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reportAuditor's report on audited financial statementsfalseReporting class C, medium-size enterprisefalsefalsetrueAhpla ApSc/o Harbour House Sundkrogsgade212100København Ø+45 70 25 25 95+45 70 26 25 952886596101-07-20052015-01-012015-12-312014-01-012014-12-312016-05-31Bjarke SanbeckLeif Corinth-HansenAnne HelgeBo LundqvistHenrik Heideby(Chairman)Bo LundqvistBeierholm Statsautoriseret RevisionspartnerselskabNørre Farimagsgade 111364København K32895468Beierholm Statsautoriseret RevisionspartnerselskabNørre Farimagsgade 111364 København K32895468The Board of Directors and the Executive Board have today discussed and approved the annual report of Ahpla ApS for the financial year 1 January – 31 December 2015. The annual report has been prepared in accordance with the Danish Financial Statements Act. "It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2015 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2015. In our opinion, the Management's review includes a fair review of the development in the Group's and the Parent Company's operations and financial matters, the results for the year and the Group's and the Parent Company's financial position." We recommend that the annual report be approved at the annual general meeting. Copenhagen2016-05-31To the shareholders of Ahpla ApS We have audited the consolidated financial statements and the parent company financial statements of Ahpla ApS for the financial year 1 January – 31 December 2015. The consolidated financial statements and parent company financial statements comprise accounting policies, income statement, balance sheet, statement of changes in equity and notes for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act. Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error. "Our responsibility is to express an opinion on the consolidated financial statements and the parent company financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements and the parent company financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent company financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and parent company financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of consolidated financial statements and parent company financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of consolidated financial statements and parent company financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our audit has not resulted in any qualification. " In our opinion, the consolidated financial statements and parent company financial statements give a true and fair view of the Group's and the Parent Company's financial position at 31 December 2015 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2015 in accordance with the Danish Financial Statements Act. Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any further procedures in addition to the audit of the consolidated financial statements and the parent company financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the consolidated financial statements and the parent company financial statements. Copenhagen2016-05-31Mads ThomsenState Authorized Public Accountant Main activity "Ahpla ApS is a holding and investment company. The Ahpla Group consists of Ahpla ApS, Alpha Holding A/S, Alpha Insurance A/S, Nemi Forsikring AS (Norway). Additionally the Group has a branch office in Norway. The group structure of the Ahpla Group consists of the following entities:" The year's result and development of the company "The financial year 2015 resulted in a loss for the Ahpla Group of DKK 16.6 million against a loss of DKK 20.2 million in 2014. The technical result was DKK -10.0 million in 2015 against DKK 3.9 million compared to 2014. Return on investments for 2015 was DKK 6.0 million against DKK -33.7 million in 2014. The net profit for the year 2015 of DKK -16.0 million is not satisfactory. " Dividend The Board of Directors proposes no dividends for 2015. Insurance activities Group "In 2015, the gross premium income decreased by DKK -201.8 million (-10.2%) to DKK 1,782.0 million. Insurance premiums ceded increased in 2015 by 9.7%, which resulted in premium income for own account decreasing from DKK 1,065.8 million in 2014 to DKK 775.0 million in 2015, a decrease of DKK 290.8 million. Gross claims incurred amounted to DKK 1,277.5 million in 2015 compared to DKK 1,350.8 million in 2014. Recoveries from reinsurers increased by DKK 179.6 million (27.3%) compared with 2014. Costs of claims net of reinsurance decreased by DKK 253.0 million to DKK 440.7 million. The insurance operating cost decreased by DKK 8.6 million compared to 2014. In 2015, the insurance operating costs amounted to DKK 371.1 million compared to DKK 379.7 million in 2014. The combined ratio has increased to 100.6 in 2015 from 100.1 in 2014. The increased combined ratio stems from an increased gross claim ratio of 70.7 compared to 67.9 in 2014 and a increase in the expense ratio from 30.2 in 2014 to 32.6 in 2015 and a decrease in reinsurance ratio from 2.0 in 2014 to -2.7 in 2015. " Development in subsidiary companies Alpha Holding A/S The result of Alpha Holding A/S is a loss of DKK 33.3 million in 2015 compared to a loss of DKK 19.1 million in 2014. Alpha Insurance A/S "Alpha Insurance A/S has license to write almost all classes of general insurance business in most western European countries. The Alpha Insurance Group consists of Alpha Insurance A/S, Nemi Forsikring AS (Norway). Additionally, in 2015, the Group had a branch office in Norway." The gross premium income of Alpha Insurance Group amounts to DKK 1,782.0 million in 2015 compared with DKK 1,983.8 million for the same period last year. The technical result amounts to DKK -10.0 million against DKK million 3.9 in 2014. The year's result is a loss of DKK -23.7 million against DKK -11.2 million in 2014. Nemi Forsikring AS "Nemi Forsikring AS is a Norwegian general insurance company, which provides commercial and private insurance