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Alm. Brand Management Reports 2016

May 4, 2016

3352_iss_2016-05-04_67059a9f-87e9-4ba0-8237-d5eeb270a1c1.pdf

Management Reports

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GROUP HIGHLIGHTS

Reported highlights New highlights Change

DKKm
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
2015
Income
Non-life Insurance
1.241
1.259
2.500
1.277
3.777
1.266
5.043
1.243
1.263
2.506
1.280
3.786
1.275
5.061
2
4
6
3
9
9
Life and Pension
424
298
722
248
970
341
1.311
424
298
722
248
970
341
1.311
0
0
0
0
0
0
Banking
131
116
247
115
362
300
662
175
159
334
167
501
161
662
44
43
87
52
139
-139
Investment etc.
201
193
394
186
580
-18
562
157
150
307
134
441
121
562
-44
-43
-87
-52
-139
139
Total income
1.997
1.866
3.863
1.826
5.689
1.889
7.578
1.999
1.870
3.869
1.829
5.698
1.898
7.596
2
4
6
3
9
9
profit/loss
Non-life Insurance
257
194
451
312
763
196
959
232
188
420
302
722
230
952
-25
-6
-31
-10
-41
34
Life and Pension
26
14
40
9
49
30
79
26
14
40
9
49
30
79
0
0
0
0
0
0
Banking
6
-8
-2
3
1
17
18
6
-8
-2
3
1
17
18
0
0
0
0
0
0
Other activities
-13
-18
-31
-12
-43
-12
-55
-13
-18
-31
-12
-43
-12
-55
0
0
0
0
0
0
Profit/loss before tax, forward-looking activities
276
182
458
312
770
231
1.001
251
176
427
302
729
265
994
-25
-6
-31
-10
-41
34
Banking, winding-up activities
-74
-78
-152
-82
-234
-115
-349
-74
-78
-152
-82
-234
-115
-349
0
0
0
0
0
0
Profit/loss before tax
202
104
306
230
536
116
652
177
98
275
220
495
150
645
-25
-6
-31
-10
-41
34
Tax
-47
-8
-55
-53
-108
-15
-123
-41
-7
-48
-51
-99
-22
-121
6
1
7
2
9
-7
Profit/loss after tax
155
96
251
177
428
101
529
136
91
227
169
396
128
524
-19
-5
-24
-8
-32
27
Consolidated profit/loss
Consolidated profit/loss before tax
202
104
306
230
536
116
652
177
98
275
220
495
150
645
-25
-6
-31
-10
-41
34
Tax
-47
-8
-55
-53
-108
-15
-123
-41
-7
-48
-51
-99
-22
-121
6
1
7
2
9
-7
Consolidated profit/loss after tax
155
96
251
177
428
101
529
136
91
227
169
396
128
524
-19
-5
-24
-8
-32
27
Total provisions for insurance contracts
20.839
19.954
19.954
19.461
19.461
19.340
19.340
20.944
20.065
20.065
19.582
19.582
19.427
19.427
105
111
111
121
121
87
Consolidated shareholders' equity
4.991
4.995
4.995
5.170
5.170
5.232
5.232
4.910
4.909
4.909
5.076
5.076
5.165
5.165
-81
-86
-86
-94
-94
-67
Total assets
38.193
36.915
36.915
37.151
37.151
35.083
35.083
38.177
36.900
36.900
37.138
37.138
35.103
35.103
-16
-15
-15
-13
-13
20
Return on equity before tax p.a. (%)
16,7
8,3
12,4
17,4
14,2
9,0
12,9
14,6
8,1
11,3
17,5
13,3
11,7
12,9
-2,1
-0,2
-1,1
0,1
-0,9
2,7
Return on equity after tax p.a. (%)
12,5
7,7
10,0
13,9
11,3
7,7
10,4
11,2
7,6
9,3
13,5
10,7
9,8
10,4
-1,3
-0,1
-0,7
-0,4
-0,6
2,1
Dividend per share
0,0
0,0
0,0
0,0
0,0
1,5
1,5
0,0
0,0
0,0
0,0
0,0
1,5
1,5
0,0
0,0
0,0
0,0
0,0
0,0
Dividend per share, extraordinary
0,0
0,0
0,0
0,0
0,0
1,5
1,5
0,0
0,0
0,0
0,0
0,0
1,5
1,5
0,0
0,0
0,0
0,0
0,0
0,0
Earnings per share
0,9
0,6
1,5
1,0
2,5
0,6
3,1
0,9
0,6
1,5
1,0
2,5
0,6
3,1
0,0
0,0
0,0
0,0
0,0
0,0
Diluted earnings per share
0,9
0,6
1,5
1,0
2,5
0,6
3,1
0,9
0,6
1,5
1,0
2,5
0,6
3,1
0,0
0,0
0,0
0,0
0,0
0,0
Net asset value per share
29
30
30
31
31
30
30
29
29
29
30
30
30
30
0,0
-1,0
-1,0
-1,0
-1,0
0,0
Share price
45,3
42,8
42,8
38,4
38,4
48,4
48,4
45,3
42,8
42,8
38,4
38,4
48,4
48,4
0,0
0,0
0,0
0,0
0,0
0,0
Price/NAV
1,54
1,45
1,45
1,26
1,26
1,60
1,60
1,57
1,48
1,48
1,29
1,29
1,60
1,60
0,0
0,0
0,0
0,0
0,0
0,0
No. of shares at period-end (in thousands)
169.356
169.157
169.157
169.264
169.264
-
-
169.356
169.157
169.157
169.264
169.264
-
-
0
0
0
0
0
-
Average no. of shares (in thousands)
169.484
169.263
169.373
169.168
169.304
169.033
169.236
169.484
169.263
169.373
169.168
169.304
169.033
169.236
0
0
0
0
0
0
No. of shares at period-end, diluted (in thousands)
172.509
172.509
173.022
173.042
173.042
173.063
173.063
172.509
172.509
173.022
173.042
173.042
173.063
173.063
0
Average no. of shares, diluted (in thousands)
172.963
173.007
173.002
173.022
173.012
173.043
173.022
172.963
173.007
173.002
173.022
173.012
173.043
173.022
0		 Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY
2015
18
0
0
0
18
-7
0
0
0
-7
0
-7
2
-5
-7
2
-5
87
-67
20
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
-
0
0
0

