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Delta Lloyd Life 2001 2000 In millions of euros – Gross premium income 1,649.9 1,325.3 – Return on investments 1,002.2 1,093.9 Revenue 2,652.1 2,419.2 Result (before taxation) 242.0 260.9 Shareholders’ funds 1,444.2 1,854.4 Staff numbers 985 841 Financial results 2001 Objectives 2002 Pre-tax profits for Delta Lloyd – Focus on customer Life fell by 7 % to € 242.0 million. – Focus on pension products Gross premium income rose by – Extend Pension Support 24% to € 1,649.9 million, due – Extra focus on expiring life mainly to major contracts in annuities the commercial lines market – Operational Excellence (e.g. the Fokker pension contract – Anticipate government’s is included in the 2001 figures). wao policy – Set up joint back offices together with ohra Life Detail gross premium 2001 2000 Individual 792.1 679.4 Group 857.8 645.9 Total gross premium 1,649.9 1,325.3
‘Well prepared for growth of the pension market’ The year 2001 was a very special year for Delta Lloyd Life. Premium income increased by 24% compared with 2000, due partly to the Fokker pension fund being taken up in the portfolio. A milestone in the history of the life operation was achieved in November: the number of Life customers exceeded one million for the first time. Mortgage Backed Securities were issued for € 1.0 billion. New life annuity single premium policies reduced, but the market for the reinvestment of maturing policies was strong, contributing to the rise in the overall volume of Delta Lloyd Life. The conversion to the euro single currency was successfully completed. On the other hand, the introduction of the new tax system caused extra work and uncertainties. The social developments in the field of pensions and the general discussion about the future of the Invalidity Insurance Act (wao) required dedication from the management as these plans may have quite an impact on the life operations. The pensions market share rose slightly. Fokker pension fund The transfer of the Fokker (aircraft) pension fund to Delta Lloyd took place in 2001. It concerns a provision of approximately € 0.3 billion for the guarantee of the pensions of former Fokker employees. Delta Lloyd attends to the investments and the management of the contracts, in cooperation with Aegon. Tax reform The introduction of the new tax system on 1 January 2001 created extra administration for which we had to hire external staff. One of the issues implies that many life contracts have to indicate the customer’s National Insurance Number from such date, because the investments linked to the assurances fall within the scope of capital gains levy. The new tax rules also provide that many contracts had to be rendered paid-up or were surrendered partially or in full. Also, the new legislation appeared to contain many obscurities, so that the Finance Ministry had to answer many questions posed by the insurance industry. A lot of them were not clearly answered until later in the year, which created administrative delays. The introduction of the euro single currency on 1 January 2002 caused extra work too. Group pension contracts in particular had to be changed as the amounts are only in guilders. This problem did not exist for individual contracts, because they were also in currencies other than guilders. Meanwhile, all systems had been tested and agreed, so that the euro project could successfully be completed in 2001. Invalidity Insurance Act (wao) Continuous management attention was required in connection with the discussion about the worker incapacity benefit (wao). The aim is to limit the relentless inflow of people into the wao and to design schemes and laws to achieve this. The plans of the Government’s Donner committee which were presented at the end of the year under review, may have quite an impact upon the insurance industry. If they are introduced, the socalled wao Gap will disappear and this implies that an entire market for insurances to cover such gaps would also cease to exist. In addition, problems may arise in connection with the liability of employers for employees who come within the scope of the wao even so. Another item is the attitude of medical attendants when the Donner plans are accepted. This may have consequences for the question as to who is paying the worker incapacity benefits. It is very important for the entire insurance industry that these developments should be anticipated. Pensions The ongoing discussion about the development of pensions, including flexible provisions, remains an item of continuous attention. The average pay systems are becoming more popular and so are plans based on a defined contribution system. There is a tendency towards compulsory participation in pension schemes, whereas a compulsory indexation of pension rights and a minimum guarantee for premiums paid are also subjects of discussion. Past service pension rights shall be financed annually, and Section 2b of the Pensions and Savings Act has been effective from 1 January 2002. Section 2b provides mainly the option for members to exchange survivors’ pension for a higher retirement pension. Another item is the