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Annual Report 2008

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Annual Report 2008 Annual report 2008 KLP's development over the last 5 years Key figures, see cover Important events in 2008 3 NOK million 2008 2007 2006 2005 2004 Steady course in troubled waters 6 Premium income 21 993 18 335 15 294 12 800 13 485 This is KLP 9 Insurance-related administration costs 651 868 591 516 479 Pensions and life insurance 13 Interest profit/loss -3 710 6 586 4 663 3 262 3 396 KLP Skadeforsikring AS 17 Risk profit/loss 362 99 99 77 28 KLP Kapitalforvaltning AS and Allocated to (+)/from (-)supplementary reserves -3 705 1 248 1 349 1 278 1 121 Profit/loss taken to the customers’ premium fund 1 903 3 607 3 568 2 310 1 919 KLP Fondsforvaltning AS 21 Net income taken to owners' equity funds 397 267 169 137 143 KLP Eiendom AS 24 Total assets 201 896 194 455 176 160 156 571 141 473 Corporate governance 26 Insurance funds Premium reserve 177 744 163 277 145 738 134 445 124 810 The Board’s annual report 31 Supplementary reserves 3 940 7 784 6 572 5 288 4 031 Securities adjustment fund - 7 132 7 934 5 957 2 595 Other provisions in the insurance fund 2 419 4 121 4 023 2 660 2 576 Accounts Subordinated capital Owners' equity contribution paid in 4 633 4 220 3 720 3 148 2 598 KLP Retained earnings 3 804 2 732 2 364 2 147 1 989 Other subordinated loan capital 5 022 3 420 4 422 2 088 2 060 Income statement 49 Solvency capital 17 882 24 293 26 270 23 180 8 102 Balance sheet 50 Schedule of changes in Per cent 2008 2007 2006 2005 2004 owners equity 52 Return on the common portfolio1 Return I - Book 1.0 7.5 6.6 5.7 6.0 Cash flow analysis 53 Return II - Value-adjusted -3.0 6.7 7.6 8.0 6.9 Return III - Value-adjusted incl. value changes Notes KLP 54 bonds held to maturity -1.7 5.4 5.2 7.5 7.7 Capital adequacy 14.6 12.1 14.1 12.1 14.0 Group Solvency margin adequacy 196 218 220 181 175 Income statement 94 Solvency capital as a percentage of insurance liabilities with interest guarantee 9.9 14.5 17.6 16.9 6.4 Balance sheet 95 Insurance-related administration costs Cash flow analysis 96 as a % of average customer reserves 0.36 0.50 0.38 0.37 0.38 Consolidated schedule of Number 2008 2007 2006 2005 2004 income, expenses and value changes 97 Active members 299 408 297 496 291 290 291 796 289 449 Pensioners 149 833 145 963 140 024 135 776 130 466 Notes Group 98 Employees in the life company 407 387 328 318 305 Employees in the Group 685 649 564 509 480 Audit report 145 1 As from 2008 clients assets are apportioned to a segregated portfolio (the common portfolio). Return figures for 2008 pertain to the Declarations 146 common portfolio while return figures for previous years pertain to total assets under management. Elected representatives and Boards 148 2 annUal RepORT 2008 IMPORtant EVents in 2008 3 Important events during 2008 Solidity demonstrated yet again JANUARY New KLP Group Chief Executive Officer Sverre Thornes (47) took over as the new KLP Group Chief Executive Officer on 3 January. He has broad experience from insurance and asset man- agement. Thornes came from the position as KLP Executive Vice President Life Insurance. Happy recipients of the working environment prize KLP awarded the Company’s annual working environment prizes. Three prizes of NOK 100,000 each were awarded: one for the local authorities, one for the health enterprises and one for the companies/ organisations. Bamble Municipality received NOK 100, 000, the intensive medical care department at Haukeland Hospital received NOK 100,000 and Haraldsplass Diakonale Hospital received NOK 100,000. Important property investments KLP bought Gjensidige’s head office at Sollerud in Oslo and the VG building in central Oslo. The properties were valued at NOK 1.5 billion and NOK 1.2 billion respectively. FebRUARY 100 million in Seniors’ loans KLP is experiencing ever-increasing interest in its Seniors’ loans. The Company has lent NOK 100 million since launching the reverse-mortgage product Litt Extra (A Little Extra) in spring 2007. MARCH Good 2007 results KLP delivers a good result for 2007 providing the basis for a solid return of surplus to customers after necessarily strengthening reserves for longevity. APRIL NOK 3.6 billion back to customers In May the Annual General Meeting approved the profit allocation recommendation of the Board of Directors. For 2007 NOK 3.6 billion was allocated to the customers’ premium fund and NOK 1.2 billion to supplementary reserves. The 2007 surplus of NOK 267 million was transferred to KLP’s owners’ equity fund. MAY KLP and society 2007 KLP’s social responsibility report “KLP and Society” was presented. The report documents how the KLP Group is working in a long-term, sustainable perspective. New Chair of the KLP Board of Directors At the Supervisory Board meeting on 14 May, Arne Øren was elected the new Chair of KLP’s Board For the days to come of Directors. Øren is a member of Fredrikstad Municipal Council and was Chairman of Østfold County Council from 1991 to 2007. 