DOCSLIB.ORG

ANNUAL REPORT 2007 Storebrand Livsforsikring

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ANNUAL REPORT 2007 Storebrand Livsforsikring ANNUAL REPORT 2007 Storebrand Livsforsikring CONTENTS STOREBRAND LIVSFORSIKRING ANNUAL REPORT 2007 1 Contents 2 KEY FIGURES 3 - 11 REPORT OF THE BOARD OF DIRECTORS 12 - 13 PROFIT AND LOSS ACCOUNT 14 - 15 BALANCE SHEET 16 CASHFLOW ANALYSIS 17 - 72 NOTES 73 AUDIT REPORT 74 CONTROL COMMITTEE’S STATEMENT 75 REPRESENTANTSKAPETS UTTALELSE 76 ACTUARY REPORT 77 ANALYSIS OF RESULTS 78 - 79 TECHNICAL INSURANCE MATTERS 80 - 83 EUROPEAN EMBEDDED VALUE 84 - 85 TERMS AND EXPRESSIONS 2 STOREBRAND LIVSFORSIKRING ANNUAL REPORT 2007 KEY FIGURES Key figures Storebrand Livsforsikring NOK million 2007 2006 2005 2004 2003 STOREBRAND LIVSFORSIKRING AS: RETURN ON CAPITAL I **) 8.86% 7.12% 6.89% 6.41% 7.26% RETURN ON CAPITAL II **) 7.26% 8.28% 7.55% 7.19% 8.84% RETURN ON CAPITAL III **) 6.59% 6.52% 6.89% 7.64% 11.19% AVERAGE YIELD 8.84% 6.76% 6.40% 5.88% 6.79% AVERAGE GUARANTEED RETURN 3.52% 3.57% 3.64% 3.77% 3.83% COST RATIO 1.21% 1.10% 1.10% 0.96% 1.00% PROFIT ANALYSIS - INTEREST RESULT 7 887 5 523 4 362 3 094 3 619 - RISK RESULT 244 220 365 209 199 - ADMINISTRATION RESULT -669 -551 -344 -164 -192 - OTHER -3 324 -18 -11 -181 -1 010 TOTAL 4 138 5 175 4 371 2 958 2 616 STOREBRAND LIVSFORSIKRING GROUP KEY FIGURES PROFIT AND LOSS ACCOUNT PREMIUM INCOME EXC. RESERVES TRANSFERRED 16 578 13 069 16 805 15 822 9 754 NET TRANSFERS 1 056 5 260 564 -758 1 493 NET INCOME FROM FINANCIAL ASSETS 11 969 12 687 10 445 8 724 9 414 NET INCOME FROM FINANCIAL ASSETS WITH INVESTMENT CHOICE 353 685 721 253 607 CLAIMS EXCLUDING TRANSFERRED RESERVES -15 357 -12 948 -8 780 -7 010 -6 076 CHANGE IN INSURANCE RESERVES EXCLUDING TRANSFERRED ADDITIONAL STATUTORY RESERVES -10 245 -9 659 -12 577 -11 651 -9 597 INSURANCE AND FINANCIAL INVESTMENT RELATED ADMIN. COSTS -1 927 -1 755 -1 457 -1 136 -1 088 OTHER ITEMS -295 -130 -232 -205 -200 TO/FROM MARKET VALUE ADJUSTMENT RESERVE 2 029 -2 034 -1 117 -1 078 -1 690 OPERATING PROFIT 4 162 5 176 4 373 2 961 2 617 PROFIT BEFORE ALLOCATION 4 162 5 176 4 373 2 961 2 617 FUNDS TRANSFERRED TO POLICYHOLDERS -2 797 -3 994 -3 215 -2 019 -1 839 - OF WHICH CONDITIONAL ADDITIONAL STATUTORY ALLOCATIONS -400 -1 000 -950 -500 -470 RELEASED FROM ADDITIONAL STATUTORY RESERVES TO MEET THE SHORTFALL IN GUARANTEED RETURN 21 PRE-TAX PROFIT 1 365 1 182 1 158 941 799 TAX -20 -1 26 -65 -185 MINORITY INTERESTS SHARE IN PROFIT -5 -1 -1 -1 PROFIT FOR THE YEAR 1 340 1 181 1 184 876 614 ASSETS***) REAL ESTATE 22 334 18 169 14 136 12 872 9 661 BONDS TO BE HELD TO MATURITY 40 380 43 099 40 672 39 352 42 368 LOANS 2 704 2 340 656 399 1 468 SHARES AND OTHER EQUITY INVESTMENTS 74 561 45 516 39 447 28 688 19 189 BONDS HELD AS CURRENT ASSETS 104 906 43 870 42 908 31 859 20 143 COMMERCIAL PAPER 2 102 669 5 966 12 254 17 383 OTHER FINANCIAL ASSETS 8 643 2 815 1 967 3 407 3 761 TOTAL FINANCIAL ASSETS 255 630 156 477 145 751 128 831 113 972 LIFE INSURANCE ASSETS WITH INVESTMENT CHOICE 39 083 7 364 5 719 4 476 3 975 INTANGIBLE ASSETS 9 611 14 25 42 62 OTHER ASSETS 24 850 8 555 6 041 5 476 5 049 TOTAL ASSETS 329 174 172 410 157 537 138 825 123 058 POLICYHOLDERS' FUNDS FOR OWN ACCOUNT***) 241 979 146 346 134 664 121 084 108 913 - of which additional statutory reserves 5 757 5 551 4 538 3 706 3 393 RESERVE FOR LIFE INSURANCE WITH INVESTMENT CHOICE 39 208 7 364 5 719 4 476 3 975 MARKET VALUE ADJUSTMENT RESERVE 3 889 5 918 3 884 2 767 1 690 EQUITY 15 376 5 361 5 012 4 604 3 466 SOLVENCYMARGINCAPITAL REQUIREMENTS IN % GROUP 136.1 % 174.6 % 175.9 % 174.3 % 158.8 % CAPITAL ADEQUACY (GROUP) 10.03% 9.70% 10.92% 14.39% 15.68% *) Comparable figures have been restatede for the effect of Storebrand Fondsforsikring **) Return on capital I: Realised financial