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HelvetiaHoldingAG-AR_2014
3,412
to 26 %. The associated company GESPRADO SA, Madrid, was liquidated. The investment of 21.13 % in the associated company Tertianum AG, Zurich, was sold.
25
annual_report
3564
681
A key assumption underlying the estimation of the reserve for losses and LAE is that past experience serves as the most reliable estimator of future events. This assumption may materially affect the estimates when the insurance market, the regulatory environment, the legal environment, the economic environment, the boo...
79
10K
NatixisSA-AR_2017
6,430
Pursuant to this contract, Natixis holds 1,219,389 shares representing €8 million as at December 31, 2017.
16
annual_report
4122
2,829
• Policy count retention decreased due largely to a decrease in retention for general liability.
15
10K
ScorSE-AR_2011
3,738
 Ratchet: After a given number of years, the GMDB is adjusted to the current account balance, if greater. Most common is a 1-year ratchet, meaning that the GMDB is adjusted annually on the policy's anniversary date.
37
annual_report
5559
1,437
At the senior management level, an Enterprise Risk and Capital Committee (“ERCC”) oversees the risk profile and risk management practices of the Company. ERCC reports to FIRMCo on Talcott's overall risk profile and adherence to risk limits. As illustrated below, a number of functional committees sit underneath the ERCC...
55
10K
3348
1,173
On May 31, 2007, Regan Holding and two of its subsidiaries, Legacy Financial and Legacy Advisory Services Inc., entered into an agreement with Multi-Financial Securities Corporation whereby Legacy Financial transferred its registered representatives and customer accounts to Multi-Financial Securities Corporation. Under...
167
10K
4661
679
(3)Our investment portfolio included 55 securities in an unrealized loss position at December 31, 2011.
15
10K
2982
562
(1) Net investment income includes GIC income of $4.9 million, $16.5 million and $41.0 million for the years ended December 31, 2006, 2005 and 2004, respectively.
26
10K
4807
826
As of December 31, 2013, we had 30 separate insurance and/or reinsurance subsidiaries whose reserves are categorized into approximately 259 reserve categories in total, including 33 distinct asbestos reserving categories and 23 distinct environmental reserving categories.
36
10K
5711
1,129
For the year ended December 31, 2017, the Company’s income (loss) before income taxes from its non-U.S. subsidiaries and U.S. subsidiaries, as reported in the table above, includes the results of the quota share agreement between Global Indemnity Reinsurance and the Insurance Operations. This quota share agreement was ...
57
10K
1365
255
Consolidated Statements of Cash Flows for the years ended December 31, 1999, 1998 and 1997............................... 30
16
10K
3549
1,862
Argentina by $41 million primarily due to higher invested assets resulting from capital contributions since the completion of the Travelers acquisition.
21
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2013
66
4 December 2013 ERGO appoints Silke Lautenschläger to its Board of Management with effect from 1 January 2014. She will assume the newly-created function of Chief Operating Officer and thus also responsibility for the new Customer and Sales Services Division. Silke Lautenschläger became a member of the Board of Managem...
56
annual_report
RaiffeisenBankInternationalAG-AR_2011
89
The Supervisory Board would like to express its gratitude to the Management Board, the Staff Council and all employees for their outstanding commitment in this constantly changing environment.
28
annual_report
2214
262
The NAIC has established minimum capital requirements in the form of Risk-Based Capital ("RBC"). Risk-based capital factors the type of business written by an insurance company, the quality of its assets, and various other factors into account to develop a minimum level of capital called "authorized control level risk-...
114
10K
ch_zurich_insurance_group-AR_2004
2,588
Price year low 163.50 91.50 1 Nominal value reduction of CHF 2.50 per registered share was effective as of June 30, 2004.The payment was made on July1, 2004. 2 Nominal value reduction of CHF1 per registered share was effective as of July14, 2003. 3 Proposed payment of nominal value reduction of CHF 4.00 per registered ...
58
annual_report
Sampoplc-AR_2006
493
In Sampo Group life insurance has an RoE target of 17.5 per cent, which was easily surpassed as the RoE was 30.0 per cent (39.0).
