Nordea Liv & Pension s service

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1 Our service 1

2 Nordea Liv & Pension s service We are pleased to present our service catalogue, which provides you with a general overview of Nordea Liv & Pension s advisory and service concept. Pensions made simple It is important to us that pensions are easy for everyone to understand. We always communicate at eye level with individual employees, regardless of whether we write to them, call them on the phone or meet them in person. We also focus our communication towards the company and its employees. Healthy business As a company, Nordea Liv & Pension delivers outcomes that can be measured. We generate the returns that are expected from a leading life & pension company, and we naturally offer competitive products and services. But we are also a workplace that is concerned with the health of our employees. We have now acquired so much knowledge and experience that we want to become involved in the health debate. Increased employee satisfaction and greater job satisfaction You can find more information in our magazine Sund forretning (Healthy Business), where you will also find inspiration for how to get more out of the initiatives in the form of increased employee satisfaction and greater job satisfaction. The magazine is in Danish. Kind regards, Morten Jensen Excecutive Vice President, Nordea Liv & Pension We have learned that health in the workplace has far greater potential than simply achieving reduced absenteeism. Healthy habits are also a means for the development of people. Businesses are missing out on huge potential by not investing in their employees energy. 2

3 Advisory services and case handling 5 Review meetings with the company 7 Counselling of the employees 8 Senior counselling 10 VIP counselling 11 Claims handling 12 We help take care of your employees 14 Healthy business 15 Quick assistance from the Customer Centre 16 Survey of employee satisfaction 18 Website and self-service Netpension for employees 26 Netpension Firma 27 PensionsInfo 28 Administrator Portal 29 Communication with you and your employees 31 Nyt om Liv & Pension directly to your in-box 33 Money grows on trees 34 Accounts announcement - in Danish and English 35 Knowledge sharing 37 Health in the workplace 39 3

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5 Advisory services and case handling 5

6 Review meetings with the company Review meetings with the company Counselling of the employees Senior counselling VIP counselling Claims handling We help take care of your employees Healthy business Quick assistance from the Customer Centre Survey of employee satisfaction 6

7 Review meetings with the company Nordea Liv & Pension takes the initiative for review meetings with the company s management. Review meeting with the management We recommend that there should be between 6 and 12 months between each review meeting. We can always arrange an additional review meeting if necessary. At the review meeting, Nordea Liv & Pension s Senior Relationship Manager reviews a number of fixed points based on, among other things, the satisfaction survey. Fixed points at the review meeting: Results of the satisfaction survey Overview of the number of personal meetings conducted Overview of the number of cases of sick leave and the implications for the risk accounts Overview of the employees choice of insurance policies, payments and savings composition Dialogue on new target areas, such as the choice of coverage, savings composition, the DKK 100,000 limit for the annuity pension, etc. Other topics that may be relevant to discuss are: New opportunities for developing the cooperation Discussion of efforts to combat absenteeism due to illness Changes in legislation - implications for your pension agreement. Review meeting with HR and the payroll administration The review meetings with your HR and payroll administrator will be determined based on the annual plan we have prepared together. The number of meetings varies from year to year and depends on the agreed activities. The topics for discussion at the review meetings may be: Communication of health-promotional activities in the company Frequency of counselling meetings Agreement on support function for HR in relation to efforts concerning sick employees, focus on the pension scheme, etc. 7

8 Counselling of the employees Employees in the company have a permanent pension team attached, which provides the best possible basis for individual counselling. Online counselling analysis We look at the big picture when we advise the individual employee. Nordea Liv & Pension has developed a separate It-based counselling tool to enable our consultants to carry out a needs analysis at the personal meeting with the employee. Thus, the employee can immediately see, for example, how increased payments or the addition of an children s pension will affect their pension. We also conduct a risk profile analysis to identify the employee s risk tolerance in relation to investments. In this way, we ensure that each employee gets a pension solution that meets their needs. Employees who do not speak Danish can receive advice in English and additional material is arranged individually. Summary of personal meetings The employee receives a summary in their in-box a few days after the meeting. In this way, the employee obtains the best possible overview of the agreements reached at the meeting. Satisfaction survey In continuation of the personal meeting, your employees will receive an with a satisfaction survey. In this we focus on the individual employee s impression of the meeting and their pension scheme with Nordea Liv & Pension. Adjustments based on economic needs Your employees have an on-going need for advice, since economic needs and conditions change over time. While it is always possible to contact your regular pension team, our advisors will be physically present with you at regular intervals, where they will be available to your employees. 8