income including revaluation of real estate Return on capital II: As Return on capital I but also including changes in unrealised gains on financial current assets Return on capital III: As Return on capital I but also including all unrealised gains ***) Balance sheet numbers for 2007 inkludes SPP REPORT OF THE BOARD OF DIRECTORS STOREBRAND LIVSFORSIKRING ANNUAL REPORT 2007 3 Report of the Board of Directors MAIN FEATURES Storebrand Eiendomsholding AS has been incorporated as Storebrand Livsforsikring carries out the major part of its activi- a holding company for real estate activities. The company is ties in Norway and its head office is in Oslo. The company's wholly owned by Storebrand Livsforsikring AS. main areas of focus are pensions and life insurance products for Sales through external distributors represent an important private individuals, companies and public sector bodies. part of the company's focus on the retail market. In order Storebrand Livsforsikring’s objective is to be recognised by to strengthen distribution capacity, Storebrand has increased customers as the most respected and customer-oriented life its shareholding in Caveo ASA to 49%. This company has insurance provider in the Norwegian market. This can only be 100 advisers working from 12 offices around Norway. Caveo achieved and maintained by offering the highest quality advice, acquired Økonomiforvaltning AS in 2007. customer service and product range in the market. The Storebrand Livsforsikring owns 78% of Foran Real Estate in Storebrand group is the only player in the Norwegian market Latvia. The company invests in real estate in Latvia. that specialises in long-term savings and life insurance as its major area of activity, and Storebrand Livsforsikring intends to SALES make the best possible use of this unique position. Following the introduction of mandatory occupational pensions The Norwegian life insurance market is facing a number of in 2006, the occupational pension market has increasingly changes. Storebrand is making the appropriate preparations for become a transfer market. The Norsk Kundebarometer survey this, including changes to product pricing, portfolio structure showed that in 2007, for the fourth year in a row, Storebrand and risk management, as well as changes to internal systems. was the insurance company with the highest level of customer satisfaction among its corporate occupational pension custo- SUBSIDIARIES AND ASSOCIATED COMPANIES mers. Storebrand is very competitive in this market, and as in On 3 September 2007, Storebrand entered into an agreement 2006, was the most successful company in the transfer market with Handelsbanken (Sweden) to acquire SPP and its subsidia- for occupational pension schemes, with a net inflow (transfers ries, including SPP Fonder and Euroben. The acquisition was notified) of NOK 4.1 billion. approved by Storebrand's Board of Representatives and by a A number of the company's corporate customers have General Meeting in October 2007. Official approval was granted either already switched from defined benefit pension schemes by the Ministry of Finance on 16 November 2007. The transaction to defined contribution schemes, or are considering this was completed on 21 December. SPP is a leading Swedish life alternative. insurance and occupational pension provider. SPP offers unit- The market for Norwegian municipality pension schemes was linked products, traditional insurance products and defined characterised by little pension transfer activity in 2007. Only benefit pension products, as well as consulting services for occu- 8 municipalities invited competitive bidding for their pension pational pensions. It also offers insurance and administrative arrangements in 2007, and 3 of these decided to change their solutions