25
annual_report
900
221
During 1998, market interest rates fell to historically low levels. Management expects the reserve discount rate for certain disability lines will likewise decline as current cash flows are invested in assets at current yields, which are below the composite yield of existing assets purchased in prior years, resulting i...
158
10K
SwissReAG-AR_1991
100
These figures enable the business experience to be sum­ marized as follows: The fact that the underwriting loss in Non-Life reinsurance dropped only marginally and remained at an unsatisfacto­ ry level indicates that specific problems continued to affect this sector in the year under review: - First, the loss developme...
113
annual_report
4225
1,275
•a decline of $1.0 billion in income from consolidated managed partnerships and funds, which is partially offset by Net income (loss) attributable to noncontrolling interests.
25
10K
de_allianz-AR_2004
2,489
A L L I A N Z G R O U P 147 N O
15
annual_report
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2020
1,672
Interest-rate currency swaps Theoretical price Swap and CSA curve1 Currency spot rates
12
annual_report
NatwestGroupPLC-AR_2013
4,362
Financial assets and financial liabilities held for trading or designated as at fair value through profit or loss are recorded at fair value. Changes in fair value are recognised in profit or loss.
33
annual_report
4859
1,090
Other indefinite-lived intangible assets held by the Company are also reviewed for impairment on at least an annual basis. The classification of the asset as indefinite-lived is reassessed and an impairment is recognized if the carrying amount of the asset exceeds its fair value.
44
10K
PosteItalianeSpA-AR_2015
2,036
The fair value of investment property at 31 December 2015 includes approximately €67 million representing the sale price applicable to the Parent Company’s former service accommodation in accordance with Law 560 of 24 December 1993, while the remaining balance reflects price estimates computed internally by the
46
annual_report
RaiffeisenBankInternationalAG-AR_2012
848
The segment’s other net operating income improved by € 2 million to minus € 5 million year-on-year due to several smaller expense and income items.
25
annual_report
2419
814
From an income statement perspective, SOP 03-01 did not impact net income; however, it required a reclassification within the income statement. Prior to the adoption of SOP 03-01, the net results of the separate accounts were primarily included in Other Revenue. Upon adopting SOP 03-01, premiums, benefits, net investme...
114
10K
4018
871
Increase in Future Policy Benefit Reserves. The increase in 2009 included $0.4 million resulting from a correction related to ONLIC reserves caused by data issues discovered in the current year.
30
10K
ch_zurich_insurance_group-AR_2016
453
2. North America Commercial 3. Asia Pacific 4. Latin America 5. Europe, Middle East & Africa
16
annual_report
INGGroepNV-AR_2006
2,527
Property in own use Under IFRS-EU, property in own use is measured at fair value with changes in fair value recognised in equity. Negative revaluation reserves on a property-by-property basis are charged to the profi t and loss account. Subsequent recoveries are recognised as income up to the original cost. Depreciatio...
152
annual_report
4835
373
We must make estimates of the collectability of these premium advances. We recorded an allowance against the premium advances at the time of the advance and treated reimbursements as a reduction of the allowance. Our historical success of collecting premium advances has enabled us to build a body of evidence by which w...
64
10K
5221
928
The title insurance and services segment (primarily direct operations) is labor intensive; accordingly, a major expense component is personnel costs. This expense component is affected by two primary factors: the need to monitor personnel changes to match the level of corresponding or anticipated new orders and the nee...
52
10K
gb_lloyds_banking_grp-AR_2010
5,043
Interest payable on liabilities held at amortised cost 2.19 2.13 (15,896) (17,591)
12
annual_report
4857
2,657
On September 6, 2012, Voya Financial, Inc. entered into a reimbursement agreement with a third-party bank for its wholly owned subsidiary, Roaring River III, LLC (“Roaring River III”). At inception, the reimbursement agreement requires Voya Financial, Inc. to cause $165.0 of capital to be maintained in Roaring River II...
100
10K
5863
632
Investments in financial instruments such as marketable securities and accounts receivable may subject us to concentrations of credit risk. Our investments in marketable securities are managed under an investment policy authorized by our Board of Directors. This policy limits the amounts which may be invested in any on...
