DOCSLIB.ORG

KLP Annual Report 2013 Development Over the Last 5 Years

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
KLP Annual Report 2013 Development Over the Last 5 Years KLP annual report 2013 Development over the last 5 years NOK millions KLP Group 2013 2012 2011 2010 2009 Pre-tax income -107 997 653 515 776 Total assets 369 757 331 783 291 784 271 736 258 549 Owners' equity 15 268 13 630 12 064 10 749 9 721 Capital adequacy ratio 10.0 % 10.3 % 10.9 % 11.5 % 12.0 % Number of employees 856 808 775 762 741 Kommunal Landspensjonskasse 2013 2012 2011 2010 2009 Pre-tax income 950 772 705 563 738 Premium income (without premium reserves transferred in) 24 928 27 477 21 641 20 291 18 583 Net transfers in/out of premium reserves and other funds 5 753 1 401 -199 -1 335 -1 784 Income to customers 10 421 5 455 3 594 4 651 6 636 of which supplementary reserves - - 2 143 2 070 4 211 of which to premium fund 5 891 2 365 1 451 2 581 2 425 Insurance funds 312 127 275 860 243 439 227 533 204 486 Total assets 339 592 299 708 261 746 244 194 223 863 Owners' equity 15 089 13 472 11 941 10 647 9 642 Solvency capital 46 897 44 132 36 190 33 338 25 329 Solvency capital measured against insurance funds with interest guarantee 16.3 % 17.4 % 16.0 % 15.9 % 13.1 % Capital adequacy ratio 10.3 % 10.6 % 11.5 % 12.0 % 12.6 % Solvency margin ratio 228.8 % 233.2 % 243.5 % 230.6 % 221.5 % Return on the common portfolio: - book return 6.4 % 5.0 % 4.5 % 5.1 % 6.4 % - value-adjusted return 8.8 % 6.7 % 3.2 % 7.5 % 7.7 % - value-adjusted return including VAT on assets recognized at amortized cost 6.4 % 7.5 % 3.9 % 7.4 % 7.6 % Return investment options portfolio 2.2 % 7.5 % 2.2 % 8.6 % 9.2 % Insurance-related administration costs measured against average customer funds 0.28 % 0.32 % 0.34 % 0.34 % 0.33 % Number of premium-paying members 367 967 316 298 309 333 304 985 304 651 Number of pensioners 197 837 182 562 172 272 163 701 155 306 Number of employees 502 477 460 449 427 KLP Bedriftspensjon AS 2013 2012 2011 2010 2009 Pre-tax income -23 -25 -24 -17 -13 Premium income (without premium reserves transferred in) 188 126 93 52 25 Net inward/outward transfer of premium reserves 189 216 182 89 21 Income to customers 8 15 16 10 12 Total assets 1 792 1 317 904 614 436 Capital adequacy ratio 14.7 % 9.6 % 13.9 % 19.6 % 18.9 % KLP Skadeforsikring AS 2013 2012 2011 2010 2009 Pre-tax income 190 105 25 70 217 Annual premium 832 750 650 631 609 Combined ratio 103.7 % 107.8 % 118.1 % 121.9 % 95.5 % Capital adequacy ratio 40.0 % 34.1 % 31.8 % 32.0 % 33.6 % KLP Banken Konsern 2013 2012 2011 2010 2009 Pre-tax income 87 83 -62 36 -39 Deposits 4 407 2 946 1 840 1 026 36 Lending 21 317 21 875 28 416 26 320 33097 Capital adequacy ratio 19.6 % 20.1 % 14.4 % 26.7 % 113.0 % KLP Kapitalforvaltning AS and KLP Fondsforvaltning AS 2013 2012 2011 2010 2009 Pre-tax income 33 21 26 19 12 Assets for management in total 287 077 252 037 215 915 196 046 176 609 Assets for management from external customers 28 171 21 153 13 650 14 132 11 343 Contents Key figures. Development the last five years see inside the cover Group Chief Executive Officer’s preface 5 Good results and additional customers Important events in i 2013 6 This is KLP 11 What KLP offers 28 Group Accounts Income statement 67 The pension system 30 Financial position statement 68 Schedule of changes in owners equity 70 Pensions and life insurance 33 Statement of cash flows 71 Pensions and life insurance Notes Group 72-127 Non-life insuranse 36 Non-financial Accounts Non-financial Accounts at Asset and Fund management 38 year-end 31 December 130 Notes Non-financial Accounts 131 Property 40 Audit report, Non-financial Accounts 133 In 2013 KLP hosted an internal photo contest where the staff were to visualize one of KLP’s values: Open, Clear, Responsible and Banking and municipal lending 42 Accounts KLP Committed, or a dialog between people. Responsible Income statement 136 Olav Storm, photographer, was head of the jury. Gordana Grøttjord-Forberg Annual report of the Financial position statement 138 Board of Directors for 2013 45 Schedule of changes in owners equity 140 Statement of cash flows 141 We present some of the contributions in this annual report. Employee accounting 62 Notes KLP 142-208 KLP Boards of Directors 215 Audit report 212 Elected representatives 216 Declarations 214 Open Anders Eidsnes FOREWORD 5 Good results and additional customers KLP can point to good results for 2013. The Company has a large inflow of new customers, good returns and low costs. For the fifth consecutive year KLP has the best