policies in Norway. The result of Nemi Forsikring AS is a loss of DKK 63.4 million in 2015 compared to a loss of DKK 18.3 million in 2014. The 2015 result is not satisfactory. " Branch office "The Norwegian branch office had a profit of DKK 8.8 million in 2015 compared to DKK 12.0 million in 2014. " Investment business "The group’s investment business consists of investment in subsidiary companies and associated companies as well as investment in other financial assets. The Alpha Group operates with a careful investment strategy and investments are mainly made in state bonds. In 2015, the return of investments after insurance technical interest was a loss of DKK 0.4 million against a loss of DKK 41.7 million i 2014. " Unusual circumstances The annual report is not affected by unusual circumstances. Events after the balance sheet date No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. Expectations for 2016 The Alpha Group expects a positive development of the Groups activity level, with a consequent increase in premium income, as well as a satisfactory insurance result for 2016. Risk Management "Management and minimizing of business risks is an important and fundamental part of how the company conducts its business and the company’s Board of Directors sets the overall risk policy. The company’s management and minimizing of business risks is divided into the following general categories: • Financial Risk • Insurance Risk • Market Risk • Credit Risk • Operational Risk " Financial Risk "The company’s target is to maintain adequate capital to absorb the risks that arise from the company’s operations. The company has no interest in accumulating capital in excess of what is required for operations and for natural growth, as this would be an inefficient way of hedging risk. It is the company’s policy to hedge against risks arising from the company’s activities or to limit such risks to a level that allows the company to maintain normal operations and implement its planned measures even in the case of highly unfavourable developments. The Board of Directors determines the overall risk policies and limits. " Insurance Risk "The insurance risks assumed include the acceptance and follow-up of policies, claims handling, reserving risk and reinsurance risk. The company assesses insurance risk based on statistical risk type analyses, which are incorporated in pricing. To limit the risk the company has established necessary and relevant procedures for all major business processes and implements follow-ups and control hereof. The financial statement is influenced by estimates that affect assets, debt, and the result for the period and future periods. The estimates are most important for premium and claims provisions, especially for the branches with long tail business such as Workmens Compensation Insurance. The size of the claims reserves to cover future payment of losses that have occurred is determined both through individual assessment of each claim and actuarial calculations. An important part of the company’s risk management is the use of reinsurance. In order to have sufficient protection against natural disaster risks, this exposure is measured constantly. The company’s retention is limited to a maximum of 10% of its capital. " Market Risk "Market risk represents the risk of losses due to changes in the market value of the company’s assets and liabilities, as a result of changes in market conditions. Market risk includes among other elements, changes in interest rates, equities and currencies. The limits for these financial risks are fixed by the Financial Supervisory Board. In practice, the Company handles the investment portfolio, both in relation to the liquidity as well as the long term investments. There are established policies and procedures for the maximum investment risk and there is monthly reporting to the Board of Directors and the Management. " Credit risk "Credit risk is the risk of losses caused by one or more counter-parties’ breach of their payment obligations. The company is exposed to credit risk in both its insurance and investment business. Within insurance, the reinsurance companies’ ability to pay is the most important risk factor. This risk is minimized by the purchase of reinsurance cover from reinsurance companies with a minimum rating of A- (S&P), or by the retention of deposits equal to the premium provisions and claims provisions. To limit the risk in the investment business the investments are made in bonds and shares with high credit ratings, which is also the case for deposits with credit institutions. " Operational risk "Operational risk is the risk of incurring a loss due to insufficient or faulty procedures or human or systematic errors. Operational risk includes the risk of breakdowns in the IT systems. In practice, this work is organized through a structure of policies, procedures and guidelines that cover the various aspects of the company’s operations. For all main areas, there are established policies and procedures, which are frequently controlled and changed if necessary. The Company’s business continuity plan and IT safety plan have been approved by the Financial Supervisory Authority and reviewed by the Company’s auditors. The Board of Directors have decided that the entire Board of Directors will be members of the Accounting Committee. In compliance with Section 31 in the Accountants Act, it is decided that the Board of Directors will take care of the business in the Audit Committee. In accordance with Section 5, in the Statutory for Audit Committees, the Board of Directors has appointed Mr. Jens Erik Christensen to ensure the fulfillment of the regulatory requirements regarding independence and accounting qualifications based on his work as director for many years in financial and listed companies. " Board of Directors organization Every year the Board of Directors evaluates their work and qualifications to ensure that all members of the Board of Directors are sufficiently