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3815
2,436
See Note 4 of the Notes to the Consolidated Financial Statements for a discussion of the SFAS 157 transition impact.
20
10K
StorebrandASA-AR_2012
1,093
Please also refer to note 11 in which the valuation of financial instruments is described in more detail.
18
annual_report
NatixisSA-AR_2009
5,216
Jean Marc Moriani, member of Natixis’ Executive Board (executive corporate offi cer from January 1 to May 13, 2009 and employment contract) 1,013,101 828,333
24
annual_report
3025
1,580
Under the Plans, the Company’s Board of Directors may grant performance units to key employees. The Company’s Board of Directors establishes the terms and conditions of the performance units including the performance goals, the performance period and the value for each performance unit. If the performance goals are sat...
109
10K
1441
388
Certain amounts included in this schedule for earlier years have been reclassified to conform with the 2000 financial statement presentation.
20
10K
NatwestGroupPLC-AR_2013
1,956
Income declined by 7% to £1,093 million, with the reduction in net interest income reflecting the lower spread earned on deposits as a result of lower Group funding requirements.
29
annual_report
5327
1,182
We maintain a substantial short-term liquidity position, which was $3.3 billion and $2.7 billion at December 31, 2016 and 2015, respectively. Short-term liquidity includes cash and cash equivalents and short-term investments, excluding assets that are pledged or otherwise committed, including amounts received in connec...
60
10K
4936
861
The allowance for loan losses is a valuation allowance for probable incurred credit losses. Loan losses are charged against the allowance when the Company believes the uncollectibility of a loan balance is confirmed. Management reviews its methodology for its calculation of its loss provision as deemed necessary which ...
55
10K
HiscoxLtd-AR_2019
659
Robert Childs Non Executive Chairman 4/4 – 4/4 – 3/4 3/4 Bronek Masojada Chief Executive 4/4 – – – – 4/4 Aki Hussain Chief Financial Officer 4/4 – – – – 4/4 Richard Watson Chief Underwriting Officer 4/4 – – – – – Caroline Foulger Independent Non Executive Director 4/4 4/4 4/4 4/4 4/4 4/4 Michael Goodwin Independent Non...
139
annual_report
AvivaPLC-AR_2012
522
Year ended 31 December 2011 On a PVNBP basis, sales in our UK and Ireland long-term insurance and savings business were £11,254 million, an increase of £1,217 million, or 12% (2010: £10,037 million). In the UK, protection sales grew by 9%, including a 7% increase in core protection products. Pension sales increased by ...
381
annual_report
INGGroepNV-AR_2020
5,609
The sensitivity analysis calculates the financial impact on the defined benefit obligation of an increase or decrease of the weighted averages of each significant actuarial assumption, all other assumptions held constant. In practice, this is unlikely to occur, and some changes of the assumptions may be correlated. Cha...
106
annual_report
gb_prudential-AR_2015
5,209
Note For 2015, the charge of £(144) million in Hong Kong, £(53) million in Indonesia and £(104) million in Singapore principally arise from unrealised losses on bonds backing surplus assets driven by increases in long-term interest rates (as shown in note 14(i)) and from the effect of falls in equity markets in the reg...
74
annual_report
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2014
1,322
Every risk category in reinsurance and at ERGO is shown. In the Munich Health field of business, the life and health risk categories and operational risks are shown, but not market and credit risk, which we cover through our internal risk control in reinsurance.
44
annual_report
CNPAssurancesSA-AR_2009
1,545
The IDR rate is calculated on the basis of a 40 bp spread on long term interest rates, and a 2% equity risk premium. It stands at 8.0% at the level of the CNP Assurances Group at 31 December 2009 and 8.2% at 31 December 2008. The increase in the cost of financial options and guarantees is offset by a decrease in the be...
76
annual_report
3346
1,560
Statutory accounting practices vary from accounting principles generally accepted in the United State (“GAAP”). The more significant variances from GAAP are as follows:
23
10K
nl_ing_grp-AR_2012
212
EU CRISIS MANAGEMENT FRAMEwORK The draft Crisis Management Framework Directive was published in June 2012, and is still under discussion at the European Parliament and the European Council. The most important elements are: recovery and resolution planning, bail-in requirements and the financing of resolution arrangemen...
