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Annual Report 2016

The Healthcare Professionals' Pension Fund

Approved al: the Annual General Meeting of the Pension fund on 21 April 2017

Chairman of the Meeting

Tuborq Doulovarti 3, DK-790n He. Her up - Central Business Reg. No. 71 97 lib 14


Contents

Management Review

Management Statement 10The independent auditor's report 11Income Statement 13Balance Sheet 14Capital 16Notes 17

TUborg Boulevard 3, DK-2900 HRllcrup - Central Busijieiis Reg. No, 71 97 3S 14

2 Annual Report 2016

Management Review

The Pension Fund carries out pension fund activities. The Pension Fund acccpts diet and nutrition officersincluding catering officers, occupational therapists, physiotherapists, medical laboratory technicians andmidwives as members; they are entitled and obliged to membership of the Pension Fund through theircollective labour market agreement or contract of employment.

Furthermore, as from 201G, persons who do not have an employer pension scheme, but are members oftrade union organisations attached l:o the Pension Fund, are also admitted as members.

The Pension Fund has organised its activities In the form of investment activities in affiliated companies.However, the results obtained by the Pension Fund Group as a whole decide a member's pension entitle¬ment. The key figures in this report are thus given at Group level, unless otherwise specified.

Profit for the yearThe Group's profit in 2016 amounted to DKK 566.1 mill. The Board of Directors proposes to carry the profitforward to next year.

Members' contributions and pension payments are increasing, which had also been expected. The PensionFund continues to grow, since members' contributions are 1.43 times higher than pension payments.

The total return before the pension return tax on the Pension Fund's assets was 8.5%.

The profit for the year Is deemed to be satisfactory and the Pension Fund remains well-consolidated.

The year under review

The economyThe Pension Fund expected 2016 to be characterised by moderately increasing growth in both the US andEurope. Interest rates were expected to go up because of increasing energy prices, thus leading to higherinflation.

2016 was charcterised by two major events. In June, the Brits decided that the UK will leave the EU follow¬ing negotiations of terms; in November, Donald Trump was clected President of the US. Until now, none ofthese events have had noticeable financial consequences and in the US, contrary to expectations, stockpriccs went up after Trump was elected.

Apart from these factors, the year under review presented moderate growth and falling unemployment inboth the US and Europe. Inflation went up, primarily as a result of increasing raw material prices. Increas¬ing raw material prices also contributed towards stabilising the economic development of emerging marketcountries.

Both the Fed in the US and the turopean Central Bank continued their lenient monetary policy. In 2016,short-term interest rates were at around zero. At the end of 2016, however, the Fed increased its interestrates and the European Central Bank is reducing its purchase of bonds from March 2017. Both of thesedevelopments arc to be seen In the light of increasing inflation and moderate growth.

The global stock markets rose by 8.7% in 2016. All in all, risk-prone assets generated good returns in2016, while interest developments remained largely unchanged.

Account interest rateThe Pension Fund's account interest rale in 2016 was set at 4.8% before tax. The account interest ratehas been increased to 5.0% before tax in 2017 and Is expected to be minimum 5% in the coming fiveyears.

Private savingsIn 2016, it became possible for members to place private savings with the Pension Fund. Such savingsare a flexible supplement to members' employer pension schemes and offer payment-guaranteed savingsin the form of a lump-sum retirement amount, an instalment pension or a life-long retirement pension.

In August 2016, some of the members who had private savings with PKA+ Pension moved these savingsto the Pension Fund.

The Healthcare Pr ofessionals' Ponton Fund

Annual Report 2016 3

In 2016, it also bccamc possible for persons who have no employer pension scheme, but are members oftrade unions affiliated with the Pension Fund to establish a pension scheme with the Pension Fund.Pension Fund GroupThe enterprises affiliated with (100% owned by) the Pension Fund as at 31 December 2016 appear fromthe Group chart.

The Pension Fund's property compa/TKr limited company (Sundhedsfagliges Bjendomsselskab)This company has the purpose of owning and running real property so as to obtain a long-term return onthe invested capital.

The company' result for 2016 was a profit of DKK 175.4 mill., which amount was influenced by apprecia ¬tion of the value of the properties concerned.

The Healthcare Professionals' property company pic participates in partnerships with other PKA-affiliatedproperty companies. These partnerships do not publish independent annual reports, as specified in theDanish Financial Statements Act. The partnerships are integrated on a pro rata basis in the financialstatements of the partners.

Anbolt Offshore Wind FarmThe company's activity is ownership of 4,7% of Anholt Havvindm0llepark I/S.

The company's result for 2016 was a profit of DKK 58,4 mill., which is in line with expectations.

OWP ButendiekThe activity in the OWP Butendiek K/S company is ownership of a total of 15.0:/u of a German offshorewind farm, OWP Butendiek GmbH & Co. KG. These companies are expected to be sold before the end ofthe first quarter of 2017. A sales agreement has been signed and awaits the approval of the competitionauthorities. The value of the company has been recognised at the expected sales price.

The companies' result for 2016 was a profit of DKK 120.3 mill.

Gode Wind TIThe company's activity is ownership of 10.9% of Gode Wind 11 Joint HoldCo P/S, which together withother investors owns 50% of OpCo German OHG, a German offshore wind farm.

The company's result for 2016 was a profit of DKK 56.4 mill. Establishment of the wind farm was complet¬ed In 2016.

PKA - Healthcare Professionals OWP Butendiek Kompfementar ApSIn connection with the expected sale of the OWP Butendiek K/S company, the former PKA - HealthcareProfessionals GP ApS was renamed PKA - Healthcare Professionals OWP Butendiek Komplementar ApS,functioning only as the general partner (komplementar) for the limited partnership OWP Butentiek K/S.The company forms pari of the expected transaction. The result for 2016 was a profit of DKK 0.0 mill.

The llealthcarc Professionals' Pension Fund


PKA - Healthcare Professionals CP ApSThis company was established in connection with the segregation of the OWP Bulendiek K/S companyand functions as the general partner for the Pension Fund's other investments via limited partnerships inthe offshore wind farms. The result for 2016 was DKK 0.0 mill.

Investments and social responsibilityThe Pension Fund's guidelines for responsible investments arc in line with the principles of the UN GlobalCompact. As an addition to the UN Global Compact, the Pension Fund has adopted a policy of not investingin controversial weapons, coalmines or tobacco.

The Board's report to the General Meeting explains the development of the work on these guidelines andactive ownership. The report Is available on the Pension Fund's website. Active ownership is exercised byongoing dialogue with the companies in which Investments have been made and by ensuring that theycomply with the Pension Fund's guidelines. If a company does not live up to the guidelines, the PensionFund enters into a constructive dialogue with the company to bring such infringement to an end. If thecompany continued to infringe the guidelines and there are no prospects of lasting improvements on thepart of the company, the company concerned will be excluded from the Pension Fund's investment uni¬verse, The Pension Fund publishes an updated list of excluded companies on its website.

The Pension Fund's active ownership is pursued in cooperation with an International screening and com¬mitment partner, which gives the Pension Fund extra clout when enforcing its guidelines. Further to thePension Fund's guidelines, the partner also works to promote best practice through long-term dialoguewith the companies In which the Pension Fund has invested. The Pension Fund's website contains moredetailed statements regarding compliance with the guidelines and regarding active ownership.

In 2015, the UN adopted seventeen sustainability goals intended to Fight poverty and ensure a sustainabledevelopment towards 2030. The Pension Fund focuses on ensuring that its investments and active owner¬ship contribute in particular to fulfilling six of the goals: clean drinking water (goal 6), sustainable energy(goal 7), decent jobs and economic growth (goal 8), industry, innovation and infrastructure (goal 9), sus¬tainable cities and communities (goal 11), as well as climate action (goal 13). The Pension Fund carries outongoing review to determine which sustainability goals should be supported by the Pension Fund's invest¬ments,

In 2016, the Pension Fund together with the other pension funds in the PKA cooperation invested approx.DKK 3 billion In Burbo Bank Extension, a British offshore wind farm project designed to generate electricityfor over 230,000 households. In addition, the pension funds are investing DKK 1.3 billion In a blomasspower plant, which fires sustainable biomass. This power plant will generate electricity for approx. 600,000households.

On the basis of financial and climate-related considerations, the Pension Fund took Its first step in 2015towards reducing its exposure i C02-intensive companies. These are typically mining, utility and energycompanies. I he Pension Fund enters into a dialogue with these companies with the purpose of makingthem reduce their coal business and convert to more cliinate-rrlendly sources of energy. The companieshave to submit a business strategy, which phases out their coal activities, while taking account of regula¬tions in the energy sector and the increased political focus on the environment. If a company is not able todo so, the Pension Fund will sell its shares in the company and cxclude it. So far, 40 companies have beenexcluded by the Pension Fund.

The Pension Fund's ambition is not to sell its shares, but to Influence the companies to make them go in asustainable direction. Active ownership has proven its worth and moved the companies concerned in asustainable direction. Until now, ten companies have prepared strategies to reduce their coal activities, sothe Pension Fund has kept its shares in these companies.

In 2016, the strategy from the coal sector was applied also to the oil sector, where the Pension Fund ex¬cluded two companies; more than 50 per cent of the business of these two companies consists of the ex¬traction of oil sand. The Pension Fund expects to exclude additional companies in the oil sector in 2017.

In 2016, the Pension Fund launched a new climate strategy for its Danish property portfolio, based on fi¬nancial and climate-related considerations. The strategy Is Intended to contribute towards green conver¬sion and protect the value of the property as well as the return generated for the Pension Fund's members.Up to 2020, the Pension Fund will reduce its average C02 emission by 40 per cent per square metre. Thismeans that the property portfolio will move from an average energy mark C to an energy mark B in 2020.



Furthermore, the Pension Fund rcccivcd a sustainablllty certificate for two properties in 2016. One officeproperty took part in a pilot trial under the DGBN" scheme, which intends to Improve the sustainability ofexisting properties. The property received a gold certificate, which Is the second-highest achievable mark.At the same time, the Health House in the town of Vejlc rcccivcd a gold certificate under the LEEDschcmc2. In addition, the Pension Fond built Denmark's first rental properties with the so-called "swan"label, which is the Nordic Eco-label mark. This means that all materials must live up to strict require¬ments concerning substances which could be hazardous to the environment or to health. The propertyhas low energy consumption, a healthy indoor climate and a focus on sustainability throughout the ser¬vice life of the building - from erection and operation to the recycling of materials. The Pension Fund willcontinue its work to ensure that new properties are either certified at the high end of the scale or receivea "swan" label.

In 2016, the Pension Fund together with the other pension funds in the PKA cooperation invested DKK200 mill, in a new Danish farm fund, which is intended to improve production, distribution and sale offood items in Asia, Africa and Latin America. The fund invests in projects in which the technology andknowledge from Danish farm and food enterprises can enhance the efficicncy and productivity of fooditems in developing countries to meet the needs of growing populations. The fund contributes towardscreating jobs and growth in developing countries, and because of the Pension Fund's activc ownership,work Is carried out on an ongoing basis to ensure that job creation occurs on decent working conditionsand at deccnt wages.

ReturnThe total return in 2016 was 8.5%, corresponding to DKK 3,878.6 mill.

All asset classes generated a positive return in 2016. Shares, infrastructure and mortgage bonds gener¬ated double-digit returns, while the return on properties, investment grade bonds and the absolute returnwere lower, but still very satisfactory.

Cooperation on Investments and cash flowThe Pension Fund's assets are managed by PKA A/S and, based on an agreement, the Pension Fund coop¬erates with other pension funds administered by PKA A/S on effective and rational management of its in¬vestments and cash flow, so as to obtain the highest possible return and the lowest possible costs.

Derivative financial instrumentsThe Pension Fund makes wide use of derivate financial instruments for Investment and hedging purposes.

AdministrationThe Pension Fund and the affiliated companies are administered by PKA A/S. PKA A/S has outsourcedsome of its administrative tasks to Force A/S and others.

The Management and significant fixed-salary risk-takers are partially employed and paid by the PensionFund. The Appointed Actuary Is employed, but not paid, by the Pension Fund.

Progress report on compliance with the goal regarding the underrepresented gender at man¬agement levelThe Financial Services Act requires that financial companies must set a target for gender representationon the board of directors and prepare a policy on equal representation in the management if one genderis underrepresented on the Board. Such underrepresentation exists if cither gender has less than 40% ofthe Board members.

The rules of setting a target for gender representation on the board of directors are based on the boardmembers elected by the general meeting; however, in the Pension Fund, the majority of board membersare appointed by social partners concluding labour market agreements. That Is why it will not be correct toadopt a target for the board members elected by the general meeting; consequently, the board has adopt¬ed a target for the gender composition of the board of directors as a whole.

The board has deckled that the target for men on the board of directors Is to be at least 25 %, while thetarget for women on the board is to be at least 40 %. At the end of the year under review, the split on the

1Gemwn sustainahiliLy ccrlificauon sclicme adapted to Danish conditions; an assessment is made of the euviromnental,financial social and (bnclional qualilics of a property, etc.2American suslainabiliiy certification scheme adapted to Danish conditions; ao assessment is made of the environmen¬tal, linancial social and functional qualities of a property, ctc.

The HeallhCcire Professionals' Pension Fund

6" Annual Report 2016

board of directors was 36 % men and 64 % women on the board. Following replacement of a board mem¬ber as from 1 January 2017, the gender split is now 31% men and 69% women.

The targets have thus been met.

No policy has been adopted regarding equal representation in the management layers below the cxccutivcmanagement of the Pension Fund. The Pension Fund is fully administered by PKA A/S. In 2016, PKA A/Shad a gender distribution in the management layers below the executive management of 57% men and43% women; against this background, no policy for equal gender representation in the other managementlayers of PKA A/S has been prepared.

Audit CommitteeIn accordance with legislation, the Pension Fund must establish an Audit Committee. The chairman mustbe independent and at least one member must have qualifications in accounting or auditing.

The chairman of the Audit Committee Is Henriette Schutze, who meets the requirements both for indc-pcndcncc and for qualifications in accounting or auditing. The other members of the Audit Committee areMerete Ringsholt and Annette Eberhard.

Risks and solvency associated w/ith the Pension Fund's business modelSeen in a risk perspective, the Pension Fund's business model is simple, since it rests on a labour-market-agrcemcnt-based, collective, solidarity-based labour market pension scheme, in which outsourc¬ing is used to a considerable extent. The most significant risks are market risks. Insurance risks and out¬sourcing.

Market risksThe Pension Fund offers an average interest rate product. New members are admitted at a base interestrate of 0 per cent, just as the Pension Fund still has a number of members with interest rates varyingfrom 1.75 to 4.25 per cent. This involves interest risk exposure, which is hedged on an ongoing basis.

The Pension Fund wishes to deliver robust pensions to its members. This is ensured through a long-terminvestment strategy, whose aim is to achieve high, stable returns in a responsible way; as a minimum,these investments must be able to meet the return requirement from the expected pensions. Long-termlow returns on investment assets or major financial losses constitute a risk when It comes to deliveringrobust pensions. This exposure is the Pension Fund's market risk. This risk is mitigated by spreading In¬vestments to cover a wide range of different asset classes.

Investments arc made collectively for members. Any losses on investments must also be covered collec¬tively; however, the Pension Fund's share of bonus potentials ensures that any losses on the financialmarkets are not charged to members' deposits in individual years, but that instead members receive theaccount interest announced at any given time on their deposits.

Risk-taking is a precondition for achieving an adequate return that will guarantee robust pensions. In thisconnection, the Board of Directors has a major task in deciding on the Pension Fund's risk appetite in theform of a chosen investment strategy.

The Pension Fund's risk appetite Is decided on the basis of two goals. The Pension Fund protects themembers' pensions (PBG) and the Pension Fund complies with all applicable solvency rules. In its riskmanagement policy, the Board of Directors decides the safety levels for the PBG limits which give therisk-related framework for the Pension Fund in relation to the expected pensions. Furthermore, in specialcases, the solvency cover may provide the framework for the risk-taking of the Pension Fund.

The Pension Fund has a capital plan and an emergency plan based on the risk management model (PBG)and the solvency capital requirement (SCR). In the capital plan, the financial situation in the PensionFund's strategic planning period is deemed to be reassuring.

Insurance risksThe Pension Fund provides life-long pensions, .so in risk terms the Pension fund Is exposed to changes inlife expectancy among its members.

The Pension Fund is a solidarity-based scheme with disablement cover without any required health infor¬mation upon admission, as long as the member is in one of the lob groups that are comprised. In riskterms, the Pension Fund is exposed to the development in the number of anticipatory pension recipientsamong its members.



The Pension Fund monitors developments in its insurance risks closely and makes provisions in accord¬ance with the life expectancy benchmark laid down by the Danish FSA.

OutsourcingThe Pension Fund uses outsourcing to a considerable extent, Direct outsourcing goes to PKA A/S, whichin turn has outsourced much of operations on to Forca A/S, The administration of real property invest¬ments has been outsourced to DEAS A/S.

Risk is managed In the form of inspections and service delivery agreements.

Solvency IIThe Solvency 11 rules carne into force on 1 January 2016; in this connection, new accounting rules havebeen issued, which ensure a high degree of consistency between calculations for solvency purposes andcalculations for accounting purposes. One of the effects of the transition to the new accounting rules is thatmember behaviour may be included in superannuation provisions and that a discounting graph calculatedby the European supervisory authority ElOPA is to be used. Relating to this, the Pension Fund has appliedfor permission to use an addendum to the graph, the so-called Volatility Adjustment addendum and hasreceived such permission.

CapitalEquity increased In 201G by DKK 566.1 mill, to DKK 9,044,2 mill. The capital base is now DKK 9,424.5 mill,against DKK 8,478.1 mill, in 2015.

The SCR solvency requirement has been calculated using the standard model. As at 1 January 2016, SCRamounted to DKK 2,061.1 mill., while the amount at the end of 20.1.6 was DKK 2,080.1 mill.

New official accounting orderThe Danish FSA has issued a new accounting order applicable from 2016. The changes introduced will onlyinfluence the Pension Fund to a limited extent.

Bonus policyThe Pension Fund bonus policy is framework-based and seeks to allow a return that will ensure the highestpossible maintenance of the purchasing power of the pensions.

This does not mean that a decision has been made to adjust pensions each year to protect purchasingpower. The Intention is to protect pension purchasing power In the long run.

The bonus policy Is also based on the assumption that maintenance of purchasing power requires a rea¬sonable level of the pension to be adjusted. Pensions primarily based on a high level of interest ratesand/or assumptions of shorter life expectancy will not necessarily require protection of purchasing power,given the present interest conditions and current assumptions on life expectancy.

The Pension Fund equity is owned by the members. The principles for distribution of the year's profit be¬tween pension provisions and equity are thus not nearly as significant in a pension fund as in a life assur¬ance enterprise. The full result obtained by a pension fund always accrues to its members.