value-adjusted return of the companies competing in the public sector pensions market. Good returns in the equities market, in property and hold-to-ma- billion in premium reserves must change pension provider. This turity bonds were the most important contributors to the good is leading to large-scale transfer activity and during 2014 KLP will result. KLP’s subsidiaries are also making a positive contribution. welcome 48 local authorities as new customers. In addition agree- Value-adjusted and book returns for 2013 ended at 6.7 per cent ments have been reached so far with 48 enterprises with pub- and 6.4 per cent respectively. lic sector occupational pension schemes. This produces combined growth of more than NOK 20 billion in premium reserves and Good solvency and growth 100,000 new members with pension entitlements. KLP has good financial strength. At the end of 2013 KLP had total solvency capital of NOK 46.5 billion, corresponding to 16.1 We can also take pleasure in more and more of our owners’ em- per cent. Solvency capital increased during the year by NOK 2.4 ployees choosing to take advantage of the good members’ offers we billion. At the end of 2013 the KLP Group had total assets of NOK have developed. Those employed by our owners are being offered 369.8 billion, whilst the life company had total assets of NOK advantageous products in banking, nonlife insurance and funds. In 339.6 billion. The life company’s assets are almost entirely assets just a few years KLP has gained more than 50,000 retail customers. accumulated in the current and future pensions of KLP’s owners’ employees. Accepting corporate responsibility Accepting corporate responsibility is important for KLP. In- Larger reserves for the future creased market share and increased pension assets to be man- The longevity of the population is increasing. This means that aged are also accompanied by increased responsibility. In 2013 pensions will be paid out over longer periods. All insurance com- it was 10 years since KLP signed the UN Global Compact, a uni- panies are therefore required to use a large proportion of their versal standard for corporate social responsibility. We have com- surplus to strengthen reserves. KLP is using its good results to mitted ourselves to working to protect the environment, to secure SVERRE THORNES strengthen the pension funds by NOK 4.5 billion. Therefore KLP workers’ and human rights and to oppose corruption. has completed the increase in reserves for longevity already this year. In addition, the good result in 2013 provides the capacity to …. for the days to come return NOK 5.9 million to the customers’ premium fund. With the We shall be our owners’ best partner for the days to come. That is strengthening of the longevity reserves behind us, and with the why our owners’ needs will always be at the centre of our attention. good solvency we have built up since 2008, we will again be in a Our business aims to strengthen their finances, to ease their day- position to be able to share coming surpluses with our customers. to-day life and to strengthen them as employers. KLP has custom- ers and owners that prioritize solvency and a long-term approach At KLP we are very pleased that we managed to complete the in- to asset management. With good financial strength and with em- crease in reserves in regard to the new mortality table for collective ployees who are both competent and committed, we are in the best pension insurance (K2013) by the end of last year. After the end of position to continue achieving good results for our customers and the reporting period, the Financial Supervisory Authority of Norway owners into the future. has sent a letter to all life companies and pension funds headed: Guidelines for increasing reserves and allocation of surpluses to We aim to be a stable and predictable partner, regardless of changes cover increased reserves in group pension insurance. in regulatory frameworks and short-term market changes. KLP’s customers and owners should feel confident that, going forward, This letter provides clarification, inter alia that within a period KLP will continue to deliver good returns, have low costs and pro- of seven years KLP must transfer assets from the Company to vide good service. its public sector occupational pension customers to meet the re- quirement that the Company covers 20 per cent of the increased reserve requirement. Transfers to KLP During 2013 fourteen local authorities and five enterprises with a SVERRE THORNES total of over NOK 6 billion in premium reserves transferred to KLP.
