SUMMARY ANNUAL REPORT Handelsbanken Liv HANDELSBANKEN LIV 1
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1 SUMMARY ANNUAL REPORT 1999 Handelsbanken Liv HANDELSBANKEN LIV 1
2 A word from the Managing Director We have now entered the third millennium, and everyone is talking about the new economy. Expectations of a company s future capacity have been brought into focus and less attention is paid nowadays to past performance. I sympathise with this view to some extent, but since an annual report is after all a report of historical performance I would like to start out with a brief glance in the rear mirror. Throughout the 1990s, the insurance market grew very strongly. In the past ten years, premium income has grown almost fourfold, from SEK 24 billion in 1990 to SEK 83 billion last year. A large part of this expansion can of course be attributed to the introduction of unit-linked insurance on the Swedish market. Last year this type of insurance represented SEK 39 billion out of total premium income. Handelsbanken Liv s premium income has developed better than the sector average over the past ten-year period. In 1990 our total premium income was about SEK 1 billion, but in 1999 it had increased to SEK 6.9 billion. Sales have also been very good in Total premium income increased by 36%. The largest increase was reported in the unit-linked operation, where premium income amounted to SEK 4.7 billion an increase of a whole 44%. Thanks to strong premium growth in combination with the stockmarket boom in 1999, the value of units held by policyholders in the unit-linked operation more than doubled during the year. As at year-end, the units were worth SEK 13.5 billion. This corresponds to almost 15% of the assets in Handelsbanken Mutual Funds. We also achieved a very good total yield of 21.6% on traditional life insurance activities in As in 1998 we thus have higher yield than the sector average. In consideration of this now historical performance, I therefore have a very optimistic view of Handelsbanken Liv s future development prospects. One thing I am particularly looking forward to is the opening provided by the new law on insurance operations. The law, which came into effect on 1 January 2000, now allows profits to be distributed from traditional insurance operations. It is only natural for these operations to be profitoriented like all other financial activities, and the transition to profit distribution was only a matter of time. Active owners will play a central role in the market economy by demanding a return on invested capital. This will vitalise the sector and lead to clearer rules of play. It will also lead to increasing competition and greater transparency to the benefit of the policyholders. Our strategy at Handelsbanken Liv is to turn the traditional company into a profit distributing company and to merge the traditional and unitlinked operations into one company at the beginning of This is on condition that the Swedish Financial Supervisory Authority as well as our policyholders are positive to such a reorganisation. We take a very positive view of the growth potential in the insurance market in the years ahead, and are therefore continuing to expand our advisory organisation to meet the existing requirements. We will also improve service to customers by gradually making parts of our range available via the Internet and increasing the integration of our operations with Handelsbanken s branches. For the past few years, our private pensions product has been fully integrated in this respect. A further step in this direction was taken in 1999 when the largest of our insurance products, Fondkapitalspar, was made directly available at Handelsbanken s branches. In order to improve customer services, we are also expanding our administrative functions and automating our routines. Our IT-related costs will therefore remain at the same level as the past few years. The significant increase in volumes and preparations for the millennium shift made large demands on all members of our staff. I am therefore both pleased and grateful for the efforts they have made and for their great commitment in the past year. Skilled staff, good results, fine prospects - I believe, as I wrote above, that I have every reason to be optimistic about our future prospects. BARBRO JOHANSSON HANDELSBANKEN LIV 2
3 Directors Report The Board of Directors and the Managing Director of Handelsbanken Liv Försäkringsaktiebolag (publ), (Handelsbanken Liv), herewith submit their annual report for 1999, the company s eighth year of operations. GENERAL Handelsbanken Liv is a wholly-owned subsidiary of Svenska Handelsbanken (publ), (Handelsbanken). Handelsbanken Liv is engaged in traditional life insurance activities according to mutual principles, which means among other things that the company s surplus goes back to its policyholders in the form of a bonus. The company s products are integrated with those of its associated company Handelsbanken Liv Fondförsäkringsaktiebolag (Handelsbanken Fond Liv). These products are marketed jointly under the name of Handelsbanken Liv, primarily to Handelsbanken s customers. Handelsbanken Liv is the parent company of a subsidiary that runs a property management operation. The company has a contract with Handelsbanken to purchase data processing and asset management services on market terms. LIFE INSURANCE MARKET Total premium income in Sweden for new life insurance policies, both traditional life insurance and unit-linked insurance policies, was SEK 42bn in This is an increase of slightly more than 47% compared with For traditional insurance, premium income for new insurance policies went up by 59%, from SEK 9.4bn in 1998 to SEK 14.9bn in Total premium income including renewal premiums amounted to SEK 44bn (35) for traditional life insurance. Handelsbanken Liv s total premium income rose by 21% to SEK 2 194bn (1 818). New insurance policies represented SEK 1 094m (768) of total