EXPLANATORY NOTES TO THE PROFIT AND LOSS ACCOUNT
11. Earned premiums own account
| 2024 | 2023 | ||||||
| Gross | Reinsurance | Own account | Gross | Resinsurance | Own account | ||
| Premiums | |||||||
| Regular premiums | 6,455 | 772 | 5,683 | 6,204 | 629 | 5,575 | |
| One-time premiums | 15 | 6 | 9 | 14 | 6 | 8 | |
| Total premiums | 6,470 | 778 | 5,692 | 6,218 | 634 | 5,584 | |
Geographical segmentation of gross premiums
| 2024 | 2023 | 2022 | |
| Netherlands | 3,269 | 3,422 | 3.681 |
| Other EU-countries | 596 | 584 | 620 |
| Other countries | 2,605 | 2,212 | 1.858 |
| Total | 6,470 | 6,218 | 6.158 |
12. Revenues from investments
| 2024 | 2023 | ||||||
| Return | Realised profit | Total | Return | Realised profit | Total | ||
| Equity | 2,308 | 420 | 2,728 | 1,972 | 72 | 2,044 | |
| Bonds and other fixed income securities | 701 | - | 701 | 775 | - | 775 | |
| Moneymarket fund | - | 52 | 52 | - | - | - | |
| Deposits with insurers | 82 | - | 82 | 81 | - | 81 | |
| Liquid assets | 4 | - | 4 | 4 | - | 4 | |
| Total | 3,096 | 471 | 3,568 | 2,833 | 72 | 2,905 | |
13. Unrealised gains on investments
| 2024 | 2023 | ||
| Equity | 712 | 970 | |
| Mortgage fund | 500 | - | |
| Loan funds | - | 57 | |
| Total | 1,212 | 1,027 | |
14. Other technical income own account
| 2024 | 2023 | ||
| Other interest received | 8 | 27 | |
| Unrealised currency difference | 195 | 156 | |
| Total | 203 | 183 | |
15. Own account payments
| 2024 | 2023 | ||||||
| Bruto | Herverzekering | Eigen rekening | Bruto | Herverzekering | Eigen rekening | ||
| Expirations | 622 | - | 622 | 680 | - | 680 | |
| Annuities | 156 | - | 156 | 176 | - | 176 | |
| Death benefits | 3,371 | 275 | 3,096 | 2,414 | 39 | 2,375 | |
| Surrenders | 192 | 0 | 192 | 931 | 190 | 741 | |
| Total | 4,341 | 276 | 4,065 | 4,202 | 229 | 3,973 | |
16. Change in technical provisions own account for life insurance
See explanation in section 7.
17. Operating costs
| 2024 | 2023 | |||
| 17.1 | Acquisition costs | |||
| Allocated acquisition costs | 298 | 293 | ||
| Gross acquisition commission | 76 | 107 | ||
| Fees for medical advisors | 174 | 157 | ||
| Inspection costs | 1 | 3 | ||
| Subtotal acquisition costs | 550 | 560 | ||
| 17.2 | Administration and personnel costs | |||
| Salaries | 838 | 781 | ||
| Social security payments | 87 | 81 | ||
| Pension costs | 232 | 342 | ||
| Other personnel costs | 37 | 28 | ||
| Subtotal personnel costs | 1,194 | 1,232 | ||
| Accountant | 133 | 141 | ||
| Actuary | 126 | 128 | ||
| Other services of third parties | 641 | 479 | ||
| Donation | 100 | 100 | ||
| Commission | 73 | 78 | ||
| Office rental | 106 | 68 | ||
| License fees | 128 | 93 | ||
| Other costs | -36 | 177 | ||
| Costs allocated to investments | -72 | -76 | ||
| Subtotal administration costs | 1,199 | 1,187 | ||
| Subtotal administration and personnel costs | 2,393 | 2,418 | ||
| 17.3 | Commission received from reinsurers | |||
| Acquisition commission | -32 | -10 | ||
| Recurrent commission | -258 | -214 | ||
| Subtotal commission received from reinsurers | -290 | -225 | ||
| Total | 2,652 | 2,754 | ||
The asset management costs charged to DH Reinsurance have been included in investment expenses from 2024. Comparative figures have been restated accordingly.
