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Industrial Insurance Company Annual Report

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Industrial Insurance Company Annual Report INDUSTRIALINDUSTRIAL INSURANCEINSURANCE COMPANYCOMPANY LTDLTD ANNUAL REPORT 1996 CONTENTS INDUSTRIAL INSURANCE’S ANNUAL REPORT 1996 Managing Director’s Review ................................................................ 2 Sampo Group Major Accounts Services .............................................. 4 Major Accounts Services Key Information .......................................... 6 Sampo Group Composition and Market Share .................................. 7 Industrial Insurance Company Ltd Board of Directors’ Report ......... 8 Industrial Insurance Company Ltd Profit and Loss Account ........... 10 Balance Sheet ..................................................................................... 12 Notes on the Accounts ...................................................................... 14 Industrial Insurance Group Consolidated Profit and Loss Account ..................................................................... 20 Balance Sheet ..................................................................................... 22 Accounting Principles ........................................................................ 24 Shareholdings and Real Estate Holdings .......................................... 26 Administration and Management ...................................................... 28 Committees 1997 ................................................................................ 30 Addresses ............................................................................................ 32 This Annual Report does not contain Industrial Insurance Company Ltd’s official final accounts for 1996. The official final accounts can be inspected at Industrial Insurance, Vattuniemenkuja 8 A, 00210 Helsinki, Finland. The coverpicture shows Lauttasaari in Helsinki, where the premises of Industrial Insurance are located. Photo by Ariel Ilmakuva Oy. INDUSTRIAL INCURANCE ANNUAL REPORT 1996 1 MANAGING DIRECTOR’S REVIEW Focus on Service Both the profitability and solvency of In- dustrial Insurance improved in 1996. The positive development of profitability is accounted for both by improvement in the combined ratio of insurance business and by the return from investments. Net invest- ment income increased, although the amount of realised capital gains was around FIM 200 million less than in the previous year. Solvency capital strengthened by al- most one billion Finnish markka, mainly as a result of an increase in the value of quoted shares. This increased the compa- ny’s solvency ratio to 280 per cent, which is a very high figure by international stand- ards. Industrial Insurance maintained its position as market leader in its own seg- ment in Finland, and continued to consoli- date its presence in international markets. Consequently, our starting point is ideal for continuing to develop our operations. The Sampo companies serving major cli- ents have combined their know-how and expertise to form Major Accounts Services, a move which promotes operational co -operation and aims at raising the level of our service capacity both in Finland and abroad. Security is our Product We operate in service industry where se- curity is our product. Security is basically a feeling that originates from confidence in one’s affairs being well looked after. The security sold by an insurance company is, in fact, an integrated service package. It combines knowledge of the entire field of risks relating to an enterprise with loss prevention, innovative insurance systems and risk management solutions. For the client company, the ultimate purpose is to secure their result and balance sheet. 2 INDUSTRIAL INCURANCE´S ANNUAL REPORT 1996 Providing products that guarantee Internationalisation also serves to how and operating policy, but there is security requires skill and know-how. When broaden the scope of our knowledge and always room for improvement in the de- I took over my new job as Managing Di- experience. After all, only by operating in tails. We were happy to receive construc- rector of Industrial Insurance and started the same environment as our competitors, tive criticism that helps us develop our to get acquainted with the various units can we understand their way of doing operations along the lines indicated by our of the company, I recall drawing the same business. clients. conclusion time and time again: these I wish to thank our clients and other people are experts in their own field. Reliable Reinsurers partners for their excellent co-operation. Industrial Insurance occupies a signi- Reinsurance is extremely important to an I am grateful to our personnel who found ficant part of its market segment. As a result, insurer of major risks like Industrial Insur- the necessary resources to cope flexibly the company encompasses an impressive ance. We have always selected our re- with change under pressure. My special amount of expertise in insurance and risk insurers carefully and paid special atten- thanks go to my predecessor Carl-Olaf management. Our personnel – two thirds tion to their solvency. In the risk assess- Homén: to him I owe the solid founda- of whom have university or college de- ments carried out by international rating tion on which to base the continuing de- grees – are well-trained and highly-skilled. bodies, our reinsurers have scored high velopment of Industrial Insurance. The focus of our development work is – the majority of them are rated at least Major Accounts Services has a chal- on deepening our understanding of our cli- Class “A” by the Standard & Poor’s risk as- lenging year ahead of it. Competition has ents’ business. The aim is to increase our sessment procedure. clearly tightened in our sphere of opera- knowledge and experience to the level where Our sustained work in loss prevention tions, but despite this, we expect our busi- we are able to provide services in manag- has also given us a good reputation on the ness operations to make good progress ing business risks, as well as in areas falling international reinsurance market. Thanks during the current year. outside the scope of traditional insurance. to this, we can obtain good cover for our risks. In terms of reinsurance contracts, the March 1997 International Service joint capacity of Industrial Insurance and Many of our clients are involved in inter- other Sampo Group companies has been national business, and the main purpose among the highest in Europe in recent years. of our overseas operation is to provide them Juha Toivola with the same level of insurance and risk Strong Solvency management services abroad as they get Major Accounts Services are backed by domestically, in Finland. We ourselves take Sampo’s support and solvency. Our turn- care of our clients within the principal over and balance sheet account for some market areas in the EU. The Baltic Rim 40% of the Sampo Non-Life Group. Such countries we consider to be part of our a high share entails responsibility. domestic market. Elsewhere in the world, Our solvency capital is strong. We also our clients are served through our inter- have “Confidence Capital” amongst our national co-operation network. clients, and that is something we take Industrial Insurance has evolved an particular care of. According to a survey overseas strategy of cautious progress carried out in Autumn 1996, our clients are through concentrating on those industries in general very satisfied with our know- where we have proven skills. Forestry is a good example: as an insurer for the wood- processing industry, we are among the world’s leading experts. INDUSTRIAL INCURANCE ANNUAL REPORT 1996 3 HARNESSING RESOURCES TO CONTROL BUSINESS RISKS Sampo Group’s Major Accounts Services Sampo Group’s Major Accounts Services was set up to serve Sampo’s biggest clients. It is an operational unit formed by Group insurance companies specialised in business risks. The unit combines expertise in those industries where major clients are involved, with three other factors: the ability to develop innovative solutions in insurance and loss prevention; an individual service approach; and wide international experience. The Major Accounts Services (MAS) unit Teamwork is the Key in the new generate added value for their own cus- was launched at the beginning of the cur- Customer-Oriented Approach tomers, and the special needs of the busi- rent year. It has emerged from the Group’s Every MAS client has its own assigned ness concerned. determination to meet the changing risk expert team, consisting of specialists in The MAS teams therefore have the management needs of large companies. different insurance classes and in loss pre- support and guidance of newly-appoint- Sampo’s analysis of this situation also re- vention. ed Vice Presidents in charge of specific vealed the increasing importance of spe- The team leader is the Account Man- industries. The Vice Presidents supply in- cialisation, expertise, individuality and rapid ager, who bears overall responsibility for client depth knowledge of a wide variety of response in a field where international service. Clients can turn to their Account business, and this creates the foundation competition is becoming stronger by the Manager for assistance in any matter relat- for high-quality service geared to finding year. ing to insurance or risk management, or any the right solutions to client needs. Major Accounts Services comprises other area of co-operation. In this way, from Team leaders have been assigned Industrial Insurance Ltd, Otso Loss of Profits the outset of their relationship, all MAS unit
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