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4827
779
Our insurance subsidiaries generally target a capital ratio of at least 325% of required regulatory capital under Risk-Based Capital (RBC), a formula designed by insurance regulatory authorities to monitor the adequacy of capital. The 325% target is considered sufficient for the subsidiaries because of their strong rel...
129
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2014
546
Processes have been laid down for specifying objectives and assessing their achieve- ment. These processes require review by the external auditor, who checks the criteria for measuring the envisaged financial objectives and whether their achievement has been assessed in accordance with the guidelines established by the...
58
annual_report
AdmiralGroupPLC-AR_2014
1,188
Discretionary Free Share Scheme (DFSS) To motivate and reward longer term performance, aid long term retention of key executive talent, use capital efficiently, grow profits sustainably and further strengthen the alignment of the interests of shareholders and staff.
38
annual_report
INGGroepNV-AR_2012
622
ING Direct Australia introduced the ‘Bank in a Box’ – a private internal cloud solution integrating the Bank’s entire systems into a virtual cloud, facilitating quicker testing of new products and services and improving time to market.
37
annual_report
2283
1,280
The operating results for the year ended December 31, 2002 compared to the year ended December 31, 2001 were impacted by the RightCHOICE acquisition, which was consummated on January 31, 2002. Specifically, the Company's operating results for the year ended December 31, 2002 included eleven months of operating results ...
169
10K
3568
2,039
Cash needs for the Spread-Based Investment business are principally the result of GIC maturities. Significant blocks of the GIC portfolio will mature over the next five years. AIG utilizes asset liability matching to control liquidity risks associated with this business. In addition, AIG believes that its products inco...
64
10K
BaloiseHoldingLtd-AR_2015
476
Heating consumption 11,513,544 kWh 9,327,534 kWh 8,821,860 kWh 60 kWh / m2 – 5.4
14
annual_report
NatixisSA-AR_2018
5,757
This transaction generated goodwill of €20.1 million as at December 31, 2018, as determined using the partial goodwill method. Natixis also holds put options on minority interests in the amount of €8.7 million.
33
annual_report
StandardLifeAberdeenPLC-AR_2020
2
Committee report ...................................... 70 3.4 Directors’ remuneration report ................. 73 4. Directors’ report ............................................... 96 5. Statement of Directors’ responsibilities .......... 103 Financial information 6. Independent audit report ...........................
66
annual_report
2175
1,049
allowance for uncollectible reinsurance, which was considered a reasonable estimate of the credit risk inherent in the reinsurance receivables as of the acquisition date.
24
10K
CNPAssurancesSA-AR_2005
1,622
We naturally wanted to extend our culture of nurturing human resources to our new subsidiaries outside France. The management of our main foreign subsidiary, in Brazil, shares our values and its corporate report on employee issues published each year reflects a satisfactory situation.
43
annual_report
NatixisSA-AR_2016
2,977
The results are reported to the Group’s Senior Management and to the Risk Committee.
14
annual_report
2527
930
EBITDA in the Insurance Brokerage segment increased $2.0 million or 2.1% to $92.9 million in 2004 from $90.9 million in 2003, and increased $17.3 million or 23.6% to $90.9 million in 2003 from $73.6 million in 2002. EBITDA Margin in the Insurance Brokerage segment was 24.4%, 27.8% and 24.3% in 2004, 2003 and 2002, resp...
158
10K
PowszechnyZakladUbezpieczenSA-AR_2010
15
The total costs of insurance activity (acquisition and administrative expenses) decreased by 3.7%
13
annual_report
5022
641
Operating income for the Retirement Services segment increased by $4 million, or 3%, to $120 million. The increase in earnings was primarily due to higher fee income offset by higher operating expenses. The increase was partially offset by lower investment income.
41
10K
HannoverRueckSE-AR_2014
2,289
Fixed-income securities – held to maturity – 119,696 1,498,316 145,257 – 903,518 – – 2,666,787
15
annual_report
5666
2,574
PMIERs. The PMIERs financial requirements require that a mortgage insurer’s Available Assets meet or exceed its Minimum Required Assets. At December 31, 2019, Radian Guaranty was in compliance with the PMIERs financial requirements.