110
10K
3961
1,518
As of December 31, 2009, Esurance had $6 million of net unrestricted cash and fixed maturity investments outside of Esurance Insurance Company and Answer Financial.
25
10K
5804
1,047
Concentrations of Credit Risk: Globe Life maintains a diversified investment portfolio with limited concentration in any given issuer. At December 31, 2019, the investment portfolio, at fair value, consisted of the following:
32
10K
de_allianz-AR_2013
2,267
Real estate held for own use comprises an office building allocated to the reportable segment Asset Management. The sale is expected to be completed during the first quarter of 2014. No impairment was recognized for the year ended 31 December 2013.
41
annual_report
1150
454
The carrying value of real estate to be disposed of at December 31, 1999 and 1998 was $1.6 million and $0.0 million, net of impairment adjustments of $0.4 million and $0.0 million, valuation allowances of $0.3 million and $0.0 million, and accumulated depreciation of $0.2 million and $0.0 million, respectively. Once ma...
166
10K
2149
440
NM=Not Meaningful. In 2001, the Company had a net loss for the year due primarily to the September 11 event.
20
10K
1849
907
The remainder of the increase in adjusted operating income came from our mutual funds and wrap-fee products business. Asset-based and transaction-based fees increased as a result of continued growth in our proprietary mutual fund assets under management and expansion of our wrap-fee products.
43
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2011
1,721
Reinsurance Life Property-casualty €m 2011 Prev. year 2011 Prev. year change in unearned premiums – gross –8 –73 273 418 change in unearned premiums – ceded share – – –160 9
31
annual_report
2312
1,145
Changes in the unpaid claims reserve and liabilities related to accident and health insurance were as follows (dollars in millions):
20
10K
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2010
1,062
Organisational structure to ensure that our risk management operates efficiently and effectively, we have established specific risk management functions and bodies. our integrated risk management (irm) Division supervises risk management group-wide, building on decentralised structures in all units of the group. it is ...
100
annual_report
PhoenixGroupHoldingsPLC-AR_2017
2,034
For management purposes, the Group is organised into business units based on their products and services. For reporting purposes, business units are aggregated where they share similar economic characteristics including the nature of products and services, types of customers and the nature of the regulatory environment...
74
annual_report
INGGroepNV-AR_2002
249
It has a seating capacity of 250. In the adjacent atrium, enormous drawbars carry the weight of the auditorium.
19
annual_report
PhoenixGroupHoldingsPLC-AR_2013
281
The Board considers that MCEV provides the most relevant and consistent means of assessing the Group’s ability to increase value through the delivery of incremental management actions
27
annual_report
4503
857
sales of variable annuity products in the United States will generate higher revenues in the period such sales occur than sales of other investment products that either generate lower upfront revenues or, in the case of segregated funds, no upfront revenues;
41
10K
PowszechnyZakladUbezpieczenSA-AR_2017
1,361
At the same time, it has been consistently developing its own network of 60 outlets, among others Warsaw, Gdańsk,
19
annual_report
LloydsBankingGroupPLC-AR_2001
322
Chartered Trust, operating expenses increased by £16 million of which £13 million was in respect of increased operating lease depreciation. Other costs in the year were therefore held flat.
29
annual_report
NatwestGroupPLC-AR_2008
1,881
Performance evaluation The Board has undertaken a formal and rigorous evaluation of its own performance and that of its committees and individual directors.
23
annual_report
fr_axa-AR_2019
8,879
about-us/governance-overview) and the documents referred to in (ii) and (iii) (
11
annual_report
182
472
The 1995 statutory net loss includes the dividend of one of SCIC's subsidiaries to its parent company. The $13.2 million loss is directly offset by an increase in statutory surplus for the change in the unrealized gain from the investment in the company. Additionally, the 1995 reported statutory net loss does not inclu...
92
10K
fr_axa-AR_2012
3,810
The profi tability of AXA’s Accumulator series of Variable Annuity products depends, among other factors, on AXA’s ability to effectively hedge the Accumulator guarantees. The Company has implemented and continues to pursue a number of initiatives, including re-design and re-pricing of certain product features, designe...