Load more

Recommended publications
  • KLP Annual Report 2015 Open, Clear, Responsible, Commited Geir Teigo, Operations Manager, KLP Eiendom Annual Report 2015
    KLP annual report 2015 Open, clear, responsible, commited Geir Teigo, Operations manager, KLP Eiendom Annual report 2015 Group Chief Executive Officer’s preface 4 GROUP ACCOUNTS Development the last five years 7 Income statement 75 Balance sheet 76 Growth and profitability 9 Statement of changes in owners equity 78 Important events in i 2015 10 In 2015 KLP hosted an internal photo contest where the staff were Statement of cash flows 79 History 1949-2016 12 to visualize one of KLP’s values: Open, Clear, Responsible and Notes Group 80 Committed, or "For the days to come". The pension system 13 Olav Storm, photographer, was head of the jury. What KLP offers 14 NON-FINANCIAL ACCOUNTS This is KLP 16 Non-financial Accounts at We present some of the contributions in this annual report. Group senior management 30 year-end 31 December 136 Notes 137 Materiality and vulnerability analysis 32 Audit report 141 Asset management at KLP 35 Employee accounting 37 ACCOUNTS KLP Risk management and internal control 38 Income statement 144 Balance sheet 146 Pensions and life insurance 40 Statement of changes in owners equity 149 Statement of cash flows 150 Non-life insuranse 42 Notes KLP 151 Asset management 44 Property 46 AUDIT REPORT 218 Banking 48 Declarations 220 Norwegian Code of Practice for KLP Boards of Directors 225 Corporate Governance (NUES) 52 Elected representatives 227 Annual report of the Board of Directors for 2015 56 The Board of Directors in KLP 70 PREFACE 5 A steady course 2015 was another exciting year. KLP delivered good results in turbulent financial markets.
    [Show full text]
  • KLP Annual Report 2011 Customer Dialogue Winning Photograph by Kari Jakobsen for the Days to Come Winning Photograph by Anne Westad
    KLP annual report 2011 Winning photograph by Kari Jakobsen Customer dialogue For the days to come Winning photograph by Anne Westad In 2011 KLP invited entries in a photographic competition in which KLP staff were to visualise the themes «Customer dialogue» and «For the days to come». The Chair of the jury was the photographer, Olav Storm. We present some of the contributions in this annual report. Contents Key figures see cover Group Accounts Audit report 174–175 Income statement 48 Declarations 176–178 Important events in 2011 3 Financial position statement 49 Non-financial Accounts 181 Strong solvency and more new customers 7 Schedule of changes in Elected representatives 182 This is KLP 8 owners equity 50 KLP pensions and life insurance 13 Statement of cash flows 51 Skadeforsikring 16 Notes Group 52–102 Kapitalforvaltning and Fondsforvaltning 18 Accounts KLP Eiendom 21 Income statement 106-107 Banken og Kommunekreditt 22 Financial position statement 108–109 Corporate governance 24 Schedule of changes in Key figures 2011 Annual report of the Board of owners equity 110 Directors for 2011 33 Statement of cash flows 111 Notes KLP 112–173 Developments over the last five years NOK millions KLP Group 2011 2010 2009 2008 2007 Pre-tax income 653 515 776 348 652 Total assets 291 784 271 736 258 549 205 264 197 795 Owners' equity 12 064 10 749 9 721 8 429 7 166 Capital adequacy ratio 10,9 % 11,5 % 12,0 % 13,5 % 11,3 % Number of employees 775 762 741 683 647 Kommunal Landspensjonskasse 2011 2010 2009 2008 2007 Pre-tax income 705 563 738 397 267
    [Show full text]
  • Climate Change 2019
    KLP - Climate Change 2019 C0. Introduction C0.1 (C0.1) Give a general description and introduction to your organization. Kommunal Landspensjonskasse (KLP) is Norway’s largest pension and life insurance provider, responsible for the pensions of over 900,000 public servants, including nurses, kindergarten teachers, ambulance drivers, firemen, librarians, and many more. KLP is owned by customers with public sector occupational pensions, employs 980 people and manages approximately 698 billion NOK in assets. Our business areas include pension, banking, fund and asset management, insurance, and property. Since 1949, KLP has strived to safeguard peoples’ current and future wellbeing by providing safe, responsible, sustainable, and competitive financial and insurance services to the public sector, enterprises associated with the public sector, and their employees. We firmly believe that it is not insignificant how returns on investments are created, and we want to contribute to responsible and long-term financial investment decisions. KLP was created to offer public sector employees a quality pension plan they otherwise were ineligible for – a system that would secure their future wellbeing. These origins have continued to inspire KLP’s mission of responsibility and sustainability in our financial operations. KLP seeks to deliver safe and competitive pensions in a responsible and sustainable way. Our work is based on international norms, like the UNFCCC, and we strive for transparency in every arena. KLP believes that responsible business practice is the key to sustainable development and that the goal is to make a difference. Our vision is to be the best partner for the days to come. C0.2 (C0.2) State the start and end date of the year for which you are reporting data.
