminate thinking on policy and analytical issues in areas relevant to the Bank. Views expressed are those of the individual authors and do not necessarily reflect official positions of de Nederlandsche Bank. Editorial Committee Peter van Els (chairman), Eelco van den Berg (secretary), Hans Brits, Maria Demertzis, Maarten Gelderman, Klaas Knot, Bram Scholten, Job Swank. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form by any means, electronic, mechanical, photocopy, recording or otherwise, without the prior written permission of the Nederlandsche Bank. Subscription orders for dnb Occasional Studies and requests for specimen copies should be sent to: De Nederlandsche Bank nv Communications p.o. Box 98 1000 ab Amsterdam The Netherlands Internet: www.dnb.nl An international scorecard for measuring bank performance: The case of Dutch banks J.W.B. Bos Utrecht School of Economics, Vredenburg 138, 3500 BG, Utrecht, the Netherlands J.A.J.
    [Show full text]
  • FORTIS Bank Nederland, 1990-2010
    ABN AMRO Historisch Archief FORTIS bAnk nedeRlAnd, 1990-2010 An international bank-insurer Like most large financial organisations, Fortis is the with those of AMEV, making Fortis the largest insurer in product of a series of mergers and acquisitions. Uniquely, the Benelux and the second-largest in the Netherlands. however, Fortis was born from the first-ever cross-border merger in the global financial world. In October 2005, the activities of AMEV, Stad Rotter- dam and Woudsend were fully integrated under the new brand name Fortis ASR. Several businesses were also sold. In August 2003, Theodoor Gilissen Bankiers, a subsidiary of MeesPierson, was sold to Belgium-based KBC, while in October 2004 the currency exchange agencies (‘Grenswisselkantoren’) were taken over by UK- based Travelex. Fortis made its first acquisition in Belgium in 1993, when it bought a majority stake in Algemene Spaar- en Lijfrentekas (ASLK). Fortis subsequently purchased In May 1990, the insurer AMEV and VSB Group, the remaining shares in 1999 to obtain full ownership both based in Utrecht, combined their activities and of this subsidiary. Meanwhile, ASLK had taken over continued under the name of AMEV/VSB 1990. When the Nationale Maatschappij voor Krediet aan de Nijverheid Belgian insurance company AG Group joined them shortly in 1995. In June 1998, Fortis acquired Generale Bank afterwards in December 1990, the name was changed after waging a fierce takeover battle with ABN AMRO. to Fortis Group and the first international merger in the financial sector was a reality. At the time of the merger, AG Group boasted a strong position in the Belgian insurance market and was market leader in various sectors.
    [Show full text]
  • Authentieke Versie (PDF)
    Tweede Kamer der Staten-Generaal 2 Vergaderjaar 2010–2011 28 165 Deelnemingenbeleid Rijksoverheid Nr. 117 BRIEF VAN DE MINISTER VAN FINANCIËN Aan de Voorzitter van de Tweede Kamer der Staten-Generaal Den Haag, 24 januari 2011 Tijdens de algemene financiële beschouwingen in de Eerste en Tweede Kamer heb ik u toegezegd in te gaan op het exitbeleid voor de overheids- belangen in ABN AMRO, ASR Nederland, AEGON, ING en SNS REAAL. De kredietcrisis in 2008 dwong het vorige kabinet in korte tijd grote bedragen in te zetten om de stabiliteit van de financiële sector te waarborgen. Het tijdelijke karakter van deze investeringen heeft steeds vooropgestaan: een voortvarende terugkeer naar de private sector was en is het uitgangspunt van het kabinet. Het moment is aangebroken daarvoor een beleid op hoofdlijnen te formuleren. Samengevat streef ik ernaar de overheidsbelangen in de financiële sector binnen vijf jaar zeer substantieel terug te brengen, mits en voor zover aan de volgende voorwaarden wordt voldaan: 1. De financiële sector is stabiel. Twijfels over interbancair verkeer, kwaliteit van activa en soliditeit van individuele systeembanken zijn weggenomen. 2. De markt is klaar voor de beoogde transacties. Er is voldoende absorptievermogen, er is belangstelling voor investeringen in de financiële sector en de verwachte opbrengst is daarmee in lijn. 3. De betrokken ondernemingen zijn klaar voor de beoogde vorm van verkoop of afwikkeling. Er is een goed financieel track record, de kwaliteit van de verslaggeving is berekend op de toekomst, het profiel van de bestuurders past bij de uitgezette strategie en er is uitzicht, vooral bij een zelfstandig voortbestaan, op duurzame waardeontwikkeling.
    [Show full text]