DOCSLIB.ORG

Storebrand Provides Security Today and a Future to Look Forward To

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Storebrand Provides Security Today and a Future to Look Forward To Ved å sette kunden først og investere bærekraftig skal Storebrand være best på sparing til pensjon Storebrand provides Wenche Martinussen jobber kontinuerlig securityfor å gjøre pensjon enkelt today for våre kunder and a future to look forward to AnnualÅrsrapport Report 2015 2016 Årsrapport 2014 Storebrand ASA 1 1 History of Storebrand ”Den almindelige Storebrand’s ownders Brand-Forsikrings- estaablish Norway’s frst Anstalt” is established in privately owned insurance Copenhagen. company “Idun” 1760 1780 1800 1820 1840 1860 1767–1919: ROOTS 1925 1990–1999: CRISIS AND CHANGE Storebrand changes its name from ”Chris- 1767 tiania Almindelige Forsikrings-Aksjeselskap” 1990 ”Den almindelige Brand-Forsikrings- (renamed in 1915) to ”Christiania Almindelige Storebrand and UNI Forsikring agree to Anstalt” is established in Copenhagen. Forsikrings-Aksjeselskap Storebrand”. This merge, and the merger receives ofcial name is kept until 1971. permission in January 1991. 1814 Following the split from Denmark, 1936 1992 management of the fre insurance scheme Storebrand acquires Europeiske, the leading UNI Storebrand’s negotiations with Skandia is transferred to Christiania, as the capital travel insurance company in Norway. concerning establishing a major Nordic of Norway was called at that time. In 1913 company fail to reach agreement. the scheme is converted into a public sector 1962 company called Norges Brannkasse. Storebrand initiates a new wave of acqui- 1996 sitions and mergers by acquiring Norrøna, The company changes its name to 1847 which was experiencing fnancial problems. Storebrand ASA and establishes On 4 May 1847, the P&C insurance company Storebrand Bank ASA. ”Christiania Almindelige Brand- 1963 forsikrings-Selskab for Varer og Efecter” Storebrand acquires Norske Fortuna. Brage 1999 is incorporated by private subscription. and Fram merge to become the country’s Storebrand, Skandia and Pohjola consolidate The company is referred to as Storebrand. largest life insurance company. Storebrand their P&C insurance activities in the new and Idun move into their own new premises Nordic, Swedish registered company, 1861 in the restored Vest-Vika area of Oslo. Brage- If Skadeförsäkring AB. Storebrand sells its Storebrand’s owners establish Idun, the Fram and Norske Folk follow their lead. stake fve years later. frst privately owned life insurance company in Norway. 1970–1989: GROUP FORMATION 2000-2011: NEW CHALLENGES 1867 1978 2000 The P&C insurance company Norden is Storebrand changes its logo and introduces Norwegian and international stock markets established as a competitor to Storebrand. “the link” as an easily recognisable trademark. fall sharply from September 2000 to The formal name of the holding company is February 2003. 1917 changed to A/S Storebrand-gruppen. The life insurance company Norske Folk is 2005 established. 1983 The Storting, the Norwegian parliament, The Norden Group and Storebrand merge. rules that all companies must have an 1920–1969: GROWTH AND occupational pension scheme in place by 2007. CONSOLIDATION 1984 Storebrand responds to the challenge with its Norske Folk and Norges Brannkasse new product, Storebrand Folkepensjon. 1923 market themselves as a single entity under Storebrand acquires nearly all of the shares the name UNI Forsikring. 2006 in Idun. The rest, with a couple of exceptions, Storebrand decides to return to P&C- are acquired during the 1970s. insurance. 2 Storebrand acquires Europeiske, Norways leading provider of travel Storebrand insurance. Aquires SPP 1900 1920 1940 1960 1980 2000 2007 Odd Arild Grefstad is appointed as the new partnership agreement with the American IT Storebrand acquires SPP, the Swedish life CEO. Comprehensive change work associated company Cognizant, who at the same time insurance and pensions provider, from with capital efectiveness, cost reductions, purchase 66 per cent of Storebrand Baltic. Handelsbanken and forms the leading life customer orientation and commercialization The partnership will form the basis for an insurance and pensions provider in the is initiated. The measures will ensure that the even more customer-oriented development Nordic region. Group generates value for customers, of the Group’s IT solutions. Storebrand is employees and shareholders. chosen by Akademikerne (Federation of 2008 Norwegian Professional Associations) as their new partner for insurance. The fnancial crisis in the USA spreads to 2013 the global fnancial markets and during A new group organisation is presented in 2016 2008 the New York Stock Exchange (Dow June. Nordic units and distinguishing The Confederation of Unions for Jones DJIA) falls by 34 per cent and the between business in growth and business Professionals (Unio) and Storebrand enter Oslo Stock Exchange by 54 per cent. with guarantees are key elements. into an agreement that ofers Unio's members home loans at one the best 2010 2014 borrowing rates in the market. The objective