    [Show full text]
  • Annual Report 2020 Table of Contents
    Annual Report 2020 Table of contents Group CEO's introduction .................................................................................................................................................. 6 Emerging from the crisis stronger ......................................................................................................................... 6 This is KLP ................................................................................................................................................................................. 9 Management ...................................................................................................................................................... 10 Group board of directors...............................................................................................................................17 KLP’s history........................................................................................................................................................ 20 Public-sector occupational pensions ...........................................................................................................................21 Milestones in KLP 2020...................................................................................................................................................... 22 Pension assets makes a difference ..............................................................................................................................24 We are working
    [Show full text]
  • KLP and Society 2007 KLP and Society PAGE 3
    KLP OG SAMFUNNET SIDE 1 Billions of opportunities to change the world: KLP and Society 2007 KLP AND SOCIETY PAGE 3 The report This is the third year running that KLP has published a social responsibility report. The report is issued annually. This edition contains report data for the calendar year 2007, in addition to a plan of action for 2008. The publication date is How? May 2008. All the money we invest on behalf of our customers KLP and Society is a tool to present good results, and to unveil areas which require further development. The first and our own company provides us with an opportunity Table of contents section of the report provides examples of successful coop- 4 Introduction by the CEO to display our principles and our ambitions. We make eration and projects which have been executed in 2007. In 6 Values and foundations the section approved by the Board of Directors (pages 18 to full use of these opportunities. Our customers have 10 Ethical exclusion 27), KLP has chosen to report according to the principle of a 12 HSE with a sense of humour triple bottom line. The aim of this section is to describe how transferred almost 200 billion kroner (40 billion USD) 14 Partners in climate in 2007 the group has contributed towards improvements, to us, which we manage to the best of our abilities. 16 Environmental profile required or possibly deterioration, of economical, environmental and 18 Social responsibility report social factors, on a local, national and global scale. The plan of For us, however, it is equally important to invest in a Economy action on pages 28 and 29 displays how the group intends 20 Environment way which benefits society and the environment, to prioritise its future activities related to social responsibility.
    [Show full text]
  • KLP Annual Report 2014 Responsible Elisabeth Kristina Mahle CRM Consultant, Marketing
    KLP annual report 2014 Responsible Elisabeth Kristina Mahle CRM consultant, Marketing In 2014 KLP hosted an internal photo contest where the staff were to visualize one of KLP’s values: Open, Clear, Responsible and Committed, or «For the days to come». Olav Storm, photographer, was head of the jury. We present some of the contributions in this annual report. Contents annual report 2014 Group Chief Executive Officer’s preface 5 Growth and profitability in unsettled times 8 Group Accounts Development the last five years 9 Income statement 75 Important events in i 2014 11 Financial position statement 76 The pension system 12 Schedule of changes in owners equity 78 Statement of cash flows 79 History 1949-2014 13 Notes Group 80-133 KLP’s business 14 This is KLP 18 Non-financial Accounts Group senior management 32 Non-financial Accounts at year-end 31 December 136 Pensions and life insurance 37 Notes 137-139 Non-life insuranse 40 Audit report 140 Asset and Fund management 42 Accounts KLP Property 44 Income statement 144 Banking and municipal lending 46 Financial position statement 146 Schedule of changes in owners equity 148 Employee accounting 51 Statement of cash flows 149 Notes KLP 150-219 Annual report of the Audit report 220 Board of Directors for 2014 54 Declarations 222 The Board of Directors in KLP 68 KLP Boards of Directors 229 Elected representatives 230 4 ANNUAL REPORT 2014 NOTER TIL REGNSKAPETFOREWORD 5 Good results and inflow of customers KLP’s financial strength provides security and 2014 was a historically good year for KLP: good returns, growth in all business areas and opportunities« in demanding times.