60
annual_report
5071
2,163
Supplementary Insurance Information at December 31, 2015, 2014 and 2013 and for the years then ended
16
10K
4279
1,053
The majority of our total investments in debt and perpetual securities was senior debt at December 31, 2010, and 2009. We also maintained investments in subordinated financial instruments that primarily consisted of Lower Tier II, Upper Tier II, and Tier I securities, listed in order of seniority. The Lower Tier II (LT...
89
10K
SwissReAG-AR_2008
2,035
Modified coinsurance agreement Swiss Re Group assumes insurance risk via a modified coinsurance agreement from a direct insurer, which qualifies as a VIE. Swiss Re Group takes the majority of the mortality risk, which makes the Group the primary beneficiary. Consequently, Swiss Re Group will incur losses when mortality...
52
annual_report
fr_axa-AR_2014
5,875
DAC and similar costs capitalization for the period 1,871 202 1,965 169
12
annual_report
3860
1,713
We have also audited Schedule I as of December 31, 2008, and the Schedules II, IV and V as of December 31, 2008 and 2007, of UTG, Inc. and subsidiaries and Schedules II, IV and V for the years then ended. In our opinion, these schedules present fairly, in all material respects, the information required to be set forth ...
60
10K
5039
974
These amounts represent the actual number of catastrophic events. The numbers are not presented in thousands.
16
10K
GjensidigeForsikringASA-AR_2017
844
The purchase process for accident and health insurance policies that require a health declaration was massively improved when we launched a simplified digital health declaration with automated assessment. The solution means that many customers will have their insurance applications processed in a matter of seconds, whi...
55
annual_report
1301
387
- - rising costs - - loss of membership to our competitors - - failure to attract new members - - inability to increase premiums due to regulatory restrictions - - loss of membership due to increased premium rates - - withdrawal from unprofitable markets - - consumer preferences for lower priced health care options - -...
59
10K
PosteItalianeSpA-AR_2015
653
As a result of the above operating performance and the corresponding revaluation of insurance liabilities due to the positive financial performance, the matching change in technical provisions, after the portion ceded to reinsurers, amounts to €19,683 million, compared with €17,883 million in the previous year. Claims ...
57
annual_report
StandardLifeAberdeenPLC-AR_2015
1,538
Find the Remuneration Committee’s terms of reference in the Board Charter at www.standardlife.com/annualreport or request a copy from the Group Company Secretary
22
annual_report
4836
815
We also have audited, in accordance with standards of the Public Company Accounting Oversight Board (United States), EMC Insurance Group Inc. and Subsidiaries’ internal control over financial reporting as of December 31, 2013, based on criteria established in Internal Control - Integrated Framework issued by the Commit...
68
10K
StorebrandASA-AR_2011
1
ABOUT STOREBRAND Storebrand Group 12 Greater responsibility for our own pension 16 Sustainable investments 18 Shareholder matters 22 History of Storebrand 24
22
annual_report
gb_lloyds_banking_grp-AR_2009
218
We are conscious of the current public debate about remuneration in the banking sector. We understand that this is a sensitive issue for many people at a time when their personal finances are challenged, and also in the light of the significant support given by taxpayers to our industry. We have thought carefully and r...
181
annual_report
NatixisSA-AR_2008
6,877
Retraites) pension fund, for which Natixis employees from the former Caisse Centrale des Banques Populaires were also eligible, was closed on December 31, 1993 in accordance with the industry agreement of September 13, 1993 applicable to the Banque Populaire banks under the Group agreement of
45
annual_report
AvivaPLC-AR_2008
3,284
Carrying amount at 31 December 5,493 5,484 39 – Liability for investment contracts
13
annual_report
PhoenixGroupHoldingsPLC-AR_2013
909
REMUNERATION COMMITTEE IAN CORMACK, Chairman DAVID BARNES ISABEL HUDSON The composition of the Remuneration Committee accords with the requirements of the Code that the Remuneration Committee should consist of at least three independent Non-Executive Directors. The Remuneration Committee met seven times during 2013.
43
annual_report
HannoverRueckSE-AR_2014
386
Developments in Central and Eastern Europe varied: compared to Western European primary markets, growth rates here are still better than average. Competition therefore remains intense and original rates in most markets are under pressure. On the reinsurance side, however, it was again possible to obtain riskappropriate...