competent and skilled. The Board of Directors is specially focused on qualifications for: management experience, economic experience, insurance experience, accounting experience, finance experience, eperience of Mergers and Acquisitions and international experience. For diversity the Board of Directors has decided on the strategy that 10 % of the members of the Board of Directors should be women within a period of 4 years. Wage policy The Board of Directors decides the wage policy for Alpha Group. The Group only uses fixed salaries. Extraordinary efforts can be paid by one-off fees or bonuses. If a member of the Board, the CEO or another person receives a one-off fee, this fee will be settled according to the financial act § 77a. The Board of Directors decides the wage policy once a year. Employees traning and knowledge "The Alpha Group aims to ensure that the management of the organization is based on a framework which includes the deep rooting of common values, a common business understanding and the shared responsibility for creating value for customers by differentiating itself from competitors through the development of individual employees. The Group aims to be a dynamic environment where each employee is committed, seeks influence and assumes independent responsibility for the organization and execution of his or her duties. In developing our business, it is essential that we are able to attract and retain qualified employees." "The Annual Report of Ahpla ApS for 1 January - 31 December 2015 has been presented in accordance with the provisions of the Danish Financial Statements Act provisions applying to a medium Class C company. The accounting policies utilised are unchanged from last year. The Annual Report Act’s Order on Schemes is waived, because the consolidated accounts are essentially in respect of subsidiaries carrying on insurance business. As a result, it has been decided instead to adopt the Scheme requirements in the Accounting Order for insurance companies." Recognition and measurement "Income is recognised in the Income Statement as earned, including value adjustments of financial assets and liabilities. All expenses including depreciation/amortisation and impairment claims are recognised in the Income Statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and when the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that the future economic benefits will flow out of the Company and when the measurement of the value of the liability is reliable. On initial recognition, assets and liabilities are recognised at cost, Subsequently, assets and liabilities are measured as described below for each item. Certain financial assets and liabilities are measured at amortised cost where a constant effective interest is recognised over the maturity. Amortised cost is stated as original cost less any principal repayments and with the addition/deduction of the cumulative amortisation of any difference between cost and nominal amount. Allowances are made for predictable claims and risks that arise before the presentation of the Interim Report and that confirm or invalidate circumstances that existed at the balance sheet date. " Consolidated financial statements "The consolidated financial statements comprise the parent company Ahpla ApS and subsidiaries controlled by the parent company. Control is achieved where the parent company directly or indirectly holds more than 50 per cent of the voting rights or is otherwise able to exercise or actually exercise control. If the parent company holds more than 50 per cent without the ability to exercise control of the entity the interests are recognized as ""Shares"" under ""Other financial investment assets"". The consolidated financial statements are prepared on the basis of the financial statements of the parent company and the subsidiaries, which are all prepared in accordance with the Group's accounting policies. " "The consolidated financial statements are prepared by adding together uniform items and eliminating intra-group income and expenses, investments, balances and dividends as well as realised and unrealised gains and losses on transactions between the consolidated companies. Newly acquired or newly formed companies are recognised in the consolidated financial statements from the date of acquisition. Companies sold or discontinued are recognised in the consolidated income statement up to the time of sale or discontinuance. Newly acquired subsidiaries are accounted for using the purchase method of accounting, according to which the identifiable assets, liabilities and contingent liabilities of the newly acquired companies are measured at fair value at the time of acquisition. Negative differences between the cost of the acquisition and the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised in the income statement at the time of acquisition. Minority interests are recognised at the time of acquisition at the proportionate share of the fair value of the acquired identifiable assets, liabilities and contingent liabilities. Gains or losses on the disposal or discontinuance of subsidiaries are calculated as the difference between the selling price and the book value of net assets at the time of sale as well as anticipated expenses relating to sale. " Minority interests Entries relating to subsidiaries are included 100% in the consolidated accounts. Minority interest’s proportionate share of the subsidiaries results and equity are shown on a separate line in the Income Statement and in the equity. Foreign currency "Transactions denominated in foreign currencies are converted at the exchange rates at the dates of transaction. Exchange differences arising between the rate on the date of transaction and the rate on the payment day are recognised in the Income Statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are converted by applying the exchange rates at the balance sheet date. Differences arising between the rate at the balance sheet date