Group income statement

Reported income statement New income statement Change
Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY
DKKm 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015
Income
Premimums 1.665 1.557 3.222 1.525 4.747 1.607 6.354 1.667 1.561 3.228 1.528 4.756 1.616 6.372 2 4 6 3 9 9 18
Interest income, etc. 258 237 495 216 711 204 915 258 237 495 216 711 204 915 0 0 0 0 0 0 0
Fee income, etc. 33 30 63 34 97 31 128 33 30 63 34 97 31 128 0 0 0 0 0 0 0
Other income from investment activities -3 -2 -5 -1 -6 7 1 -3 -2 -5 -1 -6 7 1 0 0 0 0 0 0 0
Profit/loss from investments in associates 0 1 1 0 1 0 1 0 1 1 0 1 0 1 0 0 0 0 0 0 0
Other income from investment activities 44 43 87 52 139 40 179 44 43 87 52 139 40 179 0 0 0 0 0 0 0
Total income 1.997 1.866 3.863 1.826 5.689 1.889 7.578 1.999 1.870 3.869 1.829 5.698 1.898 7.596 2 4 6 3 9 9 18
Costs
Claims expenses -999 -1.034 -2.033 -865 -2.898 -1.230 -4.128 -1.019 -1.022 -2.041 -864 -2.905 -1.216 -4.121 -20 12 -8 1 -7 14 7
Interest expenses -53 -32 -85 -41 -126 -35 -161 -61 -50 -111 -50 -161 -45 -206 -8 -18 -26 -9 -35 -10 -45
Other expenses from investment activities -16 -19 -35 -14 -49 -9 -58 -16 -19 -35 -14 -49 -9 -58 0 0 0 0 0 0 0
Imaprment of loans, advances and receivables, etc. -51 -56 -107 -66 -173 -80 -253 -51 -56 -107 -66 -173 -80 -253 0 0 0 0 0 0 0
Acquisition costs and administrative expenses -349 -351 -700 -337 -1.037 -340 -1.377 -349 -351 -700 -337 -1.037 -340 -1.377 0 0 0 0 0 0 0
Total costs -1.468 -1.492 -2.960 -1.323 -4.283 -1.694 -5.977 -1.496 -1.498 -2.994 -1.331 -4.325 -1.690 -6.015 -28 -6 -34 -8 -42 4 -38
Profit/loss from business ceded -71 -77 -148 -74 -222 -27 -249 -71 -77 -148 -74 -222 -27 -249 0 0 0 0 0 0 0
Change in life insurance provisions -391 371 -20 -132 -152 31 -121 -391 371 -20 -132 -152 31 -121 0 0 0 0 0 0 0
Change in collective bonus potential -174 78 -96 212 116 -161 -45 -174 78 -96 212 116 -161 -45 0 0 0 0 0 0 0
Value adjustments 399 -727 -328 -298 -626 114 -512 400 -731 -331 -303 -634 135 -499 1 -4 -3 -5 -8 21 13
Tax on pension investment returns -90 85 -5 19 14 -36 -22 -90 85 -5 19 14 -36 -22 0 0 0 0 0 0 0
Profit/loss before tax 202 104 306 230 536 116 652 177 98 275 220 495 150 645 -25 -6 -31 -10 -41 34 -7
Tax -47 -8 -55 -53 -108 -15 -123 -41 -7 -48 -51 -99 -22 -121 6 1 7 2 9 -7 2
Profit/loss after tax 155 96 251 177 428 101 529 136 91 227 169 396 128 524 -19 -5 -24 -8 -32 27 -5
0 0 0 0 0 0 0