105
annual_report
StandardLifeAberdeenPLC-AR_2020
1,419
Stephen Bird2 5.00% 47.96% 875 50% 250% 120% 527 Keith Skeoch3 5.00% 47.96% 615 67% 300% 144% 590 Stephanie Bruce 4.00% 46.96% 538 100% 150% 70% 379 Martin Gilbert4 4.00% 46.96% 480 75% 204% 96% 344 1 The % is applied to the pro-rated salary for Stephen Bird, Keith Skeoch and Martin Gilbert. 2 Stephen Bird’s total oppo...
131
annual_report
de_allianz-AR_2018
1,213
This section describes the impacts of compliance matters on our business activities and relationships as well as the impact of Allianz’s activities and relationships on compliance. Furthermore, we describe the concepts and achievements related to the management of these impacts, with a focus on compliance, anti-corrupt...
58
annual_report
3821
1,376
In September 2006, the FASB issued SFAS 158. SFAS 158 requires that MMC recognize on a prospective basis the funded status of its overfunded defined benefit pension and retiree medical plans (the “Plans”) as a net benefit plan asset and its unfunded and underfunded Plans as a net benefit plan liability. The offsetting ...
340
10K
StorebrandASA-AR_2020
1,536
Shareholder matters Trading volume for shares in Storebrand In 2020, 585 million shares were traded, compared to 335 million shares in 2019. The trading volume in monetary terms was NOK 30,552 million in 2020, up from NOK 21,348 million in 2019. In relation to the average number of shares, the turnover rate for shares ...
60
annual_report
NatwestGroupPLC-AR_2009
2,907
Throughout the year, the Chairman, Group Chief Executive and Group Finance Director communicate shareholder feedback to the Board and the directors receive independent analyst notes and a monthly report reviewing share price movements and the Group’s performance against the sector. Detailed market and shareholder feedb...
59
annual_report
fr_axa-AR_2011
8,759
From year N+11 until the last benefi t payments is paid 24,480 558
13
annual_report
RSAInsuranceGroupPLC-AR_2009
1,058
The value recognised in the statement of financial position for each individual post retirement scheme is calculated as follows: The present value of defined benefit obligation of the scheme • at the end of the reporting period Minus any past service cost not yet recognised• Minus the fair value at the end of the repor...
71
annual_report
720
361
(6) TRANSACTIONS WITH MUTUAL State Auto P&C provides Mutual and its insurance affiliates executive management services to oversee the insurance operations of these companies. Fees relating to these services amounted to $5,392,000 in 1997, $4,956,000 in 1996 and $4,662,000 in 1995. Stateco provides Mutual and its affili...
167
10K
NatwestGroupPLC-AR_2013
3,249
Average LTV on new originations during the year (3) 65% 74% 64%
12
annual_report
5153
1,902
Certain guarantees, including portions thereof, accounted for as embedded derivatives, are recorded at estimated fair value and included in policyholder account balances. Guarantees accounted for as embedded derivatives include GMABs, and the non-life contingent portions of both GMWBs and GMIBs that do not require annu...
181
10K
5354
582
We are not responsible for maintaining premiums or other expenses related to maintaining the underlying life settlement or life insurance policies. Ownership of the underlying life settlement or life insurance policies, and the related obligation to maintain such policies, remains with the entity that holds such polici...
88
10K
5731
2,160
Our investment in the common and preferred shares of Monument, carried in equity method investments on our consolidated balance sheet, as of December 31, 2019 and 2018 was as follows:
30
10K
gb_lloyds_banking_grp-AR_2017
5,662
Total held as trading assets 10,481 159 10,640 12,165 3 12,168
11
annual_report
LloydsBankingGroupPLC-AR_2019
3,850
1 Value of loans represents total gross book value of mortgages more than three months in arrears; the balances exclude the impact of the HBOS acquisition adjustments.
27
annual_report
4727
2,970
EFL’s primary commitment is its obligation to pay future policy benefits under the terms of its life insurance and annuity contracts. To meet these future obligations, EFL establishes life insurance reserves based upon the type of policy, the age, gender, and risk class of the insured, and the number of years the polic...