Storebrand’s new energy efcient head New regulatory framework for private is that this shall contribute to increased ofce gains a lot of attention. The building is occupational pensions in Norway is intro- growth for the bank. We launch Pluss-fond awarded the acclaimed 2010 City Prize by the duced on 1 January. New maximum rates in Sweden, which are fossil fuel free, near- real estate industry. The head ofce receives for defned contribution pensions are index linked funds with a high sustainability eco-lighthouse certifcation. signifcantly higher. rating - and the funds sell extremely well. Storebrand launches "Our driving force". Our 2011 Storebrand Asset Management surpasses NOK driving force is what Storebrand stands for. A new group organisation lays the ground- 500 billion in assets under management for the We provide security today and a future you work to make it easier to be a customer in frst time. can look forward to. Storebrand. The debt crisis and uncertainty in the eurozone are causing considerable The Act on paid-up policies with investment 2017 anxiety and turbulence in the fnancial choice entered into force on 1 September. Storebrand celebrates its 250 year markets. Storebrand’s results for the year Storebrand is the only provider of paid up anniversary! have been afected by these disturbances. policies. 2012: OUR CUSTOMERS RECOMMEND US 2015 Storebrand launches a new vision: “Our Storebrand enters into new agreements for customers recommend us”, six customer providing defned contribution pensions to promises, a new position and adjusted core major players such as NHO, NRK and Statoil. values. In November, Storebrand signs a strategic 3 Storebrand in brief Storebrand’s ambition is to be the best provider of pension savings. The Group ofers products within life insurance, property and casualty insurance, asset management and banking to companies, public sector entities and private individuals. The Group is divided into the segments Savings, Insurance, Guaranteed Pension and Other. HISTORY EMPLOYEES CUSTOMERS STOREBRAND’S STRATEGY Storebrand’s history can be traced At the end of 2016, there were 40,000 corporate customers and Storebrand shall be best at back to 1767. The company has 1,745 employees in the Group, 1.9 million individuals have a saving for pensions. Our most supplied occupational pension compared with 1,887 at the customer relationship with important customers are to Norwegian employees since start of the year. 48 per cent of Storebrand. Our vision is to companies, employees and 1917, the same year that Store- these are women. The average serve them so well that we are former employees of companies brand’s fully-owned subsidiary age of our employees is 43. “Recommended by our with pensions from Storebrand. SPP was established in Sweden. The average term of service customers”. We will supply sustainable Storebrand Bank ASA was is 10 years. All employees of solutions adapted to the established in 1996. In 2006, Storebrand are treated equally, customers’ individual situation P&C insurance was relaunched regardless of age, gender, through market and customer as an ofering to the retail market disability, religious beliefs, concepts, so that each person customers and selected parts of cultural background or sexual receives a better pension. the corporate market. orientation. KEY FIGURES (NOK million) 2016 2015 2014 2013 2012 Group result before amortisation and tax 2,913 1,722 3,423 2,938 1,960 Return on equity (%) 9.5% 7.2% 11.2% 12.1% 8% Solvency margin (%) 157% 168% -%* -%* -%* Total equity and liabilities 576,704 521,329 492,287 463,367 426,205 Equity 27,637 26,946 24,741 22,755 20,175 Earnings per ordinary share 4.73 2.63 4.61 4.41 2.25 Dividend per ordinary share 1.55 0.00 0.00 0.00 0.00 *) Solvency II not calculated 4 Rating Score 78 of 100 Score 81 of 100 Ranket 8 of 152 - Outperformer Ranked 11 world wide within insurance Disclosure Score B Ranked A Ranked 2nd of 100 most sustainable companies in the world We support and have signed 5 2016 highlights 1st 2nd 3rd 4th Quarter Quarter Quarter Quarter The collaboration with MORTGAGES FOR YOUNG SALES OF INSURANCE STOREBRAND’S FIRST ROBOTS Akademikerne (Federation PEOPLE THROUGH THIRD PARTIES of Norwegian Professional Storebrand Bank uses robots Associations) is expanded to In the frst half of the year, sales Storebrand has the ambition of for parts of the lending process also include pension. We signed a of loans increased by 24 per cent growth within P&C insurance by through so-called Robotic framework agreement for hybrid compared with the frst half of ofering basic, customer-friendly process automation to perform pensions for all secretariats 2015. The increase in the age solutions. Sales through third standardised and repetitive work under the Akademiker umbrella. limit for mortgages for young party providers are one of tasks with high volumes. During people is a major reason for this. several possibilities that autumn we tested several THE CUSTOMERS CHOOSE The age group of between 34 represent the potential for robots on processes that were SUSTAINABLE SAVING and 41 now represents about increased growth.