GROUP BALANCE SHEET

Reported balance sheet New balance sheet Change

DKKm 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
Assets
Intangible assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Owner-occupies properties 1.053 976 980 984 675 1.071 1.000 1.005 1.011 695 18 24 25 27 20
Deferred tax assets 526 509 472 506 405 486 469 432 466 405 -40 -40 -40 -40 0
Investments in associates 44 43 12 12 12 44 43 12 12 12 0 0 0 0 0
Rensurers' share of insurance constracts 322 329 218 245 242 322 329 218 245 242 0 0 0 0 0
Current tax assets 9 0 11 0 10 9 0 11 0 10 0 0 0 0 0
Other assets 1.324 2.277 2.425 2.045 1.466 1.324 2.277 2.425 2.045 1.466 0 0 0 0 0
Loans and advances 6.528 6.319 6.195 6.708 5.643 6.528 6.319 6.195 6.708 5.643 0 0 0 0 0
Investment properties 542 637 629 606 939 542 637 629 606 939 0 0 0 0 0
Investment assets 27.569 25.954 24.750 25.219 25.055 27.569 25.954 24.750 25.219 25.055 0 0 0 0 0
Balances due from credit institutions and central banks 952 655 671 268 323 952 655 671 268 323 0 0 0 0 0
Cash in hand and balances at call 249 494 552 558 313 249 494 552 558 313 0 0 0 0 0
Total assets 39.118 38.193 36.915 37.151 35.083 39.096 38.177 36.900 37.138 35.103 -22 -16 -15 -13 20
Liabilities and equity
Share capital
Reserves, retained earnings, etc.		 1.735
3.025		 1.735
3.169		 1.735
3.260		 1.735
3.435		 1.735
2.976		 1.735
2.963		 1.735
3.088		 1.735
3.174		 1.735
3.341		 1.735
2.909		 0
-62		 0
-81		 0
-86		 0
-94		 0
-67
Proposed dividend 87 87 0 0 521 87 87 0 0 521 0 0 0 0 0
Consolidated shareholders' equity 4.847 4.991 4.995 5.170 5.232 4.785 4.910 4.909 5.076 5.165 -62 -81 -86 -94 -67
Subordinated debt 574 574 574 574 574 574 574 574 574 574 0 0 0 0 0
Provisions for insurance contracts 19.449 20.839 19.954 19.461 19.340 19.529 20.944 20.065 19.582 19.427 80 105 111 121 87
Other provisions 37 37 34 34 34 37 37 34 34 34 0 0 0 0 0
Deferred tax liabilities 40 40 40 40 0 0 0 0 0 0 -40 -40 -40 -40 0
Issued bonds 21 5 5 5 5 21 5 5 5 5 0 0 0 0 0
Current tax liabilities 0 18 0 9 0 0 18 0 9 0 0 0 0 0 0
Other liabilities 1.321 1.211 1.264 1.243 1.189 1.321 1.211 1.264 1.243 1.189 0 0 0 0 0
Deposits 10.857 8.995 8.912 8.455 7.999 10.857 8.995 8.912 8.455 7.999 0 0 0 0 0
Payables to credit institutions and central banks 1.972 1.483 1.137 2.160 710 1.972 1.483 1.137 2.160 710 0 0 0 0 0
Total liabilities and equity 39.118 38.193 36.915 37.151 35.083 39.096 38.177 36.900 37.138 35.103 -22 -16 -15 -13 20