and the rate at the date of the arising of the receivable or payable are recognised in the Income Statement under financial income and expenses. Fixed assets purchased in foreign currencies are measured at the rate of the date of transaction. " Premium income Gross premiums are listed as the year's payable premiums stemming from insurance agreements which pertain to the financial year. Reinsurance contracts Reinsurance contracts are defined as insurance contracts entered into with reinsurers under which the company is fully or partially compensated for losses on one or more insurance contracts issued by the company. Alpha Insurance uses reinsurance as a normal part of its business for the purpose of limiting possible losses through the spreading of risk. Reinsurance does not change the company’s liabilities towards the policyholders. Conclusion of reinsurance contracts therefore means that the company is exposed to credit risk as far as receivables from reinsurers are concerned. Claims Paid gross claims are listed as the year's paid claims including internal and external expenses of inspection and evaluation of damages and various direct and indirect expenses related to the treatment of occurred damages. Bonus and rebates The premium amounts repaid or to be repaid to policyholders are recognized as bonus and rebates when the repayment amount is determined on the basis of the claims experience during the financial year for the individual insurance contract or a portfolio of insurance contracts based on criteria laid down prior to beginning of the accounting period or when the insurance contracts are taken out. The provision for bonuses and rebates includes expected amounts payable to policyholders based on their claims experience during the accounting period. Acquisitions cost "Acquisitions cost is listed as costs related to purchase and renew of the portfolio. The majority of the business written is distributed by intermediaries and is based on, so-called account solutions. The account solution business model means that the result of the insurance business is shared with the respective intermediaries. " An insurance technical profit under these agreements represents a duty for the Company to pay additional commissions to the intermediary and a technical loss will give the Company a right to claim an amount from said intermediaries mainly in the form of the right to assume future profitable business from the intermediary. The duty to pay commission is accrued as payables to brokers and the income will be accrued to the extend this is earned on business in force. The account solution does not in any way limit the amount if risk transfer towards the original insured within the compulsory insurance classes. Administrative expenses "Administrative expenses are listed as the costs related to the administration of the company's portfolio. The administrative expenses are allocated to they cover the period. " Insurance technical interest "Part of the profit or loss from investment operations relates to the insurance operations and is therefore transferred to this part of the income statement. The transferral amounts to a calculated return of the period's average insurance provisions at own account. The interest applied is a fixed interest provided by the Danish Financial Supervisory Authority, which for 2015 amounts to -0,18 % per year. Also technical interest includes interest on funds with held in connection with the reinsurance of the Company's insurance portfolio as well as the impact on the discounting of the reserved deriving from the change in the duration of the claims provisions. " Interest income and dividend Profit or loss from investment operations include the interest earned in the financial year on bonds, bank, deposits and receivables as well as dividends received on investments. Currency and marketable securities adjustments Currency and marketable securities adjustments include both realised and unrealised gains and losses on the sale and value adjustment of securities and other financial contracts as well as realised and unrealised foreign exchange gains and losses. Tax "Tax for the period includes current tax and changes in deferred tax and is listed in the income statement with the ratio referring to the net profit/loss for the period and recognised in the equity with the ratio referring to entries with direct reference to the equity. Current tax liabilities and current tax receivables, are respectively listed in the Balance Sheet as calculated tax on the period's taxable income, adjusted for prepaid tax. Deferred tax is assessed in respect of all temporary differences between the carrying amount and the tax value of the assets and liabilities. Deferred tax assets including the tax value of tax losses to be carried forward are recognised in the Balance Sheet at the value on which the assets are expected to be realised, either by setting off in the deferred tax liabilities or as net assets. " The company is jointly taxed with its Parent Company. The jointly taxed companies participate in the Tax Prepayment Scheme. Immaterial assets "Software is measured at cost less accumulated depreciation. Depreciation is made under the straight-line method over the expected useful life of the asset which is estimated to be 5 years. " Equipment Equipment is measured at cost less accumulated depreciation. Depreciation is made under the straight-line method over the expected useful lives of the assets: Office equipment etc. 3-5 years Leases "Leases related to tangible assets of which the Company assumes all material risks and rewards of ownership (finance leases) are measured in the Balance Sheet as assets. On initial recognition, the assets are valued at computed cost equal to fair value or (if lower) at the (net) present value of future lease payments. In the computation of the (net) present value either the interest rate implicit in the lease is applied as the discount rate or an approximated value. Assets held under