for municipalities and other organisations. This acquisi- pension provider. Storebrand did not win any municipality tion makes Storebrand and SPP the leading life insurance and customers in 2007, but was successful in retaining its current pension provider in the Nordic region, with pro forma premium customers. No municipality with a Storebrand pension scheme income of NOK 27 billion in 2007. Storebrand has a two-year has yet moved its arrangements away from Storebrand. option to acquire Handelsbanken’s remaining occupational pen- The retail market saw good sales of personal pension sion business in Handelsbanken Liv, and in addition Storebrand products, savings products and personal risk products in 2007. has entered into a three-year exclusive distribution agreement The company faced the challenge in 2007 of retaining the with Handelsbanken for the sale of occupational pensions through investment assets of its annuity and life savings customers in the Handelsbanken network. SPP’s head office is in Stockholm. the face of changes to the taxation rules for these products. Storebrand Livsforsikring owns 25% of Nordben Life and In May 2007, Storebrand Livsforsikring became the first Pension Insurance Company Ltd. of Guernsey directly, and holds Norwegian life insurance company to offer critical illness a further 50% indirectly through SPP. Storebrand also offers insurance for cancer. Following two marketing campaigns actuarial services, systems and a full range of operational including TV and Internet advertising, Storebrand successfully services for pension funds through its subsidiaries Aktuar introduced a new product that none of its competitors offer. Systemer AS and Storebrand Pensjontjenester AS. Over 4,000 policies were sold in 2007. Storebrand opened a Swedish branch in 2005. The branch offers pension insurance in the Swedish market based on ACQUISITION OF SPP Norwegian insurance legislation. Sales are made through Financing insurance brokers.
Load more

Recommended publications
  • Board Statement on Corporate Governance Pdf 2 Mb
    2015 Board Statement on Corporate Governance This publication is the Statoil Board of Directors’ statement on corporate governance, part of the Statutory report. © Statoil 2016 STATOIL ASA BOX 8500 NO-4035 STAVANGER NORWAY TELEPHONE: +47 51 99 00 00 www.statoil.com Cover photo: Øyvind Hagen Board statement on corporate governance To ensure sound corporate practice, Statoil's organisation is structured and managed in accordance with the Norwegian Code of Practice for Corporate Governance. Statoil's board of directors actively adheres to good corporate governance standards and will at all times ensure that Statoil either complies with the Norwegian Code of Practice for Corporate Governance (the "Code") or explains possible deviations from the Code. The topic of corporate governance is subject to regular assessment and discussion by the board, which has also considered the text of this chapter at a board meeting. The Code can be found at www.nues.no. The Code covers 15 topics, and the board statement covers each of these topics and describes Statoil's adherence to the Code. The statement describes the foundation and principles for Statoil's corporate governance structure, more detailed factual information can be found on our website, in our Annual Report on Form 20-F and in our Sustainability Report. The information concerning corporate governance required to be disclosed according to the Accounting Act Section 3-3b is included in this statement as follows: 1. "An overview of the recommendations and regulations concerning corporate governance that the enterprise is subject to or otherwise chooses to comply with": Described in this introduction as well as in section 1 below, "Implementation and reporting".
