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4557
1,981
Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility and disruptions in global capital markets, particular markets, or financial asset classes can have an adverse effect on us, in part because we have a larg...
113
10K
ch_zurich_insurance_group-AR_2016
3,021
Change in asset ceiling – – (17) (17) Remeasurement effects included in other comprehensive income 853 (209) (17) 627 Employer contributions – 508 – 508 Employer contributions paid to meet benefits directly 31 – – 31 Plan participants’ contributions (54) 54 – – Payments from the plan (incl. settlements) 870 (870) – – F...
61
annual_report
4013
821
The Company also maintains reserves for other latent exposures such as those associated with silica, lead, mold, chemical, gas and vapors and welding fumes. Changes in the Company’s liability for other latent exposures are summarized as follows:
37
10K
ScorSE-AR_2012
608
SCOR's success relies on the consistent implementation of the four principles on which its strategic plans, Dynamic Lift and now, Strong Momentum, are based, i.e. a high diversification, a robust capital shield, a strong franchise and a controlled risk appetite. Success in implementing such a strategy requires that, at...
112
annual_report
4450
875
The Company’s fixed maturity and equity investments are classified as “trading” and carried at fair value as required when applying the fair value option, with changes in fair value reflected in net realized investment gains or losses in the consolidated statements of operations. The majority of equity holdings, includ...
75
10K
5734
910
changes in market conditions, policy forms, exclusions, and exposures. The actuarial methods used to estimate loss and loss adjustment expenses reserves are:
22
10K
LloydsBankingGroupPLC-AR_2012
1,437
Former appointments: António joined Grupo santander in 1993 and held various senior management positions culminating in Executive Vice President of Grupo santander and a member of its Management committee. in november 2004 he was appointed as a non-Executive director of santander uK and from August 2006 until november ...
69
annual_report
AvivaPLC-AR_2013
2,008
Expenses 7 Claims and benefits paid, net of recoveries from reinsurers (22,093) (2,037) (23,601) (2,721) Change in insurance liabilities, net of reinsurance 41 a(ii) 2,493 (312) (430) (1,566) Change in investment contract provisions (7,050) (31) (4,450) (77) Change in unallocated divisible surplus 46 280 — (6,316) — Fe...
68
annual_report
de_allianz-AR_2003
2,195
Loss reserves of subsidiaries purchased (sold) are included (excluded ) as of the date of transaction (disposition).
17
annual_report
de_allianz-AR_2005
354
Spain, Switzerland and the United Kingdom comprise our primary insurance markets, with Germany as our most important single market, although we operate in almost every European country.
27
annual_report
3983
1,336
The estimated net loss and prior service cost for the defined benefit pension plans and post-retirement plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $1.2 million and $0.3 million, respectively.
43
10K
DirectLineInsuranceGroupPLC-AR_2019
3,508
Return on tangible equity is defined in the glossary on page 224 and is reconciled on page 228.
18
annual_report
ScorSE-AR_2011
5,048
P&C SE and EUR 123 million from SCOR HOLDING SWITZERLAND) compared to EUR 275 million as at 31 December 2010 (including EUR 102 million for SCOR Global P&C SE and EUR 1 million from SCOR HOLDING SWITZERLAND).
37
annual_report
4529
27,173
The increase in total investments was the result of purchases of securities associated with positive cash flow generated by our annuity business as sales continue to increase. In addition, the value of available-for-sale debt securities improved as a result of favorable impacts on fixed income securities as treasury ra...
53
10K
4898
1,633
As of December 31, 2014 and 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $214.1 and $252.7, respectively.
26
10K
StandardLifeAberdeenPLC-AR_2019
268
We work with our clients and customers to understand what they want from us and put this at the centre of the solutions we develop. Our ability to innovate and connect our different capabilities helps us to deliver better outcomes. This is what has driven our decision to take a fully integrated approach to private mark...
56
annual_report
AdmiralGroupPLC-AR_2018
516
In 2018 Admiral recognised reserve releases from commuted reinsurance contracts of £109.6 million (2017: £73.8 million). Excluding the accounting impact of commutations (refer to the glossary for further information), the releases relating to commuted reinsurance contracts were £141.5 million (2017: £97.5 million). The...