NON-LIFE INSURANCE HIGHLIGHTS

Reported highlights New highlights Change

Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY
DKKm 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015
Gross premiums 1.241 1.259 2.500 1.277 3.777 1.266 5.043 1.243 1.263 2.506 1.280 3.786 1.275 5.061 2 4 6 3 9 9 18
Technical interest -2 0 -2 0 -2 0 -2 0 0 0 0 0 0 0 2 0 2 0 2 0 2
Claims expenses -723 -769 -1.492 -656 -2.148 -877 -3.025 -743 -757 -1.500 -655 -2.155 -863 -3.018 -20 12 -8 1 -7 14 7
Insurance operating expenses -202 -202 -404 -198 -602 -205 -807 -202 -202 -404 -198 -602 -205 -807 0 0 0 0 0 0 0
Reinsurance profit/loss -69 -78 -147 -71 -218 -27 -245 -69 -78 -147 -71 -218 -27 -245 0 0 0 0 0 0 0
Technical result 245 210 455 352 807 157 964 229 226 455 356 811 180 991 -16 16 0 4 4 23 27
Interst and dividends, etc. 62 63 125 58 183 54 237 62 63 125 58 183 54 237 0 0 0 0 0 0 0
Capital gains and losses -39 -76 -115 -83 -198 -4 -202 -38 -80 -118 -88 -206 17 -189 1 -4 -3 -5 -8 21 13
Investment management expenses -8 -8 -16 -7 -23 -7 -30 -8 -8 -16 -7 -23 -7 -30 0 0 0 0 0 0 0
Return on technical provisions -3 5 2 -8 -6 -4 -10 -13 -13 -26 -17 -43 -14 -57 -10 -18 -28 -9 -37 -10 -47
Return on investment after return on technical provisions 12 -16 -4 -40 -44 39 -5 3 -38 -35 -54 -89 50 -39 -9 -22 -31 -14 -45 11 -34
Profit before tax 257 194 451 312 763 196 959 232 188 420 302 722 230 952 -25 -6 -31 -10 -41 34 -7
Tax -61 -46 -107 -71 -178 -38 -216 -55 -45 -100 -69 -169 -45 -214 6 1 7 2 9 -7 2
Profit after tax 196 148 344 241 585 158 743 177 143 320 233 553 185 738 -19 -5 -24 -8 -32 27 -5
Run-off gains/losses 125 67 192 111 303 132 435 121 88 209 123 332 150 485 -4 21 17 12 29 18 50
Total provisions for insurance contracts 8.397 7.957 7.957 7.549 7.549 7.310 7.310 8.502 8.068 8.068 7.670 7.670 7.397 7.397 105 111 111 121 121 87 87
Insurance assets 313 203 203 231 231 227 227 313 203 203 231 231 227 227 0 0 0 0 0 0 0
Total shareholders' equity 2.620 2.417 2.417 2.658 2.658 2.817 2.817 2.539 2.331 2.331 2.564 2.564 2.750 2.750 -81 -86 -86 -94 -94 -67 -67
Total assets 11.783 11.121 11.121 11.078 11.078 11.094 11.094 11.808 11.146 11.146 11.106 11.106 11.114 11.114 25 25 25 28 28 20 20
Gross claims ratio 58,2 61,2 59,7 51,3 56,9 69,3 60,0 59,8 59,9 59,9 51,2 56,9 67,7 59,6 1,6 -1,2 0,1 -0,1 0,1 -1,6 -0,4
Net reinsurance ratio 5,6 6,1 5,9 5,6 5,8 2,2 4,8 5,6 6,2 5,9 5,5 5,8 2,1 4,8 0,0 0,0 0,0 0,0 0,0 -0,1 0,0
Claims experience 63,8 67,3 65,6 56,9 62,6 71,5 64,8 65,3 66,1 65,7 56,7 62,7 69,8 64,5 1,5 -1,2 0,2 -0,2 0,0 -1,7 -0,3
Gross expense ratio 16,3 16,0 16,1 15,5 15,9 16,1 16,0 16,3 16,0 16,1 15,5 15,9 16,1 15,9 0,0 0,0 0,1 0,0 0,0 0,0 -0,1
Combined Ratio 80,1 83,3 81,6 72,4 78,6 87,6 80,8 81,6 82,1 81,8 72,2 78,6 85,9 80,4 1,5 -1,2 0,2 -0,2 0,0 -1,7 -0,4
Operating Ratio 80,2 83,3 81,8 72,4 78,6 87,6 80,9 81,6 82,1 81,8 72,2 78,6 85,9 80,4 1,4 -1,2 0,1 -0,2 0,0 -1,7 -0,5
Return on equity before tax (%) 40,8 30,7 36,5 49,3 40,5 28,7 37,6 37,9 30,7 35,1 49,6 39,6 34,5 38,2 -2,9 0,0 -1,4 0,3 -0,9 5,8 0,6
Return on equity after tax (%) 31,2 23,4 27,9 38,0 31,1 23,1 29,1 29,0 23,6 26,9 38,1 30,4 27,6 29,6 -2,2 0,2 -1,0 0,1 -0,7 4,5 0,5