62
annual_report
777
215
Other operating costs and expenses for 1997 decreased 7.5% compared to 1996. This decrease is primarily due to the elimination of costs (and previously referenced revenues) for the BPO unit in Florida and an increase in amounts capitalized principally related to the continued enhancement and development of the Company'...
101
10K
HiscoxLtd-AR_2002
330
Other technical income 5(d) – 1,324 Net operating expenses 7 (145,751) (141,362) Other technical charges 5(d) (3,856) – Movement in equalisation provision 5(d), 8 (2,703) (2,582)
26
annual_report
SwissReAG-AR_2018
2,508
investment activities due to credit spread widening and underperformance from the implied equity exposure arising from unit-linked business. For further details on the EVM financial performance, refer to the EVM chapter on pages 56–67 of this Financial Report.
38
annual_report
4110
1,575
The Company began consolidating CastlePoint’s financial statements as of the closing date. The purchase consideration has been allocated to the assets acquired and liabilities assumed, including separately identified intangible assets, based on their fair values as of the close of the acquisition, with the amounts exce...
73
10K
fr_axa-AR_2013
8,216
To the Board of Directors of AXA: As Statutory Auditors of AXA and at your request, we have performed audit procedures on AXA and its subsidiaries’ (the “Company”)
28
annual_report
gb_prudential-AR_2018
2,595
Post cessation share ownership policy Our current policy is that existing remuneration arrangements, including the deferral under the bonus into Prudential plc shares or ADRs for three years and a post-performance holding period of two years for awards of Prudential plc shares or ADRs under the PLTIP, will normally con...
89
annual_report
NatwestGroupPLC-AR_2014
4,265
The PFE on credit derivatives is based on add-on factors determined by the asset quality of the referenced instrument. Qualifying credit derivatives attract a PFE add-on of 5% and have reference securities issued by public sector entities, multilateral development banks or other investment grade issuers. Non-qualifying...
54
annual_report
fr_axa-AR_2000
1,768
2000 compared to 1999. Net income from the other International Insurance companies increased by €9 million, primarily as a result of a €40 million increase in net income contributed by Créalux as compared to 1999. This increase was due to the release of equalization reserve surpluses, which was partially offset by loss...
69
annual_report
4405
1,270
Despite the execution of the Non-Guaranteed Put Contract and the Guaranteed Liquidity Facilities, and the significant portion of FSAM assets comprised of highly liquid securities backed by the full faith and credit of the United States (as of December 31, 2011 approximately 62.1% of the FSAM Assets (measured by aggrega...
150
10K
SwissLifeHoldingAG-AR_2020
1,949
Provisions are liabilities with uncertainties as to the amount or timing of payments. Provisions are recognised if there is a present obligation that probably requires an outflow of resources and a reliable estimate can be made at the balance sheet date and be measured on a best estimate basis. Contingent liabilities a...
89
annual_report
NatixisSA-AR_2020
11,444
The share capital amounted to €5,052,644,851.20 on March 1, 2021, divided into 3,157,903,032 fully paid-up shares of €1.60 each.
19
annual_report
4045
900
Net Investment Income. Net investment income decreased $0.7 million, or 31%, to $1.4 million in 2009, from $2.1 million in 2008. During 2009, Twin Bridges distributed $6.0 million of capital to its parent company, CRM Holdings which resulted in lower investment holdings and investment income at Twin Bridges in 2009 as ...
54
10K
5714
1,758
The 2029 Notes are the Company’s senior unsecured obligations and rank equally with the Company’s other senior unsecured and unsubordinated debt from time to time outstanding. The 2029 Notes are effectively subordinated to all of the Company’s existing and future secured indebtedness to the extent of the value of the a...
73
10K
ScorSE-AR_2016
4,325
The professional standards require that we perform the necessary procedures to assess the fairness of the information provided in the Chairman’s report in respect of the internal control and risk management procedures relating to the preparation and processing of the accounting and financial information. These procedur...