Load more

Recommended publications
  • Company Descriptions
    STATE-OWNED COMPANIES Company descriptions The following section contains descriptions of companies with state ownership. The Swe- dish Government Offices are responsible for the company descriptions and the assess- ments. The figures are based on data reported to the Government Offices by the compan- ies. In some cases, the information may differ from the company’s annual report due to the application of different accounting principles or different key ratio calculations. DEFINITIONS Return on equity Net profit/loss as a percentage of average shareholders’ equity. Return on total assets Profit/loss after financial items with the reinstatement of financial expen- ses as a percentage of average total assets. Return on capital employed Profit/loss after financial items plus financial expenses as a percen- tage of average capital employed. Return on operating capital Operating profit/loss as a percentage of average operating capital. Net indebtedness Current and long-term interest-bearing liabilities and interest-bearing provi- sions less interest-bearing current assets and fixed assets. Equity/assets ratio Shareholders’ equity including minority as a percentage of the balance sheet total. Average number of employees Recalculated as yearly employees. Dividend For 2001, dividends refer to the proposed dividend. For 2000, dividends refer to the actual dividend paid. Total assets Balance sheet total. Capital employed Balance sheet total less non-interest bearing liabilities. Operating capital Balance sheet total less non-interest bearing liabilities and interest-bearing assets. Industry-specific key ratios Property companies Yield = operating surplus divided by average book value of properties. Finance companies Income/expense ratio including loan losses = total operating income divided by total operating expenses Capital adequacy ratio = capital base divided by risk-weighted amount.
    [Show full text]
  • Annual Report Storebrand ASA 2019
    Annual Report 2019 Sustainable Solutions and Investments STOREBRAND ANNUAL REPORT 2019 Page 1, Photographer: Mikael Svensson/Johner Page 5, Photographer: Nathan Anderson/Unsplash Page 6, Photographer: Ole Berg-Rusten, NTB Page 9, Photographer: Alexey Topolyanskiy /Unsplash Page 17, Photographer: Bevan Goldswain/Offset.com Page 19, Photographer: Aurora Photos, USA / Offset.com Page 20, Photographer: Michael Nolan /Offset.com Page 23, Photographer: Unsplash Page 25, Photographer: Sarah Bridgeman/Offset.com Page 26, Photographer: Shutterstock/TunedIn by Westend61 Page 27, Photographer: Maskot/Offset.com Page 30, Photographer: Olga Kashubin Page 32, Photographer: Shutterstock/KYTan Page 35, Photographer: Maskot Bildbyrå /Johnér Bildbyrå AB Page 37, Photographer: Shutterstock/Syda Productions Page 38, Photographer: Kate Vredevoogd/Offset.com Page 43, Photographer: Shutterstock / Halfpoint Page 45, Photographer: Shutterstock Page 47, Photographer: Colourbox.com Page 51, Photographer: The Good Brigade/Offset.com Page 53, Photographer: Mikael Svensson / Johner Bildbyra AB / Offset.com Page 59, Photographer: Cultura / Offset.com Page 60, Photographer: Shutterstock / Kamil Macniak Page 63, Photographer: Unsplash Page 67, Photographer: Shutterstock/loreanto Page 71, Photographer: Storebrand archive Page 75, Photographer: Maskot/Offset.com Page 76, Photographer: Nixon Johansen Cáceres/Johnér Bildbyrå AB Page 77, Photographer: Martin Pålsson/Offset.com Page 85, Photographer: Shutterstock/Westend61 Premium Page 197, Photographer: Maskot/Offset.com Page
    [Show full text]
  • Norwegian Air Shuttle ASA (A Public Limited Liability Company Incorporated Under the Laws of Norway)
    REGISTRATION DOCUMENT Norwegian Air Shuttle ASA (a public limited liability company incorporated under the laws of Norway) For the definitions of capitalised terms used throughout this Registration Document, see Section 13 “Definitions and Glossary”. Investing in the Shares involves risks; see Section 1 “Risk Factors” beginning on page 5. Investing in the Shares, including the Offer Shares, and other securities issued by the Issuer involves a particularly high degree of risk. Prospective investors should read the entire Prospectus, comprising of this Registration Document, the Securities Note dated 6 May 2021 and the Summary dated 6 May 2021, and, in particular, consider the risk factors set out in this Registration Document and the Securities Note when considering an investment in the Company. The Company has been severely impacted by the current outbreak of COVID-19. In a very short time period, the Company has lost most of its revenues and is in adverse financial distress. This has adversely and materially affected the Group’s contracts, rights and obligations, including financing arrangements, and the Group is not capable of complying with its ongoing obligations and is currently subject to event of default. On 18 November 2020, the Company and certain of its subsidiaries applied for Examinership in Ireland (and were accepted into Examinership on 7 December 2020), and on 8 December 2020 the Company applied for and was accepted into Reconstruction in Norway. These processes were sanctioned by the Irish and Norwegian courts on 26 March 2021 and 12 April 2021 respectively, however remain subject to potential appeals in Norway (until 12 May 2021) and certain other conditions precedent, including but not limited to the successful completion of a capital raise in the amount of at least NOK 4,500 million (including the Rights Issue, the Private Placement and issuance of certain convertible hybrid instruments as described further herein).