110
10K
TrygAS-AR_2016
334
Key ratios Premium growth in local currencies 1.3 1.1 0.8 0.3
11
annual_report
3678
529
We also continue to improve our back office systems, such as enhancements to our insurance policy administration system, to make it easier for agents to quote and submit business insurance policies to us. Our system now allows transactions to be processed throughout the day using real-time and straight through
49
10K
2780
1,309
Life insurance premiums are recognized as revenues when due. Property and casualty
12
10K
3139
212
Death and other benefits for traditional life insurance decreased $14 million or 33.3% to $28 million for the year ended December 31, 2006 reflecting lower claims volume.
27
10K
5741
1,274
The assumed health care cost trend rate was approximately 4.98% in 2019, gradually declining to 4.34% in 2029. Assumed health care cost trend rates can have a significant effect on the amounts reported for the non-U.S. health care plans. A one percentage point change in assumed health care cost trend rates would have t...
56
10K
4408
1,305
Premiums and fees. Excluding the effect of foreign currency movements, premiums and fees were $2.9 billion in 2011 compared with reported premiums and fees of $2.3 billion in 2010, an increase of 28%. The increase is primarily attributable to higher membership from new sales, rate increases and the acquisition of Vanbr...
78
10K
RaiffeisenBankInternationalAG-AR_2016
263
Corporate Governance Report This Corporate Governance Report combines the Corporate Governance Report of RBI AG and the consolidated Corporate Governance Report of RBI pursuant to § 267a of the Austrian Commercial Code (UGB) in conjunction with § 251 of the UGB.
41
annual_report
ASRNederlandNV-AR_2017
500
Tons of carbon equivalents (scope 1, 2 and 3) 7,724.61 7,708.2
11
annual_report
5250
920
Premium Financing Debt Facility - On May 18, 2015 we entered into a Syndicated Facility Agreement, revolving loan facility, which we refer to as the Premium Financing Debt Facility, that provides funding for the three acquired Australian (AU) and New Zealand (NZ) premium finance subsidiaries. The Premium Financing Debt...
96
10K
fr_axa-AR_2016
5,257
Specifi c actions are identifi ed at Group and local levels to mitigate these risks. Also, as regards Information and IT risks, AXA Group has decided to strengthen the management of information and technology risks within the second line of defense with the creation of an Information and Technology Risk team reporting ...
59
annual_report
5627
1,435
our 2017 bid strategy. The Medicare PDPs MBR increased by 870 basis points for the year ended December 31, 2017 compared with the same period in 2016 reflecting the effect of our 2017 bid strategy.
35
10K
883
336
NOTE 12 - CONCENTRATION OF CREDIT RISK: The Company maintains its cash accounts primarily with banks located in Alabama. The total cash balances are insured by the FDIC up to $100,000 per bank. The company had cash balances on deposit with Alabama banks at December 31, 1998 that exceeded the balance insured by the F.D....
60
10K
1245
260
OPERATING AGREEMENTS: DSI, an affiliate, acts as the principal underwriter (as defined in the Securities Act of 1933 and the Investment Company Act of 1940, as amended) and distributor of the variable insurance products issued by the Companies. DSI is authorized to enter into agreements with broker/dealers to distribut...
103
10K
3095
644
In September 2006, the Securities and Exchange Commission (“SEC”) staff issued SEC Staff Accounting Bulletin (“SAB”) Topic 1N, “Financial Statements - Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements” (“SAB 108”). SAB 108 states that a registrant sh...
82
10K
TrygAS-AR_2018
1,263
Claims provisions are discounted. As a result, initial changes in discount rates or changes in the duration of the claims provisions could have positive or negative effects on earnings. Discounting affects the motor third-party liability, general third-party liability, workers’ compensation classes, including sickness ...
48
annual_report
NatixisSA-AR_2018
3,325
The instantaneous loss ratio is a weekly indicator that reproduces the change in the loss ratio. It is monitored for each region and each country and(1) is reported weekly by Coface to allow underwriters to monitor the change in their portfolio and detect any deterioration and therefore introduce corrective actions as ...
54
annual_report
gb_lloyds_banking_grp-AR_2009
5,572
OTHER Other provisions include the provisions which the Group carries in respect of its obligations relating to UIC Insurance Company Limited (UIC), which is in provisional liquidation. The Group has indemnified a third party against losses in the event that UIC does not honour its obligations under a reinsurance contr...
