Finanssektorens Pensionskasse 2 Disclaimer This is a translation of the Danish original document. In the event of inconsistency,
Finanssektorens Pensionskasse 3 GENERAL DETAILS Name Finanssektorens Pensionskasse Amaliegade 27 1256 Copenhagen K Central Busin
Finanssektorens Pensionskasse 4 CONTENTS Page GENERAL DETAILS 5-YEAR REVIEW MAIN EVENTS IN 2008 Unusually bad investment year Ag
Finanssektorens Pensionskasse 5 INVESTMENTS Negative return on investments in 2008 Return in FSP WebLink Property investments Da
Finanssektorens Pensionskasse 6 5-YEAR REVIEW Pension activities 2008 Financial figures (DKK million) Membership contribution on
Finanssektorens Pensionskasse 7 5-YEAR REVIEW, CONTINUED Health and accident insurance activities 2008 Financial figures (DKK mi
Finanssektorens Pensionskasse 8 MAIN EVENTS IN 2008 • Unusually bad investment year • Agreement about financial stability • FSP
Finanssektorens Pensionskasse 9 Agreement about financial stability Our industry association, Forsikring & Pension, in October e
Finanssektorens Pensionskasse 10 The gross addition in 2008 was 651 customers while the total number of customers, net, increase
Finanssektorens Pensionskasse 11 Accordingly, to achieve economies of scope, in June, FSP Pension entered into agreement about o
Finanssektorens Pensionskasse 12 New potential in FSP WebLink FSP WebLink is currently developed so that the scheme is still a m
Finanssektorens Pensionskasse 13 According to the agreement, the pension funds must focus on consolidation and shall not increas
Finanssektorens Pensionskasse 14 Financial performance and capital base The negative investment return for the year as well as t
Finanssektorens Pensionskasse 15 MANAGEMENT AND EMPLOYEES OF THE PENSION FUND Supervisory and Executive Boards In 2008, the Supe
Finanssektorens Pensionskasse 16 Good corporate governance in FSP Pension The Supervisory Board is currently working with the re
Finanssektorens Pensionskasse 17 CUSTOMER SERVICE Top line growth and new customers FSP’s profile as a modern and competitive pe
Finanssektorens Pensionskasse 18 Satisfaction survey among the customers According to the most recent customer survey from the a
Finanssektorens Pensionskasse 19 THE ACTUARIAL DEPARTMENT From market rate to account rate FSP follows the initiatives of the in
Finanssektorens Pensionskasse 20 FSP BonusKapital Effective as from 2006, FSP introduced FSP BonusKapital to illustrate the cust
Finanssektorens Pensionskasse 21 • Customers of other departments will receive return on their investment by between 2.55% and 2
Finanssektorens Pensionskasse 22 INVESTMENTS Negative return on investments in 2008 The return on investments for the year was v
Finanssektorens Pensionskasse 23 Despite the notable losses in 2008, the three FSP Vælger funds, in which FSP composes the inves
Finanssektorens Pensionskasse 24 In June 2008, FSP made an investment in 33 newly built terraced houses in Vallensbæk, Solsikkeh
Finanssektorens Pensionskasse 25 responsibility according to section 132 of the Danish Executive Order on the Preparation of Fin
Finanssektorens Pensionskasse 26 RISK MANAGEMENT AND COMPLIANCE Risks In the Executive Order on Financial Reports for Insurance
Finanssektorens Pensionskasse 27 Beneficial risk process for people in active employment Employees in the financial sector repre
Finanssektorens Pensionskasse 28 Risk scenarios of the Danish Financial Supervisory Authority As a part of the risk management i
Finanssektorens Pensionskasse 29 also resulted in considerable tightening of procedures and rules for approval of counterparts a
Finanssektorens Pensionskasse 30 Valuation of assets It has always been subject to a certain degree of uncertainty to measure as
Finanssektorens Pensionskasse 31 FINANCIAL STATEMENTS Unsatisfactory consolidated financial performance The financial performanc
Finanssektorens Pensionskasse 32 FSP’s group structure has in 2008 been expanded with the establishment of FSP It ApS in connect
Finanssektorens Pensionskasse 33 salaries as a result of certain positions, which in 2007 were vacant by reason of the insuffici
Finanssektorens Pensionskasse 34 Analysis of earnings generation The earnings generation in a pension fund can be allocated into
Finanssektorens Pensionskasse 35 The risk profit/loss The risk profit/loss shows a profit of DKK 19.9 million after accruing of
Finanssektorens Pensionskasse 36 SIGNATURES OF THE EXECUTIVE AND SUPERVISORY BOARDS The Supervisory and Executive Boards have to
Finanssektorens Pensionskasse 37 Auditors selected by the Annual General Meeting. THE INDEPENDENT AUDITOR'S REPORT To the custom
Finanssektorens Pensionskasse 38 ACCOUNTING POLICIES In general The annual report has been prepared in accordance with the rules