NON-LIFE INSURANCE INCOME STATEMENT

Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY Q1 Q2 H1 Q3 9M Q4 FY

Reported income statement New income statement Change DKKm 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 Income Premimums 1.241 1.259 2.500 1.277 3.777 1.266 5.043 1.243 1.263 2.506 1.280 3.786 1.275 5.061 2 4 6 3 9 9 18 Interest income, etc. 71 73 144 67 211 63 274 71 73 144 67 211 63 274 0 0 0 0 0 0 0 Fee income, etc. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income from investment activities 0 0 0 1 1 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 Profit/loss from investments in associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other income from investment activities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total income 1.312 1.332 2.644 1.345 3.989 1.329 5.318 1.314 1.336 2.650 1.348 3.998 1.338 5.336 2 4 6 3 9 9 18 Costs Claims expenses -723 -769 -1.492 -656 -2.148 -877 -3.025 -743 -757 -1.500 -655 -2.155 -863 -3.018 -20 12 -8 1 -7 14 7 Interest expenses -14 -5 -19 -18 -37 -13 -50 -22 -23 -45 -27 -72 -23 -95 -8 -18 -26 -9 -35 -10 -45 Other expenses from investment activities -8 -8 -16 -7 -23 -7 -30 -8 -8 -16 -7 -23 -7 -30 0 0 0 0 0 0 0 Imaprment of loans, advances and receivables, etc. 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Acquisition costs and administrative expenses -202 -202 -404 -198 -602 -205 -807 -202 -202 -404 -198 -602 -205 -807 0 0 0 0 0 0 0 Total costs -947 -984 -1.931 -879 -2.810 -1.102 -3.912 -975 -990 -1.965 -887 -2.852 -1.098 -3.950 -28 -6 -34 -8 -42 4 -38 Profit/loss from business ceded -69 -78 -147 -71 -218 -27 -245 -69 -78 -147 -71 -218 -27 -245 0 0 0 0 0 0 0 Change in life insurance provisions 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Change in collective bonus potential 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Value adjustments -39 -76 -115 -83 -198 -4 -202 -38 -80 -118 -88 -206 17 -189 1 -4 -3 -5 -8 21 13 Tax on pension investment returns 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Profit/loss before tax 257 194 451 312 763 196 959 232 188 420 302 722 230 952 -25 -6 -31 -10 -41 34 -7 Tax -61 -46 -107 -71 -178 -38 -216 -55 -45 -100 -69 -169 -45 -214 6 1 7 2 9 -7 2 Profit/loss after tax 196 148 344 241 585 158 743 177 143 320 233 553 185 738 -19 -5 -24 -8 -32 27 -5

