Finanssektorens Pensionskasse 3 TABLE OF CONTENTS Page GENERAL INFORMATION BETTER MEANS AND BETTER LIVES WITH FSP FIVE YEAR SUMM
Finanssektorens Pensionskasse 4 GENERAL INFORMATION Name Finanssektorens Pensionskasse (FSP) Amaliegade 27 DK-1256 Copenhagen K.
Finanssektorens Pensionskasse 5 BETTER MEANS AND BETTER LIVES WITH FSP 2006 turned out to be yet another good year for FSP Pensi
Finanssektorens Pensionskasse 6 FIVE YEAR SUMMARY Pension activities 2006 Accounting figures (DKK thousand) Membership contribut
Finanssektorens Pensionskasse 7 Sickness and accident insurance activities Accounting figures (DKK thousand) 2006 2005 2004 2003
Finanssektorens Pensionskasse 8 HIGHTLIGHTS IN 2006 Profit of around DKK 415m Again in 2006, FSP Pension achieved satisfactory n
Finanssektorens Pensionskasse 9 In the course of 2006, FSP gained nearly 500 new customers (net). The top line growth is a resul
Finanssektorens Pensionskasse 10 Targeted risk diversification ensured large investment returns in 2006 Fluctuations in investme
Finanssektorens Pensionskasse 11 Meanwhile, FSP’s customers hold assets of averagely more than DKK 1.3m, while members of the ne
Finanssektorens Pensionskasse 12 FSP is specialised in property projects During the past ten years, FSP has experienced good ret
Finanssektorens Pensionskasse 13 Klosterbakken in Odense On Klosterbakken – one of the most attractive and central locations in
Finanssektorens Pensionskasse 14 Generally, extensive interest was paid to this special cooperation at the IPE conference, where
Finanssektorens Pensionskasse 15 In 2006, FSP had a considerable growth in pension contributions as a result of the transfer of
Finanssektorens Pensionskasse 16 FSP Gruppeliv can be taken out by a company for all its employees between the age of 18 and 60.
Finanssektorens Pensionskasse 17 FSP’s continuous modernisation of the pension scheme is isolated to the FSP Pension department
Finanssektorens Pensionskasse 18 MANAGEMENT AND EMPLOYEES OF THE PENSION FUND Supervisory Board and Executive Management In 2006
Finanssektorens Pensionskasse 19 Among the new opportunities are better possibilities of transferring accounts, greater flexibil
Finanssektorens Pensionskasse 20 FSP’s organisation after the establishment of the Development and Financial department is illus
Finanssektorens Pensionskasse 21 CUSTOMER SERVICE Speedy customer service FSP Pension strives for being a good advisor and coope
Finanssektorens Pensionskasse 22 Many new customers and member companies In 2006, FSP Pension had a net addition of 499 new cust
Finanssektorens Pensionskasse 23 The customers’ savings are placed in separate accounts in FSP WebLink. Both types of savings ar
Finanssektorens Pensionskasse 24 FSP has contact to private hospitals and clinics all over the country and is thus able to offer
Finanssektorens Pensionskasse 25 The customers have preferential rights to FSP’s residential units For a number of years, FSP ha
Finanssektorens Pensionskasse 26 According to Michael Budolfsen, the Financial Services Union experiences that some members are
Finanssektorens Pensionskasse 27 ACTUARY 18 initiatives on openness and transparency in the pension industry The industry associ
Finanssektorens Pensionskasse 28 In practice this means that this part of the bonus (dividend) is deposited on a separate accoun
Finanssektorens Pensionskasse 29 Moreover, the actuary has worked on the continued modernisation of the pension scheme in the fo
Finanssektorens Pensionskasse 30 INVESTMENTS Highlights on investments in 2006 • • • • • • Total investment return of 7.9 % (gro
Finanssektorens Pensionskasse 31 After several years of rising prices and a falling interest-rate level, bonds turned around in
Finanssektorens Pensionskasse 32 The return of the different types of assets ralated to benchmark is shown in the table below. M
Finanssektorens Pensionskasse 33 Properties at the end 2006 (14 % of assets) JP Morgan US RE 9% FSP properties 60% Britannia Inv
Finanssektorens Pensionskasse 34 FSP WebLink is among the best in the industry For the fourth year in a row, FSP has experienced
Finanssektorens Pensionskasse 35 FSP WebLink – return on funds Asset type Shares, industries Fund BankInvest Biotechnology (PAL)
Finanssektorens Pensionskasse 36 FSP has chosen to follow the recommendations of ”Netværk for god virksomhedsetik og ikkefinansi
Finanssektorens Pensionskasse 37 Publication of ownership interests Pursuant to the same section 98 in the above mentioned execu