Operating expenses decreased slightly. This is mainly due to a decrease in the amount of acquisition commissions paid and an increase in the amount of commissions received from reinsurers.
Pension costs
| 2024 | 2023 | ||
| Pension premium | 232 | 342 | |
| Total | 232 | 342 | |
Pension costs decreased by in 2024. This is due to the fact that, unlike in 2023, there was no indexation of pensions relating to previous years.
Directors' remuneration
In the 2024 financial year, the following amounts were paid as renumeration, including pension costs, to (former) directors and supervisory board members: 284 (2023: 279) respectively 35 (2023: 39).
Employees
All employees work in The Netherlands.
| 2024 | 2023 | ||||
| FTE | aantal | FTE | aantal | ||
| Number of employees employed as of 31/12 | 6.6 | 9.0 | 6.6 | 9.0 | |
| Average number of employees employed | 6.6 | 9.0 | 6.4 | 8.5 | |
Accounting firm costs
A change of auditors took place in 2024. The costs of the auditors Deloitte Accountants N.V. (2024) and KPMG Accountants N.V. (2023) are shown below. The costs are charged to the year to which they relate. The amounts below include VAT.
| 2024 | 2023 | |||||||
| Deloitte Accountants N.V. |
Other Deloitte- network |
Total Deloitte | KPMG Accountants N.V. |
Other KPMG- network |
Total KPMG | |||
| Examination of the annual accounts | 118 | - | 133 | 118 | - | 118 | ||
| Other audit assignments | 15 | - | - | 23 | - | 23 | ||
| Total | 133 | - | 133 | 141 | - | 141 | ||
In addition to the statutory audit of the annual accounts, Deloitte Accountants N.V. also performed the statutory audit of the Solvency II QRTs.
18. Investment costs
| 2024 | 2023 | |||
| Investment administrative costs | 57 | 33 | ||
| Allocated personnel costs | 72 | 76 | ||
| Total | 128 | 109 | ||
As explained under 17. operating expenses, the costs charged to De Hoop in relation to asset management have been included in investment expenses with effect from 2024. The comparative figures have been restated accordingly.
19. Unrealised loss on investments
| 2024 | 2023 | ||
| Equity | 485 | 159 | |
| Loan funds | 47 | 142 | |
| Total | 532 | 301 | |
20. Other technical charges own account
| 2024 | 2023 | ||
| Unrealised currency difference | 107 | 208 | |
| Total | 107 | 208 | |
21. Investment income allocated to non-technical account
In 2024, the allocation to the non-technical account is 623 higher than in 2023. This is mainly due to higher dividend and interest income.
22. Result by profit sources
| 2024 | 2023 | ||
| Result on interest | -100 | -103 | |
| Result on costs | -1,651 | -1,725 | |
| Result on mortality and additional insurance | 1,572 | 2,068 | |
| Result on changes | 260 | 308 | |
| Subtotal result on principles | 81 | 548 | |
| Other technical benefits and costs | 13 | 24 | |
| Total | 94 | 572 | |
The technical account decreased by 478 compared to 2023. This was mainly due to a lower development of the technical provisions and lower operating expenses.
23. Result after taxes
| 2024 | 2023 | ||
| Taxes financial year 25,8% | -901 | -878 | |
| Change deferred taxes 25,8% | -16 | -29 | |
| Taxes previous years | 168 | - | |
| Taxes | -749 | -907 | |
The effective corporate tax rate in 2024 was 25,4% (2023: 26,2%). The applicable rate is 25,8%. The corporation tax returns for 2022 and 2023 were filed in 2024. The difference in corporation tax for the years up to and including 2023 was accounted for in 2024 following the filing of the return.