33
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2002
182
– In the case of our primary insurance subsidiaries, premium growth is above the market average. With the acquisition of KarstadtQuelle Versicherungen, ergo has further improved its strategic and marketing position, even if currently it is also having to deal with exceptional burdens in the area of investments. With th...
103
annual_report
5271
1,096
The following table sets forth the compilation of basic and diluted net earnings per common share for the years ended December 31, 2016, 2015 and 2014:
26
10K
BaloiseHoldingLtd-AR_2011
1,264
Minimum quotas are also applied to some of Swiss BVG business (occupational benefit plan) (which is subject to the legal quota), that is 100 % on change in liabilities and 90 % on change in assets�
36
annual_report
130
353
Other CII Plans. Prior to the acquisition of CII, CII maintained various supplemental benefit, executive benefit, and profit sharing plans. Subsequent to the merger all such plans have been, or are in the process of being, discontinued, terminated, or merged into the Company's existing plans. During the years ended Dec...
77
10K
2985
1,189
In 2002, we entered into an agreement with the Philadelphia Eagles to name the Eagles’ new stadium Lincoln Financial Field. In exchange for the naming rights, we agreed to pay $140 million over a 20-year period through annual payments to the Eagles, which average approximately $7 million per year. The total amount incl...
101
10K
LloydsBankingGroupPLC-AR_2003
2,029
At 31 December 2003, the unrecognised gains on financial instruments used for hedging were £303 million (2002: £418 million) and unrecognised losses were £219 million (2002: £516 million).
28
annual_report
4913
1,086
Average liabilities for insurance products, net of reinsurance ceded were $3.2 billion in 2013, down 4.0 percent from 2012. The decreases in such liabilities were primarily due to policyholder redemptions and lapses.
32
10K
AvivaPLC-AR_2017
2,790
Entities and IAS 28 Investments in Associates. The amendments to IFRS 1 and IAS 28 are effective for annual reporting periods beginning on or after 1 January 2018; the amendment to IFRS
32
annual_report
NatwestGroupPLC-AR_2013
4,592
Discount rate The Group discounts its defined benefit pension obligations at discount rates determined by reference to the yield on ‘high quality’ corporate bonds.
24
annual_report
PosteItalianeSpA-AR_2019
7,328
Sureties and other guarantees issued: by banks in the interests of Poste Italiane SpA in favour of third parties 275 182 by Poste Italiane SpA in the interests of subsidiaries in favour of third parties 47 59 letters of patronage issued by Poste Italiane SpA in the interests of subsidiaries 55 21
52
annual_report
ScorSE-AR_2008
77
Insurance risk exposure is mitigated by diversifi cation across a large portfolio of insurance and reinsurance contracts as well as geographical areas. The volatility of risks is also reduced by careful business selection, implementation of underwriting guidelines, the use of retrocession and other risk transfer arrang...
60
annual_report
NatixisSA-AR_2007
3,138
service. The announcement follows a May 2007 decision by the European Commission that ruled that the current system, which does not allow other banks to offer the Livret A to their depositors, may be inconsistent with European competition rules.
39
annual_report
4240
1,024
Liquidity risk arises in our U.S. public finance insurance segment when claims on insured exposures result in payment obligations, when operating cash inflows fall due to depressed new business writings, lower investment income, or unanticipated expenses, or when invested assets experience credit defaults or significan...
49
10K
3911
544
Reserves for losses and loss adjustment expenses are developed using multiple estimation methods that result in various point estimates for each line of business. The estimate recorded by management is a function of detailed analysis of the historical trends and development factors resulting from the different methods....
76
10K
4606
11,791
We amortize deferred policy acquisition costs based on the related policy’s classification. For universal life, variable universal life and deferred annuities, deferred policy acquisition costs are amortized in proportion to EGPs discussed more fully below. EGPs are also used to amortize other assets and liabilities in...
108
10K
gb_prudential-AR_2017
6,322
(iv) Effect of changes in operating assumptions Operating profit includes the effect of changes to non‑economic assumptions on the value of in‑force at the end of the year. For presentational purposes the effect of changes is delineated to show the effect on the opening value of in‑force as operating assumption changes...
