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PFA Holding Annual Report 2020

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PFA Holding Annual Report 2020 PFA Holding Annual Report 2020 PFA Holding A/S Sundkrogsgade 4 2100 Copenhagen Denmark Tel.: (+45) 39 17 50 00 CVR no.: 22 43 80 18 Sustainable homes on Nordø PFA is building one of Copenhagen’s most attractive new urban areas, Nordø. Here we will be constructing over 100 private homes, 300 hotel rooms and 2 modern office buildings. The private homes will be constructed with the intention to sell them, while the commercial properties will become part of PFA’s real estate portfolio and be rented out to private companies or public sector institutions. 2 PFA Holding · Annual Report 2020 PFA Holding Annual Report 2020 PFA Holding · Annual Report 2020 3 Table of contents Stronger foundation after a challenging year ........................................................................................................ 6 2020 results at a glance ........................................................................................................................................ 8 ESG key figures 2020 ........................................................................................................................................... 10 Management’s review The financial statements in brief ......................................................................................................................... 12 The market situation ........................................................................................................................................... 18 Strategy .............................................................................................................................................................. 20 Investment returns .............................................................................................................................................. 24 Responsible investments ......................................................................................................................................... 28 PFA Climate Plus .................................................................................................................................................. 30 Savings ................................................................................................................................................................ 32 Insurance ............................................................................................................................................................ 34 Capital structure and solvency ............................................................................................................................ 38 Management and organisation............................................................................................................................ 40 Expectations for 2021 ......................................................................................................................................... 46 Post balance sheet events .................................................................................................................................. 48 5-year summary for the PFA Group ..................................................................................................................... 50 Financial statements Statement by the Executive Board and the Board of Directors on the Annual Report ........................................ 51 Independent auditor’s report .............................................................................................................................. 52 Income statement ............................................................................................................................................... 58 Balance sheet ...................................................................................................................................................... 59 Statement of changes in equity and capital structure ......................................................................................... 61 Notes to the income statement and balance sheet ........................................................................................... 62 Group structure ................................................................................................................................................... 96 The PFA Group Managerial posts of the Board of Directors and the Executive Board ................................................................. 98 Executive employees ......................................................................................................................................... 104 Additional information ...................................................................................................................................... 106 TRANSLATION: This is a translation of PFA Holding’s Annual Report 2020 in Danish. In case of any discrepancy between the Danish text and the English translation, the Danish text shall prevail. PFA Holding · Annual Report 2020 5 Stronger foundation after a challenging year A famous quote reads: “There are decades where nothing The COVID-19 pandemic also put some of our corporate happens; and there are weeks where decades happen”. and organisational customers in a tough spot. We have Even though the originator was not talking about the been in close dialogue with the impacted customers COVID-19 pandemic, the quote fits quite well with the year and, among other things, offered them the opportunity that we have just been through. After all, we have had to to reduce or pause their pension payments for a period adjust to a new normal in record time - a new normal of of time. Similarly, in 2020 we also redoubled our efforts virtual meetings, our homes converted into offices, and a to stay in touch with our customers via a number of social life that has certainly become associated with the webinars on current topics such as, for example, working risk of infection and infecting others. from home, distance management, health and investment choices. This has helped to strengthen our relationships Once a crisis hits a society, the financial markets are typi- with our customers, and once again, we can take pride cally the first to feel the impact. That was also the case in in strong customer loyalty levels and a net addition of 2020, once it became clear to the global community that 603 new corporate and organisational customers. The the pandemic cared nothing for national borders and that positive results are also reflected in the total payments COVID-19 was a stowaway that could quickly leave China made to PFA, which have increased by 3.4 per cent - from and spread to the rest of the world. This realisation had an DKK 39.4 billion in 2019 to record-high DKK 40.7 billion in enormous impact and it resulted in the largest stock mar- 2020. This includes an increasing proportion of payments ket drops since 1929. However, while it took the markets resulting from the Letpension partnership, which in 2020 approximately 25 years to recover from the 1929 crash, had its 10-year anniversary commemorated with a new this time it only took five months. This is, not least, due to stronger agreement for the next five years. the world’s central banks and governments being able to quickly set up a safety net under the national economies Solid health initiatives and quantum leaps in and, so far, this has prevented a long-lasting financial crisis. digitalisation It is no secret that in the past few years we have been Close contact with customers during turbulent in- challenged by a negative development in the health vestment year and accident insurance balances. Therefore, in 2019 we At PFA, we entered the year with a relatively cautious started an ambitious turnaround plan which encompass- approach, and this helped to limit the losses from the his- es all links in the chain - from casework processes, data, torical stock market drops in March and April. Since then, prices and terms, our follow-up work with sick employees we have been monitoring the markets and we were able to strategic health offers. Due to these efforts, we have to finish the year with positive returns both in the average succeeded in reversing the trend and reducing the deficit interest rate environment and the market rate environ- from DKK -2.3 billion in 2019 to DKK -0.8 billion in 2020. ment. The investment return totalled DKK 31 billion, and in This is a major step in the right direction, and we look for- the individual investment profiles of PFA Plus, the returns ward to continuing to work with these initiatives in 2021 range from 2.7 per cent in Profile A to 6.8 per cent in Profile and to, together with our customers, launch additional D, including interest on PFA CustomerCapital, for customers initiatives aimed at promoting health and well-being and who have 30 years until retirement. This is a good result job satisfaction at the workplace and to reduce long-term considering how bad things looked in the middle of March, sick leave. where the rate of return was negative by double digit percentages. Just as with the health area, the IT area is also one of the cornerstones of PFA’s new strategy, and there is no doubt However, while the returns did end being more positive that our maturity in this area has contributed to bringing than many would have expected at the end of April, it us and our customers safely through the year. However, was still a very volatile year. In that situation, our priority things
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