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Kaleva Mutual Insurance Company Annual Report 2 / 53

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Kaleva Mutual Insurance Company Annual Report 2 / 53 Cover 1 / 53 2015KALEVA MUTUAL INSURANCE COMPANY ANNUAL REPORT 2 / 53 LIFE INSURANCE 3 CONTENTS KEY INFORMATION 4 CEO’S REVIEW 5 FINANCIAL STATEMENTS 10 REPORT OF THE BOARD OF DIRECTORS 11 PROFIT AND LOSS ACCOUNT 17 BALANCE SHEET 18 CASH FLOW STATEMENT 19 ACCOUNTING PRINCIPLES 20 PREMIUMS WRITTEN 23 CLAIMS PAID 23 BONUSES 23 TOTAL OPERATING EXPENSES BY FUNCTION 23 BREAKDOWN OF NET INVESTMENT INCOME 24 INVESTMENTS AT FAIR VALUE AND VALUATION DIFFERENCES 25 SHARES IN OTHER COMPANIES AND PARTICIPATIONS IN OTHER INVESTMENTS HELD BY THE COMPANY 26 STATEMENT OF CHANGES IN EQUITY BREAKDOWN OF GUARANTEE CAPITAL LIABILITIES 28 KEY FIGURES 29 CALCULATION METHODS FOR THE KEY FIGURES 32 AUDITORS’ REPORT 33 RISK MANAGEMENT NOTES 34 CORPORATE GOVERNANCE 43 SUPERVISORY BOARD 44 STATEMENT OF THE SUPERVISORY BOARD 45 AUDITORS 45 BOARD OF DIRECTORS 46 KALEVA’S ELECTED REPRESENTATIVES 47 OWNERS OF KALEVA’S GUARANTEE CAPITAL 48 BONUSES 49 KALEVA’S BOARD-APPROVED TARGETS PERTAINING TO THE DISTRIBUTION OF SAVINGS INSURANCE BONUSES AS OF 1 JAN 2003 50 Life insurance 3 / 53 LIFE INSURANCE SAMPO GROUP LIFE INSURANCE 100% 100% Kaleva’s holding in Sampo 0.78% (29.1.2016) 50% Sampo owns 50% of Kaleva’s guarantee capital Kaleva Mutual Insurance Company and Mandatum health risks. In terms of sales, Mandatum Life’s unions and employee organisations who have organisation’s extranet service (www.if.fi/organ- Life Insurance Company Limited (Mandatum Life) core product areas consist of unit-linked savings signed a co-operation agreement with Kaleva. isation), where members can, via their organisa- together manage Sampo Group’s life insurance contracts and group pensions, as well as risk The members of roughly 90 organisations and tion’s web pages, learn about the benefits avail- business in Finland. The companies handle the insurance. their families are covered by the co-operation able to them. life or pension insurance cover of a total of agreement and the group-specific benefits that around 700,000 Finns and just over one fifth of In Finland, Mandatum Life relies on three come with it. Sales, management and claims Kaleva also bears responsibility for individu- the sector’s combined insurance savings of EUR sales channels: in-house corporate sales teams, for Primus life and accident insurance grant- al risk and life insurance savings policies taken 47 billion. wealth management focusing on high-net- ed by Kaleva are handled by If. Primus offers out prior to 1997, with Mandatum Life handling worth individuals, and Danske Bank’s net- the best price/quality ratio for this type of in- customer service and claims for the policies. Pure risk insurance and the life insurance offering work. In terms of corporate sales, Mandatum surance. Affordable life and accident insurance As a mutual company, Kaleva is not part of the for savings and investor customers are an essen- Life also works in close co-operation with for the whole family can also be purchased Sampo Group, but it does co-operate closely with tial element of Sampo Group’s strategy. Sampo If P&C Insurance Company Ltd. conveniently through Kaleva’s online store Mandatum Life and If. plc’s subsidiary, Mandatum Life, offers compre- www.henkivakuutuskuntoon.fi. hensive services for building up wealth, prepar- Kaleva specialises in selling group life and ac- For more information about Kaleva’s operations, ing for retirement, encouraging the commitment cident insurance. The target groups are the Nearly all of the members of If’s and please visit of a company’s employees and managing life & members, as well as their families, of trade Kaleva’s co-operation organisations use their www.kalevavakuutus.fi. Key information 4 / 53 KEY INFORMATION KALEVA’S KEY FIGURES 2015 Kaleva Mandatum Life MEUR 2015 2014 2015 2014 Premiums written (on own account) 63 61 1,133 1,093 Net investment income 99 45 549 489 Claims paid (on own account) -206 -133 -993 -875 Change in technical provisions before bonuses and change in equalisation provision 160 79 -511 -490 Operating expenses -8 -9 -93 -91 Balance on technical account before bonuses and change in equalisation provision 108 43 85 126 Other income and expenses 0 0 0 0 Operating profit 108 43 85 126 Change in equalisation provision 16 -1 12 0 Bonuses -100 -38 24 0 Profit before extraordinary items, appropriations and taxes 25 5 121 125 Expense ratio, % 60 68 96 100*) Average number of personnel 10 11 93 203 Technical provisions (on own account) 868 945 10,780 10,296 Balance sheet total 1,153 1,220 11,790 11,510 Valuation differences 350 318 832 723 Solvency margin 617 563 1,535 1,448 Solvency margin ratio, % 995 882 570 