4 ANNUAL REPORT 2008 IMPORtant EVents in 2008 5 National Insurance settlement finalised NOK 600,000 to TV campaign The annual National Insurance settlement gives a historic rise to single minimum pensioners. Young KLP has been sponsor for Blue Cross Norway since 2004. When Blue Cross got the annual TV cam- disabled also receive the financial rise of the times in the annual settlement. The National Insurance paign, KLP challenged its own employees to compete for Blue Cross. KLP managed to collect NOK Basic Sum (“G”) is increased by 5.15 per cent to NOK 70,256. 600,000 for the TV campaign. NOVEMBER JUNE 200 billion The KLP list: exclusions and re-inclusions KLP passed NOK 200 billion in total assets. This is a doubling of total assets in seven years. KLP has carried out its semi-annual examination of which companies do not satisfy the Company’s ethi- Public sector employees cal criteria. Following the biannual examination KLP places one new company on its exclusion list: Group The effects of the financial crisis can now take out private 4 Securicor (G4S). One company is re-included: the French company AWB. The financial crisis and weak financial markets produce a weak result for KLP in the third quarter. Devel- non-life insurance with opments in the financial markets have demonstrated the significance of good solvency and solid buffer KLP Skadeforsikring at Eco-Beacon capital to meet market fluctuations. very advantageous prices In June KLP Skadeforsikring received its certificate showing the company to be Eco-Beacon certified. This is a certification scheme that helps private and public sector enterprises to operate in an environ- Member No. 300,000 mentally friendly and at the same time profitable manner. KLP passes 300,000 occupationally active members in the Company’s pension schemes. This was marked by the presentation of flowers and a decanter to member No. 300,000, Salima Elharouni. She JULY works as a bioengineer at Oslo University Hospital, in the blood bank department. Public sector occupational pensions will prevail 89 per cent of the country’s mayors, local authority chief executives and other local authority managers DECEMBER believe public sector occupational pensions will survive the pension reform. This is shown in a survey The KLP list: four exclusions, two re-inclusions carried out by Perduco for KLP. KLP has carried out its semi-annual examination of which companies it can invest in according to the Company’s ethical criteria. Four new companies are excluded: China Mengniu, Rio Tinto, Textron, and AUGUST AES. Two new companies are included in KLP’s investment world: Sodexo and BHP. KLP enters the personal non-life insurance market Public sector employees can now take out personal non-life insurance policies with KLP Skadeforsikring Nordic ethical co-operation at very favourable prices. Three Nordic pension funds - Folksam from Sweden, Illmarinen from Finland and KLP from Norway – have recently gone into partnership to influence companies associated with ethical breaches. These KLP initiates Sustainable Value Creation three are to coordinate efforts to reach more companies and at the same time represent greater owner- The country’s largest financial investors launched a partnership project to influence Norwegian stock- ship influence. market listed companies towards sustainable development and long term value creation. KLP is the initiator of the project, which represents total assets of NOK 2,700 billion. Record payment to KLP pensioners KLP set a new payment record in 2008. A gross amount of more than NOK 7.2 billion gross has been SEPTEMBER paid in pensions. This is an increase of almost 10 per cent compared to the year before. Maintaining good rating In September the Company’s Standard & Poor’s credit rating was confirmed at A- with stable outlook. The credit rating agency has carried out credit assessment of KLP since 2004. New billions to lending As a result of the financial crisis it became more difficult and expensive for Norwegian local authorities to obtain loans. KLP therefore decided to increase its allocation to local authority lending by NOK 5 billion. OCTOBER KLP organises climate seminar in Oslo KLP is the Norwegian partner for the Carbon Disclosure Project (CDP). Each year the Carbon Disclosure Project puts a number of climate-related questions to the 500 largest global companies as well as to a large number of other companies in various regions.
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