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10 Counselling of senior employees It has been our experience that the majority of customers benefit greatly from qualified advice in good time before retirement. It is possible to adjust the pension and adapt it to your employees wishes and demands regarding their retirement. We therefore offer employees a personal meeting when they turn 54. Comprehensive advice We have a team of experienced consultants who specialize in providing advice to seniors. They can help individuals obtain an overview of the many opportunities that exist to organize their finances for their retirement as well as possible. We use a sophisticated computer tool that ensures optimal organisation of pension payments in combination with free assets. The senior advice is wide-ranging, and our discussions with employees include the following topics: Early retirement benefits Their spouse s pension situation Home equity Free assets If an employee has very specific wishes or requirements, our advisors are also able to draw on specialists at Nordea Bank. 10

11 VIP counselling We offer VIP counselling for management and selected employees with particular asset conditions. Overall pension & wealth advice By considering the overall economy the VIP consultant ensures that the employees saves for their pension in the most appropriate way. The type of savings scheme must be appropriate for the customer s risk tolerance and must be viewed in the context of the other funds that the customer has at their disposal as retirement approaches. The pension & wealth advice also takes into consideration tax optimization, the business tax regime, the possibility for a capital investment pension, asset management and inheritance. Cooperation with Nordea Bank Counselling is conducted in collaboration with experts at Nordea Bank, primarily from the Private Banking sector, if the employee has special requirements regarding e.g. investment or asset management. 11

12 Claims handling Nordea Liv & Pension places great importance on ensuring that there is close contact between your employees who are ill and our claims officers. In this way, the claims officer obtains a thorough knowledge of an employee s illness, making it easier for them to assist the individual. Personal and attentive claims handling It is important to us that your employees experience a personal and attentive claims handling process. The employee must know that they can and should always contact Nordea Liv & Pension when they need advice or if any changes occur in their illness or treatment. Relevant advice When Nordea Liv & Pension receives a notification of illness, we contact the relevant employee by telephone to confirm receipt of the notification. But, more importantly, we reassure the employee on how the insurance works and how the claim handling process will proceed. We talk with the employee about their treatment and possibly regarding their status in the municipality. 12

13 How claims handling works Nordea Liv & Pension receives a notification and sends relevant forms,etc. to the customer A declaration and a doctor s certificate are returned by the customer Health Care Advice Service telephones the customer New information is collected and received. Letter to the customer Letter to customer/employer. Payments commence The information received is assessed Authorisation/ termination of payments Letter to the customer No authorisation. Letter to the customer 13

14 We help take care of your employees Health Care Advice Service is a part of the service we provide to the company, and the counselling is available to those of your employees who have a pension plan with Nordea Liv & Pension. The Health Care Advice Service can be used by both the individual employees and by your HR department. Assistance for the company You can be continually updated regarding the new rules through our newsletter and our website. At the same time, you will have the opportunity to obtain support over the phone regarding e.g. social legislation and the use of health products, if an employee becomes ill. For example, we can help with: The rules for sickness benefit, work ability testing, rehabilitation, flexijobs and early retirement What the company should do if one of your employees become ill. Assistance for the personnel manager If any doubts arise regarding sickness benefit, work ability testing and rehabilitation rules, your personnel administration can contact Health Care Advice Service and clarify the rules. We can also help with information about: Health insurance Insurance for Certain critical illnesses Applications for premium exemption Applications for payment of coverage in connection with disability pension. Help for the individual employee In connection with any illness, we provide your employees with an overview of the social services and the public system. For example, we can help with: Counselling calls to employees who are off sick Helping employees through their illness, for example by guiding them through the public system Counselling employees about: - Sickness benefit, work ability testing, rehabilitation, flexijobs and disability pensions, and how these interact with insurance benefits - Advice on early retirement and old age pension - Advice on the use of health products. 14