Superannuation provisionsSuperannuation provisions increased in 2016 by DKK 3,048.60 mill, to DKK 39,688.1 mill.

Uncertainty of recognition and measurementWhen the Annual Report is prepared, a number of estimates and assessments of future aspects aremade; these have an influence on the accounting value of assets and commitments.

The most significant areas concern pension obligations and the valuation of unlisted, alternative invest¬ments and properties.

Management finds that the assumptions made are responsible, but associated with uncertainty. Sensitivi¬ty information regarding a number of assumptions made can be seen in note 18.

Expectations regarding the futureIn both the US and Europe, growth and inflation are expected to grow moderately, while unemploymentwill decline. Rising inflation will result in minor tightening Initiatives In monetary policy in both the US andEurope.

Politically, however, a number of events may give rise to unrest on the financial markets.

The llealthcarc Pcofnsslonalf:1 Pension Futid

Annual Report 2016

Firstly, it is still uncertain what the policy of the new American administration is going to be. This is true inregard to foreign policy, trade policy and economic policy alike. If, for example, trade sanctions againstMexico and China are Implemented, global growth will decline. A major financial policy expansion will prob¬ably lead to increased inflation, resulting in additional interest rate increases in addition to those alreadyexpected in the American bond markets. The biggest impact will be on short-term interest rates, whilelong-term interest rates will be less impacted.

Secondly, elections will be held in France, the Netherlands and Germany. At first, the election In France inthe spring attracts most attention, focusing on the possibility of the right-wing party Front National winningthe presidential election. In all the mentioned countries, however, more nationalistic patties may increasein size; in addition to Brexit, this may challenge the coherence of the EU.

The Pension Fund Is robust and well-equipped when it comes to tackling these challenges.

Events after the Balance Sheet dateNo events after the Balance Sheet date have any significant influence on the financial standing of the Pen¬sion Fund or the Group.

The Hebllhccire Professionals' Pension Funo


Other management/board positions

The members of Management hold the following other management/board positions:

Managing Director Peter Damgaard JensenManaging Director of PKA A/SManaging Director of three pension funds administered by PKAManaging Director of the pension funds' limited real property companiesBoard Chairman of PKA-t- Pension Forsikringsselskab A/SBoard Chairman of A/S Kj0benhavns EjendornsselskabBoard Chairman of Forstcedcrncs EjcndomsakticsclskabBoard Chairman of PKA AIP A/SBoard Chairman of Poppelstykket 12 A/SBoard Chairman of PKA Skejby Komplementar ApSBoard Chairman of PKA Skejby P/SVice-chairman of Forca A/SBoard member of Forsikringsorganisationernes Fa^llessekretarial F.M.B.A.

The members of the Board of Directors hold the following other management/board positions:

Chairman of the Board Bo LibergrenBoard member of Pensionskasscrncs Administration A/SVice-chairman of Fjernvarme Fyn Distribution A/SVice-chairman of Fjernvarme Fyn A/SVice-chairman of Fjernvarme Fyn Fynsva?rket A/SVice-chairman of Fjernvarme Fyn Affaldsenergi A/5Vice-chairman of Den Erhvcrvsdrivcnde Fond Inspiring DenmarkBoard member of L-Brand & Tcknik ApS

Board member Ulla Astman NielsenBoard member of Dan wee Fonden

Board member Lillian BondoBoard member of Pensionskassernes Administration A/S

Board member Anette EberhardManager of Fksport Kredlt Finansiering A/SManager of tKF Danmarks EksportkreditBoard member of Aim, Brand A/S and two of the company's wholly owned subsidiariesBoard member of Aim Brand Bank A/S

Board member Thyge Kjeldgaard NielsenChairman of the Board of Sydvestjysk Biogas AMBABoard member of Dot Danskc Madhus Varde A/S

Board member Henriette SchOtzeCFO Nordic TankersMan. Dir. of Nordic Theresa Partner ApSMan. Dir. of Nordic Caribe Partner ApSManager of Nordic Tankers Freight ApsBoard member of Crystal Nordic A/SBoard member of Crystal Nordic Shipowning Partner ApSBoard member of Nordic Tankers I rading A/SBoard member of H+H International A/S

Other members of the Board of Directors have no further other management/board positions.

The Hpalthcare Professionals' Pension Fund


Management Statement

We have today presented the Annual Report for The Healthcare Professionals' Pension Fund for the 1 Janu¬ary - 31 December 2016 financial year.

The Annual Report is submitted In accordance with the Danish Financial Business Act.

We find that the consolidated accounts and financial statements give a true and fair view of the Group'sand the Pension Fund's assets, liabilities and financial position as^at 31 December 2016, as well as theresult of the Group's and the Pension Fund's activities in the 1 January - 31 December 20;I6 financialyear.

We consider that the Management Review gives a true and fair view of developments in the Group's andthe Pension Fund's activities and financial standing, the result for the year and the Group's and PensionFund s financial position, as well as describing significant risks and uncertainty factors faced by the Groupand the Pension Fund.

We recommend that the Annual Report be adopted by the General Meeting.

Hellerup, 10 March 2017

Management:

Peter Darngaard JensenManaging Director

Hellerup, 10 March 2017

Board of Directors:

Tina IM0r LangagerVice-chairman

Tina Schouborg LambrechtBerl Hammer AsbildUlla Astman Nielsen

Thyge Kjeldgaard NielsenGitlia ParryLillian Bondo

Mary-Ann S0renscnLone Birgitte HehneBrian Errebo-Jensen

Paw Vagtborg KarlslundMerete RingsholtBirgit Plough Jensen

Henrictte SchUtzeAnctte Eberhard


Bo LibergreenChairman


The independent auditor's report

To the members of the Healthcare Professionals' Pension Fund

OpinionWe have audited the Consolidated Accounts and Financial Statements of the Healthcare Professionals' Pen¬sion Fund for the 1 January - 31 December 2016 financial year, comprising Income Statement and TotalIncome Statement, Balance Sheet, Equity Statement and Notes, Including Accounting Policies, for theGroup as well as the Pension Fund. The Consolidated Accounts and Financial Statements are prepared inaccordance with the Danish Financial Business Act.

In our opinion, the Consolidated Accounts and Financial Statements give a fair view of the Group's and thePension Fund's assets, liabilities and financial position as at 31 December 2016, as well as of the result ofthe Group's and Pension Fund's activities and the Group's cash flows in the 1 January - 31 December 2016financial year In accordance with the Danish Financial Business Act,

Basis for our opinionWe have carried out our audit In accordance with International auditing standards and additional require¬ments in Denmark. Our responsibility in accordance with these standards and requirements is described inmore detail in the audit report section entitled The auditor's responsibility for the audit of the ConsolidatedAccounts and Financial Statements'. We are independent of the Group In accordance with Internationalethical rules for auditors (lESBA's Ethical Rules) and comply with the additional requirements made inDenmark, just as we have met our ethical obligations as specified In these rules and requirements. In ouropinion, the audit proof we have obtained Is adequate and suitable as a basis for our opinion.

Management's responsibility for the Consolidated Accounts and Financial StatementsManagement Is responsible for preparing and presenting Consolidated Accounts and Financial Statementsthat give a true and fair view in accordance with the Danish Financial Business Act. Furthermore, Man¬agement is responsible for the Internal controls which Management deems to be necessary for the prepa¬ration of Consolidated Accounts and Financial Statements without material misstatements regardless ofwhether such misstatements are the result of fraud or error.

When preparing the Consolidated Accounts and Financial Statements, Management Is responsible forassessing the ability of the Group and the Pension Fund to continue operations, just as Management Isobliged to give Information about relevant matters in relation to continued operation and to prepare theConsolidated Accounts and Financial Statements on the basis of a going concern principle of accounting,unless Management intends either to liquidate the Pension Fund or discontinue operations, or has noother realistic alternative thereto.

The auditor's responsibility for the audit of the Consolidated Accounts and Financial StatementsOur aim Is to achieve a high degree of certainty that the Consolidated Accounts and Financial Statementsas a whole are free of material misstatements, regardless of whether such misstatements are the result offraud or error, and to prepare an audit report with our opinion. A high degree of certainty means just that,but Involves no guarantee that an audit carried out in accordance with international auditing standards andthe additional requirements In Denmark will always discover material misstatements if such exist. Mis¬statements may arise as a result of fraud or error and may be considered significant if it is reasonably tobe expected that, individually or jointly, they will have an Influence on financial decisions made by users ofthe accounts on the basis of the Consolidated Accounts and the Financial Statements.

As part of an audit carried out in accordance with International audit standards and the additional require¬ments In Denmark, we make professional assessments and maintain a professional scepticism during ouraudit. In addition:

We Identify and assess the risk of material misstatements In the Consolidated Accounts and FinancialStatements, regardless of whether such misstatements are the result of fraud or error, and we planand carry out audit action as a reaction to these risks and achieve audit proof which is adequate andsuitable to form the basis of our opinion, The risk of not discovering material misstatements caused byfraud is higher than If material misstatements are the result of error, since fraud may come from con¬spiracy, forgery, deliberate omissions, misguidance or disregard for Internal controls.

•We obtain an understanding of the Internal controls that arc relevant to the audit, so as to be able tocarry out audit action, which is suitable In the circumstances, but not In order to be able to offer anopinion about the efficiency or effectiveness of the Group's and the company's Internal controls.

•We decide whether the accounting policies applied by Management are suitable, and whether the ac¬counting estimates and associated Information prepared by Management are reasonable,

•Wc conclude whether Management's preparation of the Consolidated Accounts and Financial State¬ments on the basis of a going concern accounting principle Is suitable and whether, on the basis of the



audit proof obtained, there is any significant uncertainty associated with events or matters which maycreate substantial doubts about the Group's and the Pension Fund's ability to continue operations. Ifwc find that significant uncertainty exists, our audit report must give information about this in theConsolidated Accounts or Financial Statements or, if such information Is not adequate, we must modifyour opinion. Our opinions are based on the audit proof obtained up to the date of our audit report.However, future events or matter may mean that the Group and Pension Fund will no longer he able tocontinue operations.

¦ Wc assess the overall presentation, structure and contents of the Consolidated Accounts and FinancialStatements, including thg Notes, and whether the Consolidated Accounts and Financial Statements re¬flect the underlying transactions and events in such a way that a fair view Is given thereof.

• We obtain adequate, suitable audit proof in regard to the financial information in the companies or thebusiness activities of the Group, so as to be able to give an opinion about the Consolidated Accounts,We are responsible for managing, supervising and performing the Group audit. We have sole responsi¬bility for our audit opinion.

Wc communicate with the cxecutivc management, for example about the planned scope and timing of theaudit, as well as about significant observations during our audit, including any Significant deficiencies inregard to internal controls which we may identify during our audit.

We also make a statement to the executive management specifying that wc have complied with relevantethical requirements concerning independence and we inform the executive management about all rela¬tions and other matters which may reasonably be thought to influence our independence and, where rele¬vant, we inform about any precautions taken. .

Statement regarding the Management ReviewManagement is responsible for the Management Review.

Our opinion about the Consolidated Accounts and Financial Statements does not cover the ManagementReview and wc express no opinion with any certainty on the Management Review.

When we carry out our audit of the Consolidated Accounts and Financial Statements, it is our responsibilityto read the Management Review and, in this connection, to consider whether the Management Review issignificantly inconsistent with the Consolidated Accounts or Financial Statements or seems to contain ma¬terial misstatements given the knowledge we have obtained in our audit or in any other way.

Furthermore, our responsibility includes considering whether the Management Review contains the re¬quired information as specified In the Danish Financial Business Act.

Based on our work, we find that the Management Review is in accordance with the Consolidated Accountsand Financial Statements and has been prepared in accordance with the requirements of the Danish Finan¬cial Business Act. Wc have found no material misstatements in the Management Review.

The solvency cover key figureManagement is responsible for the solvency cover key figure specified in note 2 of the Consolidated Ac¬counts and Financial Statements.

As stated in note 2, the solvency cover key figure is exempted from audit requirements. Consequently,our opinion on the Consolidated Accounts and Financial Statements does not cover the solvency coverkey figure and we express no kind of opinion with any certainty on this key figure.

In connection with our audit of the Consolidated Accounts and Financial Statements, It Is our responsibil¬ity to consider whether the solvency cover key Figure is significantly inconsistent with the ConsolidatedAccounts and Financial Statements, or seems to contain material misstatements given the knowledge wehave obtained in our audit or in any other way.

If, on this basis, wc find that the solvency cover key figure contains material misstatements, we mustreport this. We have nothing to report in this connection.

Copenhagen, .10 March 2017

DeloitteState-authorised Public Accountants, PartnershipContra! Business Reg. No. 33 96 35 56

Lars Kronow.lacques PeronardState-authorised Public AccountantState-authorised Public Accountant

The Healthcare Pro'essiunals' Pension Fund

Annual Report 201613

Incomo StatementAil amounts in DKK mill. Pension Fund Consolidated

Realised profit7

Profit for the year is transferred to equity.

Note 2016 2015 2016 2015

Gross member contributionsReinsurance premiums

3 1,709.90.0

1,492.8-0.3

1,709.90.0

1,492.8-0.3

Total member contributions, ownaccount 1,709.9 1,492.5 1,709.9 1,492.5

Incorrc from affiliated companiesIncorre from associated companiesIncome from investment propertiesInterest incorre and dividend, etc.Priec adjustmentsInterest costsAdministration costs in connection withinvestment activities

4

410.41,620.2

21.21,324.2

658.9-41.2

-115.3

168.11,107.2

21,81,398,9

-1,784,0-91,3

-107,0

1.620.2109.4

1.329.3985.7-41.9

-124.0

1,107.2100.0

1,394.0-1,686.9

-91.9

-108.7

Total return on investment 3,878.6 713.7 3,878.6 713.7

Pension return tax -586.6 -84.4 -586.6 -84.4

Pension payrrents -1,294.9 -1,157,8 -1,294.9 -1,157.8

Total pension payments, own account -1,294.9 -1,157.8 -1,294.9 -1,157.8

Change to pension provisions, ownacc. 5 -3,048.6 -780.2 -3,048.6 -780.2

Change to profit margin 0.0 0.0

Change to surplus capital -68.5 -46.9 -68.5 -46.9

Adirinlstration costs -23.8 -25.8 -23.8 -25,8

Pension-related operating costs, ownacc. 6 -23.8 -25.8 -23.8 -25.8

Transferred return on Investment -566.1 -111.2 -566.1 -111.2

TECHNICAL PENSION RESULT 0.0 0.0 0.0 0.0

Investirent return on equity 666.3 123.4 666.3 123,4

PROFIT BEFORE TAX 666.3 123.4 666.3 123.4

Pension return tax, equity -100.3 -12.2 -100.3 -12.2

PROFIT FOR THE YEAR 566.1 111.2 566.1 111.2

Other total income 0.0 0.0 0.0 0.0

TOTAL INCOME FOR THE YEAR 566.1 111.2 566.1 111.2

The Healthcare Profebniotmls' Pension Fund


Balance Sheet

ASSETSAll amounts In DKK mill.Pension FundConsolidated

Note 2016 2015 2016 2015

Investment properties 8 637.3 657.5 3,069.3 2,830.5

Capital invcstn"cnt in affiliated companies 15 2,885.1 2,512.7

Capital investment In associatedcompanies 15 21,396.7 15,915.3 21,396.7 15,945.3Loans to associated companies 612.1 158.4 971.2 469.3

Total investment in affiliated andassociated companies 24,893.9 18,616.3 22,367.9 16,414.6

Capital investment 6,465.9 5,795.1 7,346.7 6,524.4Mutual trust investment 2,865.8 3,095.9 2,865.8 3,095.9Bonds 10,408.6 12,383.7 10,408.6 12,383,7Secured loans 0.4 0.6 0.4 0.6

Other loans 6,037.1 7,451,1 6,037.1 7,451,1Deposits with credit institutes 474.1 1,411.6 474.1 1,411.6Derivative financial instruments 3,763.8 2,800.3 3,763.8 2,800.3

Total other financial investmentassets 9 30,015.7 32,938.3 30,896.4 33,667.6

TOTAL INVESTMENT ASSETS 55,546.9 52,212.2 56,333.7 52,912.6

Receivables related to direct pensionbusiness with pension savers 9.4 4.9 9.4 4.9

Receivables from affiliated companies 739.4 543.4Receivables from associated companies 28.9 25.2 28.9 25.2Other receivables 11.0 183.2 19.6 199.2

TOTAL RECEIVABLES 788.7 856.7 57.8 229.3

Deferred tax assets 131.6 131,6Cash in hand and at bank 5.6 54.9 10.0 61.6

OTHER ASSETS, TOTAL 5.6 186.5 10.0 193.2

Interest receivable 201.6 231.4 196.9 226.9Other prepayments and accruals 96.8 88.1 96.8 88.1

TOTAL PREPAYMENTS AND ACCRUALS 298.4 319.4 293.7 315.0

TOTAL ASSETS 56,639.6 53,574.8 56,695.2 53,650.1

Guarantees 10

Contingent asset 11

Tlit Hecillhcare Professionals' Pension Fund

Annual Report 2016 lb

Balance Sheet

LIABILITIESAll amounts in DKK mill.

NotePension Fund

2016 2015

Profit carried forward 9,044.2 8,478.1

TOTAL EQUITY 9,044.2 8,478.1

Surplus capital 12 380.3 311.8

TOTAL SUBORDINATE LOAN CAPITAL 380.3 311.8

Pension provisionsProfit margin on pension provisions

13 39,688.10.0

36,639.50.0

TOTAL PROVISIONS FOR PENSIONAGREEMENTS AND INVESTMENTCONTRACTS 39,688.1 36,639.5

Dcfcrcd pension return taxOther provisions

86.93.3 3.2

TOTAL PROVISIONS FOR COMMITMENTS 90.2 3.2

Debt concerning financial derivativesDebt to credit institutesPension return tax payableOther debt

9 4,844,32,194.0

364.721.3

3,776.14,077.0

239.243.7

TOTAL DEBT 7,424.3 8,136.0

PREPAYMENTS AND ACCRUALS 12.5 6.2

TOTAL LIABILITIES 56,639.6 53,574.8

Accounting policies 1

Financial highlights and key ratios forthe last five years 2

Contingencies 14

Afflilated and associated parties 15

Risk and risk management 16

Specification of assets and theirreturn 17

Sensitivity information 18

Consolidated20162015

9,044.2 8,478.1

9,044.2 8,478.1

380.3 311.8

380.3 311.8

39,688.1 36,639,50,0 0.0

39,688.1 36,639.5

86.96.7 6.3

93.6 6.3

4,844.3 3,776.12,194.0 4,077.0

364.7 239.273.4 116,0

7,476.4 8,208.3

12.5 6.2

56,695.2 53,650.1

The HoalihcaiT! Professionals' Pension Fund


CapitalAll an-punts in DKK mill,

Pension Fund ConsolidatedEquity 2016 2015 2016 2015

t'quity as at 1 January 8,478.1 8,366.9 8,478.1 8,366.9Transferred from profit distribution 556.1 111.2 566.1 111.2

Other total income 0.0 0.0 0.0 0.0

Total equity 9,044.2 8,478.1 9,044.2 8,478.1

Pension Fund ConsolidatedCapital base 2016 2015 2016 2015

Equity 9,044.2 8,478.1 9,044.2 8,478.1Surplus capital 3B0.3 31:L.8 380.3 311.8

Total capital base 9,424.5 8,789.9 9,424.5 8,789.9

The HealLhCtire Professionals' Pension Fund


NotesAll amounts in DKK mill.