    [Show full text]
  • Storebrand Livsforsikring AS Annual Report 2011
    Annual report 2011 Storebrand Livsforsikring AS ANNUAL REPORT 2011 2 | ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS Contents Page 4 | Report of the board of directors Page 22 | Profit and loss account Page 24 | Statement of financial position Page 27 | Reconsiliation of change in equity Page 28 | Cash flow analysis Page 29 | Notes Page 114 | Actuary report Page 115 | Declaration by the members of the board and the CEO Page 116 | Audit report Page 118 | Control committee’s statement Page 119 | Board of representatives statement Page 120 | Terms and expressions ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS | 3 ANNUAL REPORT 2011 Report of the board of directors Storebrand Livsforsikring primarily operates in Norway and its head office is in Lysaker Park in the Municipality of Bærum. Storebrand’s position as a leading player in the Nordic occupational pension market strengt- hened through 2011. In addition, several strategic and organisational adjustments were im- plemented in order to increase focus on the retail market. The reason for this initiative is the transition from defined benefit to defined contribution occupational pension schemes, where the individual employees have a greater involvement. Business relationships give the Group a strategic advantage in the relationships established with company employees. OUTLOOK Fusion of corporate and retail markets The shift from defined benefit to defined contribution occupational pension schemes has led to both risks and investment options being transferred from employer to employee. In addi- tion, the pensions reform will lead to lower future pension payments for many employees. In sum, this increases both the need and interest in pensions and private savings significantly.
    [Show full text]
  • Petroleum Geo-Services
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F n REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2005 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR n SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission File Number: 1-14614 Petroleum Geo-Services ASA (Exact name of registrant as specified in its charter) Kingdom of Norway (Jurisdiction of incorporation or organization) Strandveien 4, N-1325 Lysaker, Norway (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares, each representing New York Stock Exchange, Inc. one ordinary share of nominal value NOK 10 per share Ordinary shares of nominal value NOK 10 per share* New York Stock Exchange, Inc. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 60,000,000 ordinary shares, nominal value NOK 10 per share.
    [Show full text]
  • Skandia Group—Case Study Creating Shared Value in Sweden’S Financial Sector Authors
    Skandia Group—Case Study Creating Shared Value in Sweden’s Financial Sector Authors Mark Kramer, Managing Director and Co-Founder, FSG Senior Fellow, CSR Initiative, Harvard Kennedy School of Government [email protected] Marc Pfitzer, Managing Director, FSG [email protected] Nina Reichert, Associate Director, FSG [email protected] Flynn Lund, Senior Consultant, FSG [email protected] Acknowledgments We are grateful to our partner, Tommy Borglund (Assistant Professor Örebro University; Director CSR), and his team at Hallvars- son and Halvarsson, who provided valuable input, support, and guidance over the course of the project as experts in the Swedish context. This study would not have been possible without the passion and support of Skandia’s Sustainability team, Lena Hök (Head of Sustainability) and Karin Dahlin Thomas (Project Leader, Sustainability), and all of those at Skandia Group who lent us their valuable time for interviews and input, from which many of the insights for this case study were gathered. Finally, we would like to thank Magnus Frostenson, Associate Professor at the Örebro University School of Business, and Sven Helin, Head of School and Associate Professor at Örebro University School of Business, for contributing their expertise to the paper as part of our advisory committee. This report was first published in March, 2016. FSG is a mission-driven consulting firm supporting leaders in creating large-scale, lasting social change.Through strategy, eval- uation, and research we help many types of actors—individually and collectively—make progress against the world’s toughest problems. FSG was co-founded by Professor Michael E.