15 Healthy business We have focused, with great success, on health at our own workplace at Nordea Liv & Pension. You can read about our experiences in the magazine Sund forretning. The company will receive copies of the magazine for the management, HR department, payroll/personnel administration, etc. The magazine is in Danish. We offer to engage in constructive discussion to help you get started on a healthpromotion programme for your company, and we will be happy to give your existing health-promotional initiatives a healthy boost, to give you a better return on the initiatives in the form of increased employee satisfaction and greater job satisfaction. SUND FORRETNING NORDEA LIV & PENSION Healthy business Our internal health model is based on a mutual obligation. The workplace provides the framework, but it is up to the individual employees to take personal responsibility by investing their own time and their own money in the initiatives. As a large Danish workplace, we are entitled to consider the health of our employees. We believe that it is also our duty to contribute to society by creating a framework that makes it easier for employees to make healthy choices in everyday life. In 2009, Nordea Liv & Pension won the Sundhedsprisen 2009 (2009 Health Award) for our internal health promotion programme, and in 2010 we were the first life & pension company in Denmark to be health certified by Dansk Firmaidrætsforbund (Danish Company Sports Association). Bliv inspireret til at udvikle jeres medarbejdere og styrke virksomhedens kultur Sundhed handler ikke om, hvor meget du vejer, men om, hvordan du har det Sunde vaner booster den sociale kapital Sådan kommer din virksomhed i gang 15

16 Quick assistance from the Customer Centre You are always welcome to contact your regular pension adviser or our Customer Centre, if you have any questions about the pension agreement. But the employees can also obtain quick help from our Customer Centre. The Customer Centre can help with all kinds of questions about your retirement. It may be questions about who will receive the money in the event of death, about contributions or about how the scheme can be changed. Answers within 20 seconds The Customer Centre consists of approximately 20 staff, which has extensive experience and knowledge of life and pension insurance. We receive around 175,000 calls each year, as many of our customers contact us by telephone, and they have usually had a consultant on the line within 20 seconds. Employees will often have questions related to retirement or if the employee has children, gets married or divorced. But we also get questions about the information on Netpension and the PensionsInfo portal. 16

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18 Survey of employee satisfaction Nordea Liv & Pension wishes to ensure that our customers are provided with a good service and thereby increase their satisfaction with Nordea Liv & Pension as a pension provider. We therefore conduct regular customer satisfaction surveys to ensure that we are meeting our promises. The satisfaction surveys help us to adapt our counselling so that it follows the employees expectations. This also provides employees with the opportunity to express their opinion and to be heard. You will receive the results of the surveys at our review meetings, where we will also discuss the results and agree on any measures to be implemented. Overall satisfaction with Nordea Life & Pension A general satisfaction survey is carried out immediately before the review meeting with your management. The results of the survey will form the basis for some of the dialogue at the review meeting and will help to safeguard the expectations for our cooperation and partnership. An overview is provided below of the topics that will be covered by the survey. Letters Annual statement Netpension s Electronic newsletter 1 5 Very unsatisfied Very satisfied 18

19 Overall satisfaction The pension consultant s service Service provided by the Customer Centre Response times Returns Visibility at the company The pension consultant s availability Availability of the Customer Centre Peace of mind Counselling The health scheme 1 5 Very unsatisfied Very satisfied 19

20 Survey of employee satisfaction with our pension advice It is important to us that your employees always feel that they are receiving expert advice when it comes to their pension scheme. Each employee is therefore assigned a pension consultant, whom they are always welcome to contact. Counselling and follow-up are important for us. We therefore regularly assess your employees perception of our advice. After we have held personal meetings with the employees, we always ask whether they are satisfied. And they are! Last year they gave us an average grade of 4.2 on a 5-point scale for our counselling. We continuously follow-up on the feedback so that we can quickly intervene if the counselling does not live up to expectations. Satisfaction with counselling 4,2 Dialogue with the consultant 4,5 The consultant s appreciation of my needs The consultant s responses to my questions Confidence in the consultant s recommendations The counselling lived up to my expectations Satisfaction with Nordea Life & Pension as a pension provider The pension plan covers my needs 4,4 4,4 4,2 4,3 4,1 4,2 1 5 Very unsatisfied Very satisfied The results are based on responses from 3,734 customers in The results were reported at company level and are benchmarked with other companies. The results above are an average across all customers. 20