67
annual_report
INGGroepNV-AR_2020
754
ING can also add value for our customers by connecting to relevant products and services on thirdparty platforms. In 2020, we strengthened our SME offering as the first bank in Germany to offer loans through Amazon’s sellers platform, which is mainly used by SME companies. ING’s banking platform offers these clients ac...
67
annual_report
SwissReAG-AR_2014
3,124
Switzerland European Reinsurance Company of Zurich Ltd, Zurich CHF 312 100 f Swiss Re Asset Management Geneva SA, Carouge CHF 0 100 f Swiss Re Corporate Solutions Ltd, Zurich CHF 100 100 f Swiss Re Direct Investments Company Ltd, Zurich CHF 0 100 f Swiss Re Investments Company Ltd, Zurich CHF 0 100 f Swiss Re Investmen...
93
annual_report
LloydsBankingGroupPLC-AR_2014
1,626
The insurance business has its own separate board and risk committee.
11
annual_report
gb_prudential-AR_2009
1,154
• review and consider, and where applicable follow up on, matters raised by other components of the disclosure process. These may include, to the extent they are relevant to the disclosure process, any matters to be raised with the Group Audit Committee, the internal auditors or the external auditor of the Company’s in...
54
annual_report
4270
1,012
Asbestos claims primarily fall into two general categories: impaired and unimpaired bodily injury claims. Property damage claims represent only a small fraction of asbestos claims. Impaired claims primarily include individuals suffering from mesothelioma or a cancer such as lung cancer. Unimpaired claims include asbest...
52
10K
PowszechnyZakladUbezpieczenSA-AR_2014
2,892
solvency margin coverage ratio – a statutory ratio specifying the level of capital security for the business conducted by an insurer; by law, this ratio should be above
28
annual_report
3290
830
As a result of our decision in February 2008 to not insure credit derivative instruments and the potential that other market participants stop insuring credit derivative contracts, coupled with the lack of exchange transactions in the current market place, it may become more difficult to obtain observable market inputs...
87
10K
RaiffeisenBankInternationalAG-AR_2010
3,467
Operational losses in Raiffeisen Bank International mainly are caused by external fraud in the lending business, and thus are taken into account when building loans loss provisions. The increase in the category internal fraud results from active investigative actions in particular in the CIS region, where corresponding...
53
annual_report
3634
1,197
Underwriting results for MUSIC, which we acquired on November 1, 2007, were as follows for the years ended December 31, 2008 and 2007:
23
10K
2134
2,026
practices to comply with the law are ongoing. Because these regulations and other similar federal, state
16
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2015
2,772
In the notes to the financial statements, we describe in detail the uncertainties involved in measuring insurance contracts. For risks from financial instruments, IFRS 7 stipulates that the disclosures must comprise information on the remaining terms, the rating, and a sensitivity analysis regarding the market risk.
46
annual_report
ScorSE-AR_2020
1,602
The new calculation method is systematically more demanding than the method set out in the compensation policy applicable to the Group's Partners, which provides for a linear payment equal to the achieved ROE/target ROE ratio, with a floor at 30% and a ceiling at 130%, and which was also applied until 2019 (as part of ...
72
annual_report
3912
2,129
Radian Asset Assurance’s ability to pay dividends is restricted by certain provisions of the insurance laws of New York, its state of domicile. Under the New York insurance laws, Radian Asset Assurance may only declare or distribute dividends from earned surplus. Unless the company has prior approval from the New York ...
219
10K
3827
1,638
Net premiums written decreased by $153.5 million, or 11.7%, for the year ended December 31, 2007 compared to the year ended December 31, 2006, a higher percentage decrease than that of gross premiums written due to increased reinsurance utilization. The difference between gross and net premiums written is the cost to u...
106
10K
gb_prudential-AR_2019
654
Overall Asia operating free surplus generated14, after investment in new business, was $1,772 million, an increase of 13 per cent compared with the prior period, driven by higher in-force generation and a lower level of investment in new business. The 8 per cent increase in the in-force return reflects growth in the in...
149
annual_report
nl_ing_grp-AR_2016
1,435
In addition a wide range of other topics were discussed, such as IT risk, capital requirements, Customer Due Diligence / Know Your Customer, expected loss and loss given default limits, and Brexit. Also, other future risks and various stress test scenarios were looked into, ranging from regulatory uncertainty to contin...