    [Show full text]
  • Pension Country Profile: Norway
    Pension Country Profile: Norway (Extract from the OECD Private Pensions Outlook 2008) The OECD Private Pensions Outlook 2008 contains a set of country profiles which describe in a concise manner the design of private pension systems in individual OECD countries. This document is an extract from this publication. For further information on the Outlook, please see www.oecd.org/daf/pensions/outlook. Contents Each Pension Country Profile is structured as follows: ¾ How to Read the Country Profile This section explains how the information contained in the country profile is organised. ¾ Country Profile The country profile is divided into six main sections: • Demographics and macroeconomics • Country pension design • Pension funds data overview • Reference information • Overview of private pension system by type of plan and financing vehicle ¾ Acronyms, Symbols and Conventional Signs ¾ Glossary 5. HOW TO READ THE COUNTRY PROFILES How to Read the Country Profiles This section provides country profiles, Series database. Population figures are from the describing private pension arrangements in OECD Population and Labour Force database. individual OECD countries. Each pension country profile is divided into six main sections: Country pension design ● Demographics and macroeconomics This section is split into two parts: ● Country pension design ➋ Potential average pension benefit ● Pension funds data overview This figure displays a broad estimate of the ● Private pension system’s key characteristics total pension income which an average-earning individual may receive from various sources (state, ● Reference information mandatory, and voluntary occupational pensions) ● Overview of private pension system by type of after a full working lifetime. It is expressed as a plan and financing vehicle percentage of the earnings the pensioner had just The figure below shows how the first three before retirement.
    [Show full text]
  • 210223 PGS Financial Statements 2020.Indd
    A Clearer Image | www.pgs.com Financial Statements Collaboration & Connectivity for the future of seismic Alternative Performance Measures As required by the European Securities and Markets Segment revenues Authority (“ESMA”) guidelines, the Company has defined Following the implementation of the accounting standard and explained the purpose of its Alternative Performance for revenues, IFRS 15, MultiClient pre-funding revenues Measures (“APMs”) in the paragraphs below. are no longer recognized under the previously applied percentage of completion method. Instead, such revenues Segment EBITDA, excluding other charges are generally recognized at delivery of the final processed Segment EBITDA, when used by the Company, means data, which is typically significantly later than the Segment EBIT excluding other charges, impairments and acquisition of the seismic data. loss on sale of non-current assets and depreciation and PGS has, for the purpose of its internal reporting, continued amortization. Segment EBITDA may not be comparable to report according to the principle applied in 2017 and earlier to other similarly titled measures from other companies. years, where MultiClient pre-funding revenue is recognized The Company has included EBITDA as a supplemental on a percentage of completion basis, and the related disclosure because PGS believes that the measure provides amortization of MultiClient library based upon the ratio useful information regarding the Company’s ability to of aggregate capitalized survey costs to forecasted sales. service
    [Show full text]
  • Interim Report Storebrand Livsforsikring 4Th Quarter 2011 (Unaudited) Interim Report for Storebrand Livsforsikring Group – Q4 2011
    Interim report Storebrand Livsforsikring 4th quarter 2011 (unaudited) Interim report for Storebrand Livsforsikring Group – Q4 2011 Storebrand Livsforsikring AS is a wholly owned subsidiary of business and the value of the insurance contracts (embedded the listed company Storebrand ASA. For information about the value). The proposed change will have a corresponding positive Storebrand Group’s Q4 result please refer to the Storebrand impact since it will reduce the potential tax expense associated Group’s interim report for the Q4 of 2011. with falling equity prices. The impact will be dependent on the equity percentage, performance of the equity market and use of The official financial statements of the Storebrand Group are the tax loss carry forward. prepared in accordance with the International Financial Reporting Standards (IFRS), while the official consolidated financial SOLVENCY II statements of Storebrand Livsforsikring AS are prepared in The Banking Law Commission’s report on paid-up policies and accordance with the Annual Accounts Regulations for Insurance capital requirements, Norwegian Public Report (NOU) 2012:3 Companies. was submitted to the Ministry of Finance on 17 January 2012. In NOU 2012:3 the Banking Law Commission proposes amendments The tables below summarises the information in the consolidated that may contribute to a better adaptation of paid-up policies financial statements for Storebrand Livsforsikring AS based on IFRS to the capital requirements in accordance with Solvency II. The principles. main elements in the proposal submitted by the Banking Law Commission entail a conversion of paid-up policies to paid-up MACROECONOMIC SITUATION policies with investment options, without a guarantee.
