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KLP Annual Report 2011 Customer Dialogue Winning Photograph by Kari Jakobsen for the Days to Come Winning Photograph by Anne Westad

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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 Premium income (without premium reserves transferred in) 21 641 20 291 18 583 21 993 15 294 Net transfers in/out of premium reserves and other funds -199 -1 335 -1 784 -2 707 -726 Income to customers 3 594 4 651 6 636 -1 802 4 855 of which supplementary reserves 2 143 2 070 4 211 -3 705 1 248 of which to Premium Fund 1 451 2 581 2 425 1 903 3 607 Insurance funds 243 439 227 533 204 486 180 076 182 314 Total assets 261 746 244 194 223 863 201 896 194 455 Owners' equity 11 941 10 647 9 642 8 437 6 952 Solvency capital 36 190 33 338 25 329 17 882 24 293 Solvency capital measured against insurance funds with 16,0 % 15,9 % 13,1 % 9,9 % 14,5 % Capital adequacy ratio 11,5 % 12,0 % 12,6 % 14,6 % 12,1 % Solvency margin ratio 243,5 % 230,6 % 221,6 % 195,5 % 218,0 % Return on the common portfolio: - book return 4,5 % 5,1 % 6,4 % 1,0 % 7,5 % - value-adjusted return 3,2 % 7,5 % 7,7 % -3,0 % 6,7 % - value-adjusted return including VAT on assets recognised at amortised cost 3,9 % 7,4 % 7,6 % -1,7 % 5,4 % Return investment options portfolio 2,3 % 8,6 % 9,2 % n/a n/a Insurance-related administration costs measured against average customer funds 0,34 % 0,34 % 0,33 % 0,36 % 0,50 % Number of premium-paying members 309 333 304 985 304 651 299 408 297 496 Number of pensioners 172 272 163 701 155 306 149 833 145 963 Number of employees 460 449 427 407 387 KLP Bedriftspensjon AS 2011 2010 2009 2008 2007 Pre-tax income -24 -17 -13 -10 -4 Premium income (without premium reserves transferred in) 93 52 25 24 3 Net inward/outward transfer of premium reserves 182 89 21 32 - Income to customers 16 10 12 11 - Total assets 904 614 436 360 55 KLP Skadeforsikring AS 2011 2010 2009 2008 2007 Pre-tax income 25 70 217 35 71 Annual premium 650 631 609 574 555 Combined ratio 118,1 % 121,9 % 95,5 % 97,3 % 105,3 % KLP Banken Group 2011 2010 2009 2008 2007 Pre-tax income -62 36 -39 n/a n/a Deposits 1 840 1 026 36 n/a n/a Lending 28 416 26 320 33 097 n/a n/a KLP Kapitalforvaltning AS og KLP Fondsforvaltning AS 2011 2010 2009 2008 2007 Pre-tax income 20 19 12 63 47 Assets for management in total 205 099 185 714 167 052 155 305 162 574 Photographed by Anne-Therese Sande For the days to come Assets for management from external customers 13 650 14 170 11 378 7 560 5 673 IMPORTANT EVENTS IN 2011 3 Important events in 2011 JANUARY MAY Delighted winners of KLP’s working environment KLP Annual General Meeting prize KLP held its Annual General Meeting. The Annual General KLP awarded the Company’s annual working environment Meeting adopted the Board’s proposal to retrocede NOK 2.6 prizes within three customer groups: local government billion to the customers’ premium fund. administrations, health enterprises and companies. The prize is NOK 100,000. The winners were Stryn Municipality, Helse Sunnmøre (a health enterprise) and Vesterålskraft Nett AS. JUNE Three more companies excluded New accreditation for KLP Skadeforsikring Three new company names came onto the KLP list from KLP Skadeforsikring was ISO 9001 accredited - the first the beginning of June: Lingui Development, Adris Grupa and Norwegian-registered non-life insurance company to achieve Shanghai Industrial Holdings. The companies were excluded this. In order to be accredited in accordance with this because of tobacco and the environment. No companies were standard it is necessary for example to document all working readmitted to the portfolio. procedures and for these to be followed in day-to-day operations. Strong half-year results The KLP Group delivered an operating profit of NOK 2.5 billion for the first half-year. Despite the fact that the financial