    [Show full text]
  • KLP Annual Report 2013 Development Over the Last 5 Years
    KLP annual report 2013 Development over the last 5 years NOK millions KLP Group 2013 2012 2011 2010 2009 Pre-tax income -107 997 653 515 776 Total assets 369 757 331 783 291 784 271 736 258 549 Owners' equity 15 268 13 630 12 064 10 749 9 721 Capital adequacy ratio 10.0 % 10.3 % 10.9 % 11.5 % 12.0 % Number of employees 856 808 775 762 741 Kommunal Landspensjonskasse 2013 2012 2011 2010 2009 Pre-tax income 950 772 705 563 738 Premium income (without premium reserves transferred in) 24 928 27 477 21 641 20 291 18 583 Net transfers in/out of premium reserves and other funds 5 753 1 401 -199 -1 335 -1 784 Income to customers 10 421 5 455 3 594 4 651 6 636 of which supplementary reserves - - 2 143 2 070 4 211 of which to premium fund 5 891 2 365 1 451 2 581 2 425 Insurance funds 312 127 275 860 243 439 227 533 204 486 Total assets 339 592 299 708 261 746 244 194 223 863 Owners' equity 15 089 13 472 11 941 10 647 9 642 Solvency capital 46 897 44 132 36 190 33 338 25 329 Solvency capital measured against insurance funds with interest guarantee 16.3 % 17.4 % 16.0 % 15.9 % 13.1 % Capital adequacy ratio 10.3 % 10.6 % 11.5 % 12.0 % 12.6 % Solvency margin ratio 228.8 % 233.2 % 243.5 % 230.6 % 221.5 % Return on the common portfolio: - book return 6.4 % 5.0 % 4.5 % 5.1 % 6.4 % - value-adjusted return 8.8 % 6.7 % 3.2 % 7.5 % 7.7 % - value-adjusted return including VAT on assets recognized at amortized cost 6.4 % 7.5 % 3.9 % 7.4 % 7.6 % Return investment options portfolio 2.2 % 7.5 % 2.2 % 8.6 % 9.2 % Insurance-related administration costs measured against
    [Show full text]
  • KLP Kommunekreditt AS (Incorporated in Norway)
    BASE PROSPECTUS KLP Kommunekreditt AS (incorporated in Norway) €10,000,000,000 Covered Bond Programme Under this €10,000,000,000 Covered Bond Programme (the “Programme”), KLP Kommunekreditt AS (the “Issuer”) may from time to time issue covered bonds issued in accordance with Act No. 40 of 10 June 1988 on Financing Activity and Financial Institutions, Chapter 2, Sub-Chapter IV and appurtenant regulations (“Covered Bonds” which expression shall include VPS Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). Covered Bonds may be issued in bearer form (“Bearer Covered Bonds”), registered form (“Registered Covered Bonds”) or uncertificated book-entry form cleared through the Norwegian Central Securities Depository (the “VPS Covered Bonds”). Bearer Covered Bonds and Registered Covered Bonds, excluding those issued in Swiss Francs and listed on the Six Swiss Exchange, will be cleared through Euroclear Bank SA/NV (“Euroclear”) and Clearstream Banking, societe anonyme (“Clearstream, Luxembourg”). VPS Covered Bonds will be cleared through the Norwegian Central Securities Depository, the VPS ASA (the “VPS”). Each Tranche of Covered Bonds issued in Swiss Francs and listed on the Six Swiss Exchange will be delivered to SIX SIS AG, the Swiss Securities Corporation in Otten, Switzerland (the “SIS”, where the expression shall include any other clearing institution recognised by the Six Swiss Exchange). The maximum aggregate nominal amount of all Covered Bonds from time to time outstanding under the Programme will not exceed €10,000,000,000 (or its equivalent in other currencies calculated as described herein). A description of the restrictions applicable at the date of this Base Prospectus relating to the maturity of certain Covered Bonds is set out in “Overview of the Programme — Maturities”.