    [Show full text]
  • Annual Report 2009 Gjensidige.Com
    annual report 2009 gjensidige.com annual report GJ e n SIDIG e 2 0 0 9 eVENTS 2009 operation :: Talks between Storebrand and Gjensidige of a possible merger terminated in March. :: In May, Gjensidige Pension and Savings was a top scorer in the Norwegian Customer Barometer survey. :: Länsförsäkringar’s insurance portfolio in the Baltics was acquired in November. :: In November Gjensidige purchased equity certificates in Sparebank1 SR-Bank totalling NOK 866 million, becoming the largest single owner of the bank. :: An agreement to acquire Handelsbanken’s portfolio of defined-contribution pensions was signed in Oc- S tober. The portfolio was taken over in January 2010. :: Operations in Sweden were converted to a branch from 1 October 2009. :: Citibank’s consumer financing business was acquired by Gjensidige Bank in December. :: FInanCIAL CalendAR 2010 Date event 23rd april General Meeting 12th mai Publication of results of first quarter 5th august Publication of results of second quarter 4th november Publication of results of third quarter 24th november Supervisory Board Meeting t 2 this is gjensidige hisis 2 Confident and satisfied customers 4 Values and vision g 5 Company history jensidige 6 The markets 8 Financial key figures 9 Non-financial key figures 10 Strategy and goals operat 18 operations i 20 General insurance Private ons 24 General insurance Commercial 28 General insurance Nordic 31 General insurance Baltic 34 Pension and savings 38 Online retail banking 42 Health care services 44 Asset management 48 Additional information perspect
    [Show full text]
  • Annual Report 2018
    Annual Report 2018 Supporting Exploration – Optimizing Production A Clearer Image | www.pgs.com // Contents Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”)* is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company’s MultiClient library is among the largest in the seismic industry, with modern 3D coverage in Letter to our Shareholders all significant offshore hydrocarbon provinces of the world. 3 President & CEO Rune Olav Pedersen gives an overview of the market in 2018 and his direction for 2019 Summary of 2018 Performance Reporting Executive Team & Business 5 Business Highlights 9 Building a Data Library Area Reports 6 Key Figures for the Future 13 Executive Team & Biographies 10 Utilizing the Capabilities 16 Sales & Imaging Report of the PGS Fleet 17 New Ventures Report 18 Operations & Technology Report About PGS Board of Directors Financial Statements 19 The PGS Share 31 Board Member Profiles 45 Alternative Performance 22 History of PGS 34 Board of Directors’ Report Measures 24 Corporate Governance 44 Responsibility Statement 48 Petroleum Geo-Services Consolidated Statements 52 Notes to the Consolidated Financial Statements 92 Petroleum Geo-Services ASA Parent Company Statements 95 Notes to the Parent Company * When the terms “PGS” and “the Company” are used in this report, these will Financial Statements as a main rule include both Petroleum Geo-Services ASA and its subsidiaries. 103 Auditors’ Report However, in certain sections and paragraphs hereof, these references will only include Petroleum Geo-Services ASA as context indicates. // PGS Annual Report 2018 2 Dear PGS Shareholders 2018 was the first full year we operated under the new organizational structure following a comprehensive streamlining of our organization, which significantly reduced our cost base.
    [Show full text]
  • Precautionary Saving and Old-Age Pensions
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Magnussen, Knut A. Working Paper — Digitized Version Precautionary Saving and Old-Age Pensions Discussion Papers, No. 108 Provided in Cooperation with: Research Department, Statistics Norway, Oslo Suggested Citation: Magnussen, Knut A. (1994) : Precautionary Saving and Old-Age Pensions, Discussion Papers, No. 108, Statistics Norway, Research Department, Oslo This Version is available at: http://hdl.handle.net/10419/192092 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte.
    [Show full text]