Finanssektorens Pensionskasse 39 Consolidation The consolidated financial statements comprise the Parent FSP, FSP IT ApS (wholly
Finanssektorens Pensionskasse 40 Assets and liabilities in foreign currencies are recorded at the official exchange rates at the
Finanssektorens Pensionskasse 41 Income from investment properties comprise the operating profits or losses of the properties ex
Finanssektorens Pensionskasse 42 Balance sheet Assets Group 2008 2007 DKK mill. DKK mill. Property, plant and equipment Operatin
Finanssektorens Pensionskasse 43 Balance sheet Equity and liabilities Group 2008 2007 DKK mill. DKK mill. Equity Revaluation res
Finanssektorens Pensionskasse 44 Income statement Group 2008 2007 DKK mill. DKK mill. Membership contributions Reassurance contr
Finanssektorens Pensionskasse 45 Statement of changes in equity Group 2008 2007 DKK mill. DKK mill. Changes in equity Equity at
Finanssektorens Pensionskasse 46 Notes Group 2008 2007 DKK mill. DKK mill. 1. Property, plant and equipment Operating equipment
Finanssektorens Pensionskasse 47 Notes Group 2008 2007 DKK mill. DKK mill. 3. Investments in group enterprises and associates Gr
Finanssektorens Pensionskasse 48 Notes Group 2008 2007 DKK mill. DKK mill. 8. Other Interest swaps and swaptions Financial contr
Finanssektorens Pensionskasse 49 Notes Group 2008 2007 DKK mill. DKK mill. 12. Pension provisions Pension provisions Balance at
Finanssektorens Pensionskasse 50 Notes Group 2008 2007 DKK mill. DKK mill. 12. Pension provisions (continued) Change for the yea
Finanssektorens Pensionskasse 51 Notes Group 2008 2007 DKK mill. DKK mill. 16. Other payables Holiday pay commitment Property cr
Finanssektorens Pensionskasse 52 Notes Group 2008 2007 DKK mill. DKK mill. 18. Interest and dividends, etc. Return on securities
Finanssektorens Pensionskasse 53 Notes Group 2008 2007 DKK mill. DKK mill. 22. Operating expenses in terms of pension Fees and s
Finanssektorens Pensionskasse 54 Notes Group 2008 2007 DKK mill. DKK mill. 23. Technical profit/loss on health and accident insu
Finanssektorens Pensionskasse 55 Notes 25. Cash flow statement 2008 DKK mill. Paid-in membership contributions Paid-in reassuran
Finanssektorens Pensionskasse 56 Notes 26. Management of the Pension Fund Supervisory Board Claus E. Petersen Chairman of the Bo
Finanssektorens Pensionskasse 57 Notes 26. Management of the Pension Fund Ane Marie Holm Nielsen Director or department, Spar No
Finanssektorens Pensionskasse 58 Notes 26. Management of the Pension Fund Tina Rønfeldt Branch board member Kreds Nordea, Nordea
Finanssektorens Pensionskasse 59 Notes Specifikation of assets and their return at market value (DKK mill.) Market value At the
Finanssektorens Pensionskasse 60 Notes Share and unit portfolios, percentage distribution into businesses and regions Other Far
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Finanssektorens Pensionskasse 2 Disclaimer This is a translation
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Finanssektorens Pensionskasse 3 GENERAL DETAILS Name Finanssekto
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Finanssektorens Pensionskasse 4 CONTENTS Page GENERAL DETAILS 5-
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Finanssektorens Pensionskasse 5 INVESTMENTS Negative return on i
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Finanssektorens Pensionskasse 6 5-YEAR REVIEW Pension activities
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Finanssektorens Pensionskasse 7 5-YEAR REVIEW, CONTINUED Health
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Finanssektorens Pensionskasse 8 MAIN EVENTS IN 2008 • Unusually
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Finanssektorens Pensionskasse 9 Agreement about financial stabil
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Finanssektorens Pensionskasse 10 The gross addition in 2008 was
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Finanssektorens Pensionskasse 11 Accordingly, to achieve economi
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Finanssektorens Pensionskasse 12 New potential in FSP WebLink FS
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Finanssektorens Pensionskasse 13 According to the agreement, the
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Finanssektorens Pensionskasse 14 Financial performance and capit
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Finanssektorens Pensionskasse 15 MANAGEMENT AND EMPLOYEES OF THE
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Finanssektorens Pensionskasse 16 Good corporate governance in FS