Note 1Accounting Policies

The Annual Report for the Group and Che Pension Fund has been prepared in accordance with the provi¬sions of the Danish Financial Business Act and the executive accounting order from the Danish FinancialSupervisory Authority on financial reporting from insurance companies and pension funds.

The executive order on the financial statements of pension funds and life assurance companies has beenchanged with effect from 2016. These changcs relate to the implementation of the Solvency II rules. Thishas led Co changes of the accounting policies applied:

•Pension provisions are calculated as the current value of the best estimate of expected paymentflows. A discounting interest graph calculated by tlOPA, the European supervisory authority, isapplied together with member behaviour in regard Co repurchase and premium-free policies.

•The Healthcare Professionals' Pension Fund has successfully applied for permission to use a dis¬counting interest graph with a VA supplement. This permission has been in forcc from carly-2016.

•The items Pension Provisions, Collective Bonus Potential and Provisions for Compensations aregathered in one Item, "Pension Provisions", which consists of the elements Guaranteed Payments,Individual Bonus Potential, Collective Bonus Potential and Risk Margin,

•The risk margin corresponds to the amount which the Pension Fund expects to have to pay an¬other insurance enterprise for taking over the risk of settling the holdings. In connection with theopening balance, the risk margin amounted to DKK 352.6 mill, and was covered by individual bo¬nus potential.

•Special bonus provisions are renamed "Surplus capital" (in the following called Surplus Capital)and the amount is rccogniscd under ^'Subordinate Loan Capital".

•The return margin on pension provisions in 2016 was 0.

The effects on the items of the financial statements from the change of accounting policies as from 1January 2016 are as follows:

DKK mill. Equity Surpluscapital

Pensionprovisions

Provisionsfor compen¬

sations

Collectivebonus

potential

Financial Statements31.12.2015 8,478.1 311.8 36,230.3 18.9 390.4

Change to valueadjustmentChange of model forpayable bonusRegrouping of items

Opening balance01.01.2016

-421.0 421.0

45.6 -45.6

784.6 -18.9 -765.7

8,478.1 311.8 36,639.5

With reference to Sect. 84 (2) of the executive order on financial statements it has not been found to bepossible in practice to change the comparable figures, note information and five-year overviews, so as tomake them In line with the new method, as regards the period before 2016, which is why they are notdircctly comparable with 2016.

The Annual Report contains an Income Statement for the period 1 January - 31 December 2016 and aBalance Sheet as at 31.12.2016, based on the new accounting principles. In addition, comparable figuresfor the corresponding period last year have been included, using the previous accounting principles.

The Annual Repott is presented in millions of Danish kroner with one decimal. Fach figure Is rounded offseparately, Consequently, variations may exist between the totals and the sum of the underlying figures.

The Hecjllhcare Professiotiiilb' Pension Fund


Principles regarding the distribution of profits and/or lossesIn accordance with the executive order on the contribution principle, the Pension Fund has notified theDanish Financial Supervisory Authority of its principle for distributing the result of the year under review.

The main principle in 2016 is that the part of the profit obtained in the year under review and allocated toequity and surplus capital consists of a yield corresponding to the investment return before pension returntax plus a risk return rate of 0.0% of the average pension provisions. Payments to and from equity arededucted from the share of the profit for the year that goes to equity. As from 2016, the principles forallocating a risk return will change, as will the principles for repaying any amounts defrayed from equityand surplus capital. Losses concerning the individual contribution groups covered, which losses are coveredby equity and surplus capital, may be retrieved in the subsequent financial year, if possible, from the indi¬vidual and collective bonus potential of each group. The shares transferred from Individual and collectivebonus potentials in the subsequent financial year are reported to the Danish FSA.

Consolidated AccountsThe Consolidated Accounts comprise the Pension Fund and affiliated companies, where the Pension Fundhas a controlling influence, The Consolidaled Accounts are made by combining (consolidating) accountingItems with a uniform content in the Pension Fund and the affiliated companies.

In consolidation, intra-Group income and costs arc eliminated together with intra-Group share holdingsand outstandings.

Intra-Group services are charged on market terms or cost-covering terms. Intra-Group trading in securitiesand other investment assets is charged at market value.

Translation of currenciesTransactions in foreign currencies arc translated at the exchange rate of the transaction dale. BalanceSheet items in foreign currencies are translated at the dosing exchange rate of the Balance Sheet date.

All currency gains and losses are Included in the Income Statement under exchange rate regulation.

General principles for recognition and measurementAssets arc recognised In the Balance Sheet if future gains are likely to accrue to the company and thevalue of the asset can be measured reliably. Commitments are recognised in the Balance Sheet if futuregains are likely to be paid by the company and the commitment can be measured reliably.

The Income Statement recognises all income as it Is earned, while costs arc recognised by the amountsthat concern the financial year under review.

Purchase and sale of financial instruments are recognised on the transaction date and such recognitionends when the right to receive/pay cash flows from the financial asset or liability has expired, or if it hasbeen assigned. Purchase or sales transactions which had not yet been carried out on the Balance Sheetdate ore recognised In the Income Statement in the form of their loss or gain.

In the First recognition, financial instruments are measured at current value. Measurement after firstrecognition Is made as described under each accounting item below.

Income Statement

Gross members' contributionsGross members' contribution in the Pension Fund consists of members' contributions due for January -November as well as expected members' contributions for December. Members' contributions have beenreduced by labour market contributions.

Pension paymentsPension payments consist of processed and paid pensions.

A dministra tionThe Pension Fund pays a fixed annual price (rate) per member to PKA A/S for the agreed administrativeservices; this amount includes salaries and fees to Management and Board.

In addition, the Pension Fund and the affiliated companies pay a fixed fraction of a percent of the net assetcurrent value to cover portfolio management.

The rate and the fraction of a percent are determined on market terms.



The costs of administering securities are recognised as administration costs in connection with investmentactivities.

The costs of property administration are deducted from income from investment property.

Return on investmentIncome from affiliated companies consists of the Pension Fund's share of the affiliated companies' operat¬ing profit after tax.

Income from associated companies consists of the Pension Fund's share of the associated companies' op¬erating profit after tax.

income from Investment properties consists of the result of property operation before adjustment of prop¬erty values. The costs of property administration are deducted from the result,

Interest and dividend, etc., include the interest earned and the dividend received, etc., in the year underreview.

Price adjustments consist of realised and unrealised gains on investment assets, including value regulationof investment properties.

Transferred return on investmentTransferred return on investment has been calculated on the basis of the pro rata share of the result ob¬tained that goes to equity and is included in the equity investment return item.

Pension return taxPension return tax is recognised in the Income Statement by an amount calculated on the basis of thetaxable return in the year under review. The pension return tax that rests on the return that will only beincluded in the Pension Fund tax basis In a subsequent financial year is recognised as deferred pensionreturn tax.

Pension return tax is divided between equity and clients. Equity's share of the pension return tax is calcu¬lated on the basis of equity's share of the result obtained.



Balance Sheet

Assets

Investment propertiesInvestment properties arc measured at their value on the Balance Sheet date by using the DCF method, orIn the alternative the first-year-re turn method as regards residential properties In uniform, stable opera¬tion. The measurement takes account of current interest and market conditions and the location, age andstate of maintenance of the property, including expected future maintenance costs. The return requirementhas been set on the basis of the expectation that, given the required sales efforts, the properties could besold within a reasonable time period.

Construction projects are measured at cost during the construction period.

Minor properties are measured and recognised at the latest public assessment value.

Value adjustments of investment properties arc recognized under Price adjustments via the IncomeStatement.

Cap/tal participa tionListed capital participation is measured at the value of stock exchange closing prices on the Balance Sheetdate.

Unlisted capital paiticipation is measured at current value based on an individual assessment of the com¬panies with a view to determining the price which such shares are expected to fetch. Measurement isbased on the key ratios and valuation methods normally used when measuring companies.

Units in mutual trustsUnits in mutual trusts are measured at the value of the stock exchange closing prices on the Balance Sheetdale.

BondsFixed-interest bonds, convertible bonds and indexed bonds plus Index-related adjustments are measuredat the value of the stock exchange closing prices on the Balance Sheet date. The current value of drawnbonds Is based on the present value of the bonds, which is dose to the nominal value of the bonds.

Secured loansMortgage bonds are measured at a calculatcd current vale based on the effective interest rate of the claim.

Other loansSubordinated loan capital is recognised as a calculated current value based on information about the sol¬vency of the company. Provisions are made to losses if this is warranted by the said information.

Rep urchase/ re versa/Securities sold as part of a sell and buy-back transaction stay on the Balance Sheet under the various mainitems, e.g. "bonds" that carry interest and are subject to security price adjustment. The received amountis recognizcd and carries interest as debt to the other patty to the transaction. Securities acquired as paitof a purchase and sell-back transaction are recognized as accounts receivable by the other party, while thereturn is recognised under interest.

Derivative financial instrumentsDerivative financial instruments used for interest risk hedging and other purposes arc measured at currentvalue. Instruments with a positive currcnt value are entered as assets, while instruments with a negativecurrent value are entered as liabilities.

Capital participation in affiliated companiesCapital participation in affiliated companies Is measured at intrinsic value (the equity method). Using thismethod, the operating results of affiliated companies arc recognised in the Pension Fund Incomc State¬ment. The Pension Fund's profit and equity are thus identical to those of the Group.

The accounting results from affiliated companies result from using recognition and measurement methodsidentical to the principles used in the Pension Fund.

Capital participation in associated companiesCapital participation in associated companies is recognised at the Pension Fund ownership share Of thecompanies' intrinsic accounting value according to the lasl known accounts. The companies' intrinsic value

The Healthuare Professionals' Pension Fnnd


results from using measurement methods identical to the methods used in the Pension Fund. All regula¬tions arc rccogniscd in income from associated companies.

Associated companies are defined as companies that are not affiliated companies, but where the Group'scompanies have shares representing more than 20 % of the voting rights, and where considerable influ¬ence is exercised over companies' operational and financial management through representation on theboards of companies.

Associated companies with a negative intrinsic accounting value are measured at zero and any receivablesfrom such companies are impaired by the parent company's share of the negative intrinsic value to theextent the amount Is deemed to be irrecoverable. If the negative intrinsic accounting value exceeds theamount receivable, the remaining amount is recognised under provisions for commitments to the extentthe parent company has a legal or actual commitment to cover the obligations of the company concerned.

Other items under assetsAccounts receivable are recognised at face value minus write-downs to cover expected losses.

Liabilities

Equity1The Pension Fund's equity belongs to the members jointly.

Provision for pension agreements and investment contractsProvisions for pension agreements and investment contracts arc measured by the Pension Fund Actuary incharge.

The pension provisions consist of the following elements; Guaranteed Payments, Individual Bonus Poten¬tial, Collective Bonus Potential and Risk Margin.

The provision element entitled Guaranteed Payments Is measured in that, for each insurance policy, themarket value of the expected, guaranteed payment flows is calculated. The market value is calculated bydiscounting individual payments using the interest rate calculated by EIOPA, the European supervisoryauthority, plus a Volatility Adjustment supplement and minus the pension return tax. Guaranteed Pay¬ments contain an estimated amount to cover future insurance payments stemming from Insurance eventswhich occurred during the financial year, but where no claim had yet been filed on the date of the BalanceSheet,

Individual Bonus Potential contains the value of obligations to grant a bonus on the basis of the amountdeposited under the individual insurance policy qualifying for the bonus.

Collective Bonus Potential contains the share of the Insurance holding of realised results which has beenset aside as a collective provision for the insurance policies qualifying for the bonus.

The Risk Margin contains the amount which the Pension Fund must expect to have to pay to another insur¬ance company to take over the risk of settling the holding. As far as possible, the Risk Margin is obtainedprimarily from the Individual Bonus Potential and subsequently form the Collective Bonus Potential - oralternatively from the capital base. The Risk Margin is calculated in accordance with the Solvency II rules.

The assumptions regarding the best estimate of mortality are based on the FSA benchmark for currentmortality, which is adapted to the Pension Fund's specific situation as regards the observed mortality of thepolicy holders. In addition, the FSA benchmark for expected life expectancy improvements is integrated.The FSA benchmark is updated annually and the Pension Fund carries out an annual analysis of any devia¬tions from the benchmark for current mortality.

The assumptions regarding best estimate of disablement are based observed disablement in recent yearsThe discounting interest graph and the assumptions on mortality are the assumptions which have thehighest effect on the measurement of provisions made.

Collective bonus potential consists of members' share of the results obtained by bonus-qualifying pensionschemes. The amount has been set aside collectively and has thus not been assigned to each member atthis point.

Profit marginThe profit margin shows the present value of profit not yet earned by the Pension Fund on insurance poli¬cies which are to be recognised In the Income Statement over time. The profit margin is segregated from

7he Heolthcarc ProfnsslonalT;' Pension Futid


the pension provisions.

Surplus capitalSurplus capital forms part of the base capital on equal terms with equity capital, but overtime it accrucsto the insured and thus forms part of the provision made for insurance contracts.

Other items under liabilitiesDebt is measured al: amortised cost, which normally corresponds to the face value.

Key ratios and sensitivity informationKey ratios and sensitivity information are prepared in accordance with the rules of the Danish FSA's execu¬tive accounting order on financial reports covering insurance companies and pension funds.

The Healthcare Prolessiuiicils' Pension Fund

Annual Report 201623

Note 2Financial highlights and key ratios for the last five years

Pension Fund2012 2013 2014 2015 2016Members' contribution 1,318 1,364 1,135 1,493 1,710Pension payments * -973 -1,081 -1,883 -1,158 -1,295

Return on investment 4,871 1,760 4,440 714 3,879Total pension-related operating costs -27 -27 -27 -26 -2.4

Result of reinsurance 0 0 0 0 0Technical result 681 0 0 0 0Profit for the year 1/391 283 703 111 566Total provisions for pension agreements * 32,130 33,605 36,109 36,640 39,688Total equity 7,381 7,664 8,367 8,478 9,044Total assets 44,974 44,700 49,041 53,575 56,640

Consolidated 2012 2013 2014 2015 2016Members' contribution 1,318 1,364 1,435 1,493 1,710Pension payments * -976 -1,081 -1,883 -1,158 -1,295

Return on investment 4,871 1,760 4,440 714 3,879Total pension-related operating costs -27 -27 -27 -26 -24

Result of reinsurance 0 0 0 0 0Technical result 681 0 0 0 0Profit for the year 1,391 283 703 111 566Total provisions for pension agreeirents * 32,130 33,605 36,109 36,640 39,688Total equity 7,381 7,664 8,367 8,478 9,044Total assets 45,076 44,812 49,102 53,650 56,695

Key ratios 2012 2013 2014 2015 2016Retum related to average interestproducts * % 14.0 4.5 10.8 1.6 8.5

Cost on provisions * % 0.1 0.1 0.1 0.1 0.1

Costs per member kr. 538 534 514 444 393Retum on equity after tax % 20.8 3,8 8.8 1.3 6.5

Return on surplus capital, to whichreturn as equity Is allocated % 14.5 5.1 11.5 2.0 7.0

Solvency cover ^ ^ % 704 754 697 732 453

* The ministerial order on financial statements was changed as from 2016. With reference to Sect.84 (2) of the ministerial order, it has not been found to be practically possible to changc the fivc-ycar overview, so as to make the figures for the period before 2016 in line with the new method.Consequently, the figures for 2012-2015 are not directly comparable with 2016.

** The key figure called solvency cover is exempted from the audit requirement^ cf. ministerial orderno. 937 of 27 .luly 20113 on financial reporting of insurance companies and transverse pension funds,so no audit has been performed.



Note 3 Pension Fund ConsolidatedGross member contributions 1016 2015 2016 2015

Direct insurance with bonus schemeMember contributions 1,448.2 1,389.1 1,448.2 1,389.1Member single premiums 216.2 54.4 216.2 54.4Group schemes 45.5 49.3 45.5 49.3

Total gross member contributions 1,709.9 1,492.8 1,709.9 1,492.8

All contributions arc direct insurance with abonus right.

Pension agreementsTaken out as part of an employee plan 1,500.7 1,443.5 1,500.7 1,443.5Taken out by private individuals 163.6 163.6Group schemes 45.5 49.3 45.5 49.3

Premiums divided into countries:Denmark 1,699.6 1,483.5 1,699.6 1,483.5Other EU countries 4.6 4.5 4.6 4.5

Other countries 5.7 4.7 5.7 4.7

Calculation of number of policy holdersTaken out as part of an enployee plan 56,587 55,263 56,587 55,263Taken out by private individuals 1,918 1,918Group schentss 36,356 35,921 36,356 35,921

The Pension Fund's total number of insured members has been calculated incl. memberships from whichonly spouse and children pensions are paid.