108
annual_report
RaiffeisenBankInternationalAG-AR_2013
339
In 2013 all ecological data submitted to the CDP also underwent an external audit.
14
annual_report
1572
699
The Company historically has met its cash requirements and financed its growth principally through cash flows generated from operations. During the past decade, the Company has operated in a soft market cycle which was characterized by excess insurance capacity and declining insurance premium rates; however, commencing...
221
10K
2908
765
(“S&P”), together with qualitative factors such as overall credit quality trends resulting from economic and political conditions, recent loss experience in particular segments of the portfolio and changes in underwriting policies and procedures. The factors used to establish reserves are evaluated periodically by comp...
92
10K
ScorSE-AR_2013
2,894
The purpose of these authorizations is to allow the reinsurance subsidiaries of the Group to benefit from Standard &
19
annual_report
ch_zurich_insurance_group-AR_2008
1,770
Losses and loss adjustment expenses incurred (11) – 22 8 Losses and loss adjustment expenses paid (57) (51) (60) (48) Foreign currency translation effects 6 2 (1) –
28
annual_report
HannoverRueckSE-AR_2015
2,625
Projected benefit obligations at 31 December of the financial year 154,832 187,034
12
annual_report
4209
1,354
As a result of adopting ASU 2009-17, a cumulative effect gain adjustment of $705,046 was recorded as a net increase to total equity as of January 1, 2010, which includes changes to the opening balance of retained earnings and accumulated other comprehensive loss, net of taxes as Ambac was required to consolidate 83 add...
161
10K
4648
1,004
Incurred losses were $133.2 million (13.8 points) higher at $1,034.1 million in 2011 compared to $900.9 million in 2010, primarily as a result of the $230.7 million (17.7 points) increase in current year catastrophe losses, largely due to the 2011 catastrophe losses discussed above. The $31.3 million of current year ca...
120
10K
fr_axa-AR_2012
3,397
The evolution of these commitments between December 31, 2011 and December 31, 2012 is due to the cost attributable to one year of additional service within the AXA Group and the evolution of technical and tax hypothesis.
37
annual_report
4600
1,567
Loss and loss adjustment expense (LAE) are charged against income as incurred. Unpaid loss and LAE reserves are based on estimates (generally determined by claims adjusters, legal counsel, and actuarial staff) of the ultimate costs of settling claims, including the effects of inflation and other societal and economic f...
133
10K
3983
1,164
The following tables present the estimated fair values and gross unrealized losses, including other-than-temporary impairment losses reported in AOCI, for the 1,316 and 1,716 fixed maturity securities and equity securities that have estimated fair values below amortized cost as of December 31, 2009 and 2008, respective...
72
10K
LloydsBankingGroupPLC-AR_2015
457
Strong control framework The Group’s Risk Management Framework (RMF) acts as the foundation for the delivery of effective risk control and ensures that the Group risk appetite is adhered to.
30
annual_report
ScorSE-AR_2013
5,757
We examined the control system in place relative to the inventory of direct and indirect exposures, and the system in place for their assessment, as well as the valuation methods and write down policies applicable to certain financial
38
annual_report
BaloiseHoldingLtd-AR_2006
334
VORABDRUCK Action is needed in controlling costs. Our declared goal is to steadily reduce our unit costs over the next few years by further optimizing our business processes
28
annual_report
fr_axa-AR_2002
1,174
– Positions resulting from AXA’s use of derivatives, which are analyzed on a regular basis at the consolidated level.
19
annual_report
HannoverRueckSE-AR_2010
923
We conducted a survey of our entire workforce for the fifth time in the year under review. Of the 998 staff contacted, 834 took part in the survey. The response rate of 84% is very pleasing and represents another appreciable improvement on the level of participation in 2007 (76%).
49
annual_report
4356
2,144
During 2009, pursuant to the acquisition of Paris Re, the Company issued 25.7 million common shares, of which 1.3 million common shares were reissued from treasury.
26
10K
4310
4,248
There are 200,000,000 authorized shares of preferred stock, of which 6,857,000 shares were designated for issuance of convertible preferred stock in connection with the financing of the Acquisition. See “- Convertible Preferred Stock” below.