53
annual_report
RSAInsuranceGroupPLC-AR_2017
1,168
• Consideration of KPMG’s wider comments on governance, financial reporting processes and efficiencies as well as information systems and controls
20
annual_report
LloydsBankingGroupPLC-AR_2003
1,525
A reconciliation of the charge that would result from applying the standard UK corporation tax rate to profit before tax to the current tax charge and total tax charge for the year is given below: 2003 2002* 2001* £m £m £m
41
annual_report
5838
1,058
Deferred revenue is recorded primarily for our home warranty contracts. Revenues from home warranty products are recognized over the life of the policy, which is primarily one year. The unrecognized portion is recorded as deferred revenue in accounts payable and other accrued liabilities in the Consolidated Balance She...
79
10K
5130
767
Over the five years ended December 31, 2015, our equity portfolio compound annual total return was 10.9 percent compared with a compound annual total return of 12.6 percent for the Index. Our equity portfolio favors larger-capitalization, high-quality, dividend growing stocks with a value orientation. In recent years, ...
81
10K
743
316
PROFESSIONALS INSURANCE COMPANY MANAGEMENT GROUP AND SUBSIDIARIES Notes to Consolidated Financial Statements, Continued
13
10K
3053
796
The following table summarizes the Company’s contractual obligations as of December 31, 2006. For information on the Company’s financial guarantee exposure see “Note 20: Net Insurance In Force” in the Notes to Consolidated Financial Statements.
35
10K
5056
1,880
This line of business is a mix of coverage protecting the insured against legal liability for property damage or personal injury to others arising from the operation of commercial motor vehicles. The property damage liability exposure is usually short-tail with relatively quick reporting and settlement of claims. The b...
94
10K
TrygAS-AR_2009
1,421
Fair value of financial assets Measurements of financial assets for which prices are quoted in an active market or which are based on generally accepted models with observable market data are not subject to material estimates. For securities that are not listed on a stock exchange, or for which no stock exchange price ...
108
annual_report
5851
19,035
The following table lists our total debt outstanding at December 31, 2020 and 2019. The interest rates presented in the following table are the range of contractual rates in effect at December 31, 2020, including fixed and variable-rates:
38
10K
4535
1,346
7.the ability of the Company to execute its growth plans by successfully leveraging capabilities and integrating acquired businesses, including the HealthSpring businesses by, among other things, operating Medicare Advantage plans and HealthSpring's prescription drug plan, retaining and growing the customer base, reali...
72
10K
857
491
Net Realized Investment Gains. Net realized investment gains increased $1.2 million during the nine months ended December 31, 1997 compared to the nine-month period ended December 31, 1996. For the nine months ended December 31, 1996 and 1997, the Company's proceeds on sales of fixed maturity and equity investments wer...
118
10K
ScorSE-AR_2008
2,872
20.8 Material change in fi nancial or commercial situation No material change has occurred in the Group’s fi nancial or commercial situation since the end of the fi nancial year 2008.
31
annual_report
NatixisSA-AR_2018
1,655
Changes made to the Audit Committee in 2018 and since January 1, 2019: Director Capacity Date of change Replaced by
20
annual_report
4919
806
Pursuant to an agreement with one of our limited liability partnership investments, we are contractually committed through December 31, 2023 to make capital contributions upon request of the partnership. Our remaining potential contractual obligation was $11.8 million at December 31, 2014.
41
10K
HiscoxLtd-AR_2009
574
By order of the Board Charles Dupplin, Secretary Wessex House, 45 Reid Street, Hamilton HM12, Bermuda 46 Directors’ report/Directors’ responsibilities statement Hiscox Ltd Report and Accounts 2009
27
annual_report
4225
4,219
The rights held by the FRBNY through their ownership of the preferred interests are now held by the Department of the Treasury. In connection with the Recapitalization, AIG a agreed to cause the proceeds of certain asset dispositions to be used to redeem the remaining preferred interests.
47
10K
AvivaPLC-AR_2010
4,226
E18 – Principal assumptions continued (c) Other assumptions Valuation of debt Borrowings in the MCEV consolidated statement of financial position are valued on an IFRS basis, consistent with the primary financial statements. At 31 December 2010 the market value of the Group’s external debt, subordinated debt, preferenc...