535 Solvency capital 617 580 1,535 1,460 Solvency capital as a percentage of technical provisions, with the equalisation provision and 75% of the technical provisions for unit-linked insurances deducted 71.1 62.4 23.8 23.0 *) During 2014, Mandatum Life changed its corporate structure by establishing two new subsidiaries. In connection with the change, 300 employees were transferred to the employ of the new companies. CEO’s review 5 / 53 CEO’S REVIEW For Kaleva, 2015 proved, once again, to be a year of consistent performance. This was confirmed by, among other things, the 9.3 per cent return on the investment portfolio, 71 per cent solvency ratio and EUR 617 million in solvency capital. Our market share in pure risk life insurance for households rose to 18.6 per cent in euros and our renewed henkivakuutuskuntoon.fi online store drew a warm response from our customers. 6 / 53 CEO’S REVIEW For Kaleva, 2015 proved to be a year of con- Kaleva’s investment performance was excel- ues to be the most significant of our equity mately EUR 9.4 million in dividends for Kaleva. sistent performance, despite the challenging lent. The return on the investment portfolio, investments. Kaleva’s shares in Sampo will economic situation. Our key performance in- which focusses predominantly on Finnish and also result in a considerable dividend pay- The excellent investment performance has dicators look promising and also give us a Nordic equities and corporate bonds, grew out to Kaleva: Sampo’s Board of Directors has called for top expertise and fast reaction strong foundation for 2016: to 9.3 per cent. Sampo plc, which enjoyed proposed a dividend payout of EUR 2.15 per times from Sampo’s investment unit, which • The company’s solvency remained at an ex- very strong share price development, contin- share for 2015, which translates to approxi- also manages Kaleva’s investment portfolio. tremely high level. • Our investment performance was excellent. Return on Kaleva’s investment portfolio 2004–2015 (at fair value) • We increased our customers’ insurance sav- ings through a substantial bonus, which was 20% 17.9 increased twice during 2015, in addition to the 4.5% technical rate of interest. 15% 13.4 • The market share of our life insurance con- 12.3 10.2 10.3 tinued to grow. 9.8 9.4 9.3 10% 7.3 5.5 4.1 Solvency and investment 5% operations 0% At the end of 2015, Kaleva’s solvency ratio was approximately 71 per cent and solvency capi- -0.9 -5% tal amounted to some EUR 617 million. -10% Kaleva is one of Finland’s most solvent life insurance companies, and it is very well po- -10.8 sitioned to withstand the unfortunately -15% still-continuing economic downshifts. Strong 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 finances will give the company an excellent basis for the future, too. Return Annualised return in 2004–2015: 7.3% 7 / 53 CEO’S REVIEW This is also reflected in the changes to in- Healthy finances and strong solvency also es, change in the equalisation provision and vestment allocations that have taken place guarantee our customers good benefits. In taxes, and taking the change in off-balance- throughout the year. Keeping the investment 2015, bonuses paid to our customers and the sheet valuation differences into account was portfolio and the allocation and risks of in- change in the provision for bonuses totalled approximately EUR 140 million. vestments in line with the investment policy close to EUR 100 million. approved by Kaleva’s Board of Directors, and Policyholders and customers yet still flexible to react to rapid changes, will The book profit amounted to approximately In 2015, a record number of savings and in- be even more important in future. EUR 24.5 million. The profit excluding bonus- vestment insurance policies that were taken Net investment income at fair value (indexed, 2008–2015) 165 155 145 135 Allocation of investment portfolio 31.12.2015 125 MEUR 1,429 115 Money Market Securities and Cash 6% 105 • Credit Bonds, Funds and Loans 41% 95 • Trading Derivatives 1% • Equity 41% 85 • Real Estate 6% • Private Equity 2% 75 1/2008 2008 2009 2010 2011 2012 2013 2014 6/2015 2015 • Alternative 3% Kaleva Mandatum Life Fennia* LähiTapiola Keva Elo VER Suomi* Nordea* Varma Ilmarinen Veritas Aktia OP Etera Policy Loans 0% Government Bonds 0% *Total result for Fennia, Suomi and Nordea for 2015 is not yet available 8 / 53 CEO’S REVIEW out by our customers in the 1990s matured. rently 18.6%. Measured in premiums written on We will focus our efforts even more on this high number of representatives of different We paid altogether EUR 162 million in in- death cover policies, we are the second largest channel in future. organisations. surance savings to our customers, of which life insurance company. bonuses made up some EUR 67 million.
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