72
annual_report
3169
1,228
The estimated fair value of mortgage loans is based upon discounted cash flows, utilizing the market rate of interest for similar loans in effect at the valuation date. Other long-term investments consist primarily of holdings in limited partnership funds that are valued by the various fund managers. In management’s op...
61
10K
gb_prudential-AR_2012
3,092
† The statement of fi nancial position at 31 December 2012 includes the assets and liabilities of the acquired REALIC business. Details of the acquisition are described in note I1.
30
annual_report
gb_prudential-AR_2016
3,437
Assets held for sale note (ii) 726 – – – 726 2
12
annual_report
NatixisSA-AR_2019
9,889
In addition to the control procedures followed by the Finance Departments responsible for preparing individual or consolidated accounts, the quality of accounting controls is verified by: ad hoc audit assignments conducted by BPCE’s General InspectionV and Natixis’ General Inspection Department; inspections carried out...
48
annual_report
MuenchenerRueckversicherungsGesellschaftAGinMuenchen-AR_2007
1,743
In life insurance and reinsurance, biometric, lapse and interest-guarantee risks are especially relevant. The calculation of technical provisions is based on “biometric” actuarial assumptions, i.e. on assumptions with regard to mortality and disablement, which also take future trends into account and are regularly adju...
81
annual_report
1087
380
Interest rate risk results from the Company's holdings in interest-rate- sensitive instruments. The Company is exposed to potential losses arising from changes in the level or volatility of interest rates on
31
10K
StandardLifeAberdeenPLC-AR_2014
381
• Capital management increased by 4% in constant currency due to higher returns on surplus assets. Non-operating gain/(loss) The non-operating gain from our Canadian business of £52m (2013: loss £87m) included favourable short term fluctuations on investment return of £73m (2013: loss £70m) offset by £21m restructuring...
89
annual_report
5833
1,111
Held-to-maturity Security. Concurrent with the execution of the Vidalia Re Coinsurance Agreement, Vidalia Re entered into a Surplus Note Purchase Agreement (the “Surplus Note Purchase Agreement”) with Hannover Life Reassurance Company of America and certain of its affiliates (collectively, “Hannover Re”) and a newly fo...
177
10K
de_allianz-AR_2008
251
In accordance with the Agreement Concerning the Participation of Employees in Allianz SE, the seats for the six employee representatives are arranged in proportion to the number of Allianz employees in the EU member states. The
36
annual_report
2118
1,066
and a stipulation regarding its future operations. There can be no assurance that the Court will approve the settlement. Fairbanks’ financial condition and results of operations could be negatively impacted if such settlement is not finalized. In addition, PMI has been named as a defendant in several actions relating t...
129
10K
GjensidigeForsikringASA-AR_2012
91
The year 2012 Customer orientation and initiatives for customer retention was the main priorities in the Private Norway segment throughout 2012. New tariffs and better customer- and risk selection at the same time contributed to increased quality in the customer portfolio, increased profitability and increased competit...
89
annual_report
2656
1,151
In March 2004, the FASB’s Emerging Issues Task Force concluded its discussion of Issue No. 03-01, The Meaning of Other-Than-Temporary Impairments and Its Application to Certain Investments (EITF 03-01). EITF 03-01 provides accounting guidance regarding the determination of when an impairment (i.e., fair value is less t...
180
10K
4329
1,073
Policy acquisition and other underwriting expenses increased $58.1 million, to $175.1 million for the year ended December 31, 2009, from $117.0 million for the same period in 2008. Our expense ratio increased 0.9 percentage points to 32.5% for the year ended December 31, 2009, from 31.6% for the same period in 2008. Th...
79
10K
5695
826
We source HPA projections from a market accepted vendor and interest rate projections are developed from market sources. We use three HPA projection scenarios to develop a base case as well as stress and upside cases. The highest probability is assigned to the base case, with lower probabilities to the stress and upsid...
54
10K
SwissLifeHoldingAG-AR_2016
2,430
At 31 December 2016, if the swaption implied volatilities (interest rates) had been 10% higher, the embedded value would have been CHF 52 million higher (2015: CHF 37 million higher).