finance leases are depreciated as other similar tangible assets. The capitalised residual lease obligation is recognised in the Balance Sheet as a liability other than provisions and the interest element in the lease payment is recognised in the Income Statement over the lease term. All other lease agreements are considered as operating leases. Lease payments under operating leases and other rental agreements are recognised in the Income Statement over the term of the agreements. The Company's total obligation related to operating leases and rental agreements is stated under contingent assets and liabilities etc. " Investment assets Participating interests in affiliated companies "The proportionate share of the individual subsidiaries' results before tax is recognised in the parent's income statement. The parent's share of the subsidiaries' tax is recognised under tax on profit/loss on ordinary activities. Holdings in group undertakings are recognised in the balance sheet at the proportionate share of the companies' financial equity value calculated in accordance with the parent's accounting policies. Net revaluation of investments in subsidiaries and associates is transferred under equity to reserves for net revaluation by the equity method to the extent the financial value exceeds the acquisition price. " "Acquisition or establishment of new companies are recognised in the annual report from the date of acquisition. Positive differences (goodwill) between acquisition price and the value of acquired assets and liabilities are recognised under participating interests in affiliated companies and amortised over their estimated economic lives. The financial value of goodwill is assessed currently and written down in the income statement where the financial value exceeds the expected future net income from the company or activities to which the goodwill relates. " Securities Securities are initially measured at initial fair value on the transaction date and subsequently measured at fair value (market price) at the balance sheet date. Purchases and sales of securities are recognised at the trade date. Insurance assets Reinsurers share of premium provisions and claims provisions are computed according to the coverage according to the underlying reinsurance contracts in force. The measurement is based on the same assumptions as applied in calculating provisions for unearned premiums and claims provisions. Receivables and prepayments "Receivables are measured at amortised cost which usually equals nominal value. Provisions made for bad debts reduce the value. Prepayments comprise incurred expenses related to the following financial year. " Intercompany Business transactions between group companies are conducted on market-based conditions or on a cost-covering basis. Dividends Dividends expected distributed for the year are shown as a separate item under equity. A proposed dividend is recognised as a liability on approval by the Annual General Meeting. Provisions for unearned premiums and claims provisions "Provisions for uearned premiums are set aside in accordance with the risk profile of the portfolios. They are measured after a pro rata temporis principle. Claims provisions are computed so that they - taking into account all information available - are adequate to cover all claims incurred for damage occurred before the balance sheet date whether or not such claims have been filed. Claims provisions also include an accrual for future expenses for the administration, mitigation, inspection and assessment of claims related to the end of year claims provisions. Case provisions are estimated from the information which is known at the time of preparing the financial statements. IBNR are calculated from the assessments of ultimate claims costs and actuarial reviews of the gross claims provisions have been performed on reserving analysis groups. The reviews are based on available data, which for most groups are triangle data or other claim development data and for some statements or market data and information from the underwriting department in Alpha Insurance A/S. The claims provisions are determined taking the interest rate (discounting) into account. External data are used for estimates for the future cash flow. Discounting are based on the Danish and the Norwegian interest rates curves. The Danish interest rate curve is also used on other currencies, resulting in lower discount effects than using the currency specific interest rate curves. Gains and losses on the run-off of claims provisions from previous years are included in the claims incurred." Liabilities other than provisions Financial debt, debt to reinsurers and other debts are measured at amortised cost corresponding to nominal value. 281158300031000000003068000000317100000029380000003099737000197600000223961000Gross premium income Gross premium income Gross premium income Gross premium income Gross premium income Gross claims incurred Gross claims incurred Gross claims incurred Gross claims incurred Gross claims incurred Bonus and premium discounts Bonus and premium discounts Bonus and premium discounts Bonus and premium discounts Bonus and premium discounts Total insurance operating, costs, net of reinsurance Total insurance operating, costs, net of reinsurance Total insurance operating, costs, net of reinsurance Total insurance operating, costs, net of reinsurance Total insurance operating, costs, net of reinsurance Result of ceded business Result of ceded business Result of ceded business Result of ceded business Result of ceded business Insurance technical result Insurance technical result Insurance technical result Insurance technical result Insurance technical result Result on investments after insurance technical interest Result on investments after insurance technical interest Result on investments after insurance technical interest Result on investments after insurance technical interest Result on investments after insurance technical interest Net