premium income, an increase of 42%. Since the increase in the entire sector was 59%, the market share expressed as the proportion of new premiums in traditional life insurance fell from 8% in 1998 to 7% in NORDIC COUNTRIES Within the framework of Handelsbanken s universal banking concept, Handelsbanken Liv also offers life insurance products in the other Nordic countries. In Norway, personal risk insurance is marketed via a branch, while in Denmark and Finland various group life products are marketed on a cross-border basis from Sweden. Premium income in the Nordic countries totalled SEK 23m (21) in PRODUCTS Handelsbanken Liv offers life insurance products in the form of pensions via Handelsbanken Private Insurance and Handelsbanken Occupational Pension Plan. It also offers special products for capital insurance purposes, and risk protection insurance via group life insurance, largely in the form of loan protection insurance. Several of these products also include unit-linked arrangements via Handelsbanken Fond Liv. Handelsbanken s individual pension savings scheme, IPS, is yet another of the products offered by Handelsbanken Liv. RESULT The Group result was SEK 2 304m (1 720). This was the best result ever and a reflection of a very good return on capital during the year. The solvency margin at year end was 129% (120). In 1999 the average bonus was11.3%. ASSET MANAGEMENT 1999 was a good year for the asset management operation. The total yield on Handelsbanken Liv s asset management was better than the sector average, amounting to 21.6% (18.7) compared with the sector average of 20.2% (15.8). The extra yield for the year was achieved mainly via the good result in the sub-portfolios, unlike the previous year, when the good result was achieved mainly via an active reallocation between different categories of assets. The average total yield during the past five years is 17.2%. HANDELSBANKEN LIV 3
4 The market value of the assets under management was SEK m (16 034) as at 31 December 1999, of which Swedish interest-bearing investments represented 41%, international interest-bearing investments 5%, Swedish equities 20%, international equities 31% and property investment 3%. INTEREST-BEARING SECURITIES The change in the value of bonds was negative during the year owing to rising interest rates. The total return on Handelsbanken Liv s interestbearing investments was - 0.5%. Despite the negative return, fixed income management outperformed its benchmark index. This was due to the fact that the duration of the bond portfolio was reduced in spring 1999, which led to a smaller fall in the value of the bonds. The market value of the Swedish fixed income portfolio was SEK 8 191m at the end of Swedish nominal government bonds accounted for 52% of the total, mortgage bonds 39%, inflationlinked government bonds 6% and other instruments 3%. The market value of the international fixed income portfolio was SEK 999m at the end of USD represented 49% of this amount, EURO 47% and other currencies 4%. Index performance per investment type, 1999 Index EQUITIES Swedish equities International equities Swedish fixed income Jan April July Oct The equities portfolio gave a total return of 52.5%, thereby outperforming the benchmark indexes of both the Swedish and the international equities portfolios by a wide margin. The extra return achieved on the Swedish equities was attributable mainly to the overweight of growthoriented companies in the portfolio. The extra return on the international equities portfolio was the result of both geographical and sector reallocation. The international portfolio has also been overweighted in growth-oriented sectors such as technology and telecommunications. The market value of the total equities portfolio was SEK m, comprising SEK 4 015m in Swedish equities and SEK 6 197m in international equities. The international equities portfolio consisted of North American equities 45%, European equities 34%, Japanese equities 12% and others 9%. Total yield Group Interest-bearing Shares Property Total investments Other Total Market value Dec 31, 1998 MSEK % Net investments MSEK Change in value MSEK % , , , , ,9 Market value Dec 31, 1999 MSEK % Direct-yield MSEK % 488 5, ,8 26 5, , ,7 Total-yield MSEK % , , , , ,6 Average % 10,2 29,8 11,4 17,4 17,2 Total yield is a unit of measure defined and agreed on by the insurance sector. Direct yield expressed as a percentage is computed as direct yield in relation to the opening market value plus a monthly weighted average of net investments minus the direct yield for the year. Total yield is the sum of the direct yield and change in value in relation to the opening market value plus a monthly weighted average of net investments minus the direct yield for the year. HANDELSBANKEN LIV 4
5 Allocation of assets, market value as at 31 December 1999 International equities 31% Property 3% Swedish equities 20% International interest-bearing 5% advisors stationed at Handelsbanken branches across Sweden. There are now about 75 insurance advisors. The significant increase in new premiums has also led to an increase in commission costs. According to data from SPP, Handelsbanken Liv s share of the client company funds amounts to SEK 36m. This figure has not been reported in the balance sheet. The management expense ratio was 1.3% (1.3). International equities per country as at 31 December 1999 Emerging markets 6% Swedish interest-bearing 41% Asia 3% THE MILLENNIUM SHIFT A project was initiated in 1997 to ensure that the company would enter the new millennium with full functionality in all its computer systems. No incidents occurred in connection with the millennium shift. USA 45% PROPERTY Japan 12% The existing portfolio consists of two properties in central Stockholm. No changes have taken place in the property portfolio during the year. The total yield on the properties amounted to 19.8%, consisting of an increase in value of 14.1% and a direct yield of 5.7%. At