30
annual_report
HiscoxLtd-AR_2013
322
† excluding derivative assets and insurance linked funds. * The comparative information has been restated for the adoption of IAS 19 (2011). See note 2.2 for details.
27
annual_report
NatixisSA-AR_2013
2,427
Consequently, Basel 3 Core Equity Tier 1 rose from 9.2% at December 31, 2012 (pro forma of the disposal of CCIs) to 10.4% at December 31, 2013.
27
annual_report
3811
1,095
Our liability for policy benefit reserves increased to $15.8 billion at December 31, 2008 compared to $14.7 billion at December 31, 2007, primarily due to additional annuity sales as discussed above. Substantially all of our annuity products have a surrender charge feature designed to reduce the risk of early withdrawa...
88
10K
768
488
Net investment income for the year ended December 31, 1996, decreased by 2% from the prior year. Investment yields decreased on the Company's fixed maturity portfolio due to both market conditions and a greater investment in tax-exempt securities which was applied against a larger investment asset base.
47
10K
5890
862
The accompanying audited consolidated financial statements of Willis Towers Watson and our subsidiaries are presented in accordance with the rules and regulations of the SEC for annual reports on Form 10-K and are prepared in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in ...
49
10K
NatwestGroupPLC-AR_2015
2,089
December 2015, including details of each segment, and RBS's financial position as at that date is contained in the Business review on pages 101 to 127.
26
annual_report
4266
641
Deferred policy acquisition costs represent the deferral of expenses that we incur in acquiring new business or renewing existing business. Policy acquisition costs, consisting of primarily commission, advertising, premium taxes, underwriting and retail agency expenses, are initially deferred and then charged against i...
60
10K
HannoverRueckSE-AR_2012
1,196
If the average return on equity over the last three financial years reaches the risk-free interest rate, goal attainment is 0%. The risk-free interest rate is the average market interest rate over the past five years for 10-year German government bonds. If the average return on equity over the last three financial year...
140
annual_report
4419
3,614
NOL carryforwards amounted to $922 million as of December 31, 2011, and, if unused, will expire beginning in 2029.
19
10K
NNGroupNV-AR_2015
885
Socially Responsible Investment (SRI) funds (AR: p. 29; SS: p. 9, 11) Socially Responsible Investment (SRI) funds are specialised sustainable investment products which cater to the increasing demand for products that not only generate good financial returns, but are also good for society and the environment.
46
annual_report
AssicurazioniGeneraliSpA-AR_2014
4,702
pursuant to the provisions of article 154-bis of legislative decree no. 58 of 24 February 1998 and art. 81-ter of consob regulation no. 11971 of 14 May 1999
28
annual_report
4974
749
Our Health Plans segment derives its revenue, in the form of premiums, chiefly from Medicaid contracts with the states in which our health plans operate; and, to a lesser degree, from Medicare contracts entered into with the Centers for Medicare and Medicaid Services (CMS), a federal government agency.
48
10K
2549
542
During 2003, the Group reported adverse development of $34.1 for prior years' losses and LAE, representing 1.6% of loss and LAE reserves as of year-end 2002. This adverse development was concentrated in the Commercial and Personal Lines operating segments.
39
10K
RaiffeisenBankInternationalAG-AR_2013
139
RBI’s market capitalization at the end of 2013, with the number of outstanding shares at 195.5 million, stood at € 5.0 billion. At the beginning of 2014, the number of shares rose to 293 million by way of a capital increase; at € 21.61 per share – as of the editorial deadline – this led to a market capitalization of € ...
63
annual_report
2583
960
In October 2001, we entered into new interest rate swap agreements to replace the terminated agreements and, in doing so, converted the fixed rate on our 10.75% senior notes to a variable rate based on LIBOR plus 5.7525 percent. Such interest rate swap agreements were terminated in April 2002 generating cash proceeds o...
119
10K
5254
824
The following table displays the funding sources for the $10.98 billion of municipal bonds identified as revenue bonds in the foregoing table at December 31, 2016.
