Annual report 2009 - Dexia.com

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Notes to the consolidated fi nancial statements9.2. Deferred taxesManagement reportConsolidatedfinancial statementsAnnual financial statementsAdditional informationA. ANALYSIS31/12/08 31/12/09NET DEFERRED INCOME TAX ASSETS/(LIABILITIES) 3,908 2,688of which:Deferred income tax liabilities (71) (31)Deferred income tax assets 4,550 4,302Unrecognised deferred tax assets (571) (1,583)B. MOVEMENTS2008 2009AS AT 1 JAN. 685 3,908Movements of the year:- Amounts recognised in the statement of income (1) 890 107- Items directly computed by equity 2,806 (1,297)- Effect of change in tax rates – statement of income (6) 0- Effect of change in tax rates – equity (5) 0- Exchange differences 66 (31)- Other movements (2) (528) 1AS AT 31 DEC. 3,908 2,688(1) in 2009, the movements of the deferred tax income of the Insurance activity of FSA Holdings during the first quarter of 2009 are recorded in “Non currentassets held for sale”. As a consequence, an amount of EUR 184 million, included in statement of income, is not recorded on this line (see note 11.15.).(2) In 2008, the most significant amount is due to the transfer of the Insurance activity of FSA Holdings to disposal groups held for sale.Deferred tax coming from assets of the balance sheet 31/12/08 31/12/09Cash, loans and loan loss provisions (2,061) (1,549)Securities 1,702 1,177Derivatives (1,772) (1,686)Tangible and intangible fixed assets (177) (181)Other assets and liabilities specific to insurance companies 1 0Other 6 13TOTAL (2,301) (2,226)Deferred tax coming from liabilities of the balance sheet 31/12/08 31/12/09Derivatives 4,507 3,771Borrowings, deposits and issuance of debt securities 1,159 933Provisions 97 98Pensions 114 113Other assets and liabilities specific to insurance companies (35) (5)Tax losses carried forward 1,080 1,665Tax credit carried forward 6 17Legal tax free provisions (111) (114)Entities with special tax status (161) (110)Other 124 129TOTAL 6,780 6,497C. EXPIRY DATE OF UNRECOGNISED DEFERRED TAX ASSETSNatureLess than1 yearbetween 1to 5 yearsOver 5 yearsUnlimitedmaturityTemporary difference 0 0 0 (1,220) (1,220)Tax losses carried forward (6) (4) (194) (143) (347)Tax credit carried forward 0 0 (16) 0 (16)TOTAL (6) (4) (210) (1,363) (1,583)Total160Dexia Annual report 2009
Notes to the consolidated fi nancial statements9.3. Insurance contractsA. LIFE CONTRACTSA.1. Income and expensesPremium incomeInsurance contracts31/12/08 31/12/09Investment contractswith DPF (1)Insurance contractsInvestment contractswith DPF (1)Individual Group Individual Group Individual Group Individual GroupGross premiums written 421 313 2,753 53 329 315 1,092 34Premiums ceded to reinsurers (6) (57) 0 0 (3) (80) (4) 0Change in gross unearnedpremium reserves (UPR) (2) 0 0 0 (2) 0 0 0NET PREMIUM AFTERREINSURANCE 413 256 2,753 53 324 235 1,088 34Management report(1) Discretionary Participation Features.Claims expenses2008 2009Insurance contracts Investment contractswith DPFInsurance contracts Investment contractswith DPFIndividual Group Individual Group Individual Group Individual GroupGross claims paid (176) (115) (1,227) (19) (194) (144) (943) (30)Claims reserve as at 1 Jan. 18 5 34 0 36 10 22 0Variation in opening dueto variation of scope ofconsolidation (1) (1) 0 0 0 0 0 0Claims reserve as at 31 Dec. (36) (10) (22) 0 (39) (6) (26) 0Transferred claims reserves 0 0 0 0 1 0 (1) 0Share of reinsurers 3 16 0 0 3 32 1 0NET CLAIMS INCURRED (192) (105) (1,215) (19) (193) (108) (946) (30)Consolidatedfinancial statementsAnnual financial statementsAdditional informationAnnual report 2009 Dexia 161
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9Annual report 2009Management repor
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9Management report
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Group profi leSIMPLIFIED GROUP STRU
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Group profi leQUALITY OF RISKS Dexi
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In accordance with the agreement wi
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2009 and early 2010 highlightsExit
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2009 and early 2010 highlightsCreat
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Corporate governanceIntroduction: t
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Corporate governanceThe European Ad
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Corporate governanceNAMEPIERREMARIA
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Corporate governanceNAMEROBERTDE ME
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Corporate governanceNAMESPECIALISTC
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Corporate governanceNAMEKOEN VAN LO
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Corporate governanceNew directors a
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Corporate governanceConsidering tho
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Corporate governancemade and the fi
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Corporate governanceDIRECTORS’ AN
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Corporate governanceOperation and a
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Corporate governanceThe Appointment
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Corporate governanceResponsibilitie
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Corporate governanceVariable compen
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Corporate governancetional entities
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Corporate governance• It identifi
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Shareholder informationStock market
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Shareholder informationPRINCIPAL DE
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Human resourcesAGE PYRAMID> 5955-59
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Sustainable developmentThe 2009 Dex
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Risk managementIntroductionIn 2009,
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Risk managementThe Rating Committee
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Risk managementAsset qualityBy the
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Risk managementBond portfolioDexia
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Risk managementThis good performanc
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Risk managementRisk and control sel
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Risk managementECONOMIC CAPITALBY T
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Financial resultsPreliminary notes
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Financial resultsSolvency31/12/08 3
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Financial resultsAssetsLoans and ad
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Activity and results of the busines
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General information3. Overview of t
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General informationAll the above-me
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General information4.5. Dexia banka
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General information6.3. Notificatio
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Consolidated balance sheet ........
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Consolidated balance sheetManagemen
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Consolidated statementof incomeMana
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Management reportConsolidatedfinanc
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Consolidated statementof comprehens
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Notes to the consolidated financial
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Notes to the consolidated fi nancia
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Statutory Auditor’s reportManagem
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SHAREHOLDERS’ EQUITY AND LIABILIT
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Notes to the annualfinancial statem
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Notes to the annual fi nancial stat
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Statutory Auditor’s report• Wit
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Additional informationGeneral dataN
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Additional informationDexia FP Hold
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Dexia’s annual report 2009 has be
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Annual report 2009 - Dexia.com

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