    [Show full text]
  • Annual Report 2019
    Annual Report 2019 KLP KLP ANNUAL REPORT 2019 REPORT ANNUAL KLP KLP – the pension company for the Norwegian local government and healthcare sector Kommunal Landspensjonskasse (KLP) is an unusual finance company, because we are owned by our customers. This means that all wealth creation in KLP benefits the customers. KLP started out as a partnership of small municipalities across the country to provide good pensions in a strong community. Today, KLP is the preferred pension provider for the Norwegian local government and healthcare sectors, one of Norway's largest finance companies and a mainstay of the Norwegian welfare system, with 459,000 members, 310,000 pensioners and 240,000 former members with pension rights. As a customer-owned company, our main task is to deliver our pension services to the best possible quality and at the lowest possible cost and to obtain the best possible return on the pension money that we manage. KLP is a profitable community When KLP makes a profit, we either use it to boost our financial strength, or we give it to our owners. In both cases, the result is that they have to pay less for their pensions. We have the lowest possible costs, so they get as much as possible for schools and nursing homes or other priority tasks that our owners are responsible for. The way in which KLP runs its business therefore has a direct impact on how our owners discharge their social obligations. In 2019 KLP delivered a historically good result, allowing it to return NOK 2,8 billion to the municipalities, county authorities, health enterprises and companies that are our owners.
    [Show full text]
  • Responsible Investments
    Responsible investments SRI Report June 2010 Content 2 About KLP 4 Dear reader 6 How to be a responsible investor 8 KLP as an environmentally responsible developer 10 Finalist in environment prize 11 Active management and sustainable growth 12 Impressions from China 13 Focus on oil sand 15 Vote for the majority of our holdings 16 Voting 18 Dialogue, observation and exclusion 19 Observation 21 Improved labour relations 24 Excluded companies Companies excluded for: 25 Human rights 28 Labour rights 29 Environment 30 Corruption 31 Weapons production 35 Good performance of ethical investments About KLP KLP as a fi nancial Asset classes Assets under Both active KLP Obligasjon I funds. These investments are services company The KLP Group manages management and passive KLP Obligasjon Global I long-term commitments. KLP’s Kommunal Landspensjons- 258.1 Billion Norwegian KLP Kapitalforvaltning and management KLP Obligasjon Global II private equity program is still kasse (KLP) is one of Norway’s kroner, divided between KLP Fondsforvaltning, both KLP Statsobligasjon in an early stage of develop- largest life insurance compa- several asset classes. subsidiaries of KLP, manage wKLP Fondsforvaltning is ment. As one of the larger nies. The company provides around 175 Billion Nor- Norway’s leading index fund Norwegian investors, KLP is pension, fi nancing and KLP Kapitalforvaltning and wegian kroner in fi nancial provider. We off er global and KLP AksjeNorge often represented in these insurance services to the local KLP Fondsforvaltning are instruments for KLP (March regional index funds in the KLP AksjeNorge Indeks I-II funds’ investor committees. government sector and state responsible for all of KLP’s 31, 2010), and its subsidiar- US, Europe and Asia within KLP AksjeNorden These committees function as health enterprises, as well as internal asset manage- ies, as well as other institu- the MSCI World Developed KLP AksjeEuropa Indeks I-II a link between the funds and other businesses both in public ment, while KLP’s Finance tional and private customers.
    [Show full text]
  • KLP Kommunekreditt AS
    PROSPECTUS SUPPLEMENT DATED 18 APRIL 2012 KLP Kommunekreditt AS (incorporated in Norway) €10,000,000,000 Covered Bond Programme This Supplement (“Supplement No. 1”), to the prospectus dated 18 August 2011 (the “Prospectus”) which comprises a base prospectus, constitutes a prospectus supplement for the purposes of Article 16 of Directive 2003/71/EC and is prepared in connection with the Covered Bond Programme € 10,000,000 (the “Programme”) established by KLP Kommunekreditt AS (the “Issuer”). Terms defined in the Prospectus have the same meaning when used in this Supplement No. 1. This Supplement No. 1 constitutes a supplement to the Prospectus for the purpose of Article 13 of the Luxembourg law on prospectuses for securities dated 10 July 2005 (the “Luxembourg Law”). Supplement No. 1 is available for viewing on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Supplement No. 1 is supplemental to, and should be read in conjunction with, the Prospectus issued by the Issuer. The Issuer accepts responsibility for the information contained in this Supplement No. 1. To the best of the knowledge of the Issuer (which has taken all reasonable care to ensure that such is the case) the information contained in this Supplement No. 1 is in accordance with the facts and does not omit anything likely to affect the import of such information. To the extent that there is any inconsistency between (a) any statement in this Supplement No. 1 or any statement incorporated by reference into the Prospectus by this Supplement No. 1 and (b) any other statement in or incorporated by reference in the Prospectus, the statements in (a) above will prevail.
    [Show full text]
  • 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.
    [Show full text]