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Annual Report 2015

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Annual Report 2015 Annual Report Annual Report 2015 Brussels, 18 March 2016 Report of the Board of Directors Consolidated Financial Statements Summarised ageas SA/NV Company Financial Statements 001 Ageas - Annual Report 2015 002 Ageas - Annual Report 2015 CONTENTS Introduction ............................................................................................................................. 5 Report of the Board of Directors ............................................................................................. 7 1 General description and strategy of Ageas ..............................................................................................................................................7 2 Developments and results ........................................................................................................................................................................12 3 Corporate Governance Statement ...........................................................................................................................................................15 AGEAS consolidated financial statements 2015 ................................................................... 32 Consolidated statement of financial position .......................................................................................................................................................33 Consolidated income statement ...........................................................................................................................................................................34 Consolidated statement of comprehensive income ............................................................................................................................................35 Consolidated statement of changes in equity .....................................................................................................................................................36 Consolidated statement of cash flow ...................................................................................................................................................................37 General Notes ....................................................................................................................... 38 1 Legal structure ...........................................................................................................................................................................................39 2 Summary of accounting policies ..............................................................................................................................................................41 3 Acquisitions and disposals .......................................................................................................................................................................52 4 Earnings per share ....................................................................................................................................................................................56 5 Risk Management ......................................................................................................................................................................................57 6 Regulatory supervision and solvency ......................................................................................................................................................97 7 Remuneration and benefits .....................................................................................................................................................................102 8 Related parties .........................................................................................................................................................................................120 9 Information on operating segments .......................................................................................................................................................122 Notes to the Consolidated statement of financial position ....................................................134 10 Cash and cash equivalents ....................................................................................................................................................................135 11 Financial investments ..............................................................................................................................................................................136 12 Investment property ................................................................................................................................................................................144 13 Loans ........................................................................................................................................................................................................146 14 Investments in associates .......................................................................................................................................................................148 15 Reinsurance and other receivables .......................................................................................................................................................151 16 Accrued interest and other assets .........................................................................................................................................................152 17 Property, plant and equipment ...............................................................................................................................................................153 18 Goodwill and other intangible assets ....................................................................................................................................................155 19 Shareholders’ equity ................................................................................................................................................................................160 20 Insurance liabilities ..................................................................................................................................................................................166 21 Debt certificates ......................................................................................................................................................................................171 22 Subordinated liabilities ............................................................................................................................................................................172 23 Borrowings ...............................................................................................................................................................................................174 24 Current and deferred tax assets and liabilities .....................................................................................................................................176 25 RPN (I) ......................................................................................................................................................................................................178 26 Accrued interest and other liabilities .....................................................................................................................................................180 27 Provisions .................................................................................................................................................................................................181 28 Liabilities related to written put options NCI .........................................................................................................................................182 29 Non-controlling interests .........................................................................................................................................................................184 30 Derivatives ................................................................................................................................................................................................185 31 Commitments ...........................................................................................................................................................................................187 32 Fair value of financial assets and financial liabilities ...........................................................................................................................188 003 Ageas - Annual Report 2015 Notes to the Consolidated Income Statement .....................................................................191 33 Insurance premiums ................................................................................................................................................................................192 34 Interest, dividend and other investment income ..................................................................................................................................194 35 Result on sales and revaluations ...........................................................................................................................................................195 36
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