    [Show full text]
  • Retirement Strategy Fund 2060 Description Plan 3S DCP & JRA
    Retirement Strategy Fund 2060 June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA ACTIVIA PROPERTIES INC REIT 0.0137% 0.0137% AEON REIT INVESTMENT CORP REIT 0.0195% 0.0195% ALEXANDER + BALDWIN INC REIT 0.0118% 0.0118% ALEXANDRIA REAL ESTATE EQUIT REIT USD.01 0.0585% 0.0585% ALLIANCEBERNSTEIN GOVT STIF SSC FUND 64BA AGIS 587 0.0329% 0.0329% ALLIED PROPERTIES REAL ESTAT REIT 0.0219% 0.0219% AMERICAN CAMPUS COMMUNITIES REIT USD.01 0.0277% 0.0277% AMERICAN HOMES 4 RENT A REIT USD.01 0.0396% 0.0396% AMERICOLD REALTY TRUST REIT USD.01 0.0427% 0.0427% ARMADA HOFFLER PROPERTIES IN REIT USD.01 0.0124% 0.0124% AROUNDTOWN SA COMMON STOCK EUR.01 0.0248% 0.0248% ASSURA PLC REIT GBP.1 0.0319% 0.0319% AUSTRALIAN DOLLAR 0.0061% 0.0061% AZRIELI GROUP LTD COMMON STOCK ILS.1 0.0101% 0.0101% BLUEROCK RESIDENTIAL GROWTH REIT USD.01 0.0102% 0.0102% BOSTON PROPERTIES INC REIT USD.01 0.0580% 0.0580% BRAZILIAN REAL 0.0000% 0.0000% BRIXMOR PROPERTY GROUP INC REIT USD.01 0.0418% 0.0418% CA IMMOBILIEN ANLAGEN AG COMMON STOCK 0.0191% 0.0191% CAMDEN PROPERTY TRUST REIT USD.01 0.0394% 0.0394% CANADIAN DOLLAR 0.0005% 0.0005% CAPITALAND COMMERCIAL TRUST REIT 0.0228% 0.0228% CIFI HOLDINGS GROUP CO LTD COMMON STOCK HKD.1 0.0105% 0.0105% CITY DEVELOPMENTS LTD COMMON STOCK 0.0129% 0.0129% CK ASSET HOLDINGS LTD COMMON STOCK HKD1.0 0.0378% 0.0378% COMFORIA RESIDENTIAL REIT IN REIT 0.0328% 0.0328% COUSINS PROPERTIES INC REIT USD1.0 0.0403% 0.0403% CUBESMART REIT USD.01 0.0359% 0.0359% DAIWA OFFICE INVESTMENT
    [Show full text]
  • Statoil ASA Statoil Petroleum AS
    Offering Circular Statoil ASA (incorporated with limited liability in the Kingdom of Norway) Notes issued under the programme may be unconditionally and irrevocably guaranteed by Statoil Petroleum AS (incorporated with limited liability in the Kingdom of Norway) €20,000,000,000 Euro Medium Term Note Programme On 21 March 1997, Statoil ASA entered into a Euro Medium Term Note Programme (the Programme) and issued an Offering Circular on that date describing the Programme. The Programme has been subsequently amended and updated. This Offering Circular supersedes any previous dated offering circulars. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes issued prior to the date hereof. Under this Programme, Statoil ASA (the Issuer) may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued in bearer form or in uncertificated book entry form (VPS Notes) settled through the Norwegian Central Securities Depositary, Verdipapirsentralen ASA (the VPS). The maximum aggregate nominal amount of all Notes from time to time outstanding will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described herein). The payments of all amounts due in respect of the Notes issued by the Issuer may be unconditionally and irrevocably guaranteed by Statoil Petroleum AS (the Guarantor). The Notes may be issued on a continuing basis to one or more of the Dealers specified on page 7 and any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a Dealer and together the Dealers).