Note 4 Pension Fund ConsolidatedPrice adjustments 2016 2015 2016 2015

Invcstrrcint properties -10.7 8.5 79.0 62.4Capital investrrent 207.9 359.8 446.0 402.9Investment fund shares 295.1 448.2 295.1 448.2Bonds 115.5 -190.8 115.5 -190.8Other loans 53.5 299.0 53.5 299.0Derivative financial instruments 15.4 -2,706.9 14.3 -2,706.7Cash In hand and at bank -17.7 -1.8 -17.7 -1.8

Total price adjustments 658.9 -1,784.0 985.7 -1,686.9

Note 5 Pension Fund ConsolidatedChange to pension provisions, own acc. 2016 2015 2016 2015

Individual bonus potential 3,61.3.9 3,613.9Guaranteed payments -1,778.6 -325.4 -1,778.6 -325.4

Bonus potential on future member contributions 566.8 566.8Bonuspotentiale pa Iwilende pensioner /86.6 786.6Risk margin 19.7 19.7Compensation provisions -0.3 -0.3

Collective bonus potential 1,193.6 -247.6 1,193.6 -247.6

Total change to pension prov., own acc. 3,048.6 780.2 3,048.6 780.2



Note 6 Pension Fund ConsolidatedPens ion-re la ted operating costs, own acc. 2016 2015 2016 2015

Board fees (amounts in thousands of DKK)Bo Li berg ran 183.9 94.8 183.9 94.8Ghita Parry ^ 87.2 86.2 87,2 86.2Tina Lambrecht * 52.5 85.5 52.5 85.5Bert Hamtrer Asbild 52.5 51.5 52.5 51.5Ulla Astman Nielsen 52.5 51.5 52.5 51.5Lillian Bondo * 52.5 51.5 52.5 51.5Mary-Ann Sorensen 52.5 51.5 52.5 51.5Brian Errebo-Jensen 52.5 51.5 52.5 51.5Merete Ringsholt 73.1 71.7 73.1 71.7Anette Eberhard 143.2 140.4 143.2 140.4Paw Vagtborg Karslund 52.5 51.5 52.5 51.5Erik Adolphsen (resigned 31.12.2015) 122.6 120.2 122.6 120.2Lone Birgittc H0hnc (entered 14.01.2015} 52.5 51.5 52.5 51.5Tina Nor Langager (entered 01.12.2015) 93.7 4.3 93.7 4.3

Thygc Kjeldgaard Nielsen (indtradt 17.08.2015) 52.5 17.3 52.5 17.3Birgit Plough Jensen (entered 28.04.2016) 35.2 0.0 35.2 0.0

Annette Boldt Gcmynthe (resigned 28.04.2016) 17.3 51.5 17.3 51.5Carl Hoist (resigned 17.08.2015) 104.5 104.5Gunner Gamborg (resigned 30.11.2015) 47.1 47,1Gltten Hammerberg (resigned 14.01.2015) 4.2 4.2

Total Board fees 1,228.6 1,187.9 1,228.6 1,187.9

x the fee has been pairJ to the dedignated trade union organisation

Salaries and fees

Managcnxnt and significant fixed-pay risk-takers partially work for and are paid by the Pension Fund.The actuary in charge works for, but is not paid by, the Pension Fund,

CEO Peter Darrxjaard Jensen received total remunerations for all his functions from the adrrimstrationcompany, PKA A/S, in the arrount of DKK 4,091,000.

Detailed information about salaries in the adrrinistrative corr/nunity PKA can be read at pka.dk.

Pension FundConsolidated2016201520162015

Salaries (amounts in DKK thousands)Salaries 1,639.1 1,637.5 1,639.1 1,637.5Pension contributions 354.1 332.5 354.1 332.5Payroll tax, etc. 271.1 240.3 271.1 240.3

Total salaries 2,264.2 2,210.3 2,264.2 2,210.3

Management has received a fixed salary exclusively of DKK 311,600.

Other significant risk-takers, 6 persons, have received fixed salaries only, totalling DKK 1,658,600.

The average number of full-rime equivalent employees in 201!? was 0.9.

Auditor (amounts in thousands of DKK)Most of the auditor's work compirses all of the pension funds administered by PKA A/S.

The Pension Fund's share of audit costs incl. VAT is:

Pension FundConsolidated2016201520162015

DeloltteStatutory audit of the Financial Statement 361.3 359.8 471.3 491.5Other assurance engagements 68.0 90.0 68.0 90.0

Total auditor costs 429.3 449.8 539.3 581.6


26Annual Report 2016

Note 7 Pension Fund ConsolidatedRealised profit 2016 2015 2016 2015

Realised interest 3,490.1 329.7 3,490.1 329.7Realised risk 143.7 133.9 143.7 133.9Realised cost 138.7 125.7 138.7 125.7Market value adjustment -55.9 546.6 -55.9 546.6

Total realised profit 3,716.5 1,136.0 3,716.5 1,136.0

which Is divided into:Crediting of bonus 1,285.8 1,135.8 1,285.8 1,135.8Pension return tax 482.0 71.5 482.0 71.5Return for surplus capital 24.3 5.1 24.3 5.1Pension return tax concerning surpluscapital 4.4 0.7 4.4 0.7Transferred to equity 626.2 158.2 626.2 158.2Pension return tax on return on equity 100.3 12.2 100.3 12.2Change in collective bonus potential 1,193.6 -247.6 1,193.6 -247.6

Total distribution 3,716.5 1,136.0 3,716.5 1,136.0

Movements on equity:From realised profit 626.2 158.2 626.2 158.2Transferred to provisions -60.2 -47,0 -60.2 -47.0

Profit for the year 566.1 111.2 566.1 111.2

Missing return on equity0.0Q.O0.00.0

The principles for distribution of the realised profit and for calculation of risk supplerrent arc dcscribcdunder accounting policies.

Note 8Pension FundConsolidatedInvestment properties 2016 2015 2016 2015

Current value as at 1 January 657.5 645.4 2,830.5 2,525.8Additions of the year under review 5,3 12.4 174.7 258.3Divestments of the year under review -14.8 -8.7 -14,8 -16.0

Value adjustment for the year at current value -10.7 8.5 79.0 62.4

Total current value 637.3 657.5 3,069.3 2,830.5

Weighted average return percentage that formspart of determining current value:Properties for residential tenancies 4.5 4.6 4.5 4.5Properties for business leases 5.2 5.2 5,2 5,3

Properties leased to public authorities on long-term contracts 4.3 4.3 5,5 5,1

The Pension Fund's valuation of invcstcmcnt properties has been based on external validation of yieldrequirements.

The Healllicare rtofesslonals' Pension Fund


Note 9Other financial investment activities

The Pension Fund's investrrent policy takes account of a number of social, environmental and ethicalaspects. The Pension Fund does not invest in companies that deliberately and consistently infringe onnational laws or rules laid down by international organisations and adopted by Denmark. Furl hertrore,the Pension Fund does not Invest in corrpanies that n^vanufacture weapons or tobacco.

Go to www.pka.dk for a continually updated list of the companies in which the Pension Fund has madecapital investnents.

The net assets of the Pension Fund are administered by PKA A/S.

Financial instruments (Pension Fund and Consolidated)

BookFinancial derivatives 2016Yrs to expiry Principal value

Options 1-10 2,313.1 381.1Swaptions 1-10 13,163.6 -572.7

Swaps 0-1 11,343.7 30.0Swaps OtH1T-I 28,<193.0 61.8Swaps +10 83,899,4 964.1Forward currency transactions 0-1 25,383.2 -1,960.2

Forward currency transactions 1-10 573.3 16.7Inflation swaps 1-10 1,542.5 7.5Inflation swaps ^ +10 729.7 -8.8

BookFinancial derivatives 2015 Yrs to expiry Principal value

Opt ions 1-10 2,321.5 330.8Swaptions 1-10 10,729.4 -232.1

Swaps 0-1 10,050.8 -94.3

Swaps 1-10 27,646.8 252.3Swaps r +10 87,679.3 364.8Forward currency transactions 0-1 15,390.5 -454.7

Forward currency transactions 1-10 5,591.2 -1,142.6

Derivative financial instruments are linked to significant conditions in regard to the development ofinterest rates, share prices and exchange rates.

Other financial instruments, such as bonds, capital investment, etc., are not linked to any special,significant conditions or tenre that could influence future cash flows.

The hook value of financial derivaties in the Balance Sheet is gross, The sum of all contracts withpositive value is recognised in assets under the item "Financial derivatives".The sum of all contractswith negative value Is recognised In liabilities under the item "Debt relating to financial derivatives".

Note 10Pension FundConsolidatedGuarantees 2016 2015 2016 2015

As guarantee for cotrpliance with comrritrrentsin hedging interest and share price risks, thePension Fund has deposited bonds at: a netvalue of 2,319.1 1,465.3 2,319.1 1,465.3

Guarantees for repurchase agreement 2,263.4 4,078.1 2,263.4 4,078.1


2X Annual Report 2016

Note 11Contingent asset

In 2014, Danish VAT procedures were changed; certain services to pension funds are no longersubject to VAT.

In February 2016, the Pension Fund submitted an application for repayment of wrongfully collectedVAT for the period 1 February to 2004 up to and including 2015 to the Danish tax authorities;processing of the application is still outstanding. It is still unclear to which extent the Pension Fundwill achieve any such repayment, so the size of the expected receivable is uncertain,

Note 12 Pension Fund ConsolidatedSurplus capital 2016 2015 2016 2015

Surplus capital, start of year 311.8 264.9 311,8 264.9Payments received 50.6 46.3 50,6 46.3Disburseirents -6,4 -4.6 -6,4 -4.6

Share of realised result after PAL tax 24.3 5.1 24,3 5.1

Total surplus capital380.3311.8380.3311.8

Note 13 Pension Fund ConsolidatedPension provisions 2016 2015 2016 2015

Pension provisions, start of year 36,639.5 35,202.2 36,639.5 35,202.2Profit margin, start of year 0.0 0.0

Total pension provisions, start of year 36,639.5 35,202.2 36,639.5 35,202.2Collective bonus potential, start of year -765.7 -765.7Accumulated value adj., start of year -4,384.1 -5,306.1 -4,384.1 -5,306.1

Retrospective provisions, start of year 31,489.7 29,896,1 31,489.7 29,896.1Gross contribution 1,709.9 1,492.8 1,709.9 1,492.8Interest added 1,412.0 1,341.2 1,412.0 1,341.2Pension payrrents -1,294.9 -1,157.8 -1,294.9 -1,157.8

Cost supplement after addition of cost bonus -27.8 -27.9 -27.8 -27.9

Risk gain after addition of risk bonus -45.4 -105.4 -45.4 -105.4

Pension choice bonus 60.2 47.0 60.2 47.0Transferred to/from members' capital -44.2 -41.7 -44.2 -41.7

Other 29,3 26.6 29.3 26.6

Retrospective provisions, end of year 33,288,8 31,470.8 33,288.8 31,470.8Accunxilated value adjustment, end of year 4,440,0 4,759.5 4,440.0 4,759.5

Collective bonus potential, end of year 1,959.3 1,959.3

Total pension provisions, end of year 39,688.1 36,230.3 39,688.1 36,230.3

Transferred from collective bonuspotential, end of year 390.4 390.1Transferred from provisions forcorrpensation, end of year 18.9 18.9Profit rrwejin, end of year 0.0 0.0

Total pension provisions 39,688.1 36,639.5 39,688.1 36,639.5

The pension fund's insurance is comprised by the contribution principle. However, the pension fund hasadopted other principles for the distribution of profits obtained than what Is staled in the ContributionOrder (Order No. 358 of 6 April 2010). The provisions of the Order are used to the extent they do notviolate the principles of the pension fund. In practice, this means that the pension fund does not usea group division as stated in Sect. 3 of the Order.

The Healihcare Professionals' Pension Fund

Annual Report 2016

Note 13 continued

Breakdown of provisions into original baseinterest of holdings not comprised by thecontribution principle:

Guaranteedpayments

Individualbonus-

potential

Collectivebonus-

potential Total

Pension provisions as at 1 January 2016Calculation Interest rate 0.01%Calculation interest rate 1.75%Calculation interest rate 2.75%Calculation interest rate 4.25%

1,708.01,277.02,794.4

15,185.5

11,916.62,222.9

306.8110.1

391.193.162.5

219.1

14,015.73,593.03,163.6

15,514.7

All groups 20,964.8 14,556.4 765.7 36,287.0

Risk margin, all groups 352.6

Total pension provisions 36,639.5

Pension provisions as at 31 Decerrfoer 2016Calculation Interest rate 0.01%Calculation Interest rate 1.75%Calculation interest rate 2.75%Calculation Interest rate 4.25%

2,604.6949.0

2,225.213,407.5

14,242.43,190.1

646.391.5

1,009.3246.7162.6540.7

17,856.34,385.83,034.1

14,039.7

All groups

Risk margin, all groups

19,186.3 18,170.3 1,959.3 39,315.9

372.3

Total pension provisions 39,688.1

Return percentage of bonus ratio forinsurance holdings not comprised by thecontribution principle:

2016Return

percentage

2015Return

percentage

2016Bonusratio

2015Bonusratio

Calculation Interest rate 0.0.1%Calculation Interest rate 1.75%Calculation Interest rate 2.75%Calculation interest rate 4.25%

8.6%B.6%8.6%8.6%

1.6%1.6%1.6%1.6%

88.9%82.0%29.3%6.9%

76.5%60.5%14.4%3.7%

Return on customer funds after costsbefore tax divided into products:

Average Interest rate 8.5%



Note 14 Pension Fund ConsolidatedContingencies 2016 2015 2016 2015

As security for insurance-taker provisions, thefollowing assets have been registered:

Investment property 637.3 272.8 637.3 272.8Capital participation in affiliatedcompanies 2,885.1 2,512.7 2,885.1 2,512.7Capital participation In associatedcompanies 18,105.8 15,804.1 18,105.8 15,804.1Loans to associated companies 175.1 158.4 175.1 158.4Capital participation 6,465.9 1,095.1 6,465.9 1,095.1Unit trust shares 2,865.8 3,095.9 2,865.8 3,095.9Bonds 5,864.4 6,902.5 5,864.4 6,902.5Secured loans 0.4 0.6 0.4 0.6Other loans 6,037.1 7,451.1 6,037.1 7,451.1Deposits with credit institutes 474.1 1,411.6 474.1 1,411.6Derivative financial instruments 0.0 853.6 0.0 853.6Receivable from affiliated companies 0.0 642.5 0.0 642.5Cash In hand and at bank 5.6 66.7 5.6 66.7Receivable interest 57.1 159.0 57.1 159.0

Total as security for provisions 43,573.7 40,426.5 43,573.7 40,426.5

Investment assets for take-over afterfinancial year 7.9 177.7 7.9 177.7

Investment pledges after deduction ofamounts already deposited:

Unlisted shares 2,264.8 2,731.4 2,264.8 2,731.4Forests and farms 42.3 4.3 42.3 4.3Properties 246.1 89.9 246.1 89.9Infrastructure 553.2 317.6 553.2 317.6

3,106.4 3,143.2 3,106.4 3,143.2

The Pension Fund participates in various partnerships together with pension funds attached to PKA.The Pension funds are jointly and severally liable for the commitn-ents of these partnerships.

Soire of the Group's real properties are subject to a VAT adjustment obligation. However, acommercial decision to change the use of these properties Is required for this obligation to become areality.

Anholt Ha vvindm 0lleparkThe Pension Fund has guaranteed to Dong Energy Wind Power A/S and the co-owners of AnholtHavvlndmallepark I/S that, within a specific framework, PKA - Sundhedsfagllge Anholt HavvlndmalleparkK/S will pay its pro rata share of commitments under the ownership agreement concerning AnholtHavvindmallepark I/S and the agreement with LX)NG Energy Wind Power A/S to operate AnholtHavvindmallepark.Gode Wind 11The Pension Fund has pledged a capital contribution to PKA - Sundhedsfagllge Gode Wind II K/S ofEUR 69.9 rrill. EUR; payment is on demand if requested by the company's general partner.

Via PKA - Sundhedsfagligc Gode Wind JI K/S, the Pension Fund participates with a number of otherInstitutional investors in a consortium investing in the wind farmCfcde Wind II. Towards Dong EnergyWind Power A/S, the Pension Fund has guaranteed for its pro rata share of certain commitments in theestablishment and ownership of Gode Wind II.

The guarantee is limited to the Pension Fund's indirect investment pledge: the remaining commitmenton the Balance Sheet date was tUR6./ mill. The Pension Fund has guaranteed for certaincommit roe nts resting on Gode Wind II Joint HoldCo P/S towards Gode Wind II Joint FinCo ApS. On theBalance Sheet date, this guarantee concerned commitments of approx. EUR 63.1 mill.

The Hoalthcare Professionals' Pension Fund

Annual Report 20163i

Note 14 continued

Burba Bank Ext ensionVia PKA Barbo Extension Holding ApS, the Pension Pund participates together with other Danishinvestors In an investor consortium, which invested in the Butbo Bank Extension offshore wind farm inthe UK. The Pension Fund has guaranteed for its pro rata share of certain comnitrnsnts regarding Lheerection and ownership of Burbo Bank Extension towards a number of parties, including Mi ll VestasOffshore Wind UK Ltd, which supplies the wind turbines, and towards the other Danish investorpartners and DONG Energy Wind Power A/S, as well as the project companies of these companies.These guarantee commitments are limited to the Pension Fund's Indirect Investment pledge; theremaining conmitment on the balance sheet dae was GBP 76.6 mill.

Teeside Renewable Energy PlantVia PKA TeesREP Holding ApS, the Pension Fund invests in the bio mass power plant Teeside RenewableEnergy Plant in the UK together with other Danish pension funds and Macquarie Capital. The PensionFund has guaranteed for Its pro rata share of certain commitrrents regarding the erection andownership of Teeside Renewable Energy Plant towards Nordea Bank Denmark, as part of the totalfunding of the Investment. The guarantee commitmsnt is limited to the Pension Fund's indirectinvestment pledge; the remaining commitment as at the balance sheet date was GRP ?.2.0 mill.

Note 15Affiliated and associated parties, etc.