Finanssektorens Pensionskasse 38 RISK MANAGEMENT AND COMPLIANCE Risks In the executive order on financial reports for insurance
Finanssektorens Pensionskasse 39 Favourable development in risks for people engaged in active employment Employees within the fi
Finanssektorens Pensionskasse 40 Investment risks Risk analysis for investments As a pension fund with significant assets, FSP h
Finanssektorens Pensionskasse 41 The risk scenarios of the Danish Financial Supervisory Authority As part of the risk management
Finanssektorens Pensionskasse 42 Currency risks of FSP’s international investments can be divided into bonds and shares, respect
Finanssektorens Pensionskasse 43 The hedging protects equity against the strengthening of pension provisions at market value in
Finanssektorens Pensionskasse 44 These conditions are continuously assessed in the Supervisory Board, for instance in connection
Finanssektorens Pensionskasse 45 FINANCIAL STATEMENTS Profit of approximately DKK 415m in 2006 In 2006, FSP achieved a satisfact
Finanssektorens Pensionskasse 46 Results from investment activities before pension investment returns were DKK 1,090.4m in 2006
Finanssektorens Pensionskasse 47 Operating expenses 1998-2005/2006 FSP Pension 160 Life insurance companies 140 Cross-disciplina
Finanssektorens Pensionskasse 48 Capital base and solvency margin The pension fund’s capital base, which consists of equity and
Finanssektorens Pensionskasse 49 Interest results Interest results show a profit of DKK 194.3m. This is due to the fact that the
Finanssektorens Pensionskasse 50 In 2006, FSP has reinforced its business related cooperation with the member companies by raisi
Finanssektorens Pensionskasse 51 SIGNATURES OF THE EXECUTIVE MANAGEMENT AND THE SUPERVISORY BOARD The Supervisory Board and the
Finanssektorens Pensionskasse 52 THE INDEPENDENT AUDITORS’ REPORT Auditors appointed by the annual general meeting. To the custo
Finanssektorens Pensionskasse 53 Opinion In our opinion, the annual report gives a true and fair view of the financial position
Finanssektorens Pensionskasse 54 ACCOUNTING POLICIES General information FSP’s financial statement is prepared in accordance wit
Finanssektorens Pensionskasse 55 Investment assets related to unit-linked insurances are assets corresponding to insurances, whe
Finanssektorens Pensionskasse 56 INCOME STATEMENT Membership contributions comprise continuous contributions (incl. contribution
Finanssektorens Pensionskasse 57 Annual report 2006
Finanssektorens Pensionskasse 58 BALANCE SHEET ASSETS 2006 DKK ‘000 Tangible assets Operating equipment Owner-occupied property
Finanssektorens Pensionskasse 59 BALANCE SHEET LIABILITIES 2006 DKK ’000 Note Equity Revaluation reserves Retained earnings Equi
Finanssektorens Pensionskasse 60 INCOME STATEMENT Note 16 Membership contributions Ceded reinsurance contributions Membership co
Finanssektorens Pensionskasse 61 STATEMENT OF CHANGES IN EQUITY 2006 DKK ’000 2005 DKK ’000 Changes in equity Equity at the begi
Finanssektorens Pensionskasse 62 NOTES 2006 DKK ’000 1. Tangible assets Operating equipment Operating equipment at cost at the b
Finanssektorens Pensionskasse 63 NOTES 2006 DKK ’000 3. Investments in associates Book value at the end of the year FSP owns 32
Finanssektorens Pensionskasse 64 NOTES 2006 DKK ’000 9. Investment assets related to unit-linked contracts Units of investment a
Finanssektorens Pensionskasse 65 NOTES 2006 DKK ’000 12. Pension provisions Pension provisions Balance at the beginning of the y
Finanssektorens Pensionskasse 66 NOTES Note 12 continued Changes for the year in pension provisions Changes for the year recogni
Finanssektorens Pensionskasse 67 NOTES 2006 DKK ’000 16. Membership contribution Continuous membership contributions, member ins
Finanssektorens Pensionskasse 68 NOTES 2006 DKK ’000 19. Pension investment returns tax Pension investment returns tax Adjustmen
Finanssektorens Pensionskasse 69 NOTES 2006 DKK ’000 2005 DKK ’000 21. Operating expenses Fees and wages Meeting expenses Other
Finanssektorens Pensionskasse 70 NOTES 2006 DKK ’000 2005 DKK ’000 22. Technical result of sickness and accident insurance Membe
Finanssektorens Pensionskasse 71 24. Cash flow statement 2006 DKK ’000 Membership contributions paid Reinsurance premiums paid P
Finanssektorens Pensionskasse 72 NOTES 25. Pension fund’s management Supervisory Board Claus E. Petersen Chairman of the Supervi
Finanssektorens Pensionskasse 73 NOTER 25. Pension fund’s management, continued Hans Erik Rasmussen Chief Clerk, Danske Bank. Me