34
10K
PosteItalianeSpA-AR_2016
1,474
• The memorandum of association of Risparmio Holding SpA, which is owned by Poste Italiane (80%) and CDP (20%), was signed on 7 October 2016. The business purpose of the new company is to arrange for the acquisition of equity investments, loans to companies or entities in which it holds equity, and trading in securitie...
70
annual_report
StorebrandASA-AR_2009
1,015
The various elements of the customer provision are priced separately in advance and every price element can contain a profit element for the insurance company.
25
annual_report
PhoenixGroupHoldingsPLC-AR_2015
113
Despite all the changes implemented during the year, Phoenix Life has maintained a high level of customer service. We continue to deliver our Pensions Transfers and Open Market Options payments made through the Origo Faster Transfers system in under 11 days on average. Complaint handling is also a key area of focus and...
123
annual_report
733
133
Included in operating results for the years ended December 31, 1997, 1996 and 1995 are $494,033, $501,753, and $319,490 of interest income earned on investments, respectively.
26
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2020
2,511
We issue this report on the basis of the engagement agreed with Munich Re. The assurance engagement has been performed for the purposes of the Company and the report is solely intended to inform the Company as to the results of the assurance engagement and must not be used for purposes other than those intended. The re...
70
annual_report
3623
692
Minority Interest. Minority interest, net of income taxes, for 2006 was $81,000 compared with $672,000 in 2005. The decrease was due to our purchase of the remaining 27.0% interest in our Florida underwriting agency from the minority holders in March 2006.
41
10K
5770
1,580
Assumptions used in fair value measurement. GMIB assets and liabilities are established using capital market assumptions and assumptions related to future annuitant behavior (including mortality, lapse, and annuity election rates). The Company classifies GMIB assets and liabilities in Level 3 of the fair value hierarch...
59
10K
2294
1,075
In our opinion, the accompanying consolidated balance sheets and the related consolidated statements of income, of stockholders’ equity and of cash flows present fairly, in all material respects, the consolidated financial position of Humana Inc. and its subsidiaries at December 31, 2003 and 2002, and the results of th...
245
10K
ScorSE-AR_2018
5,461
Moreover, the carbon footprint is only an indicator at a given time. It provides little information on the approach or commitment of issuers with regard to climate risk, or on how SCOR can efficiently manage its assets with regard to risks related to greenhouse gas emissions.
46
annual_report
AvivaPLC-AR_2008
4,255
Net assets on a statutory IFRS basis 16,581 (2,135) 14,446 14,639 1,292 15,931 Additional value of in-force long-term
18
annual_report
519
454
Accounts receivable net of allowance for doubtful accounts at December 31, 1996 and 1995 were $363.3 million and $304.3 million, respectively. Nearly 40% of this increase relates to receivables in connection with rebate programs, as discussed above. The billing and collection cycle for such programs is longer than that...
76
10K
936
449
Excluding the 1998 adjustments and expenses, Custom Markets underwriting loss increased by $3 million in 1998 as compared to 1997. The deterioration is primarily due to higher losses in short-tailed property lines in the Small Business unit and in the Alternative Distribution unit in the first six months of the year.
51
10K
4014
967
(6)Claims paying resources is calculated on a combined basis as the sum of statutory policyholders' surplus, statutory contingency reserve, statutory unearned premium reserves, statutory loss and LAE reserves, present value of installment premium on financial guaranty and credit derivatives, discounted at 6%, and stand...
66
10K
CNPAssurancesSA-AR_2005
718
On 30 June 2004, Caixa Capitalização celebrated its seventh year in the savings business. Despite the difficulties experienced last year, this subsidiary has produced very satisfactory results overall, in a market where it is competing against companies that have been around for much longer. In the seven years since it...
71
annual_report
2504
292
Membership growth has been the primary reason for our increasing revenues. We have increased our membership through both internal growth and acquisitions. The following table sets forth the approximate number of members by state in the periods presented.
38
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2016
229
Risk report 066 Risk governance and risk management system 066 Significant risks 067 Solvency ratio under Solvency II 074 Other risks 074 Summary 074
24
annual_report
NatixisSA-AR_2011
3,961
Provisions for credit losses reached €121 million for 2011, a €37 million increase year to year.
16
annual_report