    [Show full text]
  • Annual Report Storebrand ASA 2019
    Annual Report 2019 Sustainable Solutions and Investments STOREBRAND ANNUAL REPORT 2019 Page 1, Photographer: Mikael Svensson/Johner Page 5, Photographer: Nathan Anderson/Unsplash Page 6, Photographer: Ole Berg-Rusten, NTB Page 9, Photographer: Alexey Topolyanskiy /Unsplash Page 17, Photographer: Bevan Goldswain/Offset.com Page 19, Photographer: Aurora Photos, USA / Offset.com Page 20, Photographer: Michael Nolan /Offset.com Page 23, Photographer: Unsplash Page 25, Photographer: Sarah Bridgeman/Offset.com Page 26, Photographer: Shutterstock/TunedIn by Westend61 Page 27, Photographer: Maskot/Offset.com Page 30, Photographer: Olga Kashubin Page 32, Photographer: Shutterstock/KYTan Page 35, Photographer: Maskot Bildbyrå /Johnér Bildbyrå AB Page 37, Photographer: Shutterstock/Syda Productions Page 38, Photographer: Kate Vredevoogd/Offset.com Page 43, Photographer: Shutterstock / Halfpoint Page 45, Photographer: Shutterstock Page 47, Photographer: Colourbox.com Page 51, Photographer: The Good Brigade/Offset.com Page 53, Photographer: Mikael Svensson / Johner Bildbyra AB / Offset.com Page 59, Photographer: Cultura / Offset.com Page 60, Photographer: Shutterstock / Kamil Macniak Page 63, Photographer: Unsplash Page 67, Photographer: Shutterstock/loreanto Page 71, Photographer: Storebrand archive Page 75, Photographer: Maskot/Offset.com Page 76, Photographer: Nixon Johansen Cáceres/Johnér Bildbyrå AB Page 77, Photographer: Martin Pålsson/Offset.com Page 85, Photographer: Shutterstock/Westend61 Premium Page 197, Photographer: Maskot/Offset.com Page
    [Show full text]
  • Norwegian Air Shuttle ASA (A Public Limited Liability Company Incorporated Under the Laws of Norway)
    REGISTRATION DOCUMENT Norwegian Air Shuttle ASA (a public limited liability company incorporated under the laws of Norway) For the definitions of capitalised terms used throughout this Registration Document, see Section 13 “Definitions and Glossary”. Investing in the Shares involves risks; see Section 1 “Risk Factors” beginning on page 5. Investing in the Shares, including the Offer Shares, and other securities issued by the Issuer involves a particularly high degree of risk. Prospective investors should read the entire Prospectus, comprising of this Registration Document, the Securities Note dated 6 May 2021 and the Summary dated 6 May 2021, and, in particular, consider the risk factors set out in this Registration Document and the Securities Note when considering an investment in the Company. The Company has been severely impacted by the current outbreak of COVID-19. In a very short time period, the Company has lost most of its revenues and is in adverse financial distress. This has adversely and materially affected the Group’s contracts, rights and obligations, including financing arrangements, and the Group is not capable of complying with its ongoing obligations and is currently subject to event of default. On 18 November 2020, the Company and certain of its subsidiaries applied for Examinership in Ireland (and were accepted into Examinership on 7 December 2020), and on 8 December 2020 the Company applied for and was accepted into Reconstruction in Norway. These processes were sanctioned by the Irish and Norwegian courts on 26 March 2021 and 12 April 2021 respectively, however remain subject to potential appeals in Norway (until 12 May 2021) and certain other conditions precedent, including but not limited to the successful completion of a capital raise in the amount of at least NOK 4,500 million (including the Rights Issue, the Private Placement and issuance of certain convertible hybrid instruments as described further herein).