Finanssektorens Pensionskasse 74 Specification of assets Carrying amount Beginning 1 Land and buildings, total 1.1 Land and buil
Finanssektorens Pensionskasse 75 Specification of equity investments, including equity investments in investment associations De
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Finanssektorens Pensionskasse c
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Finanssektorens Pensionskasse 3 TABLE OF CONTENTS Page GENERAL I
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Finanssektorens Pensionskasse 4 GENERAL INFORMATION Name Finanss
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Finanssektorens Pensionskasse 5 BETTER MEANS AND BETTER LIVES WI
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Finanssektorens Pensionskasse 6 FIVE YEAR SUMMARY Pension activi
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Finanssektorens Pensionskasse 7 Sickness and accident insurance
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Finanssektorens Pensionskasse 8 HIGHTLIGHTS IN 2006 Profit of ar
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Finanssektorens Pensionskasse 9 In the course of 2006, FSP gaine
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Finanssektorens Pensionskasse 10 Targeted risk diversification e
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Finanssektorens Pensionskasse 11 Meanwhile, FSP’s customers hold
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Finanssektorens Pensionskasse 12 FSP is specialised in property
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Finanssektorens Pensionskasse 13 Klosterbakken in Odense On Klos
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Finanssektorens Pensionskasse 14 Generally, extensive interest w
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Finanssektorens Pensionskasse 15 In 2006, FSP had a considerable
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Finanssektorens Pensionskasse 16 FSP Gruppeliv can be taken out
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Finanssektorens Pensionskasse 17 FSP’s continuous modernisation
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Finanssektorens Pensionskasse 18 MANAGEMENT AND EMPLOYEES OF THE
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Finanssektorens Pensionskasse 19 Among the new opportunities are
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Finanssektorens Pensionskasse 20 FSP’s organisation after the es
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Finanssektorens Pensionskasse 21 CUSTOMER SERVICE Speedy custome
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Finanssektorens Pensionskasse 22 Many new customers and member c
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Finanssektorens Pensionskasse 23 The customers’ savings are plac
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Finanssektorens Pensionskasse 24 FSP has contact to private hosp
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Finanssektorens Pensionskasse 25 The customers have preferential
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Finanssektorens Pensionskasse 26 According to Michael Budolfsen,
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Finanssektorens Pensionskasse 27 ACTUARY 18 initiatives on openn
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Finanssektorens Pensionskasse 28 In practice this means that thi
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Finanssektorens Pensionskasse 29 Moreover, the actuary has worke
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Finanssektorens Pensionskasse 30 INVESTMENTS Highlights on inves
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Finanssektorens Pensionskasse 31 After several years of rising p
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Finanssektorens Pensionskasse 32 The return of the different typ
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Finanssektorens Pensionskasse 33 Properties at the end 2006 (14
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Finanssektorens Pensionskasse 34 FSP WebLink is among the best i
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Finanssektorens Pensionskasse 35 FSP WebLink – return on funds A
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Finanssektorens Pensionskasse 36 FSP has chosen to follow the re
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Finanssektorens Pensionskasse 37 Publication of ownership intere