26
10K
PosteItalianeSpA-AR_2015
1,197
Operating activities generated a cash inflow of €2,303 million as a result of, among other things, profit for the year (€451 million) and the positive movement in working capital (up €2,223 million), reflecting the collection of Universal Service compensation and other receivables.
42
annual_report
NatwestGroupPLC-AR_2012
2,184
It is estimated that the change in methodology reduced VaR by £13.8 million (33%) on implementation.
16
annual_report
1060
264
inconsistent conclusions in their interpretation of several issues. These significant uncertainties are not likely to be resolved definitively in the near future.
22
10K
3040
1,782
• net income after tax for the year of $378.1 million;
11
10K
fr_axa-AR_2005
4,096
In the tables presented in section 15.9.1 and 15.9.2, liabilities arising from Life & Savings insurance and investments contracts exclude contracts where financial risk is borne by policyholders. These liabilities are not exposed to interest-rate or duration risk, excepted unit-linked contracts with performance guarant...
60
annual_report
3075
1,262
As of December 31, 2006, there was $2.8 million of total unrecognized compensation cost related to nonvested stock option compensation expense and $1.7 million of unrecognized compensation cost for nonvested restricted stock compensation expense that will be recognized over the remaining requisite service periods.
44
10K
4468
938
The Pennsylvania Insurance Department ("DOI") challenged the disposition of Lincoln General which led to litigation with the DOI. On October 17, 2011, the Company reached a settlement and release ending all legal disputes with the DOI and also completed the previously announced acquisition of a minority interest in Wal...
62
10K
3605
4,637
The table below sets forth the prior year reserve development made for by the Company for the years ended December 31, 2005 and 2006 (in thousands):
26
10K
4614
549
surplus of at least $250.0 million and an A.M. Best rating or an S&P rating of at least “A-.” If a reinsurer is rated by both rating agencies, then both ratings must be at least an “A-.”
37
10K
5797
1,940
On November 30, 2017, Watford Re amended and restated its $800.0 million secured credit facility (the “Secured Facility”) with Bank of America, N.A. through Watford Trust, which had originally been entered into in June 2015. Watford Re owns all of the beneficial interests of Watford Trust. The Secured Facility expires ...
178
10K
SwissReAG-AR_2015
2,848
Deferred tax liabilities Present value of future profits –640 –514 income accrued/deferred –929 –923 Bond amortisation –374 –639 Deferred acquisition costs –730 –914 technical provisions –3 104 –2 685 Unrealised gains on investments –1 657 –702 Untaxed realised gains –394 –224 foreign exchange provisions –279 –352 Othe...
79
annual_report
TopdanmarkAS-AR_2013
462
Total comprehensive income for the year 1 0 7 1,817 1,825
11
annual_report
5753
725
For contracts entered into on or after the January 1, 2019, at the inception of a contract the Company assesses whether the contract is, or contains, a lease. This assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially...
126
10K
BaloiseHoldingLtd-AR_2011
1,213
Unrealised gains and losses are reduced by the associated deferred taxes and liabilities and, for life insurance companies, additionally by the shares that will in future be used to amortise acquisition costs and to create policyholders’ dividends (shadow accounting)�
39
annual_report
5271
573
We have investment policy guidelines with respect to purchasing fixed maturity investments for our insurance subsidiaries which preclude purchases of bonds that are rated below investment grade by a recognized rating service. Our fixed maturity portfolio is composed of high quality, investment grade issues, comprised m...
122
10K
AdmiralGroupPLC-AR_2008
96
But enough whinging about what a tough world it is, let me tell you what Confused is doing to respond. First, we took the better part of 2008 to rebuild the quote engine. It’s now faster and easier for the customer. It also looks better. Second, we’ve launched a new TV campaign which, given the number of times people h...
97
annual_report
3989
4,052
The following table sets forth the components of discontinued operations, net of taxes for the years ended June 30, 2007, 2008 and 2009, respectively (in millions).
26
10K
1037
600
Net earnings increased 29% to $49.8 million in 1997 from $38.5 million in 1996. Diluted earnings per share increased 23% to $1.03 in 1997 from $0.84 in 1996.