73
annual_report
gb_prudential-AR_2007
3,698
Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements and the part of the directors’ rem...
96
annual_report
AvivaPLC-AR_2006
382
O therinform ation Aviva plc Annual Report and Accounts 2006 23
11
annual_report
4682
1,489
There were no subsequent events requiring adjustment to the financial statements and no additional disclosures required in the notes to the consolidated financial statements except for the repayment of the FHLBB CDAs disclosed in Note 6 - “Debt and Credit Arrangements”.
41
10K
HannoverRueckSE-AR_2007
645
Management of risks across the Group sheet variables and performance indicators (including the operating profit (EBIT) and shareholders' equity) that are determined by the internal risk model. Our internal model is oriented towards standard market practice and is subject to constant refinement. The importance of the in...
81
annual_report
5081
1,487
The following amounts represent reinsurance that our insurance subsidiaries ceded to Donegal Mutual pursuant to these reinsurance agreements during 2015, 2014 and 2013:
23
10K
AdmiralGroupPLC-AR_2012
656
Board Committees The Board has delegated authority to a number of permanent Committees to deal with matters in accordance with written terms of reference. The principal Committees of the Board – Audit, Remuneration, Risk and Nomination – all comply fully with the requirements of the Code.
46
annual_report
3648
4,153
In connection with synthetically created investment transactions, the Company writes credit default swap obligations that generally require payment of principal outstanding due in exchange for the referenced credit obligation. If a credit event, as defined by the contract, occurs the Company’s maximum amount at risk, a...
110
10K
AvivaPLC-AR_2004
2,170
New business contribution (gross of tax) As reported expenses lapse rates rates 2004 £m £m £m £m
17
annual_report
3101
1,004
Our professional liability business improved substantially in 2005 and again in 2006, producing profitable results in 2006 compared with near breakeven results in 2005 and highly unprofitable results in 2004. The fidelity component of our professional liability business was highly profitable in each of the past three y...
61
10K
3950
2,263
In December 2006, the Company’s board of directors authorized a common share repurchase program of up to $150 million. In May 2007, the Company’s board of directors increased the authorized common share repurchase program to a maximum of $350 million. With respect to $25 million of the program, the Company entered into...
153
10K
LloydsBankingGroupPLC-AR_2008
54
A great deal has been said in recent months about the nature of the Government’s involvement with the banking sector. We believe that most of the Government’s initiatives have been positive and well considered. in particular, we very much welcome the Government’s interventions to stabilise the banking system, provide l...
192
annual_report
AegonNV-AR_2016
5,611
Europe The Netherlands �� N.V. Levensverzekering-Maatschappij ‘De Hoop', The Hague, (33.3%).
11
annual_report
AvivaPLC-AR_2019
1,036
As we reported last year, the process to select our Group CEO was a thorough and competitive process and the Board unanimously agreed that Maurice Tulloch was the right choice for the role. As we progressed through 2019, we continued to refresh the Board. Andy Briggs and Tom Stoddard stepped down from the Board as Chie...
109
annual_report
5071
1,625
The OEP estimates provided above reflect our in-force portfolios at September 30, 2015, for both U.S. and Japan exposures. The catastrophe reinsurance program is as of January 1, 2016.
29
10K
4867
3,755
Certain products included in the Retirement and International Insurance segments are experience-rated in that investment results associated with these products are expected to ultimately accrue to contractholders. The majority of investments supporting these experience-rated products are classified as trading and are c...
75
10K
PhoenixGroupHoldingsPLC-AR_2020
2,603
• Deferral of AIP outcomes into shares is currently made under the DBSS. • Awards under DBSS will be in the form of awards to receive shares for nil-cost (with the shares either being delivered automatically at vesting or being delivered at a time following vesting at the individual’s choice). • DBSS awards are made au...
142
annual_report
2722
1,542
Accounting for Income Taxes This process involves estimating actual current tax expense together with assessing temporary differences resulting from differing recognition of items for income tax and accounting purposes. These differences result in deferred income tax assets and liabilities, which are included within th...