The Pension Fund hasinvested capital in the Com¬ Com¬following affiliated Owner¬ pany panycompanies: Activity Domiciled in ship profit Equity

SundhedsfagligesEjendomsaktieselskab

investment in land andbuildings Gentofte 100.0% 175.4 1,646.5

PKA - Sundhedsfaglige AnholtHavvlndmallepark K/S Investrrent in wind farms Gen toft e 100.0% 58.4 577.8

PKA - Sundhedsfaglige OWPBUTEND1EK K/S Investment in wind farms Gentofte 100.0% 120.3 134.1

PKA - Sundhedsfaglige GodeWind II K/S Investment in wind farms Gentofte 100.0% 56.4 526.5

PKA - Sundhedsfaglige OWPBUTENDIEK Komplernentar General partner Gentofte 100.0% 0.0 0,1

ApSPKA - Sundhedsfaglige GPApS General partner

Gentofte 100.0% 0.0 0.1

The Pension Fund hasinvested capital in the Com¬ Com¬following associated Owner¬ pany panycompanies: Activity Domiciled in ship profit Equity

Administrative assignmentsPKA A/S in relation to pension fund

activities etc.Gentofte 21.0% 13.9 241.0

PKA+PensionForsikringsselskab A/S

Lifeinsurance activity Gentofte 21.0% 28.6 678.6

A/S KjabenhavnsEjendomssclskab

Investment In land andbuildings

Gentofte 74.2% -28.0 809.1

Butendlek rinCo ApS Investment in wind farms Gentofte 22.0% 0.2 5.0

The Healthcare Profeittionalb' Pension Fund

:<2 Annual Report 2016

Note 15 continued

The Pension Fund hasinvested capital in thefollowing associatedcompanies: Activity Domiciled in

Owner¬ship

Com¬

panyprofit

Com¬

panyEquity

PKA Burba Extension HoldingApS Investment in wind farrre Gentofte 22.0% 0.0 0.0

PKA TccsRCP Holding ApS

PKA AIP A/S

PKA Skelby P/S

Investment in biomasspower plantInvestrrcnt consulting

Investment in land andbuildings

Gentofte

Copenhagen

Gentofte

22.0%

23.0%

25.0%

0.0

4.3

0.0

0.0

2.9

4.9

PKA Skejby KorrplementarApS General partner Gentofte 25.0% 0.0 0.0

Investcringsseiskabet af 24.februar 2015 A/S Reuse of tyres Gentofte 23.9% -478.6 -269.0

Emerging Market CorporateDebt I *

Emerging markets corporatedebt Copenhagen 23.0% 2.0 2,180.2

Emerging Local CurrencyDebt 11 * Emerging markets local debt Copenhagen 23.0% -137.9 3,917.4

En^crging Local CurrencyDebt III * Emerging markets local debt Copenhagen 22.2% -493.3 3,878.9

Errcrging Local CurrencyDebt IV * Emerging markets local debt Copenhagen 23.8% -469.6 2,653.3

Europceiskc High Yield I *Nordamcrikansk 1 Ikjh YieldI *

European high yield

Northamerican high yield

Copenhagen

Copenhagen

22.9%

23.2%

53.1

-159.9

1,635.3

1,941.1

Nordaircrikansk High YieldII * Noithan^erican high yield Copenhagen 23.1% -36.2 3,189.8

Nordarrerlkansk High YieldIII * Northamerican high yield Copenhagen 22.9% - -

Mortgage Backed S ecu ritesI * American house loans Copenhagen 22.1% 33.2 2,828.3

Global Equities I ^

Low Risk Equities I "

Global listed sharesGlobal listed shares withdefensive tilt

Copenhagen

Copenhagen

21.6%

23.7%

1/001.5

1,073.2

11,935.5

8,750.0

Low Risk Equities 11 * Global listed shares withdefensive till Copenhagen 23.6% 646.2 4,211,1

Global Large Cap MarketNeutral Equity x

Market-neutral global listedshares

Copenhagen 23.7% -163.0 4,617.4

Global SM1D Cap MarketNeutral Equity *

Market-neutral global listedshares

Copenhagen 23.7% 11.8 3,978.8

Alternative Risk Prernia +'Long/short derivatives inshares, bonds, raw materials Copenhagenand currency

22,9% -31.2.2 3,188.9

Tactical Trend *Trend-following in futureswithin shares, bonds, raw Copenhagen 22.9%irate rial 5 and currencies

The Hecillhcare Protessionsls' Pension Fund


Note 15 continued

The Pension Fund hasinvested capital In thefollowing associatedcompanies: Activity

Com- Com-Owner- pany pany

Domiciled in ship profit EquityPKA Globale Aktier

Black Rock Frontier Marketsex GCC Fund B

Global listed shares

sharesGlobal Hrentier Markets listed San

Copenhagen 18.2% 228.9 2,212.8

Francisco23.6% -102.1 706.3

YcJerst Catastrophe Fund Disater Insurance Bermuda 24.9% -183.9 1,151.5

ILS - C02 SegregatedPortfolio

MSG Independent EuropeanLoan Fund Huropcan leveraged loans Dublin

Disater insurance CaymanIsland 25.0% K8.1 1,040.3

22.9% -4.2 1,661.5

* Section of the Investing Pro capital trust

Note 16Risk and risk management

A number of risks are associated with the pension fund's business model.

In connection with Its work on risk and solvency, the Board of Directors has identified the major risksassociated with the business irodel:

•Life assurance risks¦ Market rsik, including interest risk•Outsourcing risk

As regards life assurance risks, the biorretric risks, which comprise life expectancy improvements andchanges to the number of anticipatory pension recipients, constitute the most significant risks. Basedon the Danish FSA's life expectancy regimen, etc., the Pension Fund has adjusted its assunptions onlife expectancy of its members.

Market risks are defined as the risk that the market value of assets and liabilities will change as aresult of changes to market conditions. The most signficant rrwrket risks exist in interest rates,shares, foreign exchange and tangible property, as well as in investment in alternative sources ofyield. The Pension Fund manages these risks by ensuring the necessary diversification of investirents.Investirents in alternative sources of yields arc based on achieving a risk premium by taking differenttypes of risks in the market - in the short term 1-3 year horizon and with the focus on the relativereturn of different assets, but also In the longer term. In its investment strategy, the Board has laiddown the risk frarrework for the different classes of assets.

The pension fund hedges against interest risks on guaranteed, deferred pensions based on the Board'sadopted interest risk frainswork. I he consequence of interest hedging is that a significant part of theInterest risk between liabilities and assets has been eliminated. A significant part of the assets forinterest cover are interest swaps, where the Pension Fund pays a variable interest rate and receives afixed interest rate. These instruments have the same characteristic as the guaranteed, deferredpensions in the sense thai: they increase in value if the interest rate goes down and vice versa.

The Pension Fund uses outsourcing, which gives rise to a focus on the associated risks. There Is a riskof making a loss if agreements or controls are inadequate. The Pension Fund has concluded anoutsourcing agreemsnt with PKA A/S on full administration. The Board has laid down policies andguidelines for outsourcing significant fields of activity, determining the rules for additional outsourcingfrom PKA A/S to a third party. This ensures satisfactory follow-up in regard to the varioussubsuppliers, such as Forca A/S.

The Heyllliciire Professionals' Pension Fund

Annual Report 2016

Note 17Specification of assets and their return

Accounting value Return in %p.a. before

pension returntax

Primo Ultin-o

Land and buildinqs 3,989.0 4,101.1 5.4Listed capital investrrents 7,754.1 7,282.7 9.7Unlisted capital investments 14,612.2 14,775.5 8.0Total capital investments 22,366.4 22,058.2 8.1Gavcrnment- and irortqaqe credit bonds 11,865.7 9,818.4 2.6Indexlinked bonds 20.2 16.7 1.3Credit bonds and eircrqinq marked bonds 6,882.8 9,145.3 10.6Loans etc. 0.6 0.4 5.9Total bonds and loans 18,769.3 18,980.8 6.2Affiliated companies 0.0 0.0 0.0Other financial investment assets 5,007.7 3,973.0 0.7Derivative financial instruments for hedging thenet change of assets and liabilities -975.8 2,362.5

Return In % is weighted in time based on the current return.

Note 18Sensitivitv information

Event Impact oncapital base

Interest increase 0.7-1.0 % points -264.8

Interest drop 0.7-1.0 % points 279.1Share price drop 12 % -586.4

Real property price drop 8 % -50.7

Exchange rate risk (VaR 99 %) -81.7Loss on counterparts 8 %. -226.4


Arsrapport 2016

Pensionskassen for Sundhedsfaglige

Godkrndl: pa petislonskassens generalforsamllng, den 21, april 2017

Tubory Boulevard 3, 2900 Hellerup - CVR nr. 71 97 3S 14


Indholdsfortegnelse

Lcdclsesberetning2

I.edclsespStetpning ' •10

Den uafliasnglge revivors revisionspategnlng11

Resultat- og totallndl<omstopg0i-cl5c13

Balance14

Kapltalforhold ' 16

Noter .17

Tuboro Boulevard 3, 2900 Hellerup - CVR nr. 71 9/ 35 H

2 Arsrapport 2016

Ledelsesberetning

Penslonskassen driver pensionskassevlrksomhed. Som mcdlcmmcr optager pensionskassen kost- og enice-ringsfagllgc, hcrunder oldfruer, ergoterapcutcr, fysioterapeuter, bloanalytlkere oq _1ordetn0drc, der cr be-rettlget og forpllgtet til medlemskab af periiiionskassen gennem kollektiv overenskomst cller anscettelses-aftale.

Endvldere opt ages fra 2016 ogsa personer, der ikke har en arbejdsgiverordning mon er mcdlem af de fag-Wge oiganisatfoner, der or tilknyttet penslonskassen,

Penslonskassen har organiseret sin vlrksomhed med investeringsaktivlteter i tilknyttede vlrksomheder. Detcr imidlcrtid den samlerie pensionskassekoncems res u I tale r, der har betydning for medlemmets pension.Hovedtallene I denne beretnlng er derfor praasenteret pa konccrnbasis mcdmindre andel frerngSr specirikt.

Afets resultatKoncernens resultat for 2016 blev et overskud pa 566,1 mio. kr. Overskuddet foreslas af bestyrelsen over-fprt til neeste ar.

Medlemsbidrag og pensionsydclscr cr som forventet stigende. Penslonskassen er I fortsat vsckst, idct mcd¬lem s bid rage ne er 1,3 gange penslonsydelseme.

Dct samlcdc afkast far pensionsafkastskat af penslonskassens aktiver blev 8,5 %

Arets resultat vurdercs at vcerc tilfrcdsstillende, og penslonskassen er stadig ve Ikon sol ideret.

Aret der glk

0konomiPenslonskassen forventede, at 2016 ville v«re praeget af moderat stigende VEekst i bade USA og Europa.Der var forventnlng om rentestlgning, som fglge af stigende cncrgipriser og dermed 0get Inflation.

2016 var pixeget af to store begivenhetler; I junl besluttede brlteme at Storbritannien skal forlade EU efterneermere forhandilng af vilkar, og I november blev Donald Trump valgt til USA's na?5te president. Indtilvldere har ingen af begivenhedernn haft masrkbart; akonomlske konsekvenser, og 1 USA stcg aktiemarke-dcrnc stik itnod forventning efter valget af Trump.

Ellers b0d 2016 pa fortsat moderal vaekst og faldende arbe]dsl0shcd I bade USA og Europa. Inflatlonensteg primcert sorn f0lge af stigende ravareprlser. Stigende ravarepriser bidrog ogsa til at stabilisere denflkonomlske udvikiing i emerging markets landc.

De arnerlkanske og europEciske centralbanker foitsatte deres lempeiige pengepolltik 1 2016 med en kortrente omkring mil. 1 slutningen af 2016 satte den amerikanske centralbank dog renten op, og den europa:-iske centralbank reducerer opk0benG af obligationer fra marts 2017, Begge dele skal ses i lyset af den sti¬gende inflation og moderate vaskst.

De globale aktiemarkeder steg med 8,7 % I 2016. 1 dct hele taget gav mere rlslkofyldte aktiver gode af¬kast I 2016, mens renteudviklingen i store trcek var uforandret.

KontarentePenslonskassens kontorente har i l0bet af 2016 vseret fastsat til 4,8 % f0r skat. Kontorenten er hcevet til5,0 % f0r skat i 2017, og del er forventnlngen, at kontorenten vi! v^re minimum fj % I de kommendcfem ar.

Prival opsparlngI 2016 har medlemmernc fact mulighed for at oprette en prlval opsparlng i penslonskassen. opsparlngener et flcksibelt supplement til medlemmernes arbejdsgiverordning, og tilbyder udbetallngsslkret opspa¬rlng i alderssum, ralepension og livsvarig aldersponsion.

I august 2016 fik en del af de medleinmer, der havde en privat opsparlng 1 PKA+ Pension, flyttet dennetil penslonskassen.

I 2016 blev det ogsS mUllgt for personer, der Ikke har cn arbejdsgiverordninu men er medlem af dc fag-lige organlsatloner, der cr tilknyttet penslonskassen, at oprette en ordning 1 penslonskassen.

Penslonskassen For Simdhedsfagllge

Aisi-apport 2016 3

PensionskassekoncernonPensionskassens tilknyttede (100 % ejede) virksonihccfcr pr. 31. december 2016 frerngar af konccrnovcr-slgten.

Pensionskassens ejendomsahtiese/skabSelskabet har til formal at cjc og drive fast ejetidom med henblik pa at opna langsigtet forrcntnlng af deninvcsterede kapltal.

Selskabets resultat for 2016 udg^r ct ovcrskud pS 175,4 mlo. kr., der er pavlrket af en opskrlvnlng afejendommc.

Sundhedsfagliges Ejendomsaktieselskab deltager i interessentskaber sammen med andre ejerulomsaktic-selskaber tilknyttet PKA. Intcrcsscntskaberne offentllgg^r Ikke selvstcendigc arsrapporter under henvisnlngtil bestemmelserne I Srsregnskahsloven. Intorcssentskaberne indarbejdes pro rata I interessenternes ars-rcgnskabcr.'

Anholt Havvindm0lleparkSelskabets aktivitet er ejerskab af 4,7 % af Anholt Havvlndrnaliepark 1/S.

Sclskabnts resultat for 7016 iiclg0r et overskud pa 58,4 mlo. kr.f hvilket er i ovcrcnsstcmmelse med for-ventnlngerne,

OWP ButendiekAktlvlteten I OWP Butendiek K/S er ejerskab af 5,0 % af en tysk havvlndmsllepark, OWP Butendiek GmbH& Co. KG. Selskaberne forventes solgt Inden udgangen af f0rstc kvartal 2017. Der er underskrevet salgsaf-tale, som afventer godkendelse af konkurrenceinyndlyhedeme. Selskabet er v<erdiansat til forventet salgs-pris.

Selskabets resultat for 2016 udgpr et overskud pa 120,3 mlo, kr.

Code Wind IISelskabets aktivitet er ejerskab af 10,9 % af Godc Wind II Joint HoldCo P/S, som sammen med (wrlgeinvestorer ejer 50 % af en tysk havvlndmpllepark OpCo German OHG.

Selskabets resultat for 2016 udger et overskud pa 56,4 mlo. kr. Opf0relsen af parken er fuldf0rt i 2016.

PKA - Sundhedsfaglige OWP Butendiek Komplementar ApSDet tldligere PKA - Sundhedsfaglige GP ApS er I forbindelse med dot foivcntcdc salg af OWP ButendiekK/S omdobt til PKA - Sundhedsfaglige OWP Butendiek Komplementar ApS og fungerer udelukkende somkomplementar for OWP Butentiek K/S. Selskabet indgar 1 den forventede handel. Resultatet for 2036 eret overskud pa 0,0 mio. kr.

Penslotiskassen for Sutidhedstagligc

4 Arsrappoit 2016

PKA - Sundhetisfaglige GP ApSSelskobet cr stiftct i forbindelse med udskillelse af OWP Butendiek K/S og fungerer som komplcmentarfor pensionskassens avrige invcsteringcr via kommandltselskaber I havvindm0llcpHrkerne. Resultatet for2016 cr 0,0 mio. kr.

Investerlnger og SamfundsansvarPenslonskassens retningsllnjer for ansvarlige invcstoringer folger princlpperne i FN's Global Compact. Sornet tiling til FM's Global Compact har pcnslonskassen vftdiaget en politik for, at dcr Ikkc Investeres I kontro-versielle vaben, kulminer eller tobak.

I bestyrelsens beretning til gcncralforsamlingetj er der redegjoit for udvikltngen I arbejdet med retnlngslin-jernp og aktlvt ejerskab. Beretnlngen or tllgeengclig pa penslonskassens hjemmeside. Det aktlve ejerskabudeves ved lobende at vccrc i dialog mod de selskaber, der er investeret i og slkrft, al; de ovetholder pcnsi-onskassens rctningsllnjer. Lever selskabet ikke op til retningslinjerne, gSr penslonskassen i konstruktiv di¬alog med selskabet for at bringe overtrfedeisen til ophor. FortScetter selskabet med at overtrade retnings-llnjerne, og er der ikke udsigt til varig forbedrlng bos selskabet, vil selskabet blive ekskluderet fra pensl¬onskassens inveslerlngsunlvers, Penslonskasscn offcntligg0r p§ sin hjemmeside den aktuelle llr.te overekskluderede selskaber.

Pcnsionskassens aktlve ejerskab varetages i samarbejde med en International screenings- og engage-mentspartner, der giver pensionskassen ekstra gennemslagskraft i handh^velsen af retnlngslinjernc. I for-leengclse af penslonskassens retnlngslinjer arbejder samarbejdspartneren ligeledes for at frernme^best-practices gennem langsigtede dialoger mod de selskaber, som pensionskassen har Investeret i. Pa pcnsi¬onskassens hjemmeside findes desuden uddybendc redegwelser for overholdelse af retningslinjerne og detaktlve ejerskab.

I 2015 vedtog FN sytten baeredygtlghedsmal, der skal hekcempe fattlgdom og slkrc bceredygtig udvlklingfrern mod ar 2030. Pensionskassen bar fokus p^, at investerlnger og dot aktive ejerskab saarligt bidrager tilopfyldelsen afseks af mSlene; rent drlkkevand (mal 6), b^redygtkj energi (ma! 7), ansta^ndige jobs og0l<onomlsk Vcekst (mil 8), industri, innovation og infrastruktur (mal 9), basredygtige byer og lokalsamfund(mil 11} samt klimaindsats (mal 13). Pensionskassen reviderer IpJbende, hvilke bccredygtighodsmal Inve-stcringcrne skal understotte.•

I 2016 Investerede pensionskassen sammen med de ovrige penslonskasser I PKA-sanwbejdet ca. 3 mia.kr. i den engelske havvindmallcpark, Burbo Bank Extension, dcr vil producere strwm III flere end 230.000husstande. Derudover investerer penslonskassernc 1,3 mia, kr. I et blomassel<raftv£erk, der fyres med b^-redygtig biomasse. Kraflv^rket vil producere str0m til ca. 600.000 husstande.

I 2015 tog pensionskassen pS baggrund at flnansiclle og klirnamaesslge overvejclser sit farste skrlft mod atrcduccre eksponerlngen I C02-inten5ivc selskaber. Typlsk et der talc om mine-, forsynlngs- og energisel-skaber. Pensionskassen glr I dialog med selskabernc, hvor milet er, at de reducerer deres kulforretnlng ogomstlllertil mere kllmavenlige energikildcr. Sclskabeme skal fremlasgge en forretnlngsstrategl, der udfaserderes kulaktlvitetcr, tagcr hgjde for regulerlnger af energisektoren og det wgede polltlske klimafokus. Erselskabet ikkc i stand til det, s§ s^elger pensionskassen sin ejerandel og ekskludcrcr selskabet. Forelebigcr 40 selskaber ekskluderet.

Penslonskassens ambition er ikke at Scelge sine ejcrandelc, men derirnod pavirke sclskaberne I en bcere-dygtig retning. Det aktive ejerskab har vist sin vcerdl og rykket selskaberne i en ba^redygtig retnlng. Indtilvldere har 10 selskaber lagt strategler for reduktion af kulaktiviteter, og pensionskassen har der far beholdtsine ejerandcle i selskaberne.

Strategien fra kulsektoren blev I 2016 fart vldere til oliesektoren, hvor pensionskassen ekskluderede 2 sel¬skaber, hvor udvlndlng af ollesand udg0r over 50 procenl af forretningen. Pensionskassen forventer, at derkommer yderllgere eksklusioncr i oliesektoren I 2017.

1 2016 Ian cored e pensionskassen ud fra finansielle og kllmamccssige overvejelser en ny kllmastratogi forden danske ejendom5portef0lje. Strategien skal bidrage til den gronne omstllllng og sikrc ejendommenesVcerdl og afkast til rnedlemtnerne. Frem mod 2020 vil pensionskassen rcduccrc den gennemsnltlige C02-udledning med 40 procent pr. kvadratmetcr. Det svarer til, at cjcndomsportefcljen gar fra en gennemsnll:-lig energim^rkning C til energim^rknlng B I 2020.

