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Delta Lloyd 2006 Annual Report

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Delta Lloyd 2006 Annual Report annual report 20 06 This is a print from the website jaarverslag.deltalloydgroep.com, the future secured published on 1 March 2007 contents Delta Lloyd Group - Annual Report 2006 1 ABOUT DELTA LLOYD GROUp 1 1.1 Working on a secure future 1 1.1.1 Entrepreneurship 1 1.1.2 Two hundred years of financial service 2 1.2 Organisation chart 4 1.2.1 Supervisory board and executive board 4 1.2.1.1 Curriculum vitae 5 1.2.2 Shareholders 10 1.3 Core activities 10 1.3.1 Activities of divisions 10 1.3.2 ‘The Future Secured’ strategy 13 1.4 Corporate governance 14 1.4.1 Corporate governance guidelines 15 1.4.2 Governance model and policy framework 18 1.4.3 Delta Lloyd Group structure 20 1.5 Reporting 21 1.5.1 IFRS 22 1.5.2 European embedded Value 22 1.6 Risk management 23 1.6.1 Risk management policy 23 1.6.2 Risk management assessment 24 1.7 Core values 24 1.7.1 Seven core values 24 1.7.2 Embedment of core values in daily operations 25 1.8 Relationship with stakeholders 26 1.8.1 Relationship with customers 27 1.8.2 Relationship with employees 28 1.8.3 Relationship with shareholders 29 1.8.4 Relationship with suppliers 29 1.8.5 Relationship with society 30 1.9 Corporate social responsibility 31 1.9.1 Policy development and embedment 31 1.9.2 Reporting and audits 31 2 REPORt 2006 32 2.1 Report of the executive board 32 2.1.1 Segmental results 33 2.1.2 Outlook for 2007 36 2.1.3 Strategic framework 36 2.1.3.1 ‘The Future Secured’ 36 2.1.3.2 Strategic pillars in 2006 37 2.1.3.3 Towards a new organisational model 38 2.1.3.4 Long-term strategy beyond 2010 40 2.1.3.5 Opportunities / challenges analysis 41 2.1.3.6 Objectives for 2007 - 2010 41 2.1.4 Threats and opportunities in the financial services market 45 2.1.4.1 Towards a new social security system 45 2.1.4.2 Social security developments in Germany and belgium 48 2.1.4.3 Increased competitive pressure 49 2.1.4.4 Enhancing distribution power 52 2.1.4.5 Call for transparency and unit-linked insurance 53 2.1.5 Corporate governance 54 2.1.6 Reporting 55 2.1.7 Risk management 56 2.1.7.1 Financial risk 58 2.1.7.2 Credit risk 60 2.1.7.3 Acceptance risk 61 2.1.7.4 Integrity and compliance risk 61 2.1.7.5 Product development 61 2.1.7.6 ICt continuity and performance 62 2.1.7.7 Outsourcing 62 2.1.7.8 Product profitability 63 2.1.7.9 Strategic risks 63 2.1.8 Relationship with stakeholders 63 2.1.8.1 Customers 64 2.1.8.2 Employees 66 2.1.8.3 Shareholders 68 2.1.8.4 Suppliers 69 2.1.8.5 Society 69 2.1.9 Divisions 73 2.1.9.1 Delta Lloyd Insurance 73 2.1.9.2 OHRA Insurance 76 2.1.9.3 ABN AMRo Insurance 80 2.1.9.4 Delta Lloyd Asset Management and Delta Lloyd property 82 2.1.9.5 Delta Lloyd banking 85 2.1.9.6 Delta Lloyd Germany 86 2.1.9.7 Delta Lloyd belgium 87 2.2 Report of the Supervisory board 91 2.3 Delta Lloyd Group key figures 94 2.3.1 Key figures by division 95 2.3.2 Ten-year summary 96 2.4 Milestones 97 3 GENERAL INFORMATION 103 3.1 Consolidated financial statements 103 3.1.1 Accounting policies 103 3.1.1.1 (A) basis of presentation 105 3.1.1.2 (B) use of assumptions and estimates 106 3.1.1.3 (C) Consolidation principles 106 3.1.1.4 (D) Foreign currency translation 107 3.1.1.5 (E) product classification 108 3.1.1.6 (F) Income and expenses relating to insurance contracts 108 3.1.1.7 (G) Income and expenses relating to investment contracts 109 3.1.1.8 (H) Fee and commission income and expenses 109 3.1.1.9 (I) Net investment income 110 3.1.1.10 (J) Acquisition costs 110 3.1.1.11 (K) Contracts with discretionary participation features (DPF contracts) 111 3.1.1.12 (L) Insurance and DPF investment contract provisions 112 3.1.1.13 (M) Non-DPF investment contracts 115 3.1.1.14 (N) Reinsurance 115 3.1.1.15 (O) Intangible assets 116 3.1.1.16 (P) property and equipment 117 3.1.1.17 (Q) Investment property 118 3.1.1.18 (R) Impairment of non-financial assets 118 3.1.1.19 (S) Derecognition and offset of