NON-LIFE BALANCE SHEET

Reported balance sheet New balance sheet Change
DKKm 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15 31.12.14 31.03.15 30.06.15 30.09.15 31.12.15
Assets
Intangible assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Owner-occupies properties 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deferred tax assets 219 224 173 180 124 237 248 198 207 144 18 24 25 27 20
Investments in associates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rensurers' share of insurance constracts 298 313 203 231 227 298 313 203 231 227 0 0 0 0 0
Current tax assets 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other assets 576 463 393 415 616 576 463 393 415 616 0 0 0 0 0
Loans and advances 1.874 1.843 1.740 1.686 1.588 1.874 1.843 1.740 1.686 1.588 0 0 0 0 0
Investment properties 18 18 18 18 18 18 18 18 18 18 0 0 0 0 0
Investment assets 7.837 8.754 8.504 8.495 8.463 7.837 8.754 8.504 8.495 8.463 0 0 0 0 0
Balances due from credit institutions and central banks 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash in hand and balances at call 46 169 90 54 58 46 169 90 54 58 0 0 0 0 0
Total assets 10.868 11.784 11.121 11.079 11.094 10.886 11.808 11.146 11.106 11.114 18 24 25 27 20
Liabilities and equity
Share capital 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reserves, retained earnings, etc. 2.023 2.220 2.417 2.658 1.817 1.961 2.139 2.331 2.564 1.750 -62 -81 -86 -94 -67
Proposed dividend 400 400 0 0 1.000 400 400 0 0 1.000 0 0 0 0 0
Consolidated shareholders' equity 2.423 2.620 2.417 2.658 2.817 2.361 2.539 2.331 2.564 2.750 -62 -81 -86 -94 -67
Subordinated debt 149 149 149 149 149 149 149 149 149 149 0 0 0 0 0
Provisions for insurance contracts 7.571 8.397 7.957 7.549 7.310 7.651 8.502 8.068 7.670 7.397 80 105 111 121 87
Other provisions 24 25 24 23 24 24 25 24 23 24 0 0 0 0 0
Deferred tax liabilities 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Issued bonds 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Current tax liabilities 166 228 219 297 152 166 228 219 297 152 0 0 0 0 0
Other liabilities 526 350 311 376 619 526 350 311 376 619 0 0 0 0 0
Deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Payables to credit institutions and central banks 9 15 44 27 23 9 15 44 27 23 0 0 0 0 0
Total liabilities and equity 10.868 11.784 11.121 11.079 11.094 10.886 11.808 11.146 11.106 11.114 18 24 25 27 20

GROUP BALANCE SHEET, 1 JANUARY 2016

DKKm 01.01.16
Assets
Intangible assets 0
Owner-occupies properties 695
Deferred tax assets 385
Investments in associates 12
Rensurers' share of insurance constracts 242
Current tax assets 28
Other assets 1.466
Loans and advances 5.643
Investment properties 939
Investment assets 25.055
Balances due from credit institutions and central banks 323
Cash in hand and balances at call 313
Total assets 35.101
Liabilities and equity
Share capital 1.735
Reserves, retained earnings, etc. 2.913
Proposed dividend 521
Consolidated shareholders' equity 5.169
Subordinated debt 574
Provisions for insurance contracts 19.421
Other provisions 34
Deferred tax liabilities 0
Issued bonds 5
Current tax liabilities 0
Other liabilities 1.189
Deposits 7.999
Payables to credit institutions and central banks 710
Total liabilities and equity 35.101

NON-LIFE INSURANCE BALANCE SHEET, 1 JANUARY 2016

DKKm 01.01.16
Assets
Intangible assets 0
Owner-occupies properties 0
Deferred tax assets 124
Investments in associates 0
Rensurers' share of insurance constracts 227
Current tax assets 0
Other assets 616
Loans and advances 1.588
Investment properties 18
Investment assets 8.463
Balances due from credit institutions and central banks 0
Cash in hand and balances at call 58
Total assets 11.094

Liabilities and equity

Share capital 0
Reserves, retained earnings, etc. 1.750
Proposed dividend 1.000
Consolidated shareholders' equity 2.750
Subordinated debt 149
Provisions for insurance contracts 7.397
Other provisions 24
Deferred tax liabilities 0
Issued bonds 0
Current tax liabilities 132
Other liabilities 619
Deposits 0
Payables to credit institutions and central banks 23
Total liabilities and equity 11.094

LIFE AND PENSION BALNACE SHEET, 1 JANUARY 2016

Old Change
DKKm 01.01.16 01.01.16 01.01.16
Assets
Intangible assets 0 0 0
Owner-occupies properties 0 0 0
Deferred tax assets 58 58 0
Investments in associates 0 0 0
Rensurers' share of insurance constracts 15 15 0
Current tax assets 0 0 0
Other assets 173 173 0
Loans and advances 0 0 0
Investment properties 1.451 1.451 0
Investment assets 12.140 12.140 0
Balances due from credit institutions and central banks 0 0 0
Cash in hand and balances at call 93 93 0
Total assets 13.930 13.930 0
Liabilities and equity
Share capital 0 0 0
Reserves, retained earnings, etc. 723 719 4
Proposed dividend 125 125 0
Consolidated shareholders' equity 848 844 4
Subordinated debt 120 120 0
Provisions for insurance contracts 12.024 12.030 -6
Other provisions 0 0 0
Deferred tax liabilities 0 0 0
Issued bonds 0 0 0
Current tax liabilities 11 9 2
Other liabilities 410 410 0
Deposits 0 0 0
Payables to credit institutions and central banks 517 517 0

Total liabilities and equity 13.930 13.930 0

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