Pensloiislwiscn for Sundhediifaglkje

Arsrapport 2016 5

Derudover fik pensionskatisen i 2016 beerecfygtighedsccrliflceret to ejendcnnme. En kontorcjcndom varmed I et pllotforseg fra DGBN'-ordnlngen, der skal l0fte arbejdet med becredygttghed for ekslsterendeejendomme. Ejendommen mod tog guld, som er den naBsthsjeste karakter. Samtidig blev SundhcdshusctI Vejle guld-certificcfct fra LCCD -ordningen7. Derudover byggede pcnsionskassen Danmarks f0rste svane-mcerkcde lejebollger, hvor allp materialer lever op til skrappe krav lil og sundhcdsskadeiige stoffer.Ejendommon bar et lavt encrglforbrug, sundt Inde.klima og fokus pa bceredygtlghed i bele ejendommensIcvetid - fra opferelse og drift til genanvendelse af materialer. Pen^lonskassen vil fortsat arbejde for, atnye ejendomme enten bllver certifkerct i den h0je ende af skalaen eller svanemcerket.

1 2016 investerede petisionskassen sammen med de 0vrlge penslonskasser i PKA-samarbejdct 200 mio.kr, I en ny dapsk Inndbrugsfond, der forbedrer produktion, distribution og salg af f0devarer I Asien, Afrikaog Latinamerlka. Fonden Investercr i projekter, hvor teknologl og vlden fra danske landbrugs- og f0deva-revfrksomhedcr kan lofte effektlvlteten og produktionen af fodevarer f udvlkllngslandene til de voksendebefolkninger. Fonden bldrager til at skabe jobs og Vcekst I udvlkllngslandene, og qua pensionskassens ak-tlve ejerskab arbejdes der li^bende for, at jobskabclsen sker pa ordentilge Ian- og arbejdsvllk§r.

AfkastDet samlcdc afkast i 2016 bfev pa 8,5%, svarende til 3.878,6 mio. kr.

Samtlige afkastklasser gav positive afkast i 2016. Aktler, infrastruktur og kredltobllgatloner bidrog medtoclfrede afkast, mens afkastet pS ejendomme, Investment grade obligationor og absolut afkast var la-vcre, men meget tilfredsstillende.

Samarbejde om InuBsteringer og likviderPensionskassens formue forvaltes af PKA A/S og pcnsionskassen samorbejder effer IndgSet aftale med an-dre penslonskasser administrerct af PKA A/S om effektiv og ratlonel ^tyring af investcringcr og likvider forat opna sterst mullgt afkast og minimering af omkostninger.

Af/edte f/nansleUe InstrunienterPenslonskasscn anvender I vaasenOlgt omfang afledte flnansielle instrumenter til Investehngs- og afdeek-nlngsformal.

AdministrationPenslonskassen og de tllknyttede virksombeder administrercs af PKA A/S. PKA A/S bar outsourcet en del afsine administrative opgaver blandt andet til Forca A/S.

Direktionen og Vcesontlige rislkotagere med fast l0n er delvist ansat og aflsnnet af penslonskassen, Denansvarshavende aktuar er ansat men ikke aft0nnet af penslonskassen,

Status for npfyldclsc af mAltal for det underrepraasenterede k0n i ledeisenDer er I lov om flnanslel vlrksomhed krav om, at flnansielle virksombeder skal opslllle maltal for denk0nsmcessigo rcprccsentatlon I bestyrelsen samt udarbejde en polttik for ligereprccsentatlon I ledeisen afselskabet, bvis der er en underreprassentation af det ene kon I bestyrelsen, Der er underrepraesentation,hyls det ene kon er repra2senteret med mlndre end 40 % i bestyrelsen.

Reglerne om maltal for kfjnsreprajscntation i bestyrelsen tager udgangspunkt 1 de generalforsamllngs-valgte medlemmer af bestyrelsen, men i pcnsionskassen udpeges et flertal af bestyrelsesmedlemmerneaf overenskomstpartcrne. Det bliver pa den baggrund Ikke retvi5;eride at vedtage maltal for de gcncral-forsamllngsvalgte medlemmer af bestyrelsen. Bestyrelsen bar derfor faslsat et mSltal for den k^nsmces-slge sammenseetning af den samlede bestyrelse,

Bestyrelsen liar besluttet, at mSltallet for mcend I bestyrelsen skal vicre mindst 25 % og maltallet forkvindcr i bestyrelsen skal va^re mindst 40 %. Ved Srets udgang var den k0nsmcessige andel i bestyrelsensSdan, at der var 36 % rna?nd j bestyrelsen og 64 % kvinder I bestyrelsen. Efter en udsklftning af et be-styrelsesmedlem pr. 1. januar 2017 er kwnsfordelingon 31 % mrend og 69 % kvinder.

De opstillede mSltal ersSledes opfyldt.

1Tysk baircdygti^licdsceriificcriugsorclning tilpassct tlanskc vilkSv, der bl.a. bedemtnei' ejendojumens iniljomtessigc-,okonomiske-, .suciale og funktionclle kvaliteter.2Ainerikansk bfcrcdyfiligliedsceilificeringsoi'diiing, der bl.a. bedommcr cjciidommcns miljomassige-, okonomiskc-,sociale og fonldionelle kvalileler.

Pcnsionskassen for Sundbfidsfagllge

6 Arsiapport 2016

Der er ikke vedtaget en politik for ligcreprffisentation I ledelseslagene under dlrcktioncn i pensionskassen.Pcnsionskassen totaladminlsbreres af PKA A/S, PKA A/S havde i 2016 en kemsmcesslf) fordelltig i ledelscsla-gene under dlrektionen pS 57 % mcCtid og 43 % kvlnder, og der er p§ den baggmnd Ikke udarbejdet enpolitik for k0iisma:ssig ligereprasentatlon I de 0vrlge ledelseslag i PKA A/S.

RevisionsudvalgI henhold til lovgivningen skal penslonskassen etablere et revisionsudvalg, Formanden skal va:re uaf-heenglg og mlndst et medlem skal have kvalifikatloner Indenfor regnskabsv^sen eller revision.

Formanden for revisionsudvaiget er I lenriettc Schutze, som opfyider kravene om bade uafhecngighed ogkvalifikatloner Inden for regnskabsvassen eller revision. De ovrige mcdlcmmcr af revisioniiudvalyet er Me-rete Rlngsholt og Annette Eberhard,

Rislcl og solvens forbundet med penslonskassens forretningsmodelPenslonskassens forretningsmodel er i et risikoperspektiv simpel, da den bygger pa en overenskomstba-seret, kollektiv og solidarisk arbcjdsmarkedspenslonsordning, hvor dor anvendes outsaurclny I va^sentligtomfang. De v^sentligste risicl knyttersig til markcdsrisici, forsikringsrriffissfge rislci og outsourcing.

MarkedsrisiciPcnsionskassen udbyder et gennemsnitsrenteprodukt. Nye medlemmer optages til en grundlagsrente pa0 pcl.; Ilgesom penslonskassen stadig har en del medlemmer med renter pi mellem 1/75-4,25 pet. Dettemedforeren eksponering mod renterlsiko, som Isbcndc afdaikkes.

Penslonskassen 0nsker at levere robusle pensioner til sine medlemmer. Dette sikres ved en langsigtctinvesterlngsstrategl, hvor malet er at opna h0je( stabile afkast pa en ansvarlig made, der som minimumkan honorere afkastkravet fra de forventede pensioner. Ct vedvarende lavl: afkast pa investeringsakti-vernc eller store finansielle tab er en rlslko mod at kunne Jevere robuste pensioner. Den eksponering erpenslonskassens markedsrisiko. Risikocn afdaskkes ved atsprede investcringerne I en raekke forskelligeaktivklasser.

Der Investeres kollektivt for medlemmerne. Eventuelle tab pa investerlngerne skal dcekkes af kollcktivet,men penslonskassens andel af bonuspotentialcr sikrer, at eventuelle tab pa de finansielle markeder IkkeoverviEltes til medlemmernes depotcr i de enkelte ar, men at medlemmerne i stedel fSr tilskrevet den tilenhver tid udmcldtc kontorente.

Rlsikotagningen er cn forudscetnlng for at opna et tilstrcekkcligt afkast til at slkre robuste pensioner. Deter i den sammenhfeng en vassentlig opgave for bestyrdsen at f2 fastlagt den ^nskede risikoappetlt I formaf den valgte Investeringsstrategi.

Penslonskassens risikoappetlt er fastsat ud fra to rnal, penslonskassen beskytter medlemmernes pensio¬ner (PBG), og pcnsionskassen overholder gecidende solvcnsrcglcr. Bestyrelsen fastscctter 1 sin risikosty-ringspolitik sikkerhedsniveaueme for PBG-gr<ensei ne, der giver de rlsikomcessigc rammer for pcnsions¬kassen I forhold til de forventede pensioner. I tillceg kan solvensoverdatknlngen I sa^rlige tilfccldc s^ttcrammerne for pensionskassens rlslkotagnlng.

Penslonskassen har on kapitalplan oy en nedpian bascrct pa risikostyrlngsmodellen (PBG) samt solvens-kapltalkravet (SCR). I kapitaiplanen skonnes den finansielle situation I penslonskassens strategiske plan-l^egningsperiode at v»re betryggende.

ForslkringsmiBssige rislclPcnsionskassen giver livsvarigc prnsioner, og er saledes lislkomccsslgt eksponeret mod Eendringer til denforventede levcaldcr blandt medlemmerne.

Penslonskassen er en solidarisk ordnlng med Invaliditetsdcckning uden krav om helbredsoplysnlnger vedoptagelse, sa Icenge medlernmet er omfattet af en af de omfattede faggruppcr. Pcnsionskassen er rislko-ma^ssigt eksponeret mod udviklingen i fertldspensioneringen af medlemmerne.

Penslonskassen overviger udviklingen I dc forsikringsmasslge rislcl tcet, og hens^tter I henhold III Finanstilsynets levelidsbenchmark.

Penslonskassen for Sundhedsfagllge

Arsrapport 2016 7

OutsourcingFensionskassGn anvender outsourcing j vaesentllgt omfang, Der er dtrekte outsourcing til PKA A/S, derIgen har videreoutsourcct on stor dol nf driften til Forca A/S. Administration af ejendomsinvesteringcr croutsourcet til DEAS A/S.

Risikocn styres I form af kontroller og serviceleveranceaftaler.

Solvens IIPr. 1. januar 2016 tradle Solvens II reglerne 1 kraft, og der er i denne forbindelse udstedt nye regnskabs-legler, som slkrer en h0j grad af konslstcns mellem opg0relser til solvensformal og opg0relser til regn-skabsmccsslge formal. Overgangen til nye regnskabsregler Indeb^rer blandt andet, at mcdlemsadferdska! Indregncs I pensionshensaittelserne, og at der ska! anvendes en dlskonterlngsrentekurve opgjort afden europcelske tllsynsmyndlghed EIOPA. Pensionskasscn har anspgt og opnafit tilladelsc til at anvcndc ettlllfeg til kurvcn, dct sakaldte VA-tilla^g.

KapitalforholcfEgenkapitalcn cr I 2016 forsget med 566,1 mio. kr. til 9.011,2 rtiio. kr. Kapitalgrundlagct udg0r hcrcftcr9.424,5 mio. kr. mod 8,478,1 mlo. kr. I 2015.

Solvenskravet SCR er opgjort eftcr standardmodellen. Pr. 1. januar 2016 cr SCR opgjort til 2.061,4 mio.kr. og udgor ultimo 2016 2.080,1 mlo. kr.

Ny regnskabsbekendtg0relseFlnanstilsynct har udstedt ny rcgnskabsbekendtg0relse gcGldendc fra 2016. /Endringerne pavirker kun i bc-grcenset omfang penslonskassen.

BonuspolitlkPcnslonskassens bonuspolitlk er rammebaseret og skal tilstrsebe, at der er en stabil udvlkllng over lid Imedlemmerncs pensioner sa pensionerne sa vidt muligt bevarer dcrcs k0bekraft.

Herved er der Ikke taget stilling til, afder skal ske en regulering hvert ar, der sikrer k0bekraften. Det, dertllstraebes er, at udvikllngen af pensionerne sikres pa slgt

Ligeledcs er det et udgangspunkt for bonuspolitlkkcn, at krav om udvlkllng af pensionerne foruds^tter etrimcllgt niveau af pensionen, der skal reguleres. Saledes vll pensioner, der prlmaerl er baseret pa en hojrente og/eller foruds«tningcr om kortere levealder, ikke nodvendigvis skullc reguleres med de nuvcerenderenteforhold og aktuelle forudsa^tnlnger om levealder.

Egenkapitalen 1 penslonskassen ejes af rnedlemmernc. Principperne for fordelltig af arets resultat mellempenslonshenscettelserne og egenkapitalen er derfor Ikke af naer samme betydning I en penalonskasse som Icn livsforsikringsvlrksomhed, Resultatct i on penslonskasse tilgar i sin helhed altid mcdlcmmcrnc.

Hens»ttelser til pensionsaftalerHcnscettclscrnc til pensionsaftaler cr i 2016 for0gct med 3.048,60 mio. kr. til 39.6HW,1 mio. kr.

Usikkerhed ved indregnlng og molingVed udarbejdelsen af arsrapporten forctages en riekke sk0n og vurderinger om fremtidige forhold, somhar Indflydelse pS den regnskabsmressige vaerdi af aktlver og forpliglelser.

De vcesentligste oinrader omfatter de pensionsrruessige forpligtelser satnt Vcerdlansasttelse af unoteredealternative InvesLeringer og ejendomme.

Ledelsen vurderer, at de anvendte forudscetninger er forsvarlige men forbundet med en vis usikkerhed.F0lsomhedsoplysninger for en raskke af de anvendte foruds3:tnlnger fremgar af note 18.

Foi ventninger til fremtldenI savel USA som Eur opa forventes veeksten og inflationcn fortsat at stige moderat, samtidig med at ar-bejdsl0sheden vll falde. Stigende Inflation vil give aniedning til mindre stramnlnger af pengepolltlkken IbSde USA og Europa.

Politisk cr der dog en reekke beglvenheder, der kan give aniedning til uro pa de flnanslelle markeder.

Penslonskassen lor SundheUsrayllge

s Aisrnpport 2016

For dpf fwrste er det endnu usikkert, livilken polltik den ny amerlkanskc regering vll fore. Det gscldGr forbSde udenrlgs- og handclspolitikken, saml den 0konomisl<c politik, Gennemf^res eksempclvis handels-sanktioner mod Mexico og Klna, vil det mcdf0rc en lavere global veckst. En st0rre finanspollLisk ekspansionvll formenllig rnedf0re 0get inflation, og denned yderligerc rentestignlnger udover dem der i pijebllkket erforventet I de amerikanske obllgatlonsmarkeder. Det vil have slwst pavlrkning pa de korte renter, mens delange renter vll pSvlrkes mindre.

For det andct cr der valg i Frankrig, Holland og Tyskland. I farste omgang cr dot valget i Frankrig I forarct,der tlltrcekker sig opmasrksomhcd i forhold til det hejreorientcrcde parti Front Nationales muligheder for atvinde prcesldentposten. I alle de nsevnte lande er der dog mulighed for valg af mere natlonallstiske partier,som, i tllleeg til Brexlt, kan udfordre F.U's sammenhcengskraft.

Penslonskassen er robust og star godt rustet i forhold til dlsse udfordringer.

Hfendelser efter MalancedagenoDer har Ikke vieret beglvenheder cfter statusdagen, som liar v<esentllg indflydelse pa pensionskassens ogkoncernens 0konomlskp forhold.

Pcnsionskassen for Sundhcdsfagllge

Arsrapport 2016 9

Ledelseshverv

Direktionens ledelseshverv er f0lgende:

Administrerende direkt0r Peter Damgaard JensenAdm. Dlrekt0r i PKAA/SAdm, Dlreklpr I Ire pensionskcisser, der er administreret af PKAAdm. Dircktsr \ pensionskassernes cjendomsaktieselskaberBestyrelsesformand I PKA+ Pension Forslkringssnlskab A/SBestyrelscsformand I A/S Kjflbenhavns EjendomsselskabBeslyrelsesformand I Forstasdernes FjendomsakticselskabBcstyrelsesformand i PKA AIP A/SBestyrelsesformand i Poppelslykket 12 A/SBcstyrelsesformand i PKA Skcjby Koinplemenlar ApSBestyrclscsformand I PKA Skejby P/SNtestformand i Forca A/SBestyrelsesmedlem i Forsikringsorganisationernes FcGllessekretariat F.M.B.A.

Bestyrelsens ledelseshverv er f0lgende:

Bcstyrelsesformand Bo LibergrenBestyrelsesmedlem I Pensionskassernes Administration A/SNiestformand I Fjernvarme Fyn Distribution A/SNsestformand i Fjernvarme Fyn A/SNcestformand f Fjernvarme Fyn Fynsveerket A/SN^stfojTnand i Fjernvarme Fyn Affaldsenergi A/SNaBstformand I Den Erhvcrvsdrivende Fond Inspiring DenmarkBestyrelsesmedlem i L-Brand & Teknlk ApS

Bestyrelsesmedlem Ulla Astman NielsenBestyrelsesmedlem I Danwec Fonden

Bestyrelsesmedlem Lillian BondoBestyrelsesmedlem Pensionskassernes Administration A/S

Bestyrelsesmedlem Anette EberhardDirekter i Eksport Kredit Flnanslering A/SDlrekt0r i HKF Danmarks EksportkredltBestyrelsesmedlem I Aim. Brand A/S og 2 af seiskabets 100 % ejede dattersclskaberBestyrelsesmediem i Aim Brand Bank A/S

Bestyrelsesmedlem Thyge Kjeldgaard NielsenBestycelscsformand i Sydvestjysk Biogas AMBABestyrelsesmedlem i Dct Danske Madhus Varde A/S

Bestyrelsesmedlem Henrlette SchUtzeCFO Nordic TankersAdm. direktor I Nordic Theresa Partner ApSAdrn. direkt0r i Nordic Caribe Partner ApSDirektor i Mordic Tankers Freight ApsBestyrelsesmedlem I Crystal Nordic A/SBestyrelsesmediem I Crystal Nordic Shipowning Partner ApSBestyrelsesmedlem I Mordic Tankers Trading A/SBestyrelsesmedlem I H-l-H International A/S

0vrige medlemmer af bestyrelsen har Ingen yderligere ledelseshverv.