financial assets and financial liabilities 118 3.1.1.20 (T) Financial investments 119 3.1.1.21 (U) Derivative financial instruments 121 3.1.1.22 (V) Loans and receivables 122 3.1.1.23 (W) Capitalised acquisition costs 122 3.1.1.24 (X) Cash and cash equivalents 122 3.1.1.25 (Y) borrowings 123 3.1.1.26 (Z) Share capital 123 3.1.1.27 (AA) Leases 124 3.1.1.28 (AB) provisions and contingent liabilities 124 3.1.1.29 (AC) employee benefits 124 3.1.1.30 (AD) Income taxes 126 3.1.1.31 (AE) Discontinued operations or those held for sale 127 3.1.2 Consolidated income statement 128 3.1.3 Consolidated balance sheet 129 3.1.4 Consolidated statement of changes in equity 130 3.1.5 Consolidated cash flow statement 132 3.1.6 Notes to the consolidated financial statements 134 3.1.6.1 (1) exchange rates 134 3.1.6.2 (2) Subsidiary undertakings 134 3.1.6.3 (3) Discontinued operations 136 3.1.6.4 (4) Segmental information 136 3.1.6.5 (5) Details of income 142 3.1.6.6 (6) Details of expenses 144 3.1.6.7 (7) employee information 145 3.1.6.8 (8) Remuneration of directors 146 3.1.6.9 (9) Tax expense 150 3.1.6.10 (10) Goodwill 151 3.1.6.11 (11) AVIF and other intangible assets 153 3.1.6.12 (12) property and equipment 154 3.1.6.13 (13) Investment property 156 3.1.6.14 (14) Investments associates 157 3.1.6.15 (15) Financial investments 158 3.1.6.16 (16) Loans and receivables 162 3.1.6.17 (17) Securitised mortgages and related assets 162 3.1.6.18 (18) Receivables and other financial assets 164 3.1.6.19 (19) Capitalised acquisition costs and other assets 164 3.1.6.20 (20) Share capital 165 3.1.6.21 (21) Revaluation reserves 166 3.1.6.22 (22) Retained earnings 166 3.1.6.23 (23) Insurance provisions 167 3.1.6.24 (24) Reinsurance assets 182 3.1.6.25 (25) Liability for investment contracts 185 3.1.6.26 (26) effect of changes in assumptions and estimates on provisions for insurance and investment contracts 186 3.1.6.27 (27) Tax assets and liabilities 188 3.1.6.28 (28) pension obligations and other provisions 189 3.1.6.29 (29) pension obligations 190 3.1.6.30 (30) borrowing 194 3.1.6.31 (31) payables and other financial liabilities 199 3.1.6.32 (32) other liabilities 199 3.1.6.33 (33) Contingent liabilities and other risk factors 200 3.1.6.34 (34) Commitments 201 3.1.6.35 (35) Risk management policies 202 3.1.6.36 (36) Derivative financial instruments 216 3.1.6.37 (37) Assets under management 218 3.1.6.38 (38) Related party transactions 218 3.2 Company financial statements 220 3.2.1 Notes to the company financial statements 221 3.2.1.1 Accounting policies 221 3.2.1.2 (I) Goodwill 222 3.2.1.3 (II) Investments in subsidiaries and associates 223 3.2.1.4 (III) Investments 225 3.2.1.5 (IV) Receivables 226 3.2.1.6 (V) equity 227 3.2.1.7 (VI) Subordinated loans 228 3.2.1.8 (VII) provisions 229 3.2.1.9 (VIII) other liabilities 230 3.2.1.10 (IX) Related party transactions 231 3.2.1.11 (X) off-balance sheet commitments 231 3.2.1.12 (XI) employee information 232 3.3 Other information 234 3.3.1 Dividends and appropriation of profits 234 3.3.2 Auditor’s report 235 4 OTHEr infOrmaTION 237 4.1 Alternative method of reporting life insurance 237 4.2 Senior Management 245 4.3 Adresses 249 4.4 Contact 252 1 About Delta Lloyd Group As a customer-focused and service-oriented financial service provider Delta Lloyd Group offers its customers security through risk insurance, income protection and wealth creation. Operating under strong brand names – Delta Lloyd, OHRA and ABN AMRO Insurance – Delta Lloyd Group offers a broad range of products and services, varying from simple savings products to complex pension and insurance products and financial planning, through the customer’s distribution channel of choice. In the Netherlands, Delta Lloyd works closely with independent insurance intermediaries. OHRA focuses directly on the personal and commercial customer, increasingly via the internet. ABN AMRO Insurance serves its customers through the extensive distribution network of ABN AMRO Bank.
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