markets FEBRUARY were sometimes uneasy and interest rates were low, KLP could KLP Banken’s first birthday point to a good return for the first half-year. One year after its establishment in the retail market, KLP Banken has made housing mortgage loans for NOK 1.5 billion. In addition the bank is managing housing lending on behalf JULY of KLP for NOK 7.5 billion. Two thirds of customers are KLP KLP Eiendom buys property in Denmark members. KLP increased its property exposure in Denmark. KLP Eiendom’s Danish subsidiary, KLP Ejendomme AS, bought the KLP best in class 81,000 m² TDC property complex in Copenhagen’s Sydhavn. Positive developments in the financial markets contributed to strong financial results for KLP again in 2010. Value-adjusted and book returns ended at 7.5 and 5.1 per cent respectively AUGUST for 2010. Rising share prices and positive value developments KLP Eiendom acquires hotel in Stockholm in property contributed most to the good returns in 2010. KLP Eiendom continued its expansion in Sweden with the ac- quisition of the Klockan 1 property from Diligentia (Skandia). Scandic is to operate the «Scandic Grand Central» hotel in the MARCH property on a long-term lease. Strong first quarter Photographed by Razvana Ali For the days to come KLP’s good results continued into 2011. The KLP Group delive- red an operating profit of NOK 1.5 billion for the first quarter. SEPTEMBER New index tracking funds in developing markets KLP Fondsforvaltning launched three index tracking funds that APRIL invest in emerging markets. The funds have a clear ethical Launch of petroleum fund for small savers profile and invest in markets such as China, Brazil, South KLP Fondsforvaltning launched the combination fund KLP Korea and India. Kombinasjon. The fund has the market’s lowest costs and suits investors who want long-term saving with somewhat lower risk than in equity funds. 4 ANNUAL REPORT 2011 IMPORTANT EVENTS IN 2011 5 OCTOBER Satisfied non-life insurance customers Major interest in senior loans The EPSI analysis of customer satisfaction in the non-life KLP experiences great interest in the senior loan Litt Extra. 65 insurance industry showed that KLP Skadeforsikring AS has per cent of the Norwegian population are happy with parents the most satisfied and loyal corporate customers. KLP scored borrowing against mortgaging part of their homes. This is higher than its competitors in all the parameters measured. shown in a survey carried out by Perduco for KLP. KLP sponsor for ethics prize DECEMBER At the annual conference for Fairtrade and ethical trading KLP restricted to 15 per cent of Trønder Energi Nett in the public sector, the prize for promoting work on ethical AS (TEN) aspects of procurement in the public sector was awarded to The Ministry of Finance rejected KLP’s application to acquire the great enthusiast Ståle Pedersen. KLP is the sponsor and 35 per cent of the shares in TEN as an infrastructure invest- organiser of the prize. ment. However the Ministry gave permission for a holding of 15 per cent. Gabrielsen Prize to Kristine Landmark Kristine Landmark was awarded the Gabrielsen Prize and ac- China Mengniu back in the portfolio claimed Female Chair Talent of the Year. KLP is a Gabrielsen KLP has excluded 63 companies from its investment portfo- Prize partner. lios. China Mengniu is back into KLP’s investment world after having implemented a new test and monitoring system for its products. NOVEMBER KLP won seven of eight tenders Record payments to KLP pensioners The year’s tendering competitions in the market for public KLP set a new payment record in 2011. More than NOK 9.6 sector occupational pensions have now been completed. This billion gross was paid in pensions. This is an increase of NOK year, seven municipalities and one county administration deci- 1.3 billion over the yea beforer.
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