Pensionskassen for Sundhedtfagllqe

10 Arsrapporl 2016

Ledelsespdtegning

Vi heir dags dalo behandlet og godkcndt arsrapporLen for regnskabsSret 1. januar - 31. december 7016 forPensionskassen for Stmdhedsfagllge.

Arsrapporten aflEGgges I overensistemmelse med lov om flnanslel vlrksomhed.

Dot er vores opfaltelse, at koncernrcgnskabet og arsregnskabet giver et retvlsendc billcdc af koncernensoy pensionskassens aktlver og passlver og finansielle stilling pr. 31. dGCcmbcr 201G og resultatet af kon¬cernens og pensionskassens aktiviteter for regnskabsSret 1. januar - 31. december 7.0J6.

Ledelsesberctnlngcn indcliolder efter vores opfattelse et retvlsendc billede for udvlklingen I koncernens ogpensionskassens aktiviteter og ^konomiske forhold, arets resultater og koncernens og pensionskassens fi¬nansielle stilling samt en beskrlvelse af Vcesentlige rlsici og usikkerhedsfaktorcr, som koncernen henholds-vls pensionskassen stir over for.

Arsrapporten indstillcs til gcneralforsamllngens godkendelse,

Hellemp, don 10. marts 2017

DircktionCn:

¦ -Ac —Peter Damgaar^'jensenAdmlnistrerende dlrekt0r

Hellerup, den 10. marts 7017

Restyrelsen:/,

Thyge Kjeldgaard Nielsen

/!M\'MaryMnn S0re(isen

it^PaWVagtijorg Ka^slund

If

l-uiAne Birgittc H0ranc

Merete Ringsholt*'

i

/^rian Errebo-Jensen J/ ~

Ri^glt Plough Jensen) *

'mfI lenrlette Schiitze Anette Rbei hard

Pensionskassen for Sundhcdsfagligp

Arsrapport 2016 11

Den uafhcengige revisors revisionspdtegning

Til mediemmerne I Penslonskassen for Sundliedsfaglige

KonkluslonVi tiar revidcrct konccinrcgnskabet og arsregnskabet for Penslonskassen for Sundliedsfaglige for regn-skabsaret 1. januar - 31. decernber 2016, dcromfattcr rcsultatopgorGlsG og totallndkoinstopgerelse, ba ¬lance, egenkapitalopgsrelse og noler, herunder anvendt regnskabspraksis, forsavcl konccrncn som pensl¬onskassen. Koncernregnskabct og arsregnskabet udarbejdes efter lov om flnanslel virksomhed.

Det er vores opfattelse, at koncernregnskabet og arsregnskabet giver et retvlsende blllede af ko nee mensog penslonskassens aktiver, passlver og flnanslelle slilllng pr. 31. decernber 2016 samt af resultatet afkoncemens og penslonskassens aktlvlteter samt koncernens pengestromme for regnskabsSret 1. januar -31. dccember 2016 I overensstemmelse med lov om flnanslel virksomhed.

Gmndlag for konklusionVi liar udf0rt vores revision I overensslemmelse med Internationale standardcr om revision og do ydciii-qere krav, der er geeldende i Danmark. Vores ansvar ifolge disse standarder og krav er ri«ermere beskreveti revisionspategningens afsnlt 'Revisers ansvar for revlsionen af koncernregnskabet og arsregnskabet'. Vier uafheengige af koncernen I overensstemmelse med Internationale etlske regler for revisorer (IF.SBA'sEUske regler) og de yderligere krav, der cr gazldende i Danmark, ligesom vi bar opfyldt vores etlske for-pligtelser i henhold til disse regler og krav. Det er vores opfattelse, at det opnaede revisionsbevis er tll-straskkellgt og egnet som gmndlag for vores konklusion.

Ledelsens ansvar for koncernregnskabet og ArsregnskabetLedelser bar ansvaret for udarbejdelsen af et koncemregnskab og et arsregnskab, der giver et retvisendebillede I overensstemmelse med lov orn flnanslel virksomhed. Ledelsen har endvidere ansvaret for deninterne kontrol, som ledelsen anscr for n0dvGndlg for at udarbejde et koncemregnskab og et Irsregnskabuden v^sentllg fej I Information, uanset om denne skyldes besvigelser eller fcjl.

Ved udarbejdelsen af koncernregnskabet og arsregnskabet er ledelsen ansvarlig for at vurdcrc koncer¬nens og pensionskassens evne til at fortseette driften, at oplyse om forhold vedrerende fortsat drift, hvordette er relevant, samt at udarbejde koncernregnskabet og arsregnskabet pa gmndlag af regnskabsprin-cippct om fortsat drift, mcdmindre ledelsen enten har til henslgt at llkvldere penslonskassen, Indstllledriften eller Ikke har andet realistisk alternativ end at gore dette.

Revisors ansvar for revisionen af koncernregnskabet og SrsregnskabetVores mSl er at opnS hnj grad af slkkerhed for, om konccmrcgnskabet og arsregnskabet som heihed cruden vecsentlig fejlinformation, uanset om dette skyldes besvigelser eller fejl, og at afglve en revislonspS-tegning mod en konklusion. H0j grad af sikkerhed er et hojt niveau af sikkerhed, men er ikke en garantifor, at en revision, der udfotes I overensstemmelse med Internationale standarder om revision og de yder¬ligere krav, der cr g«ldendc i Danmark, altid vil afdcckke vecsentlig fejlinformation, nar sldan findes. Fejl-infortnatloner kan opsta som fwlge af besvigelser dlcr fcjl og kan betraqtes som veesentlige, hvis det medrimelighed kan forventes, at de enkeltvis eller samlet har Indflydelse pa de 0konomlske beslutnlnger, somregnskabsbmgerne traffer pa gmndlag af koncernregnskabet og arsregnskabet.

Som led i en revision, der udfares I ovci'cnsstcmmelsc med Internationale standardcr om revision og deyderligere krav, der er gseldende I Danmark, foretager vi faglige vurderinger og opretholder professionelskepsls under revisionen. Hemdovor;

•Identificercr og vurdcrorvl risikoen for vaesentlig fejlinformation i koncernregnskabet og arsregnskabet,uanset om denne skyldes besvigelser ellnr fcjl, udformer og udfpsrer revislonshandlinger som reaktion padisse rislcl samt opnSr revisionsbevis, der er tllstrffikkellgt og egnet til at danne grundlag for voreskonklusion, Risikoen for ikke at opdagc vccscntllg fejlinformation forarsaget af besvigelser er Ii0jere endved v^sentllg fejlinformation forarsaget af fej I, idet besvigelser kan opfatte sammensvcergelser, doku-mentfalsk, bevidste udeladelser, vildledning eller tilsidescettelse af intern kontrol.

•Opnar vi forstlelse af den Interne kontrol med relevans for revisionen for at kunne udformc rcvisions-handllnger, der er passende efter omsta^ndlghederne, men Ikke for al kunne udtrykke en konklusion omcffcktivitctcn af konccrncns og sclskabets interne kontrol.

•Tagcr vi stilling til, om den regnskabspraksis, som cr anvendt af ledelsen, er passende, samt om deregnskabsma?ssige sk0n og tilknyttede oplysninger, som ledelse har udarbejdet er rlmeilge,

® Konkluderer vi, om ledelsens udarbejdelse af koncernregnskabet og arsregnskabet pa grundlag af regn-skabsprlnclppet om fortsat drift er passende, samt orn der pa grundlag af det opnlede revisionsbevis ervecsentlig usikkcrhed forbundet med beglvenheder eller forhold, der kan skabe betydellg tvivl om kon¬cernens og penslonskassens evne til at fortsastte driften. Hvis vl konkluderer, at der er en vaibentlig

Pensionskassen for Sundhedsfagllge

12 ilrsrapport 20l<>

uslkkerheti, skal vl I vores revislonspalegning gere opmasrksom pa oplysningcr hcrom i koncernregn-sl^bet og arsregnskabet eller, hvis sadanne oplysninger ikke er tllstreekkelige, modlflcere vores konklu-slon. Vores konldusloner er baseret p2 det revlslonsbevis, der er opnaet frcm til datocn for vores revisl-onspategnlng. Fremtidigc beglvcnhcdcr cllcr forhold kan dog mcdfore, at koncernen og pensionskassenikke l^ngerc kan fortsa^tte driften.

•Tager vi slllllng til den samlcde presentation, stmktur og indhold af konrprnregnskabet og Srsregnska-bct, hcrundcr notcoplysningcrne, samt orn koncernregnskabet og Srsregnskabet afspejler de underllg-gende Iransaklloner og beglvenheder pa en sadan made, at der gives et retviscndc billcdc hcraf.

•Opnar vi tilstr£ckkeligt og egnet revisionsbevis for de finansicllc oplysninger 1 virksornliedeme eller for-retnlngsaktlviteterne I koncernen til brug for at udtrykke en konkluslon om konccrnrcgnskabet, Vi eransvarllge for at lede, f0re tilsyn og udfsre koncernrcvisioncn. Vi er eneansvarllge for vores revlslons-konklusion.

Vi kommunikcrer med den nverste ledelse urn bl.a. del planlagte omfang og den tldsnicesslg^ placerlng afrevislonen samt betydellge re visions m£essige obscrvationcr, hcrundcr cventuelle betydellge mangier i In¬tern kontrol, som vi identificerer under revisionen.

Vi afgivcr ogsa cn udtalclsc til den ovcrste ledelse om, at vl har opfyldt relevante etiske krav vedrarendcuafhaenglghed, og oplyser den om alle relationer og andre forhold, der med rimellghed kan ta?nkes at pS-virke vores uafheengighed og, hvor dette er relevant, tllh^rende slkkerhedsforanstaltnlnger.

Udtalelse om ledelsesberetnlngenLedclsen cr ansvarlig for ledelsesberetnlngen.

Vores konkluslon om koncernregnskobet og arsregnskabet om fatter Ikke ledelsesberetnlngen, og vi udtryk-ker Ingen form for konkluslon med sikkerbed om ledelsesberetnlngen.

I tllknytning til vores revision af koncemregnskabet og arsregnskabet er dct vores ansvar at lasse ledelses¬beretnlngen og I den forbindcise overveje, om ledelsesberetnlngen er veesentllgt Inkonsistent med kon¬cemregnskabet eller arsregnskabet eller vores vlden opnaet ved revislonen eller pa anden made f.ynes atIndeholde Vcesentlig fejllnformation.

Vores ansvar er derudover at overveje, om ledelsesberetnlngen indeholder kreevede oplysninger i henholdtil lov om finansicl vlrksomhed,

Baseret pa det udforte arbejde er det vores opfattelse, at ledelsesbcrctningen er I overenssternmelse medkoncemregnskabet og Arsregnskabet og er udarbejdet i overenssternmelse med kravene I lov om finansielvirksomhed. Vi har ikke fundet vcesentlig fejlinformallon I ledelsesberetnlngen.

Npgletallet solvensdcekningLedelsen er ansvarlig for nflgletallet solvensdcekning, der fremgar af note 2 i konccrnrcgnskabet og ars¬regnskabet.

Som anf0rt I note 2 er nsgletallet solvensdcekning undtagct fra kravet om revision. Vores konkluslon omkoncernrcgnskabct og arsregnskabet omfatter derfor Ikke nogletallet solvcnsdaskning, og vi udtrykkeringen form for konkluslon med sikkerbed om dette nogletal.

I tllknytning til vores revision af koncemregnskabet og Arsregnskabet cr dct vores ansvar, at overveje,om nflgletallet solvensdcekning er vaesentligt Inkonsistent med koncemregnskabet og Arsregnskabet ellervores vlden opnaet ved revisionen eller pa anden made synes at Indeholde vcesentlig fejllnformation.

Hvis vl pa dcttc grundlag konkludcrcr, at der er Vcesentlig fejllnformation I nogletallet solvensdcekning,skal vi rapportere herorn. VI har Inlet at rapportere 1 den forbindelse.

l<0benhavn, den 10. marts 2017

Deloitte

I'onslonskassen for Sundhedsfaglige

Arsi appoi t 201G13

Resultat- og totallndkomstopgoi-elseAlle bclflb I mfo. kr,PensionskassenKoncernen

Note 2016201520162015

Bruttomedlemsbldrag3 1.709,9 1.492,8 1.709,9 1.492,8Afglvne genforsikringspr^ertiler0,0-0,30,0-0,3

Medlomsbidrag f.e.r., i alt 1.709,9 1.492,5 1.709,9 1.492,5

IndtiegCcr fra Llll<nyttede virksoniicderIntJtcpgtcr fra assoclerede vlrlcsomhcderIndta^ter af InvcstcringsejendommeRcnteindlcegter og udbytter m.v.Kurs reg ule ringer 4RenteudgifterAdminlstrationson^osttilnger 1 forbindelscmed Investeringsvirksomhed

430,41.620,2

21,21.324,2

658,9-41,2

-115,3

168,11.107,2

21,81.398,9

-1.784,0-91,3

-107,0

1.620.2log,'!

1.329.3985,7-41,9

-124,0

1.107,2100,0

1.394,0-1.686,9

-91,9

-108,7

Invests rings a fka si, 1 alt 3.878,6 713,7 3.878,6 713,7

Pensionsafkastskat -586,6 -84,4 -586,6 -84,4

Udbetalte ydelser -1.294,9 -1.157,8 -1.294,9 -1.157,8

Pensionsydelser f.e.r., i alt -1.294,9 -1.157,8 -1.294,9 -1.157,8

/Endring 1 pensionshensaattelser f.e.r.i alt ' 5 -3.048,6 -780,2 -3.048,6 -780,2

/Endring i fortjenstmargcn 0,0 0,0

/Endring 1 overs kudska pita 1 -68,5 -46,9 -68,5 -46,9

Ad rnin ist ra t i ons omkos t ning or -23,8 -25,8 -23,8 -25,8

PensionsniEesslge drlftsomkostningerf.e.r. I alt fi -23,8 -25,8 -23,8 -25,8

Overfort invosteringsafkast -566,1 -111,2 -566,1 -111,2

PENSIONSTEKNISK RESULTAT 0,0 0,0 0,0 0,0

Hgenkapitalcns InvesteringsaFkast 666,3 123,4 666,3 123,4resultat f0r skat 666,3 123,4 666,3 123,4

Pensionsafkastskat for egenkapital -100,3 -12,2 -100,3 -12,2

arets resultat 566,1 111,2 566,1 111,2

Anden totalindkomst 0,0 0,0 0,0 0,0

Arets totalindkomst 566,1 111,2 566,1 111,2

Reallseret resultat7

AreLs resultat overfarcs til cgcnkapitolcn.

Pensionskassen for Sunrihpdsfagllge

14 Arsrapport 2016

Balance

AKTIVERAllc bclab i rrto, kr. Pensionskassen Koncernen

Note 2016 2015 2016 2015

Inuesteringsejendomme 8 637,3 657,5 3.069,3 2.830,5

Kapitalandele 1 tilknytbede vlrl<sornheder 15 2.885,1 2.512,7KapibalantiRle 1 assoclerede virl<somhcder lb 21.396,7 15.945,3 21.396,7 15.945,3Udlan til assoclerede virksontieder 612,1 158,4 971,2 469,3

InvesteringeH tilknyttede ogassoclerede virksomheder, i alt 24.893,9 18.616,3 22.367,9 16.414,6

KaplCalandele 6.465,9 5.795,1 7.346,7 6.524,4Investerlngsforenlngsandolc 2.865,8 3.095,9 2.865,8 3.095,9Obllgatloner 10.408,6 12.383,7 10.408,6 12.383,7Pantcsikrcdc udlan 0,4 0,6 0,4 0,6

Andre udlan 6.037,1 7.451,1 6.037,1 7.451,1Indian 1 kreditlnstltutter 474,1 1.411,6 474,1 1.411,6Afledte finansielle Instrunxintcr 3.763,8 2.800,3 3.763,8 2.800,3

Andre finanstelle Investeringsaktiver,i alt 9 30.015,7 32.938,3 30.896,4 33.667,6

INVESTERINGSAKTTVERI ALT 55.546,9 52.212,2 56.333,7 52.912,6

Tilgodehavcnder hos penslonslagere 9,4 4,9 ¦ 9,4 4,9Tilgodehavender hos tilknyttedevirksomheder 739,4 643,4Tilgodehavender hos ossoclcredcvirksomheder 28,9 25,2 28,9 25,2Andre tilgodehavender 11,0 183,2 19,6 199,2

TILGODEHAVENDER, I ALT 788,7 856,7 57,8 229,3

Udskudte skatteaktlver 131,6 131,6Llkvlde beholdninger 5,6 54,9 10,0 61,6

ANDRE AKTEVER, I ALT 5,6 186,5 10,0 193,2

Tilgodehavende renter 201,6 231,4 196,9 226,9Andre perlodeafgr£cnsningspostcr 96,8 88,1 96,8 88,1

PERIODEAFGR/ENSNINGSPOSTER, I ALT 298,4 319,4 293,7 315,0

AKTIVER 1 ALT 56.639,6 53.574,8 56.695,2 53.650,1

SlUkerhedsstillelse10

Eventualaktiv11

Pensionskasscn for Sundhedsraglkje

Arsrappoi t 2016 15

Balance

PASSIVE RAllc bGl0b I mlo. kr.PenslonskassetiKoncernen

Note 2016 2015 2016 2015Ovcifoit overskud 9.044,2 8.478,1 9.044,2 S.47fi,l

EGENKAPUAL, I ALT 9.044,2 8.478,1 9.044,2 8.478,1

Overskudskapital 12 380,3 311,8 380,3 311,8ANSVARLIG LANEKAPITAL I ALT 380,3 311,8 380,3 311,8

PensionshensECttelserFortjenstrrargen pa pensionshcnsai'ttelser

13 39.688,10,0

36.639,50,0

39.688,10,0

36.639,50,0

HENS/ETTELSER TIL PENSIONSAFTALEROG INVESTERINGSKONTRAKTER, I ALT 39.688,1 36.639,5 39.688,1 36.639,5

Udskudtc skatteforpllgtelserAndre henscettclsor

86,93,3 3,2

86,96,7 6,3

HENSATTE FORPLIGTELSER, I ALT 90,2 3,2 93,6 6,3

Gceld angaende afledte finansiellp.instrurrenterGa?ld til kreditinstitutterAl<tuelle skatleforpligtclscrAnden gseld

9 4.844,32.194,0

364,721,3

3.776,14.077,0

239,243,7

4.844,32.194,0

364,773,4

3.776,14.077,0

239,2116,0

G/ELD, I ALT 7.424,3 8.136,0 7.476,4 8.208,3

PERIODEAFGR/ENSNINGSPOSTER 12,5 6,2 12,5 6,2

PASSIVERI ALT 56.639,6 53.574,8 56.695,2 53.650,1

Anvendt regnskabspraksis IFemSrsoversigt overhoved- ogn0gletal 2

Eventualforpligtelser14

NaartstSende parter m.v.15

Risikooplysninger16

Specifikation af aktiverog dissesafkast17

Fcilsomhedsoplysnlnger18

I'onslorskasscn for Sundhedsfaylitje

16 Arsiapport 203.6

KapitalforholdAlle belpb i mlo. kr.