the end of the year, the market value of the property portfolio was SEK 535m (470) and accounted for 3% (3) of total assets under management. OPERATING EXPENSES Europe 34% Operating expenses in the insurance operation amounted to SEK 240m (194), an increase of 24%. The operating expenses include compensation for sales as well as the cost of acquisition, administration and claims adjustment. The increase in operating expenses was attributable partly to continued investments in IT in order to streamline routines and facilitate insurance administration and partly to a continued increase in the number of insurance TAXES The company pays a standardised income tax regardless of its result. The figure on which the tax is based consists of the market value of all assets at the beginning of the fiscal year less financial liabilities at the same time. This figure is then multiplied by the average return on government securities for the previous year. The figure arrived at is then taxed at a rate of 15% in the case of pension insurance and 30% (calculated on 9/10 of the tax base and equivalent to a tax of 27%) in the case of capital insurance. Group life insurance and health and accident insurance are taxed at 28% calculated on the surplus generated by these business areas. The Group s tax charge for 1999 amounted to SEK 177m (185). In addition, a special premium tax of SEK 4m (4) was paid on group life insurance. INSURANCE RISKS The company insures the following types of risk event: death, survival, illness, recovery and accident. Risk assessment is carried out by the company s risk assessment unit in accordance with its risk assessment policy. Risk control is carried out and reported to the Board by the company s chief actuary. Risk control mainly involves the outcome for various risk events, risk diversification, reinsurance and the terms governing risk premium settlement. HANDELSBANKEN LIV 5
6 The company has entered into the following types of reinsurance agreement: Maximum reinsurance on death and sickness risks. This type of reinsurance implies that the company is responsible for the total risk exposure per insured party up to an agreed level and that the reinsurance company will cover the rest of the risk. Catastrophe reinsurance This type of reinsurance aims to limit payments by the company in connection with an accident that leads either to the deaths or long-term invalidity of several of the company s policyholders. Reinsurance pools here, a number of insurance companies allocate their risk costs among themselves in proportion to their premium income. HANDELSBANKEN LIV 6
7 Five-year review for Handelsbanken Liv Försäkringsaktiebolag Extracts from profit and loss account (MSEK) Premium income Investment income Insurance claims Bonuses Balance on the technical account - life insurance business Net profit for the year Financial position (MSEK) INVESTMENT ASSETS Buildnings and land Shares and participations Bonds Other investment assets Total investment assets Technical reserves Financial ratios (%) Total yield 11,1 19,9 14,9 18,7 21,6 Direct yield 7,4 6,1 5,2 4,6 3,7 Management expense ratio 2,2 2,1 1,4 1,3 1,3 Operating cost ratio Bonus rate, average for year before deduction of tax and operating costs 7,3 8,5 10,3 14,0 11,3 Solvency margin Collective reserve MSEK Collective reserve (MSEK) Equity Bonuses Deferred tax HANDELSBANKEN LIV 7
8 Profit and loss account GROUP PARENT COMPANY SEK 000 SEK 000 SEK 000 SEK 000 TECHNICAL ACCOUNT OF LIFE INSURANCE OPERATIONS Premium income, after ceded reinsurance Investment income, revenue Unrealised gains on investments Claims incurred, after ceded reinsurance Change in technical provisions Bonuses Operating expenses Investment income, expenses Unrealised losses on investments Balance on technical account - life insurance business NON-TECHNICAL ACCOUNT Balance on technical account - life insurance business Appropriations Profit before tax Tax Net profit for the year HANDELSBANKEN LIV 8
9 Balance sheet December 31 GROUP PARENT COMPANY SEK 000 SEK 000 SEK 000 SEK 000 ASSETS Investments Buildings and land Investments in Group companies and associated companies Shares and participations in Group companies Loans to Group companies Other financial investments Shares and participations Bonds and other interest-bearing securities Other loans Derivative instrumets Provision for reinsurers share of unsettled claims Receivables Receivables in respect of direkt insurance Receivables in respect of reinsurance Other receivables Other assets Tangible assets Cash and bank deposits Prepaid expenses and accured income Accured interest income Prepaid acquisition costs Other prepaid expenses and accured income Total assets HANDELSBANKEN LIV 9
10 Balance sheet December 31 GROUP PARENT COMPANY SEK 000 SEK 000 SEK 000 SEK 000 EQUITY, PROVISIONS AND LIABILITIES Equity Share capital (1 500 shares each with a nominal par value of SEK ) Other reserves Untaxed reserves Tax allocation reserve Bonuses Bonus reserve Reserve for unrealised gains Other funds Net profit for the year Technical provisions (before ceded reinsurance) Life insurance provisions Provisions for unsettled claims Provision for taxes Liabilities Liabilities related to direct insurance Liabilities related to reinsurance Derivative instruments Other liabilities Accured expenses and deferred income Total equity, provisions and liabilities Assets and other comparable collateral pledged for own liabilities and for commitments reported as provisions Other pledged assets Other commitments HANDELSBANKEN LIV 10
11 Address HANDELSBANKEN LIV FÖRSÄKRINGSAKTIEBOLAG (publ) Business organisation no: Postaladdress: Box 1325 SE Stockholm Telephone: Telefax Visiting address: Torsgatan 12, Stockholm handelsbankenliv@handelsbanken.se Internet: Production: Corporate Communications Dept, Handelsbanken Liv Translation: James Cleeve, Svenska Handelsbanken HANDELSBANKEN LIV 11
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