profit for the year Net profit for the year Net profit for the year Net profit for the year Net profit for the year Run-off result Run-off result Run-off result Run-off result Run-off result Total insurance technical provisions Total insurance technical provisions Total insurance technical provisions Total insurance technical provisions Total insurance technical provisions Total insurance assetsTotal insurance assetsTotal insurance assetsTotal insurance assetsTotal insurance assetsTotal equity Total equity Total equity Total equity Total equity Gross claims ratio Gross claims ratio Gross claims ratio Gross claims ratio Gross claims ratio Expense ratio Expense ratio Expense ratio Expense ratio Expense ratio Combined ratio Combined ratio Combined ratio Combined ratio Combined ratio Operating ratio Operating ratio Operating ratio Operating ratio Operating ratio Relative run off results Relative run off results Relative run off results Relative run off results Relative run off results Return on equity in percent Return on equity in percent Return on equity in percent Return on equity in percent Return on equity in percent 17820000001984000000198800000019070000001577000000-1277000000-1351000000-1178000000-1198000000-1051000000250000006000000-6000000-19000000-3000000-371000000-380000000-473000000-401000000-17500000048000000-39000000-39000000-42000000-64000000-1000000040000006700000033000000-200000012000000-42000000-16000000-3000000012000000-16000000-200000005700000000-13000000-9100000047000000-40000000-1700000020540000002028000000212800000023230000002145000000125100000011740000009730000009030000008310000001320000001450000001590000001480000001370000000.7070.6790.5940.6300.6660.3260.3020.3580.3320.3081.0061.0010.9720.9841.0161.0050.9980.9660.9821.001-0.020-0.1080.045-0.0410.019-0.116-0.1320.3710.0010.003Gross claim ratio (Gross claims paid / Gross premium income) * 100 Expense ratio (Total insurance operating costs / Gross premium income) * 100 Reinsurance ratio (Result of ceded business / Gross premium income) * 100 Combined ratio (Gross claims ratio + Expense ratio + Reinsurance ratio) Operation ratio (Combined ratio where premium income is added to the allocated return on investments) Relative run-off results (Run-off results compared to reserves as at the beginning of the run off) Return on equity (Results for the year / the average equity) * 100 776476000107100000000788775000106837300022900019900012465000-41734000-16442000-23869000165000-39107000-16671000-2406800021674000-17270000-688000-3829000-21509000-21837000-15983000-20239000-14938000-17540000-1045000-2699000-5526000-1598000-15983000-2023900036635000227520000036635000227520000041930003175000004193000317500000001907080002162350008130001298000000235540000071362600097233500000714439000997187000190708000216235000755267000102311400019070800021623500019805860001987560000528800060010003259700047916000160400017250000883000004587000486600000385340003539000000205630400020766150006892000772600012000900000205631600020766240006892000772600050000025000050000025000000135458000171230000131553000144621000-3905000-266090003795900019700000001700120001645710001320530001448710002208000124300000442800040040000022965440002334759000002303180000234000600000622090007228600038907000476490000015614000182820002040300013120000108970001312000019793400044251700012900039000316660003291600000261800003432000033839200059515900065547000790900002811583000309973700019760000022396100063150005253000-2847000011688000-246694000-422626000122000-122000Net profit before taxNet profit before taxIncome from participating interests in associated companiesIncome from participating interests in associated companiesDividend from affiliated and associated companiesDividend from affiliated and associated companies165000-39107000-389000-10040008740001400000-268076000-44518000Purchase/Sale of intangible assetsPurchase/Sale of intangible assetsPurchase/Sale of tangible assetsPurchase/Sale of tangible assetsPurchase/Sale of financial assetsPurchase/Sale of financial assetsPurchase/Sale of participating interests and investment fundsPurchase/Sale of participating interests and investment fundsLoan to associated companiesLoan to associated companiesDeposits in credit institutionsDeposits in credit institutions-19453000-14997000-2808000-19020002689730003196470000-1119500005200000-835000246712000291238000Increase of capitalIncrease of capitalCapital increase in affiliated companiesCapital increase in affiliated companiesChange in subordinated loansChange in subordinated loans2400000028000000407540000-3966500024501000025089000273010000372400051973000032961000-867690003668500032961000 Geographical division of gross premiums: - - Denmark 276.576 342.761 - - Other EU countries 857.603 1.020.853 - - Other countries 594.755 617.147 - - 1.728.934 1.980.761 Insurance technical interest - - Discounting of claims provisions -4.908 -2.820 - - Transferred from investment income 6.400 8.069 - - 1.492 5.249 Audit fee: 84 - AP | Statsautoriserede Revisorer, member of Moore Stephens International - 139 - - KPMG P/S 1.063 1.417 - 85 Beierholm Statsautoriseret Revisionspartnerselskab 85 - - - Others 501 560 84 85 Total 1.649 2.116 Fee for other assurance services: - 47 KPMG P/S 164 281 - 47 Total 164 281 Currency and marketable securities adjustments - - Gains and losses as a result of changes in the interest rate used for discounting of claims provision -3.747 -10.735 - - Shares 18.054 354 - - Units in investment associations -2.148 -940 - - Bonds -10.042 -10.858 - - Currency adjustments 10.437 1.103 - - 12.554 -21.076 - - Current tax 9.506 - -2.230 -1.628 Tax regarding joint taxation -1.628 -2.230 - 1.177 Adjustment concerning previous years 1.177 -3.998 - - Adjustment of deferred tax, previous years 15.278 -8.643 -1.599 -237 Change in deferred tax -2.659 -2.399 -3.829 -688 21.674 -17.270 Total tax on total income for the year can be explained ad follows: -24.068 -16.671 Profit before tax 165 -39.107 17.540 27.761 Reversal of income from