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23 Website and self-service 23

24 Website and self-service Netpension for employees Netpension Firma PensionsInfo Administrator Portal 24

25 Our website provides your employees with answers to the most common questions about pension. What do you do when... Here employees are informed about what they ought to be aware of in relation to their pension scheme when changes occur in their lives, such as when they get married, move abroad or become ill. It is also here that they will find basic information when they are just beginning to save for their retirement or when they are approaching retirement age. Self-service On the website employees can calculate whether they are contributing enough to their pension, and they can get help to choose the savings model that matches their risk tolerance. This is also where the employee logs onto Netpension, our Internet self-service solution. Funds and returns In cooperation with the rest of the Nordea Group, we always provide detailed and upto-date information about the various funds where the employee can place their pension savings with us. For example, our website provides information about risk profiles, returns and costs. Useful information about the products We have gathered information about our products in a special section on the website. The explanations are set out so that the employee gets the most important information first and can easily distinguish between the products. About us You can also read more on the website about Nordea s policies regarding social and corporate responsibility and about why we invest a portion of the pension funds in forests. 25

26 Netpension for the employees Netpension is your employees pension plan online. Here, each employee can see all relevant information about their own pension plan, exactly when the need arises. General overview of the details We have divided the information into groups to make it easier for each employee to obtain a quick overview of their pension. They can also go into detail with both the figures and explanations of the various concepts, if they wish. With Netpension, the employee can see: Pension benefits Insurance benefits All costs The composition of the pension scheme Account statement Annual statement Reports to Skat (the tax authorities) Archive of previous annual statements, etc. If the employee has a Link Pension, they can even change the composition of the investments. 26

27 Netpension Firma Netpension Firma is our Internet self-service solution. Here, the company s pension manager can get an overview of your pension agreement and the possibilities it provides, as well as an overview of the individual employees and their individual pension schemes. There is also information provided about the pension manager s regular contact person at Nordea Liv & Pension. Online administration The pension manager can also manage your pension scheme via Netpension Firma. It is easy to enrol new employees and register changes to e.g. employee data, wages and pension contributions, and you can also register employees leave of absence and severance. 27

28 PensionsInfo PensionsInfo is a joint service established by more than 200 pension funds, life insurance companies, banks, savings banks and public authorities who cooperate to provide a general overview of the customer s pensions. General overview with PensionsInfo Via Netbank and Netpension, employees can access PensionsInfo. This enables them to get a complete overview of all their pension schemes in one place, wherever they may have been set up. 28

29 Administrator Portal The employees who are generally responsible for administering the company s pension agreement have their own portal: Here, the pension manager can log on to our self-service solution, Netpension Firma, and can for example add or remove employees. Useful information for administrators The Administrator Portal also provides a simple overview of what to do in relation to the pension scheme and how to help new employees, or employees who become ill, leave, take leave of absence, die, retire, become disabled or wish to pay more to their pension scheme. 29

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31 Communication with you and your employees 31

32 Nyt om Liv & Pension directly to your in-box Nyt om Liv & Pension directly to your in-box Money grows on trees Accounts announcement - in Danish and English 32

33 Nyt om Liv & Pension directly to your in-box Nordea Liv & Pension publishes a monthly electronic newsletter, Nyt om Liv & Pension. We write about current issues that may affect your pension scheme. The newsletter is published in Danish. Relevant topics In an easily accessible way, we clarify for example how the tax reform or new legislation will affect the company s pension agreement and each employee s pension scheme. We also provide good advice on how best to use the new possibilities. Our investments The newsletter also includes comments from our investment department about the latest developments in the investment markets and how they affect pensions. The newsletter clearly reflects Nordea Liv & Pension s investment strategy, and together with descriptions of current market conditions, the newsletter enables everyone to keep up to date regarding their pension. The newsletter covers the following topics: News about our products and services News about pensions (such as legislation and regulations) News from the investment markets Interviews with experts Customer histories. Sign up Receive clear information about the pensions sector by signing up on the website: 33