28
10K
nl_ing_grp-AR_2015
3,469
Securities trading results includes the results of market making in instruments such as government securities, equity securities, corporate debt securities, money-market instruments, and interest rate derivatives such as swaps, options, futures and forward contracts. Foreign exchange transactions results includes gains...
56
annual_report
2068
318
AUDIT COMMITTEE FINANCIAL EXPERT The Board of Directors of the Company considers a financial expert to be a person who has, through either education or experience, an understanding of generally accepted accounting principles and financial statements, experience in preparing or auditing financial statements comparable t...
70
10K
RSAInsuranceGroupPLC-AR_2017
1,097
The Committee has a pivotal role in ensuring the key risks to the Group are understood, are effectively managed within risk appetite and appropriately reflected in the Internal Model, in the interests of shareholders and policyholders alike.
37
annual_report
5947
896
With respect to loans that are in default, considerable judgment is exercised as to the adequacy of reserve levels. We use an actuarial projection methodology referred to as a “roll rate” analysis that uses historical claim frequency information to determine the projected ultimate Default to Claim Rates based on the St...
115
10K
Sampoplc-AR_2014
24
In 2015 we intend to follow the same path – specifically, to deliver on shareholder value.
16
annual_report
ch_zurich_insurance_group-AR_2008
1,432
Impairments of non-derivative fi nancial instruments General The Group assesses at each balance sheet date whether there is objective evidence that a fi nancial asset or group of fi nancial assets is impaired. A fi nancial asset or group of fi nancial assets is impaired as a result of one or more events that have occur...
157
annual_report
1796
1,211
While management believes AFG has recorded adequate reserves for the items discussed in this note, the outcome is uncertain and could result in liabilities exceeding amounts AFG has currently recorded. Additional amounts could have a material adverse effect on AFG's future results of operations and financial condition....
79
10K
1611
592
2000 1999 1998 ------- --------- --------- Numerator: Net income $895,729 $975,895 $771,229 ======== ========= ========= Denominator: Denominator for basic earnings per share- weighted-average shares 4,317,779 4,397,141 4,272,516
27
10K
4184
1,770
The following table analyzes investment income, realized investment gains and losses and the change in unrealized investment gains and losses:
20
10K
4490
1,449
Realized and unrealized gains and losses are recognized in earnings using the first in and first out method. The analysis of net realized and unrealized gains for the years ended December 31, 2011, 2010 and 2009 are as follows:
39
10K
2380
132
Other revenue decreased $1.6 million (61%) compared to 2003 primarily due to a performance bonus earned during the first half of 2003 on sales of fixed annuity and life products under the terms of one of Legacy Marketing's insurance carrier partner contracts. The contract was amended to terminate the bonus program effe...
55
10K
4808
3,432
During the years ended December 31, 2013 and 2012, transfers into Level 3 assets primarily included certain investments in private placement corporate debt, RMBS, CMBS, CDO, ABS, and investments in hedge funds and private equity funds.
36
10K
4051
1,619
•growth in net investment income as a result of growth in partnership returns ($264 million of income in 2009 compared with losses of $1.2 billion in 2008) as well as lower losses from valuation adjustments from the investment in ML II, which offset the negative effects of higher liquidity in the investment portfolios;
53
10K
5053
1,517
company, Dai-ichi Life, based in Japan. Our credit rating was not affected by these actions. The ratings downgrades announced by Fitch did not trigger any requirements for us or our subsidiaries to post collateral or otherwise negatively impact current obligations.
40
10K
4144
2,017
As can be seen from the above, various factors are considered when determining appropriate data, assumptions, and methods used to establish the loss reserve for the long-tail product lines. These factors will also vary by origin year for given product lines. The derivation of loss development patterns from data and the...
105
10K
PowszechnyZakladUbezpieczenSA-AR_2017
2,476
IT systems may disrupt the work of the shareholder meeting and evince doubts concerning the efficacy of the resolutions adopted during its course. The appearance of these risks may affect the proper application of this rule to a full extent.