Group entities and branch 41.787 28.617 -6.528 11.090 Total income 41.952 -10.490 24,5% 23,5% Applicable tax rate 23,5% 24,5% -1.599 2.606 Tax calculated on total income 9.859 -2.570 Tax on permanent differences: - - Income not subject to tax -91 -333 - - Expenses disallowed for tax purposes 384 513 - 150 Change in tax rate 150 -542 -1.599 2.756 Tax on total income for the year 10.301 -2.932 - 1.177 Adjustment of tax relating to previous years 1.177 -1.801 -2.230 -1.628 Tax regarding joint taxation -1.628 -2.230 - - Adjustment of deferred tax, previous years 15.278 -8.643 - - Adjustment of expenses non deferred tax -3.475 -1.664 -3.829 2.305 Tax expense 21.654 -17.270Software - Intangible assets Software - - Cost at 1 January 2015 59.860 48.077 - - Currency adjustment on opening balance sheet -2.993 -3.214 - - Additions 19.453 17.471 - - Disposals - -2.474 - - Cost at 31 December 2015 76.320 59.860 - - Depreciation at 1 January 2015 37.108 34.417 - - Currency adjustment on opening balance sheet -2.113 -2.401 - - Depreciation for the year 4.690 5.092 - - Depreciation at 31 December 2015 39.685 37.108 - - Net asset value at 31 December 2015 36.635 22.752Office equipment Tangible assets Office equipment - - Cost at 1 January 2015 19.194 20.029 - - Currency adjustment on opening balance sheet -937 -1.127 - - Addtions 2.808 2.001 - - Disposals - -1.709 - - Cost at 31 December 2015 21.065 19.194 - - Depreciation at 1 January 2015 16.019 16.788 - - Currency adjustment on opening balance sheet -772 -930 - - Depreciation for the year 1.625 1.283 - - Depreciation on disposed assets - -1.122 - - Depreciation at 31 December 2015 16.872 16.019 - - Net asset value at 31 December 2015 4.193 3.175 Interest in affiliated companies 45.005 45.005 Cost at 1 January 2015 - - - 10.245 Additions - - 45.005 55.250 Cost at 31 December 2015 - - 210.435 171.230 Adjustments at 1 January 2015 - - - -9.297 Adjustment to the opening balance in affiliated company - - -17.488 -11.538 Currency adjustment of the opening equity in affiliated company - - -4.177 - Holding of subsidiary own shares -17.540 -30.507 Net profit for the year - - - 2.746 Adjustment of net profit for the year in connection with the capital increase - - - 12.824 Adjustment in connection with the capital increase - - 171.230 135.458 Adjustments at 31 December 2015 - - 216.235 190.708 Net asset value at 31 December 2015 - - Alpha Holding A/S Registered Office Copenhagen Equity interest 83,40% Share of net profit for the year -27.761 Share of equity 190.708 Interest in associated companies - - Cost at 1 January 2015 281 281 - - Cost at 31 December 2015 281 281 - - Adjustments at 1 January 2015 1.017 1.413 - - Net profit for the year 389 1.004 - - Distributed dividend -874 -1.400 - - Adjustments at 31 December 2015 532 1.017 - - Net asset value at 31 december 2015 813 1.298 Alpha Sales Group A/S Registered Office Copenhagen Equity interest 25% Share of net profit for the year 389 Share of equity 813 Equity "(DKK '000) Parent company" Share capital Reserve equity method Proposed dividend Retained earnings Total Equity 1 January 2014 125 210.435 - -51.785 158.775 Currency adjustments in affiliated companies - -17.488 - - -17.488 Distribution of profit - -17.540 - -2.699 -20.239 Total income for the year 2014 - -35.028 - -2.699 -37.727 Holding of subsidiary own shares - -4.177 - - -4.177 Increase of capital 125 - - 27.875 28.000 Equity 31 December 2014 250 171.230 - -26.609 144.871 Adjustment to the opening balance in affiliated - -9.297 - - -9.297 Currency adjustments in affiliated companies - -11.538 - - -11.538 Distribution of profit - -14.938 - -1.045 -15.983 Total income for the year 2015 - -35.773 - -1.045 -36.818 Increase of capital 250 - - 23.750 24.000 Equity 31 December 2015 500 135.457 - -3.904 132.053 Amount of one share DKK 1. Total shares 500.000 "(DKK '000) Group" Share capital Reserve equity method Proposed dividend Retained earnings Total Equity 1 January 2014 125 - - 158.650 158.775 Currency adjustments in affiliated companies - - - -17.488 -17.488 Distribution of profit - - - -20.239 -20.239 Total income for the year 2014 - - - -37.727 -37.727 Adjustment of equity - - - -4.177 -4.177 Increase of capital/Group contribution 125 - - 27.875 28.000 Equity 31 December 2014 250 - - 144.621 144.871 Adjustment to the opening balance in affiliated - - - -9.297 -9.297 Currency adjustments in affiliated companies - - - -11.538 -11.538 Distribution of profit - - - -15.983 -15.983 Total income for the year 2015 - - - -36.818 -36.818 Increase of capital 250 - - 23.750 24.000 Equity 31 December 2015 500 - - 131.553 132.053 Minority interests - - Minority interests at 1 January 19.700 23.273 - - Share of group contribution - - - - Share of equity adjustments -2.297 -1.594 - - Share of profit -5.526 -1.598 - - Share of subsidiary own shares - -381 - - Share of adjustment in connection with the capital increase 26.083 - - - 37.959 19.700 Equipment etc. -151 35 -116 Software 468 0 468 Amounts receivables from policy holders 4.076 0 4.076 Tax loss carried forward -49.066 16.468 -32.598 -44.673 16.503 -28.170 Recognized as: Deferred tax asset -32.597 Deferred tax liability 4.428 -28.170Tax loss carried forward -1.725 121 -1.604 -1.725 121 -1.604 Recognized as: Deferred tax asset -1.604 -1.604 Related parties to Ahpla ApS comprise the following: Controlling interest No one. Other related undertakings ABH ApS Shareholder FamCO-HA ApS Shareholder Bo Lundqvist Holding ApS Shareholder Anker-Svendsen ApS Shareholder Alpha Holding A/S Subsidiary Company Alpha Insurance A/S Affiliated Company Nemi Forsikring AS Affiliated Company 2015 2014 Claims handling agreement 2.411 - "Transactions between Alpha Insurance and affiliated companies are conducted on an arm’s length basis. Intra-group transactions: Administration fee, etc. is fixed on a cost-recovery basis. Intra-group accounts are offset and carry interests on market terms. Transactions with group companies have been eliminated in the