Insurance contracts

Lloyds Banking Group plc Monitor

Lloyds Banking Group plc Annual Report 2016
CR Monitor Issue: 
2017/1104
Company covered: 
Lloyds Banking Group plc
Period End: 
31 December, 2016
Report issued on 14 November 2017 covered the following practice issues:
Pronouncements
Detailed disclosure of expected impacts on adoption of new financial instruments standard.
Change
Recognition of gain in other comprehensive income following re-classification of instrument from held-to-maturity to available-for-sale.
Restatement
Restatement of segment reporting information following a change in management structure.
Change
Identification of new areas of audit focus in respect of significant transactions and privileged access to information technology.
Change
Reconciliation of movements disclosed in relation to non-life insurance contracts.

Zurich Insurance Group Ltd Monitor

Zurich Insurance Annual Report 2013
CR Monitor Issue: 
2014/0806
Company covered: 
Zurich Insurance
Period End: 
31 December 2013
Report issued on 12 August 2014 covered the following practice issues:
Pronouncements
Revisions to scope of consolidation decrease comparative total assets and liabilities.
Pronouncements
New pension rules increase comparative profit before tax.
Change
Measures against excessive management remuneration disclosed.
Pronouncements
Additional disclosures on netting arrangements and fair value of investment properties.
Change
Presentational changes impact deferred policy acquisition costs.

Personal Group Holdings Plc Monitor

Personal Group Holdings Plc Annual Report 2012
CR Monitor Issue: 
2013/0802
Company covered: 
Personal Group Holdings Plc
Period End: 
31 December 2012
Report issued on 05 August 2013 covered the following practice issues:
Change
Insurance-related assets and liabilities disclosed on face of balance sheet.
Restatement
Reinsurance commission presented as deduction from insurance operating expenses.
Change
Share-based expense added back in calculation of EBITDA.
Change
Sensitivity to movement in share price of new share-based long-term incentive scheme expense disclosed.

DnB NOR ASA Period End 31 December 2010

DnB NOR Annual Report 2010
CR Monitor Issue: 
2011/0614
Company covered: 
DnB NOR ASA
Period End: 
31 December 2010
Report issued on 28 June 2011 covered the following practice issues:
Divergence
Gain on business disposal included in other operating income, although smaller one-off gains given separate line on income statement.
Change
Buy-out of non-controlling interest accounted for through equity under revised IAS 27 "Consolidated and separate financial statements".
Change
Change to defined benefit pension arrangements treated as curtailment with gain arising.
Change
Maturity analysis of financial instruments in liquidity disclosures includes financial assets, as maturity policies and concerns over sovereign debt disclosed.

Barclays plc Period End 31 December 2010

Barclays plc Annual Report 2010
CR Monitor Issue: 
2011/0604
Company covered: 
Barclays plc
Period End: 
31 December 2010
Report issued on 09 June 2011 covered the following practice issues:
Change
No figures for reported contingency that materialised two months after annual report issued with numbers reported in press shortly after.
Change
Adoption of new Code for Financial Reporting Disclosure contributes to greater focus and omission of immaterial information.
Change
New Code leads to new format for risk disclosures, as sovereign risk moves centre stage.
Change
Share-based payments disclosures streamlined and extra information given on awards granted.
Change
Presentation of tax in statement of comprehensive income shifts.
Change
Gains from 'own credit' that will be excluded from income statements under impending IFRS 9 "Financial instruments" reported separately.

Zurich Financial Services Ltd Period End 31 December 2010

Zurich Financial Services Ltd Annual Report 2010
CR Monitor Issue: 
2011/0403
Company covered: 
Zurich Financial Services Ltd
Period End: 
31 December 2010
Report issued on 21 April 2011 covered the following practice issues:
Change
Decision to hedge leads to change in policy for measuring underlying insurance liabilities.
Inconsistent
Two newly acquired subsidiaries not consolidated.
Restatement
Change in method of, and correction of errors in, classification prompt prior year adjustments.
Restatement
Inconsistent disclosures of amounts of restatements.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.

Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.

Banco Bilbao Vizcaya Argentaria SA Period End 31 December 2009

Banco Bilbao Vizcaya Argentaria SA Annual Report 2009
Impairments heightened by write-down of goodwill
Spanish Bank Banco Bilbao Vizcaya Argentaria recognises €1.1 billion impairment of goodwill in businesses in the USA that reduces pre-tax profit by 16%, adding that reasonably possible changes to key assumptions may lead to further charges in the future.

Disclosures on contracts with resale and repurchase commitments revised and extended
Spanish bank Banco Bilbao Vizcaya Argentaria restates upwards by 2.3% the comparative amount of financial instruments purchased with resale commitments, telling us that it now includes contracts with the Bank of Spain.