Annual report 2010 - Dexia.com

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Notes to the consolidated financial statements11.7. Technical margin of insurance activitiesManagement reportConsolidatedfinancial statementsAdditional information Annual financial statementspremiums and Technical income from insurance activities31/12/09 31/12/10Premiums and contributions received (1) (2) 2,252 2,918Claims incurred – part of reinsurers (2) 51 62Changes in technical reserves – part of reinsurers (2) (5) 2Other technical income 414 500Income 2,710 3,482Technical expense from insurance activities31/12/09 31/12/10Premiums transferred to reinsurers (1) (2) (125) (147)Commissions and contributions paid (148) (168)Claims incurred (2) (1,575) (1,135)Change in technical reserves (2) (1,129) (2,389)Other technical expenses (82) (5)Expenses (3,059) (3,844)(1) As at 31 December 2009, amounts from FSA were disclosed for EUR 29 million in premiums received and for EUR -4 million in premiums transferred toreinsurers.(2) See also note 9.3. Insurance contracts.Insurance activities are reported in the Dexia banking scheme.Financial income is presented under the various headings of the profit and loss account whilst technical income is to be foundin the technical margin on insurance activities.Technical income is negative in Life insurance.Insurance activities consist of receiving premiums which are invested in financial assets generating revenues to cover:(1) obligations to Life insurance clients: a certain return on investments in Life or to hedge mortality or inactivity risk(2) obligations to Non-life insurance clients in case of claim(3) the company's operating costs.In Life, technical accounts are negative in view of the reservation mechanism: the premium is placed in a reserve and the reserveis capitalised to cover the guaranteed rate (and the profit sharing obligation) due to the client. Financial income generated onLife assets offsets the negative technical accounts. The result of the activity should be assessed taking into account that financialincome.198 Dexia Annual report 2010
Notes to the consolidated financial statements11.8. Other net income31/12/09 31/12/10Exploitation taxes 2 3Rental income from investment property 20 22Other rental income 31 38Other banking income 21 7Other income on other activities (1)(2) 258 289Other income 331 359Exploitation taxes (37) (51)Repair and maintenance on investment properties that generated income duringthe current financial year (2) (2)Other banking expenses (9) (14)Other expense on other activities (3)(4) (245) (219)Other expense (292) (286)Total 38 73(1) Other income on other activities includes other operational income, write-back provisions for other litigation claims and subsidies.(2) Figures as at 31 December 2009 have been restated. An amount of EUR 27 million representing write-back for legal litigations is transferred from “Othernet income“ to “Provisions for legal litigations“.(3) Other expenses on other activities includes other operational expenses for operating lease (other than rental expenses and contingent rents), depreciation andamortization on office furniture and equipment given in operational lease, other operational expenses, provisions for other litigations claims and depreciationand amortization on investment property.(4) Figures as at 31 December 2009 have been restated. An amount of EUR 48 million representing provisions for legal litigations is transferred from “Othernet income“ to “Provisions for legal litigations“.Management reportConsolidatedfinancial statements11.9. Staff expense31/12/09 31/12/10Wages and salaries 1,360 1,358Social security and insurance costs 325 309Pension costs-defined benefit plans 48 68Pension costs-defined contribution plans 27 25Other post-retirement benefits 1 2Stock compensation expense (1) 9 6Long-term employee benefits 4 5Restructuring expenses 1 35Other expenses 72 71Total 1,847 1,878(1) See note 9.7. Share-based payments.(Average FTE) 31/12/09 31/12/10Fully Proportionally TotalFully Proportionally Totalconsolidated consolidatedconsolidated consolidatedSenior Executives 440 20 460 445 20 465Employees 24,076 2,714 26,790 23,908 2,741 26,649Other 29 1 30 33 1 34Total 24,545 2,735 27,280 24,386 2,762 27,148Additional information Annual financial statementsAnnual report 2010 Dexia199
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Annual report 2010 - Dexia.com

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