    [Show full text]
  • Storebrand Livsforsikring AS Annual Report 2011
    Annual report 2011 Storebrand Livsforsikring AS ANNUAL REPORT 2011 2 | ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS Contents Page 4 | Report of the board of directors Page 22 | Profit and loss account Page 24 | Statement of financial position Page 27 | Reconsiliation of change in equity Page 28 | Cash flow analysis Page 29 | Notes Page 114 | Actuary report Page 115 | Declaration by the members of the board and the CEO Page 116 | Audit report Page 118 | Control committee’s statement Page 119 | Board of representatives statement Page 120 | Terms and expressions ANNUAL REPORT STOREBRAND LIVSFORSIKRING AS | 3 ANNUAL REPORT 2011 Report of the board of directors Storebrand Livsforsikring primarily operates in Norway and its head office is in Lysaker Park in the Municipality of Bærum. Storebrand’s position as a leading player in the Nordic occupational pension market strengt- hened through 2011. In addition, several strategic and organisational adjustments were im- plemented in order to increase focus on the retail market. The reason for this initiative is the transition from defined benefit to defined contribution occupational pension schemes, where the individual employees have a greater involvement. Business relationships give the Group a strategic advantage in the relationships established with company employees. OUTLOOK Fusion of corporate and retail markets The shift from defined benefit to defined contribution occupational pension schemes has led to both risks and investment options being transferred from employer to employee. In addi- tion, the pensions reform will lead to lower future pension payments for many employees. In sum, this increases both the need and interest in pensions and private savings significantly.
    [Show full text]
  • Petroleum Geo-Services
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F n REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ¥ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2005 OR n TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR n SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report Commission File Number: 1-14614 Petroleum Geo-Services ASA (Exact name of registrant as specified in its charter) Kingdom of Norway (Jurisdiction of incorporation or organization) Strandveien 4, N-1325 Lysaker, Norway (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Title of Each Class Name of Each Exchange on Which Registered American Depositary Shares, each representing New York Stock Exchange, Inc. one ordinary share of nominal value NOK 10 per share Ordinary shares of nominal value NOK 10 per share* New York Stock Exchange, Inc. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 60,000,000 ordinary shares, nominal value NOK 10 per share.
    [Show full text]
  • Global Equity Fund Description Plan 3S DCP & JRA MICROSOFT CORP
    Global Equity Fund June 30, 2020 Note: Numbers may not always add up due to rounding. % Invested For Each Plan Description Plan 3s DCP & JRA MICROSOFT CORP 2.5289% 2.5289% APPLE INC 2.4756% 2.4756% AMAZON COM INC 1.9411% 1.9411% FACEBOOK CLASS A INC 0.9048% 0.9048% ALPHABET INC CLASS A 0.7033% 0.7033% ALPHABET INC CLASS C 0.6978% 0.6978% ALIBABA GROUP HOLDING ADR REPRESEN 0.6724% 0.6724% JOHNSON & JOHNSON 0.6151% 0.6151% TENCENT HOLDINGS LTD 0.6124% 0.6124% BERKSHIRE HATHAWAY INC CLASS B 0.5765% 0.5765% NESTLE SA 0.5428% 0.5428% VISA INC CLASS A 0.5408% 0.5408% PROCTER & GAMBLE 0.4838% 0.4838% JPMORGAN CHASE & CO 0.4730% 0.4730% UNITEDHEALTH GROUP INC 0.4619% 0.4619% ISHARES RUSSELL 3000 ETF 0.4525% 0.4525% HOME DEPOT INC 0.4463% 0.4463% TAIWAN SEMICONDUCTOR MANUFACTURING 0.4337% 0.4337% MASTERCARD INC CLASS A 0.4325% 0.4325% INTEL CORPORATION CORP 0.4207% 0.4207% SHORT-TERM INVESTMENT FUND 0.4158% 0.4158% ROCHE HOLDING PAR AG 0.4017% 0.4017% VERIZON COMMUNICATIONS INC 0.3792% 0.3792% NVIDIA CORP 0.3721% 0.3721% AT&T INC 0.3583% 0.3583% SAMSUNG ELECTRONICS LTD 0.3483% 0.3483% ADOBE INC 0.3473% 0.3473% PAYPAL HOLDINGS INC 0.3395% 0.3395% WALT DISNEY 0.3342% 0.3342% CISCO SYSTEMS INC 0.3283% 0.3283% MERCK & CO INC 0.3242% 0.3242% NETFLIX INC 0.3213% 0.3213% EXXON MOBIL CORP 0.3138% 0.3138% NOVARTIS AG 0.3084% 0.3084% BANK OF AMERICA CORP 0.3046% 0.3046% PEPSICO INC 0.3036% 0.3036% PFIZER INC 0.3020% 0.3020% COMCAST CORP CLASS A 0.2929% 0.2929% COCA-COLA 0.2872% 0.2872% ABBVIE INC 0.2870% 0.2870% CHEVRON CORP 0.2767% 0.2767% WALMART INC 0.2767%