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Finanssektorens Pensionskasse 38 RISK MANAGEMENT AND COMPLIANCE
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Finanssektorens Pensionskasse 39 Favourable development in risks
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Finanssektorens Pensionskasse 40 Investment risks Risk analysis
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Finanssektorens Pensionskasse 41 The risk scenarios of the Danis
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Finanssektorens Pensionskasse 42 Currency risks of FSP’s interna
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Finanssektorens Pensionskasse 43 The hedging protects equity aga
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Finanssektorens Pensionskasse 44 These conditions are continuous
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Finanssektorens Pensionskasse 45 FINANCIAL STATEMENTS Profit of
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Finanssektorens Pensionskasse 46 Results from investment activit
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Finanssektorens Pensionskasse 47 Operating expenses 1998-2005/20
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Finanssektorens Pensionskasse 48 Capital base and solvency margi
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Finanssektorens Pensionskasse 49 Interest results Interest resul
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Finanssektorens Pensionskasse 50 In 2006, FSP has reinforced its
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Finanssektorens Pensionskasse 51 SIGNATURES OF THE EXECUTIVE MAN
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Finanssektorens Pensionskasse 52 THE INDEPENDENT AUDITORS’ REPOR
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Finanssektorens Pensionskasse 53 Opinion In our opinion, the ann
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Finanssektorens Pensionskasse 54 ACCOUNTING POLICIES General inf
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Finanssektorens Pensionskasse 55 Investment assets related to un
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Finanssektorens Pensionskasse 56 INCOME STATEMENT Membership con
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Finanssektorens Pensionsk
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Finanssektorens Pensionskasse 58 BALANCE SHEET ASSETS 2006 DKK ‘
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Finanssektorens Pensionskasse 59 BALANCE SHEET LIABILITIES 2006
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Finanssektorens Pensionskasse 60 INCOME STATEMENT Note 16 Member
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Finanssektorens Pensionskasse 61 STATEMENT OF CHANGES IN EQUITY
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Finanssektorens Pensionskasse 62 NOTES 2006 DKK ’000 1. Tangible
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Finanssektorens Pensionskasse 63 NOTES 2006 DKK ’000 3. Investme
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Finanssektorens Pensionskasse 64 NOTES 2006 DKK ’000 9. Investme
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Finanssektorens Pensionskasse 65 NOTES 2006 DKK ’000 12. Pension
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Finanssektorens Pensionskasse 66 NOTES Note 12 continued Changes
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Finanssektorens Pensionskasse 67 NOTES 2006 DKK ’000 16. Members
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Finanssektorens Pensionskasse 68 NOTES 2006 DKK ’000 19. Pension
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Finanssektorens Pensionskasse 69 NOTES 2006 DKK ’000 2005 DKK ’0
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Finanssektorens Pensionskasse 70 NOTES 2006 DKK ’000 2005 DKK ’0
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Finanssektorens Pensionskasse 71 24. Cash flow statement 2006 DK
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Finanssektorens Pensionskasse 72 NOTES 25. Pension fund’s manage
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Finanssektorens Pensionskasse 73 NOTER 25. Pension fund’s manage
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Finanssektorens Pensionskasse 74 Specification of assets Carryin
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Finanssektorens Pensionskasse 75 Specification of equity investm
FSP
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