34 Money grows on trees For a customer to be satisfied with their pension scheme, it must be tangible and easy to understand. 63% of Danes are unaware of how their pension savings are invested, and of these, 65% would like to know how the investments are distributed. We have therefore produced a film about our investment in forestry. Investment in forestry Forestry benefits both the economy and the environment. And over time, you can look forward to returns that are very different from the return on investments in securities. Forestry is therefore both a means of reducing the investment risks and a perfect match for a pension company. Nordea Liv & Pension has for many years been one of Denmark s largest investors in forestry. Watch the film on our website: 34

35 Accounts statements - in Danish and English Nordea Liv & Pension publishes its accounts statements in accordance with Danish law. Accounts statements for international companies Accounts statements are published quarterly. These statements cover our own accounts and provide relevant key figures. We also provide an overview of the current status of the pension market. The accounts statements include the following: Information about bonus reserves and bonus ratios Return on market interest products and in Pension med gennemsnitsrente Account interest Taxation Counselling for our pension customers. Since many of our customers are large international companies, we make our statements of accounts available on our website in both Danish and English. In this way, we ensure that all employees have the opportunity to keep themselves updated. REGNSKABSMEDDELELSE REGNSKABSMEDDELELSE REGNSKABSMEDDELELSE APRIL 2010 APRIL 2010 SIDE 3 APRIL 2010 SIDE 2 regnskabsmeddelelse APRIL 2010 Nordea Liv & Pension er fortsat et af de mest solide pensionsselskaber i Danmark." Solide bonusreserver giver højere kontorente Nordea Liv & Pension afdækker sine valutarisici, hvilket havde en negativ påvirkning af investeringsafkastet i 1. kvartal med mellem 0,5 2,8% afhængigt af den valgte fond." Afkast på 3,7% i Pension med gennemsnitsrente Fortsat stigning i bonusreserverne til 4,4 mia. kroner svarende til en bonusgrad på 4,7% Kontorenten forhøjes til 3,75% p.a. Fortsat flot udvikling i bonusreserverne Bonusreserverne udviklede sig positivt i 1. kvartal 2010, og udgjorde 4,4 mia. kroner, hvilket svarer til en bonusgrad på 4,7%. Som det eneste selskab oplyser Nordea Liv & Pension 4 gange årligt om det aktuelle niveau for bonusgraden for både nye og eksisterende kunder. Udviklingen i bonusgraden 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% 0,9% 4. kvartal ,8% 1. kvartal ,1% 2. kvartal ,4% 3. kvartal ,5% Godt afkast i Pension med gennemsnitsrente 4. kvartal 2009 Et generelt rentefald samt den store andel af investeringer med stort afkastpotentiale medvirkede til, at Nordea Liv & Pension i 1. kvartal 2010 opnåede et afkast på 3,7% i Pension med gennemsnitsrente, hvilket svarer til 14,8% omregnet til årligt afkast. Markedsrenteprodukterne Nordea Link og Vækstpension gav i 1. kvartal et afkast på mellem 1,7 og 7,0%. Højest afkast fik kunder med Bankvalg Pension Høj risiko. Blandt andet har krisen i Grækenland lagt pres på den europæiske økonomi. Det påvirkede euroen og dermed også den danske krone negativt. Nordea Liv & Pension afdækker sine valutarisici, hvilket havde en negativ påvirkning af investeringsafkastet i 1. kvartal med mellem 0,5-2,8% afhængigt af den valgte fond. Over tid udlignes effekten af denne afdækning og bevirker, at afkastene udvikler sig mere stabilt. 4,7% Afkast i % 8,0% 7,0% 6,0% 5,0% 4,0% 3,0% 2,0% 1,0% 0,0% 3,7% Pension med gennemsnitsrente Den finansielle situation i Nordea Liv & Pension er imidlertid så solid, at det vil være forkert ikke at give kunderne andel heri." Afkast på mellem 1,7 7,0% i markedsrenteprodukterne Usikkerhed om udligningsskatten Nuanceret rådgivning til pensionskunderne Nordea Liv & Pension er fortsat et af de mest solide pensionsselskaber i Danmark. Den stigende bonusgrad tillader Nordea Liv & Pension at have 34% af aktiverne i Pension med gennemsnitsrente placeret i investeringer med højere afkastpotentiale. Disse består af aktier, ejendomme og alternative investeringer. 