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Finanssektorens Pensionskasse 17 CUSTOMER SERVICE Top line growt
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Finanssektorens Pensionskasse 18 Satisfaction survey among the c
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Finanssektorens Pensionskasse 19 THE ACTUARIAL DEPARTMENT From m
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Finanssektorens Pensionskasse 20 FSP BonusKapital Effective as f
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Finanssektorens Pensionskasse 21 • Customers of other department
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Finanssektorens Pensionskasse 22 INVESTMENTS Negative return on
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Finanssektorens Pensionskasse 23 Despite the notable losses in 2
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Finanssektorens Pensionskasse 24 In June 2008, FSP made an inves
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Finanssektorens Pensionskasse 25 responsibility according to sec
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Finanssektorens Pensionskasse 26 RISK MANAGEMENT AND COMPLIANCE
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Finanssektorens Pensionskasse 27 Beneficial risk process for peo
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Finanssektorens Pensionskasse 28 Risk scenarios of the Danish Fi
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Finanssektorens Pensionskasse 29 also resulted in considerable t
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Finanssektorens Pensionskasse 30 Valuation of assets It has alwa
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Finanssektorens Pensionskasse 31 FINANCIAL STATEMENTS Unsatisfac
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Finanssektorens Pensionskasse 32 FSP’s group structure has in 20
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Finanssektorens Pensionskasse 33 salaries as a result of certain
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Finanssektorens Pensionskasse 34 Analysis of earnings generation
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Finanssektorens Pensionskasse 35 The risk profit/loss The risk p
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Finanssektorens Pensionskasse 36 SIGNATURES OF THE EXECUTIVE AND
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Finanssektorens Pensionskasse 37 Auditors selected by the Annual
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Finanssektorens Pensionskasse 38 ACCOUNTING POLICIES In general
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Finanssektorens Pensionskasse 39 Consolidation The consolidated
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Finanssektorens Pensionskasse 40 Assets and liabilities in forei
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Finanssektorens Pensionskasse 41 Income from investment properti
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Finanssektorens Pensionskasse 42 Balance sheet Assets Group 2008
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Finanssektorens Pensionskasse 43 Balance sheet Equity and liabil
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Finanssektorens Pensionskasse 44 Income statement Group 2008 200
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Finanssektorens Pensionskasse 45 Statement of changes in equity
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Finanssektorens Pensionskasse 46 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 47 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 48 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 49 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 50 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 51 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 52 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 53 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 54 Notes Group 2008 2007 DKK mill.
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Finanssektorens Pensionskasse 55 Notes 25. Cash flow statement 2
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Finanssektorens Pensionskasse 56 Notes 26. Management of the Pen
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Finanssektorens Pensionskasse 57 Notes 26. Management of the Pen
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Finanssektorens Pensionskasse 58 Notes 26. Management of the Pen
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Finanssektorens Pensionskasse 59 Notes Specifikation of assets a
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Finanssektorens Pensionskasse 60 Notes Share and unit portfolios
FSP
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