consolidated financial statements in accordance with the accounting policies. " Other related parties "Alpha Insurance has entered a broker agreement on market terms with Beta Re GmbH on certain agency contracts. Brokerage for this service amounts to TDKK 2,488 (-). Alpha Insurance has entered into binding authority agreements with Beta Aviation ApS and Lima Agency Ltd. on market terms. Commission paid in relation to these agreements amounts to TDKK 2,013 (-) and TDKK 3,002 (-) respectively. " Ownership "The following shareholders are registered in the register of shareholders as owners of least 5 % of the voting rights or at least 5 % of the share capital. ABH ApS c/o Anne Helge Dreyersvej 42 DK-2960 Rungsted Kyst FamCO-HA ApS c/o Leif Corinth-Hansen Skodsborg Strandvej 39 2942 Skodsborg Bo Lundqvist Holding ApS Birkevej 23 3460 Birkerød Anker-Svendsen ApS Lille Fredensvej 12 2920 Charlottenlund" " Administration fees, etc. are settled on a cost recovery basis. The consolidated accounts are offset and earn interest on market terms. The companies in the Alpha Group have entered into reinsurance contracts based on market terms. Transactions with subsidiary company have been eliminated in the consolidated accounts, in accordance with the accounting policies applied." Change in working capital Change in amounts receivables 83.912 -166.500 Change in reinsurers share of premium and claims provisions -76.941 -201.068 Change in prepayments -2.105 25.425 Change in amounts payable -244.583 99.758 Change in premium and claims provisions 26.350 -100.239 Change in other provisions and reinsurance deposits -33.325 -80.002 -246.694 -422.626 Presentation of cash flow The management has chosen to present the cash flow using the indirect method and the comparative figures have been adjusted. Claims - - Gross run-off results -12.699 -167.410 - - Run-off results at own account -13.293 -90.613 Number of claims Average claims Claims rate The development in claims can be specified as follows (Group): Sickness and accident insurance 215 98.832 0,4% Workers compensation insurance 2.286 80.842 21,8% Motor liability insurance 6.267 45.182 6,2% Motor own damage insurance 21.047 18.105 22,8% Marine, aviation and goods insurance 53 N/A N/A Fire and contents insurance (domestic) 2.948 36.813 4,3% Fire and contents insurance (commercial) 2.428 43.724 4,9% Liability insurance 1.179 96.259 10,8% Credit and surety insurance 10 213.069 0,3% Legal expenses insurance 595 34.041 0,4% Other direct insurance and proportional reinsurance 1.939 30.485 1,2% Subordinated loan capital "The subordinated loan capital, in the group, is DKK 243 million. One loan of DKK 94 million. The interest rate for the loan is 7% pro anno. The subordinated loan is free of amortization until 31 October 2020. At this time the terms for repayment will be settled. Second loan of DKK 149 million. The interest rate for the loan is 9% pro anno plus the Euribor 3 months rate. The subordinated loan is free of amortization until 31 December 2024. At this time the terms for repayment will be settled. The loan respects payment to all other creditors in the group before the loan will be settled. " Parent company Group 2014 2015 2015 2014 (DKK '000) (DKK '000) Note 14 - Information on staff and remuneration (DKK '000) (DKK '000) Total staff costs comprose: - - Wages and salaries 73.533 72.448 - - Pension plans 6.433 4.530 - - Expenses to social security and other staff costs 13.994 13.146 - - 93.960 90.124 - - Risk taker 6.271 6.271 - - Board of Executives 6.179 6.241 - - Board of Directors 4.205 4.157 - - 16.655 16.669 1 1 Members of the Executive Board 1 1 4 4 Members of the Board 5 5 0 0 Average number of employees 124 96 The Group primarily uses fixed salaries and has not paid one-off fees or bonuses in 2015. Alpha Group has identified the Chief Executive Office in Alpha Insurance as the Risk taker. The Risk taker signs on all risks. Information on staff and remuneration, continued Remuneration to the board of directors Board of Directors - total remuneration Group (DKK'000) Total 2015 Total 2014 Jens Erik Christensen 900 900 Bo Lundqvist 750 750 Leif Corinth-Hansen 150 150 Thomas Dahl Fredslund 375 375 Bjarke Sanbeck Nilsson 375 375 Morten Helge 750 750 The Board of Directors does not have any bonus or options and does not have any redundancy scheme. Board of Executives - total remuneration Group (DKK'000) Year Remuneration Pension Benefits Total Leif Corinth-Hansen 2015 6.021 118 78 6.217 Morten Helge 2015 0 0 0 0 Bo Lundqvist 2015 0 0 0 0 Leif Corinth-Hansen 2014 6.051 118 102 6.271 Morten Helge 2014 0 0 0 0 Bo Lundqvist 2014 0 0 0 0 Parent company Group Insurance year through 2014 Insurance year 2015 Insurance year 2015 Insurance year through 2014 (DKK '000) (DKK '000) Note 15 - Claims provisions, gross (DKK '000) (DKK '000) - - 1 January - 1.498.696 - - Gross claims incurred 1.027.187 250.271 - - Claims paid -584.972 -701.832 - - Currency adjustments 101.108 9.158 - - 31 December 543.323 1.056.293 Notes Insurance year through 2014 Insurance year 2015 Reinsurers share of claims provisions Insurance year 2015 Insurance year through 2014 (DKK '000) (DKK '000) (DKK '000) (DKK '000) - - 1 January - 849.946 - - Change in claims provisions 616.743 219.982 - - Claims paid -325.206 -345.001 - - Currency adjustments -15.307 -961 - - 31 December 276.230 723.966 Parent company Group 2014 2015 2015 2014 (DKK '000) (DKK '000) Contingent liabilities, etc. (DKK '000) (DKK '000) - - Rent commitments 27.673 15.665 - - 27.673 15.665 The following assets are registrered as provision of security for the technical provisions: - - Shares 67.283 246 - - Units in investment associations 0 23.554 - - Bonds and accrued interests 565.046 834.459 - - Banks and deposits 79.690 101.752 - - Receivables 1.142.416 1.057.680 - - 1.854.435 2.017.691 Alpha Insurance A/S has made a letter of intent to Nemi Forsikring AS to give further capital if needed for Nemi Forsikring AS to fulfill the requirements for solvency.