40
annual_report
4332
679
Condensed financial information of Homeowners Choice, Inc. is as follows (in thousands):
12
10K
BaloiseHoldingLtd-AR_2016
1,398
The acquisition cost corresponds to the fair value of the consideration paid to the previous owners on the date of the acquisition. If investments in the form of financial instruments or associates were already held before control was acquired, these investments are remeasured and any difference is recog­ nised in prof...
149
annual_report
HannoverRueckSE-AR_2017
756
• Outperform the Global Reinsurance Index (GloRe) over a three-year period
11
annual_report
4730
1,463
Consolidated Statement of Changes in Shareholders' Equity for the years ended December 31, 2013, 2012 and
16
10K
SwissReAG-AR_2020
3,966
Total realised gains/losses – unit-linked and with-profit business 3 512 423 –2 482 –220
14
annual_report
AvivaPLC-AR_2016
2,499
Items included in the financial statements of each of the Group’s entities are measured in the currency of the primary economic environment in which that entity operates (the functional currency). The consolidated financial statements are stated in pounds sterling, which is the Company’s functional and presentational c...
77
annual_report
fr_axa-AR_2016
3,176
Company’s main strategic partners and stakeholders; ■ consult with the Chief Executive Offi cer on major topics and events relating to the Company (including the Company’s strategy, major acquisition or divestment projects, signifi cant fi nancial transactions, major community projects and the appointment of the most s...
76
annual_report
3669
1,122
In March 2008, the FASB issued SFAS No. 161, Disclosures about Derivative Instruments and Hedging Activities - an amendment of FASB Statement No. 133. This Statement amends and expands the disclosure requirements in SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities to provide users of financial...
52
10K
5266
957
In 2016, the Company had $18.4 million of favorable prior accident year loss development, which included $17.0 million of favorable development on its voluntary risk business and $1.4 million of favorable development related to its assigned risk business. In 2015, the Company had $7.2 million of favorable prior acciden...
138
10K
5015
447
As indicated above, in June 2011, we filed a registration statement for a $250.0 million debt offering of Renewable Secured Debentures (subsequently renamed L Bonds) with the SEC, which registration statement was declared effective on January 31, 2012. Through December 31, 2014, the total amount of these L Bonds sold, ...
79
10K
ch_zurich_insurance_group-AR_2018
842
The Group Risk Committee (GRC) Members: Group CRO (Chairman), Group CFO, Group CIO, Group COO, Group General Counsel. The Head of Group Audit is invited ex officio to attend the meetings, but is not a voting member.
37
annual_report
3568
1,169
DBG’s expense ratio increased to 19.8 in 2006 compared to 19.5 in 2005, primarily due to an increase in other expenses that amounted to $498 million in 2006 (including out of period charges of $356 million) compared to $372 million in 2005. This increase added 0.4 points to the expense ratio.
51
10K
PhoenixGroupHoldingsPLC-AR_2014
242
FLEXIBILITY TO FINANCE TRANSACTIONS AND POTENTIAL TO DELIVER SIGNIFICANT VALUE GENERATION AND CASH
13
annual_report
4412
1,297
Leases: Torchmark leases office space and office equipment under a variety of operating lease arrangements. Rental expense for operating leases was $4.8 million in 2011, $4.9 million in 2010, and $4.9 million in 2009. Future minimum rental commitments required under operating leases having remaining noncancelable lease...
80
10K
5187
899
Global Health Care medical costs payable Medical costs payable for the Global Health Care segment include both reported claims and estimates for losses incurred but not yet reported.
28
10K
fr_axa-AR_2016
4,157
Thus, the “at-risk” portion of the Chief Executive Offi cer’s total compensation (variable compensation and share-based compensation)
17
annual_report
nl_ing_grp-AR_2014
1,713
Variable remuneration will not exceed 100% of base salary at the time of allocation. The policy provides for an at-target variable remuneration of 80% of base salary if performance criteria are met (split 50/50 in cash and shares (1)). If performance criteria are exceeded, the variable component can be increased from t...
79
annual_report
2286
376
Year Ended December 31, 2002: Life insurance in force(1) ................... $ 1,045,749 $ 6,646,105 $ 7,207,124 $ 1,606,768 448.5% ===================================================================================================================================
20
10K