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Annual Report 2019

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Annual Report 2019 PFA Holding Annual Report 2019 PFA Holding A/S Sundkrogsgade 4 2100 Copenhagen Denmark Tel.: (+45) 39 17 50 00 pfa.dk CVR no.: 22 43 80 18 PFA Holding · Annual Report 2019 1 Halfway through the renovation of PFA’s domicile In December 2019, PFA opened the doors to the main building of the renovated domicile. Out of consideration for sustainability, finances and history, PFA chose to renovate the original building from 1983 instead of building a new one. The new domicile ensures employees, customers and business partners modern office facilities that allows for a varied working day with plenty of opportunity for concentration, knowledge sharing and physical activity. The completion of the main building was the first part of the renovation, and the remaining part of the building is expected ready at the beginning of 2021. PFA Holding Annual Report 2019 Table of contents Table of contents ..............................................................................................................................................................5 Historic performance, strong growth and green progress ................................................................................................6 Management’s review Highlights 2019 ...............................................................................................................................................................10 The financial statements in brief .....................................................................................................................................14 The financial markets ......................................................................................................................................................18 Investment return ...........................................................................................................................................................20 Responsible investments ...............................................................................................................................................24 Status of Strategy2020 ...................................................................................................................................................30 Commercial Responsibility 2023 ......................................................................................................................................34 The market situation .......................................................................................................................................................36 Savings ............................................................................................................................................................................38 Insurance ........................................................................................................................................................................42 General service and advisory services .............................................................................................................................48 Digitalisation and streamlining ........................................................................................................................................52 Capital structure and solvency ........................................................................................................................................56 Management and organisation .......................................................................................................................................58 Outlook for 2020 ............................................................................................................................................................64 Post balance sheet events ..............................................................................................................................................66 Financial statements 5-year summary for the PFA Group .................................................................................................................................68 Statement by the Executive Board and the Board of Directors on the Annual Report ....................................................69 Independent auditor’s report ..........................................................................................................................................70 Income statement ........................................................................................................................................................... 76 Balance sheet ..................................................................................................................................................................77 Statement of changes in equity and capital structure ....................................................................................................79 Notes to the income statement and balance sheet .......................................................................................................80 The PFA Group Group structure ............................................................................................................................................................. 114 Managerial posts of the Board of Directors and the Executive Board .......................................................................... 116 Executive employees .....................................................................................................................................................122 Additional information .................................................................................................................................................. 124 TRANSLATION: This is a translation of PFA Holding’s Annual Report 2019 in Danish. In case of any discrepancy between the Danish text and the English translation, the Danish text shall prevail. PFA Holding · Annual Report 2019 5 Historic performance, strong growth and green progress The past is not always the best mirror for the future. We power plants, wind farms, infrastructure and loans for green saw a very clear example of that in 2019, when the financial projects. markets came roaring back after a disappointing 2018. The strong momentum in the markets meant that in 2019, we While climate change is undeniably one of the greatest chal- had a return on investment of DKK 57.6 billion, which is the lenges of our era, it also provides an opportunity to inno- highest in PFA’s history. For example, this return means that vate and create turnover — because helping to solve some a typical customer saving in a market rate product in PFA’s of the world’s biggest problems and reducing vulnerability to recommended investment profile C (20 years to retirement) climate-related risks is good business. At PFA, we therefore can look forward to a return of 15.5 per cent. This is a high believe that good returns and climate considerations will return which is rounding off a decade in which saving for increasingly go hand in hand. This is also why in 2019, we retirement has been a very profitable business. Since PFA chose to support the government’s climate agenda and, launched the market rate product PFA Plus in 2010, custo- along with colleagues in the industry, undertook to invest a mers with investment profile C have more than doubled their total of DKK 350 billion in the green transition before 2030. savings because of the return alone. In 2020 we will launch a new investment product that will give each customer the opportunity to contribute to the Although the progress of recent years makes it difficult to green transition through their pension plan. be a pessimist, there is reason to exercise some measure of caution going forward. Because right now, we are in the PFA has strengthened its position as a market leader midst of an unusual monetary experiment which has so In addition to excellent returns and green progress, 2019 far managed to keep recession at bay, but which has also also offered solid growth, with 8,000 new private customers pushed interest rates down and created negative returns on and 725 new corporate and organisational customers. At many of the government bonds which have historically been the same time, we have had very limited customer churn, important for diversification and stabilisation of the invest- and we have therefore further increased our market share. ment portfolios. PFA is monitoring this development closely, This is also evident from the contributions made to PFA, and in recent years we have performed targeted investment which increased by 5.5 per cent from DKK 37.4 billion in in unlisted investments which can replace bonds and contri- 2018 to DKK 39.4 billion in 2019. This is strong progress, bute to more stable growth in customer savings. Therefore, and a sign that our customers trust us. Therefore, we are we are pleased that in 2019, we turned a significant corner pleased to announce that in 2019 we can repay their trust and now hold over DKK 100 billion worth of investments in once more, giving them a share of our risk and profit sharing alternatives and real estate. This will give us robustness in scheme, PFA CustomerCapital, which will be distributed the years to come. in April 2020. Here it is expected that customers will be awarded a return of 8 per cent on their savings in Individual PFA supports the green transition CustomerCapital. Part of a good life in old
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