1. kvartal ,0% 2,3% 1,7% Vækstpension - Kort Vækstpension - Lang * IB = Investeringsbegrænset Kontorenten forhøjes pr. 1. juni 2010 Sammensætningen af aktiverne i Pension med gennemsnitsrente Pr. 1. juni 2010 forhøjer Nordea Liv & Pension kontorenten med 0,51 procentpoint til 3,75%. Kontorenten er gældende indtil videre. Nuanceret rådgivning i Nordea Liv & Pension Medierne beskæftigede sig i 1. kvartal med pensionsselskabernes rådgivning i forbindelse med pensionskundernes valg af opsparingsprodukt. I Nordea Liv & Pension findes der ingen standardanbefalinger, og det er kunden, som vælger enten et af markedsrenteprodukterne eller Pension med gennemsnitsrente på baggrund af en individuel rådgivning. God bundlinje Kunderne informeres om fordele og ulemper ved såvel markedsrenteprodukterne som ydelsesgarantien i Pension med gennemsnitsrente. Opgaven er at sikre, at kunden har et ordentligt og veloplyst grundlag at træffe sit valg på. Nordea Liv & Pension kom tilfredsstillende ud af 1. kvartal med et overskud på 199 mio. kroner før skat. Overskuddet fremkommer på baggrund af et solidt investeringsafkast og et tilfredsstillende omkostnings- og risikoresultat. Usikkerhed om udligningsskatten I 2008 besluttede Nordea Liv & Pension at gå forsigtigt frem som følge af den finansielle krise. Til trods for en større De 3 første måneder af 2010 gav et fald stabilitet i økonomien, er den finansielle på 5% i de løbende pensionsindbetalinger. krise endnu ikke ovre, og der er fortsat Vi kan nu se konsekvenserne af skattereformen, og det tyder på, at skattereformen grund til at gå forsigtigt frem. Den finansielle situation i Nordea Liv & Pension er sammen med det stigende antal ledige imidlertid så solid, at det vil være forkert påvirker pensionsindbetalingerne negativt. ikke at give kunderne andel heri. Derfor Ikke mindst usikkerheden om udligningsskatten havde stor negativ indvirkning hæves kontorenten til 3,75% med respekt for de opnåede afkast og selskabets bonusreserve. På trods af at skyggekontoen er Derfor er vi positive overfor, at der nu er på pensionsindbetalingerne i 1. kvartal. fuldt udlignet, er bonusreserverne vokset til en løsning. Vi er kede af, at nye pensionsindbetalinger er omfattet af aftalen, men 4,4 mia. kroner svarende til en bonusgrad på 4,7% siger administrerende direktør omvendt er vi tilfredse med, at udligningsskatten udfases over 9 år. Endelig er vi Steen Michael Erichsen fra Nordea Liv & Pension. meget tilfredse med, at usikkerheden nu er afsluttet siger Steen Michael Erichsen. Kontorenten er fastsat i overensstemmelse med stabilitetsaftalen mellem Økonomi- & Erhvervsministeriet og pensionsbranchen. 2,2% Link Lav IB* Link Mellem IB* 2,9% 3,6% Aktier 9,0% Likvider 4,0% Ejendomme 14,0% Obligationer 63,0% Alternative investeringer 10,0% Link Lav Link Mellem Link Høj Link Aktier 4,1% 4,2% 4,3% Bankpulje Lav Bankpulje Mellem Bankpulje Høj 5,7% Hoved- og nøgletal 1. kvartal kvartal 2009 Hovedtal Bruttopræmier Løbende præmier Indskud Mio.kr Bruttopræmier i alt Heraf investeringskontrakter 8 6 Forsikringsteknisk resultat livsforsikring Resultat syge- og ulykkesforsikring Egenkapitalens investeringsafkast Andre indtægter Resultat før skat Periodens resultat efter skat Aktiver i alt Egenkapital Hensættelser til forsikrings- og investeringskontrakter Heraf kollektivt bonuspotentiale Nøgletal Pct Investeringsafkast før PAL (pension med gennemsnitsrente) 3,7 Afkast af aktiver og passiver set under ét Omkostningsprocent af præmier 2,9 1,2 8,4 1,6 7,4 7,0% xxx xxx xxx xxx xxx xxx xxx Bonusgrad 4,7 1,8 xxx xxx xxx xxx xxx SIDE 4 35