149
annual_report
634
128
The Company's title insurance segment is labor intensive; accordingly, a major variable expense component is salaries and other personnel costs. This expense component is affected by two competing factors: the need to monitor personnel changes to match corresponding or anticipated new orders, and the need to provide qu...
72
10K
NatixisSA-AR_2004
2,166
STATEMENTS OF PERSONS RESPONSIBLE Statement of person responsible for the shelf-registration document p. 221 Statement of Statutory Auditors p. 222 Information policy p. 223
24
annual_report
5518
2,113
We have a securities lending program whereby securities are loaned to third parties, primarily brokerage firms and commercial banks. We obtain collateral, usually cash, from the borrower, which must be returned to the borrower when the loaned securities are returned to us. Under our securities lending program, we were ...
172
10K
AvivaPLC-AR_2020
3,185
23 – Lease assets and liabilities On 1 January 2019 the Group adopted IFRS 16 Leases, the standard which replaced IAS 17 Leases. Adoption of the standard resulted in assets previously held under operating leases (and their corresponding lease liabilities) being recognised on the statement of financial position for the ...
119
annual_report
5513
2,890
Deferred income taxes, net decreased 70%, to $69 million as of December 31, 2018 (2017: $234 million), primarily through the continued use of our net operating loss carryforwards to offset taxable income. We had no remaining net operating loss carryforwards as of December 31, 2018.
45
10K
StorebrandASA-AR_2009
1,950
During the identification of extra value, the estimated market value of the acquired insurance policies was substantially lower than the booked value of the liabilities. The difference between the booked value and the market value represents what is called the value of business in force (VIF) and is calculated on the b...
147
annual_report
AvivaPLC-AR_2015
2,816
Operating profit/(loss) before tax attributable to shareholders 1,424 414 449 141 268 214 223 106 (574) 2,665 1 Total reported income, excluding inter-segment revenue, includes £9,031 million from the United Kingdom (Aviva plc’s country of domicile). Income is attributed on the basis of geographical origin which does n...
68
annual_report
680
312
Management's Discussion and Analysis of Financial Condition and Results of Operations (CONTINUED)
12
10K
4943
904
The increase in net capital losses for 2013 compared to 2012 was primarily due to an increase in the provision for our commercial mortgage loan losses and capital losses on real estate. These capital losses were partially offset by net capital gains related to the sale of certain fixed maturity securities. See “Busines...
54
10K
3161
1,165
8.309% Junior Subordinated Debentures-The Junior Subordinated Debentures bear interest at the rate of 8.309% per annum paid semiannually and mature on February 1, 2027. The Junior Debentures are redeemable at the option of the Company on or after February 1, 2007. The Junior Subordinated Debentures are subordinated to ...
55
10K
4890
648
Capitalization - During 2014, the Company raised $400 through a public offering of 10-year notes. The following table shows the composition of Old Republic's capital structure inclusive of this capital raise.
31
10K
5789
982
Operational Improvement Program - In April 2014, Legacy Willis announced a multi-year operational improvement program designed to strengthen its client service capabilities and to deliver future cost savings. The main elements of the program included: moving more than 3,500 support roles from higher cost locations to f...
69
10K
3367
1,583
The loss ratio for our personal lines for 2007 was 37.7% as compared to 99.0% for 2006. This decrease was primarily attributable to favorable reserve development. Favorable reserve development of $303,000 in 2007 for the personal automobile lines represented a significant shift from the adverse development in this line...
130
10K
NatixisSA-AR_2003
2,352
33.1 – Reconciliation of the tax charge per the financial statements and the theoretical tax charge in EUR millions 2003 2002 2001 plus: Corporate income tax charge 154 13 79 less: Income from companies accounted for by the equity method (10) (3) (13)
43
annual_report
AegonNV-AR_2011
2,725
The deferred parts will be paid 50% in cash (=100) and 50%
12
annual_report
5292
1,176
Pursuant to the terms of agreements with noncontrolling shareholders in our less than wholly-owned subsidiaries, we may be obligated to acquire their equity ownership interests. If we had acquired all outstanding noncontrolling interests as of December 31, 2016, we estimate the cost would have been approximately $5.0 b...