164
10K
AegonNV-AR_2009
1,094
The Supervisory Board also discussed the implications of the crisis for
11
annual_report
ScorSE-AR_2014
4,166
SCOR has in place a group anti-bribery policy which stipulates explicitly a zero-tolerance policy with respect to giving and receiving of bribery, including making of illegal facilitation payments and gives guidance on prohibitions, key principles and requirements regarding (i) gifts, entertainment and hospitality, (ii...
172
annual_report
2704
998
Obligation to Redeem Series B and Series C Preferred Stock on March 23, 2007. The Series B and Series C Preferred Stock would become redeemable at the option of the holders commencing March 23, 2007 for the aggregate liquidation amount of $6,000,000 plus accrued dividends, subject to conditions similar to those conditi...
63
10K
602
269
Consolidated Results of Operations Year Ended December 31, 1997 Compared With Year Ended December 31, 1996 Revenues: Total revenues for the year ended December 31, 1997 increased 23.4% to $322.3 million, compared to $261.2 million for the comparable period in 1996. The accompanying table summarizes gross and net premiu...
57
10K
4709
1,813
We have audited the accompanying consolidated balance sheets of Vanguard Health Systems, Inc. as of June 30, 2013 and 2012, and the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the three years in the period ended June 30, 2013. These financial statements...
72
10K
LloydsBankingGroupPLC-AR_2006
1,786
At 1 January 7,222 6,554 Currency translation differences (see analysis below) (31) 24 Profit for the year 2,803 2,493 Dividends (1,919) (1,914) Purchase/sale of treasury shares (35) 18 Employee share option schemes – value of employee services 65 47
39
annual_report
4551
793
Other operating expenses were $75 million, or 12 percent, lower in 2012 compared with 2011. Foreign currency movements positively impacted expenses by $35 million, or 6 percent.
27
10K
DirectLineInsuranceGroupPLC-AR_2016
1,753
Financial element (55% weighting) As discussed above, there is no pre-set scale around the PBT target for the 2016 financial year and, in accordance with the AIP terms, the Committee determined the appropriate pay-out for the performance achieved.
38
annual_report
5071
1,749
We separately assess the recoverability of our net deferred tax asset related to unrealized tax capital losses in the U.S. Life Insurance Companies’ available for sale portfolio. The deferred tax asset relates to the unrealized losses for which the carryforward period has not yet begun, as such when assessing its recov...
102
10K
SwissReAG-AR_2007
1,344
In September 2006, the Financial Accounting Standards Board issued SFAS No. 157 “Fair Value Measurements” (SFAS 157). SFAS 157 establishes a new definition and framework for determining fair value and expands the required disclosures for assets and liabilities recorded at fair value. This statement applies to all asset...
77
annual_report
gb_prudential-AR_2016
493
As the appetite for long-term savings products grows, demand for alternative investment strategies and solutions, such as direct lending and long-term investment in infrastructure equity, is expected to grow. M&G is well placed to benefit from this trend, given its expertise across a diverse range of assets, a record o...
55
annual_report
665
322
The Company's headquarters are located in a four story, 110,000 square foot building in Blue Bell, Pennsylvania. PMA Re's headquarters are located in 78,000 square feet of leased space in Mellon Bank Center, Philadelphia, Pennsylvania.
35
10K
ASRNederlandNV-AR_2010
448
ASR Nederland introduced the Other operating segment in 2010. It comprises the banking operations (ASR Bank and ASR Hypotheken (mortgages)), Ditzo (distribution channel), ASR Vastgoed Ontwikkeling (property development), SOS International and the holding companies.
34
annual_report
PowszechnyZakladUbezpieczenSA-AR_2014
821
From June 2012, PZU Pomoc held 30% of the shares in GSU
12
annual_report
5053
1,076
· Annuities segment operating income was $180.2 million which included $83.8 million of fixed annuity operating earnings, $111.7 million of variable annuity operating earnings, and a $15.3 million loss in other annuity earnings
33
10K
4797
1,465
The following table sets forth a reconciliation of the changes in the postretirement benefit plan’s accumulated postretirement benefit obligation, fair value of plan assets and the funded status:
28
10K
gb_prudential-AR_2015
4,012
In the case of variable annuity contracts with guaranteed benefits as described above, liabilities for these benefits are accounted for under US GAAP and are valued as described below.
29
annual_report