    [Show full text]
  • 210223 PGS Financial Statements 2020.Indd
    A Clearer Image | www.pgs.com Financial Statements Collaboration & Connectivity for the future of seismic Alternative Performance Measures As required by the European Securities and Markets Segment revenues Authority (“ESMA”) guidelines, the Company has defined Following the implementation of the accounting standard and explained the purpose of its Alternative Performance for revenues, IFRS 15, MultiClient pre-funding revenues Measures (“APMs”) in the paragraphs below. are no longer recognized under the previously applied percentage of completion method. Instead, such revenues Segment EBITDA, excluding other charges are generally recognized at delivery of the final processed Segment EBITDA, when used by the Company, means data, which is typically significantly later than the Segment EBIT excluding other charges, impairments and acquisition of the seismic data. loss on sale of non-current assets and depreciation and PGS has, for the purpose of its internal reporting, continued amortization. Segment EBITDA may not be comparable to report according to the principle applied in 2017 and earlier to other similarly titled measures from other companies. years, where MultiClient pre-funding revenue is recognized The Company has included EBITDA as a supplemental on a percentage of completion basis, and the related disclosure because PGS believes that the measure provides amortization of MultiClient library based upon the ratio useful information regarding the Company’s ability to of aggregate capitalized survey costs to forecasted sales. service
    [Show full text]
  • Interim Report Storebrand Livsforsikring 4Th Quarter 2011 (Unaudited) Interim Report for Storebrand Livsforsikring Group – Q4 2011
    Interim report Storebrand Livsforsikring 4th quarter 2011 (unaudited) Interim report for Storebrand Livsforsikring Group – Q4 2011 Storebrand Livsforsikring AS is a wholly owned subsidiary of business and the value of the insurance contracts (embedded the listed company Storebrand ASA. For information about the value). The proposed change will have a corresponding positive Storebrand Group’s Q4 result please refer to the Storebrand impact since it will reduce the potential tax expense associated Group’s interim report for the Q4 of 2011. with falling equity prices. The impact will be dependent on the equity percentage, performance of the equity market and use of The official financial statements of the Storebrand Group are the tax loss carry forward. prepared in accordance with the International Financial Reporting Standards (IFRS), while the official consolidated financial SOLVENCY II statements of Storebrand Livsforsikring AS are prepared in The Banking Law Commission’s report on paid-up policies and accordance with the Annual Accounts Regulations for Insurance capital requirements, Norwegian Public Report (NOU) 2012:3 Companies. was submitted to the Ministry of Finance on 17 January 2012. In NOU 2012:3 the Banking Law Commission proposes amendments The tables below summarises the information in the consolidated that may contribute to a better adaptation of paid-up policies financial statements for Storebrand Livsforsikring AS based on IFRS to the capital requirements in accordance with Solvency II. The principles. main elements in the proposal submitted by the Banking Law Commission entail a conversion of paid-up policies to paid-up MACROECONOMIC SITUATION policies with investment options, without a guarantee.