72
10K
SwissReAG-AR_1993
163
The consolidated gross premiums of the Swiss Reinsur­ ance Company (UK) Limited, London, and the Palatine Insurance Company Limited, London, rose in Non-Life business by 21.3% to GBP 166.4 million.The growth rates were particularly pronounced in non-proportional and facultative business.The underwriting loss was lower ...
115
annual_report
StandardLifeAberdeenPLC-AR_2018
1,663
G o ver n an c e 85Standard Life Aberdeen 2018
11
annual_report
fr_axa-AR_2005
283
Jean-René Fourtou 1963: Management Consultant of Organization Bossard & Michel. 1972: Chief Executive Officer of Bossard Consultants. 1977: Chairman and Chief Executive Officer of Groupe Bossard. 1986 – 1999: Chairman and Chief Executive Officer of RhônePoulenc Group which became Aventis.
40
annual_report
gb_prudential-AR_2016
199
IFRS operating profit based on longer-term investment returns2,3 £m The Group’s business involves entering into long-term contracts with customers, and hence the Group manages its associated assets and liabilities over a longer-term time horizon. This enables the Group to manage a degree of short-term market volatility...
97
annual_report
fr_axa-AR_2012
1,602
Adjusted earnings decreased by €7 million (-3%) to €233 million, mainly driven by lower realized capital gains, especially on real estate and equities, partly offset by higher underlying earnings.
29
annual_report
nl_ing_grp-AR_2012
5,025
Because we use assumptions to model client behaviour for the purpose of our market risk calculations, the difference between the realisation and the assumptions may have an adverse impact on the risk figures and future results. We use assumptions in order to model client behaviour for the risk calculations in our banki...
109
annual_report
5518
2,670
Set forth in the tables below is certain financial information with respect to the Company’s segments, as well as Corporate & Other, for the years ended December 31, 2018, 2017 and 2016 and at December 31, 2018 and 2017. The segment accounting policies are the same as those used to prepare the Company’s consolidated an...
81
10K
AdmiralGroupPLC-AR_2014
1,218
Service contracts and leaver/change of control provisions The Company’s policy is to limit termination payments on termination to pre-established contractual arrangements. In the event that the employment of an Executive Director is terminated, any compensation payable will be determined in accordance with the terms of...
120
annual_report
StorebrandASA-AR_2006
233
Market research has demonstrated that price is the most important criteria when Norwegians buy P&C insurance. Storebrand accordingly sells these products mainly through the Internet and by telephone, which are cost-effective distribution channels that allow the company to offer peace of mind at low prices. Customers ca...
64
annual_report
StorebrandASA-AR_2012
2,458
2) Senior executives are contractually entitled to performance related bonuses. 50 per cent of the awarded bonus is paid in cash. the remaining amount is converted to synthetic shares based on the market price. these are registered in a share bank with a lock-in period of three years. at the expiration of the three-yea...
126
annual_report
589
858
A summary of stock option activity and prices for 1996, 1995, and 1994 is presented below:
16
10K
NatwestGroupPLC-AR_2014
1,721
‘good leavers’ will vest, normally on the original vesting dates, and shares from the fixed share allowance will continue to be released over the applicable five year retention period in order to ensure former EDs maintain an appropriate interest in RBS shares.
42
annual_report
StandardLifeAberdeenPLC-AR_2012
1,535
The Company has the option to defer coupon payments on the securities on any relevant payment date. Deferred coupons shall be satisfied only in the following circumstances, all of which occur at the sole option of the Company: • redemption; or
41
annual_report
AegonNV-AR_2001
466
After successfully integrating several major acquisitions in recent years, AEGON USA’s decentralized operating structure has allowed it to effectively manage the complexity that can often accompany size. Key to its success has been creating an infrastructure that gives distinct business groups the autonomy to fully cap...
55
annual_report
5529
1,447
AOCI from the enactment of the Tax Cuts and Jobs Act of 2017 ("Tax Reform"). We adopted ASU 2018-02 in the first quarter
23
10K