discussion about the so-called Cohen provisions when it concerns pension funds with an own insurance company. Pension funds may apply a basic interest rate of 4% for new assurances whereas this rate is at least 3% for private insurance companies, and this is not what you call operating on a level playing field. All these phenomena require much consideration from the management as well as many administrative efforts. A cd-rom was distributed in the year under review with a so-called pension scan which allows private clients to calculate the options for funding a provision for old age with tax advantages. There are more opportunities than people think. Mortgages Mortgage Backed Securities for € 1.0 billion were issued in 2001. This system implies that a package of mortgages is combined to finance interest and repayment of a bond loan. This enhanced Delta Lloyd’s cash position, making more 25 delta lloyd insurance
Page 1 and 2: actor • acupuncturist • adminis
Page 3 and 4: Delta Lloyd nv Delta Lloyd Insuranc
Page 5: Contents 7 key figures 8 notes from
Page 8 and 9: 8 Notes from the Supervisory Board
Page 11 and 12: The Executive Board’s Report
Page 13 and 14: Financial results 2001 Objectives 2
Page 15 and 16: The post-tax results of Ennia Carib
Page 17 and 18: Saving by means of single premium p
Page 19 and 20: Inflation Due to falling raw materi
Page 21 and 22: TA UR Financial results 2001 Object
Page 23: Market developments The market for
Page 27 and 28: Delta Lloyd General Insurance 2001
Page 29 and 30: Income insurances A pilot absence c
Page 31 and 32: ‘Increase in market share’ Afte
Page 33 and 34: ohra Insurance 2001 2000 In million
Page 35 and 36: Nationaal Spaarfonds Nationaal Spaa
Page 37 and 38: ‘Major opportunities in the marke
Page 39 and 40: ‘Call ohra today, have your polic
Page 41 and 42: ‘Increase in market share through
Page 43 and 44: Asset Management Division 2001 2000
Page 45 and 46: Development Delta Lloyd Funds Sourc
Page 47 and 48: Development ohra Funds Source: Data
Page 49 and 50: Delta Lloyd Banking Division 2001 2
Page 51 and 52: Strategy The strategy was adjusted,
Page 53 and 54: ‘A controlling organisation’ 20
Page 55 and 56: ‘German pension market offers gre
Page 57 and 58: Delta Lloyd België 2001 2000 In mi
Page 59 and 60: Plans for 2002 A great number of ac
Page 61 and 62: ‘Good results’ 2001 was a good
Page 63 and 64: Plans for 2002 The process of integ
Page 65 and 66: Extra notice on female employees Th
Page 67: An important element of the Risk &
Page 71 and 72: Insurance agents have been Delta Ll
Page 75 and 76:
Farmers Doing business in the field
Page 79 and 80:
Young families In addition to marri
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Internet users There are many peopl
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Annual accounts
Page 89 and 90:
Liabilities 31|12|2001 31|12|2000 g
Page 91 and 92:
Consolidated Cash flow statement In
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2 valuation of assets and liabiliti
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Insurance liabilities These are gen
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Fund for General Banking Risks This
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Explanatory notes to the consolidat
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The cost price of the other financi
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The market value of the savings fun
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The difference of the redemption va
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This rate is indexed annually by 1%
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Share reinsurers 31|12|2001 31|12|2
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Short-term creditors 31|12|2001 31|
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31|12|2001 31|12|2000 Off balance s
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Summary return on equity investment
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Consolidated technical account Gene
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Marine Fire and other General Other
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Consolidated technical account Care
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Consolidated profit and loss mediat
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pension rights executive board In t
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verslag van de raad van bestuur 113
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The cost price of the stocks at 31
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Revaluation reserves 31|12|2001 31|
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Outline of major group companies cg
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Other details
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Auditors’ report introduction We
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1998 2 1997 3 1996 3 1995 3 1994 3
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R.H.P.W. Kottman Position Chairman
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