    [Show full text]
  • Annual Report 2018
    Annual Report 2018 Supporting Exploration – Optimizing Production A Clearer Image | www.pgs.com // Contents Petroleum Geo-Services ASA and its subsidiaries (“PGS” or “the Company”)* is a focused marine geophysical company that provides a broad range of seismic and reservoir services, including acquisition, imaging, interpretation, and field evaluation. The Company’s MultiClient library is among the largest in the seismic industry, with modern 3D coverage in Letter to our Shareholders all significant offshore hydrocarbon provinces of the world. 3 President & CEO Rune Olav Pedersen gives an overview of the market in 2018 and his direction for 2019 Summary of 2018 Performance Reporting Executive Team & Business 5 Business Highlights 9 Building a Data Library Area Reports 6 Key Figures for the Future 13 Executive Team & Biographies 10 Utilizing the Capabilities 16 Sales & Imaging Report of the PGS Fleet 17 New Ventures Report 18 Operations & Technology Report About PGS Board of Directors Financial Statements 19 The PGS Share 31 Board Member Profiles 45 Alternative Performance 22 History of PGS 34 Board of Directors’ Report Measures 24 Corporate Governance 44 Responsibility Statement 48 Petroleum Geo-Services Consolidated Statements 52 Notes to the Consolidated Financial Statements 92 Petroleum Geo-Services ASA Parent Company Statements 95 Notes to the Parent Company * When the terms “PGS” and “the Company” are used in this report, these will Financial Statements as a main rule include both Petroleum Geo-Services ASA and its subsidiaries. 103 Auditors’ Report However, in certain sections and paragraphs hereof, these references will only include Petroleum Geo-Services ASA as context indicates. // PGS Annual Report 2018 2 Dear PGS Shareholders 2018 was the first full year we operated under the new organizational structure following a comprehensive streamlining of our organization, which significantly reduced our cost base.
    [Show full text]
  • Annual Report Storebrand ASA 2020
    Innhold Introduksjon 1. This is Storebrand 2. Customer relations 3. People 4. Keeping Our House in Order Storebrand ASA 5. Director´s report 6. Finansielle mål 7. Konsernets resultaterAnnual 2020 Report 8. Utbytte for 2020 9. Kapitalforhold 10. Rating 11. fremtidsutsikter 12. Risiko 13. arbeidsmiljø og HMS 14. Annual Accounts and notes 15. Shareholder matters 16. Sustainability assurance 17. Appendix 2020 Table of contents Introduction 6. Shareholder matters How to navigate in the Annual 3 Facts and figures 2020 report 5 Letter from the Group Chief Executive Officer 7. Annual Accounts 7 Chairman’s foreword and Notes 1. This is Storebrand Storebrand Group 10 About Storebrand 78 Income statement Previous page 11 Organisation 79 Statement of total comprehensive income 14 Executive management 80 Statement of financial position 15 Board of directors 82 Statement of changes in equity 83 Statement of cash flow Next page 2. Customer relations 85 Notes 19 Greater financial security and freedom 21 Engaging, relevant and responsible advice Storebrand ASA 22 Digital innovator in financial services 163 Income statement 23 Simple and seamless customer experiences 163 Statement of total comprehensive income Full screen 24 Key performance indicators 164 Statement of financial position 165 Statement of changes in equity 3. People 166 Statement of cash flow 26 A culture for learning 167 Notes 28 Engaged, competent and courageous employees 180 Declaration by member of the Board and the CEO 29 Diversity and equality 181 Independent auditor´s report Table of contents 31 Key performance indicators 8. Governance On the left hand side, you will always 4. Keeping Our House 189 Corporate Governance have access to the table of contents.
    [Show full text]