PensionskassenKoncernenEgenkapltal2016201520162015

Egenkapital pr. 1, januar 8.478,1 8.366,9 8.478,1 8.306,9Ovetf0rt fra disponeritig af arel;s resulhat 566,1 111,2 566,1 111,2Anden totallndkornsl 0,0 0,0 0,0 0,0

Egenkapital i alt 9.044,2 8.478,1 9.044,2 8.478,1

Pensionskassen KoncernenKapitalgrundlag 2016 2015 201G 2015

Egenkapital 9.044,2 8.478,1 9.044,2 8.478,1Overskudskapltal 380,3 311,8 380,3 311,8

Kapitalgrundiag 1 alt 9.424,5 8.789,9 9.424,5 8.789,9

Pensionskassen for SuiidliedsftiQllije

Arsrapport 2016 1/

NoterAlle belab I mlo. I<r.

Note 1Anvendt regnskabspraksis

Arsrapporten for koncernen og pensionskassen er udarbejdet I overcnsstemmelse med bestemmelsernc iI ov om fnansiel virksomhcd og Finanstilsynets Regnskabsbckendlgprelse om flnansielle rapporter for for-slkringsselskaher og tvEergSendc penslonskasser.

RcgnskabsbekcndtgarelSRti for penslonskasser og livsselskabef er cendret fra og ined 2016. /Hndrlngernere latere r sig til Implementeiingen af Solvens Il-reglerne. Det har medfsrt felgende fendrlnger I regn¬skabspraksis:

« Penslonshcns^ttelser opg0res til nutidsvtordl af bedste sk0ti af de forventede betalingsstr0mme.Der anvendes en diskonteringsrentekurve opgjoit af den europfelske tilsynsmyndlghed EIOPA ogmedlemsadfefd i forhold til genkob og fripolice indregnes.

•Pensionskassen for Sundhedsfagllge har ans0gt og fik godkendelse til at bruge en diskonterings¬rentekurve med VA-tillceg. Godkendelse har va^ret gssldende frd primo 201G.

•Posterne Pensionshensiettclser, Kollektivt bonuspotentialc og.Erstatnlngshenscettelse samlcs t enpost "Pensionshenscettelser", som bestar af elementerne Garanterede ydelser, IndMduelt bonus-potcntlale, Kolfektlvt bonuspotentialc og Rlslkomargen.

•Rlslkomargen svarer til dot belob, som pensionskassen forventellgt vil skulle betale en anden for-sikrlngsvirksomhed for, at denne vil ovcrtage rlslkoen for at afvlkle bestanden. Rlslkomargen ud-gjorde I forblndelse med Sbningsbalancen 352,6 mlo. kr. og blev dzekket af indrviduelt bonuspo-tentlale.

•S^rlige bonushenssttelser omd0bes til "Overskudskapital" (herefter Ovcrskudskapltal) og med-Cages under "Ansvarllg lanekapital".

¦ Fortjenstmargen pa pensionshensEettelser er 0 t 2016.

De bel0bsma2ssfge effekter pS regnskabcts posLer i forblndelse med asndiingen af anvendt regnskabs-praksls pr. 1. januar 2016 er:

Mlo. kr. Egenkapital Overskuds¬kapital

Pensions-hen seettelser

Erstatnlngs-hensiettelser

Kollektivtbonus-

potentlaleArsregnskabet31.12.2015 8.478,1 311,8 36.230,3 18,9 390,4/Endrlng 1 Vcerdl-regulerinq -421,0 421,0Modeiasndring vedr,sky 1 dig bonus 4^,6 -45,6Omgruppcring afposter 784,6 -18,9 -765,7

Abnlngsfaalaiice01.01.2016 8.478,1 311,8 36.639,5

Med henvkjning til regnskab5bekcndtg0relsens § O'l stk. 2 er det ikkc fundel praktisk mullgt at amdrcsammenllgnlngstal, notcoplysninger og femSrsoversigtcr, saledes at de bllvcr i overensstcmmelse meddun nye metodc, for perloden f0r 2016, hvoifor do ikke er direkte sammenllgnellge med 2016.

Arsrapporten Indeholder resultatopgorclsc for perloden 1. januar - 31. deccmber 2016 og balance pr.31.12.2016 cftcr de nye regnskabsprlncipper. Derudover er tnedtagct sammenligningstal for den tilsva-rende periode sldste ar efter hldtldlgc regnskabsprlncipper.

Arsrapporten pnusenteres i mlllloner kroner med cn decimal. Hvert tal afrundes hver for sig. Der kan der-for forekomme afvigclscr mellem de anf0rte totaler og summen af de underliggende tal.

Pensionskassen for Sundhedsfagligc

18 Arsrapport 2016

Priucipper for fordeling af over- og underskudPenslonskassen har I overensstemmelse med bekendtgprelse cm kontributionsprluclppel atmieldl princlpfor fordeling af arets realiscrcde resultat til Flnanstllsynet.

Hovcdprinclppct i 2015 er, at den del af arets reallserede resultat, der tllfalder egenkapitalen og over-skudskapltal, bestar af en forrentnlng svarende til invcstcrlngsafkastet for PAL-skat tlllagl rlslkoforrentningpa 0,0 % af de gennemsnitllge pensionshenscettelser. Betalinger til og fra egenkapitalen fraglr i egenkapi-talens andel af det realiscrcde resultat. Fra og med 2016 a^ndres prlnclpperne for tildeling af risikoforrent-nlng, llgesom prlnclpperne for tllbagebetallng af eventuelle udla^g fra egenkapitalen og overskudskapitalcendres. Tab vedrorende de enkelte kontrlbutlonsgrupper, der daikkes af egenkapitalen og overskudskapi¬tal kan hentes I det efterfolgende regnskabsSr fra dc enkcltc gruppcrs individuelle og kollektlve bonuspo-tcntialcr, hvis dot er mullgt. Andcicne der overfflres fra de individuelle og kollektlve bonuspotentlaler i detefterf0lgende regnskabsar anmeldes til Finanstllsynet.

Koncern regnskabetKoncernregnskabet omfatter penslonskassen og tllknyttcdc vlrksomhedcr, hvor der udwves bestemmendeIndflydelse. Konccmregnskabct udarbejdes ved sammenlcegning (konsolldering) af pensionskassens og detliknyttede virksomheders regnskabsposter med ensartet indhold.

Ved konsolidering forctagcs climinering af koncernlnterne Indtfegter og omkostnlnger samt koncerninterneaktlebeslddelser og mellemvasrender.

Koncernlnterne ydelser afregnes pS markedsbaserede vilkar cller pa omkostnlngsdeekkende basis. Kon-cernlnterne handler med v£erdlpapircr og andrc investeringsaktlver afregnes til markedsveerdier.

Omregning af valutaTransaktioner i udenlandsk valuta omregnes til transaktionsdagetis valutakurs. Balancepostcr i udcnlandskvaluta omregnes til balancedagens lukkekurs.

Allc valutagcvinster og -tab Indregnes I resultatopgarelsen under valutakursregulering.

Generelle principper for indregning og mdlitrgAktiver indregnes I balancen, n§r del er sandsynllgt, at fremtidige fordele vil tllfalde vlrksomheden, ogaktlvets v^rdi kan males palidellgt. Forpligtelser Indregnes I balancen, nlr det er sandsynligt, at fremti¬dige 0konomlske fordele vll fragS vlrksomheden, og forpligtelscn kan males pllidellgt.

I resultatopgsrclscn indregnes aile indtwgter I Lakt med, at de Indtjenes, og alle omkostnlnger Indregnesmed de bel0b, der vedrerer regnskabsaret.

l<0b og salg af finanslelle Instmmenter Indregnes pa afvlklingsdagen, og Indregnlngen opherer, nSr rettentil at modtage/afgive pengestrsmme fra det finanslelle aktlv eller passlv er udlflbet, ellcr hvis det cr over-draget. K0bs- cller salgstransaktioner, sorn pS balancedagcn endnu Ikke cr afviklet, Indgar I resullatop-g0rclsen med deres tab eller avancc.

Ved fflistc indregning males finanslelle Instrumenter til dagsveerdl. Mating efler ferste Indregning skersorn beskrevet for hver enkelt regnskabspost nedenfor.

Resultatopg0relsen

BruttomedlemsbidragBruttomedlernsbldrag I penslonskassen omfatter forfaldne medlemsbldrag for Januar - november og for-ventede medlemsbidrag for decernber. Medlemsbldrag er reduceret med arbejdsmarkedsbldrag.

Udbetalte ydelserPenslonsydelser omfatter ckspederede og udbetalte pensioner.

AdministrationPenslonskassen betaler et arllgt fast beleb (tarif) pr. medlem til PKA A/5 for de aftalte administrative ydel¬ser, hvori indgSr lannlnger og vederlag til direktion og beslyrelse.

Pei^slonskasscn og de Ulknyttede vlrksomheder betaler herudover cn fast promillcsats af formuens dags-Vcerdi for portefsljepleje.

Penslonskassen for Sundhrdsfagllge

Arsrapport 2016

Tarlf og promlllesats er fastsat pa marked.ibascrcdc vilkar.

Omkostninger ved v^erdlpaplradministration cr indrcgnet som admlnlstrationsomkostnlnger i forblndelsemed investerlngsvirksomhed. •

Omkostninger ved ejcndoinsndministratloti erfradraget I Indtegter af Investeringsejcndommc.

XnvesteringsafkastIndtaigter fra tllknyttede virksomheder indeholder penslonskassens andel af de tllknyttede virksomhedersdriftsresultater efter skat.

Indtegter fra associerede virksomheder indeholder pensionskassens andel af assoclerede virksomhedersdriftsresultater efter skat.

Indtcegter af InvesteMngsejendornme Indeholder resultat af ejendornsdrift f0r rcgulering af ejendoinmenGSva^rdl. I resuitatet fragar omkostninger til ejendomsadmlnistratlon.

Renter og udbytter med videre Indeholder regnskabsarels Indtjente renter og modtagne udbyttcr m.v.

Kursregulcring Indehofder realiserede oy ureallserede gcvinster pa Investeringsaktlver herunder vasrdire-gulering af investeringsejendomme.

Ovei f0i t investeringsafkastOverf0rt Investerlngsafkast er beregnet pa gnmdlag af cgcnkapltalens andel af det realiserede resultat ogIndregnes i posten Egenkapitalens investerlngsafkast.

PensionsafkastsUa tPenslonsafkastskat Indregnes I rcsultatopg0relsen med et be[0b, der er beregnet pS grundlag af regnskabs-arets skattepllgtlge afkast. Penslonsafkastskatten, som hvller pa det afkast, dcr farst indregnes I pensions¬kassens skattegnindlag 1 et cfterfolgonde regnskabsSr, er indregnet som udskudt penslonsafkastskat.

Penslonsafkastskat fordeles mellem egenkapltalen og medlernmerne. Egenkapitalens andel af penslonsaf¬kastskat beregnes pa haggnind af egenkapitalens andel af reallseret resultat.

Balancen

Aktiver

Jn vesteringsGjendommeInvesteringsejendomme males til dagsvecrdi pa balancedagen ved anvendelse af DCF-metoden subsldlaittf0rstearsafkast-metoden for bollgejendomme I ensartet stahll drift. I malingen tages hensyn til dc aktucllcrente- og markedsforhold samt ejendommenes bellggenhed, alder og vedllgeholdelsesstand, herunder for-ventede fremUdlge vedllgeholdelsesomkostninger, Fon-cntningskravet er fastsat ud fra en fofyentning omat ejendommene vil kunne afha^ndes med salgsbeslrcebelser I en rimeliy tidspercode.

Byggerier males til kostpris I bygyeperioden.

Mindre ejendomrne males og indregnes til den senestc offentlige kontantvurderlng.

Vcerdireguleringer pa investeringsejendomme indregnes i posten Kursreguieringer over resultatopgerelsen.

KapitalandoleB^rsnolerede kapitalandele males til dagsvccrdl baseret pa borsnoterede lukkekurscr pa balancedagen.

Unotercde kapitalandele males til dagsvierdi baseret pa en individual vurderlng af vlrksomhedeme, medhenbllk pS at fasts^tte den pris, som kapitalandelene skonncs at kunne handles til, Malingen er baseret padc n0glctal og va^rdlansEcltelsesmetoder, der rormalt anvendes i forblndelse med moling af virksomheder.

InvesteringsforenlngsandeleInvesteringsforeningsandele males til dagsvierdi baseret p§ bersnoterede lukkekurser p§ balancedagen.

Pensionskassen for Sundhedsfagllgc

Arsrapport 2016

ObfigatlonerPastforrcntcdc obllgationer, konvertlble obliciatloner og Indeksobligationcr med tllla;g af indeksreguleringermSles ill dagsvferdl baseret pa bsrsnotcrcdc lukkekurser pa balancedagen. Dagsv^crdlcn af udtrukne obll-gationcr bascres pa obllgationemes nutldsvaerdl, der tllnccrmelsesvis udgsr obligationemes nominelleVcerdi.

Pantsikrede udlinPantebreve males til en beregnet dagsva:rdi baseret pa fordrlnger»s effekllve rente.

Andre udlSnAnsvarlig Indskudskapital indregnes til en beregnet dags Vcerdi baseret pa oplysninger om vlt-ksomhed ernessolldltel. Der herisa?ttes til imodegaelse af tab, safrcmt oplysnlngerne tilslger dette.

Repo/reverseVcerdi pa pi re r, der er solgt som led i salgs- og tllbagek0bsforretnlnger, beholdes i balancen under den re-spektlvc liovedpost f.eks. "obligationer" som Forrentes og kursreguleres. Det modtagne belsb Indregnes ogforrentes som gceld til modparten. Vaardlpaplrer erhvcivct som led I k0bs- og tllbagesalgsforretnlnger op-lages som tilgodchavender hos modparten og afkastet Indregnes under renter.

Af/edte finanslel/e instrumenterAfledte finansielle instrumenter, anvendt til renterlslkoafd£ckning og andre formal, males til dagsva3rdi. In¬strumenter rned poslLlv dagsvcerdl fpres som aktlver og instrumenter med negatlv dagsvrerdi fares sompasslver.

Kapltalandele I tlfknyttede virksomhederKapitaiandele I tilknyttede virksomheder mSles til Indre veerdl (equity-metoden). Efter denne metode bliverde tilknyttede vlrksomheders driftsresultater indrcgnet I penslonskassens resultatopgorelsc. Pcnsionskas-sens resultat og egenkapital er herefter identlske med koncerncns.

Regnskabsresultaterne fra do tilknyttede virksomheder fremkommer ved anvendelse af Indregnlngs- ogmalingsmetoder, der er identlske med de prlnclpper, der er anvendt i pensionskassen.

Kapltalandele i associerode virksomhederKapltalandele i assoclerede virksomheder indregnes med pensionskassens ejerandel af virksomhedernesregnskabsm^ssige indre Vcerdi iffllge senest kendte regnskab. Virksomhedernes indre vaardl fremkommerved anvendelse af mlllngsmetoder, der er Identiskc med de metoder, der er anvendt i pensionskassen,Alle regulerlnger Indregnes I indt^gter fra assoclerede virksomheder.

Som assoclerede virksomheder betragtes virksomheder, som Ikke er tilknyttede virksomheder, men hvorlkoncemens virksomheder har andele pa mere end 20 % af stcmmcrcttighederne, og hvor der udaves be-tydellg indflydelse p§ virksomhedernes drlftsniccssigc og finansielle ledelse gennem reprcescntation I virk¬somhedernes bestyrelser.

Assoclerede virksomheder med negatlv regnskabsmcesslg Indre Vcerdi males til nul, og et eventuelt tllgo-dehavende hos disse virksomheder nedskrives med moderselskabets andel af den negative Indre veerdi, Idet omfang dot vurderes uerholdellgt. Safremt den regnskabsm«sslge negative Indre Vcerdi overstiger tll-godehavendet, indregnes det resterende belpb under hensatte Forpllgtelser, I det omfang modervlrksomhe-rien har en retlig eller faktisk forpllgtelse til at dcekke den pag^eldende virksomheds forpllgtelser.

0vnge poster I aktlverneTllgodehavender optages til palydende Vcerdi med fradrag af nedskrivning for forventede tab.

Passiver

EgenkapitalPensionskassens egenkapital tilh^rer medlemrnerne kollcktivt.

Hensecttelser til pensionsaftaler og investeringskontrakterHenssettelser til pensionsaftaler og Investeringskontrakter males af pensionskassens ansvarshavende ak-luar.

Penslonshensceltelserne bestar af elementerne Garanterede ydelser, Individuelt bnnuspotentiale, Kollektlvtbonuspotentlale og Rlslkomargeri.

pension skassen lor SundliKdsfagllgc

Arsrapport 2016 21

PensionsliGns£ettelsers element Garantcrede ydclscr males ved, for hver forsilcrlng, at opg^re markeds-Vcerdien af de forventede garanlerede betallngs5tr0mme. MarkcdsvEcrdlen beregnes ved at dlskontere deenkcltc bctalinger med den af den curopsclske tilsynsmyndlghed EIOPA opgjort.p rente mcd VA-tillccg, re-duceret med pensionsafkastskat. Garanterede ydelser Indeholder ct sk0nnet beleb til deeknlng af fremtl-digc forslkrlngsydeiser, sum stammer fra forsikringsbeglvenheder Indtniffet i rcgnskabsaret, men somendtiu ikke var anmeldt pa balaricedagen.

Indlviduolt bonuspotentlale Indeholder vcerdlen af forpligtelser til at yde bonus pa baggrund af den enkeltebonusberetfigede forslkrings depot.

Kollektivt bonuspotentiale indeholder forslkringsbestandens ondel af realise rede resultater, som er hensatkollektivt til de bonusberettigede Porsikringer.

Rislkomargen Indeholder det belob, som pensionskassen forventeligt vil skulle betale en anden forslkrlngs-vlrksomhed for, at denne vll overtage rislkocn for at afvlkle bestanden. Rislkomargen Indhentes sa vldtmuligt af forslkrlngerncs Indlvlduelle derncest kollektive bonuspotentiale - eller subsldla2rt kapltalgrundla -get. Rislkomargen opg^res 1 henhold til Solvens Il-reglerne.

Forudscetnlngerne om bedste sk0n for dedeilghed er baseret pa Finanstilsynets benchmark for den aktuelled0delighedf der tilpasses penslonskassens speclflkke forhold vedrarende forslkringsbestandens observe-rede dsdelighed. I tllleeg herli! Indregnes Finanstilsynets benchmark for forventede levetldsforbediinger.Finanstilsynets benchmarks opdateres arllgt, og pensionskassen genncmf0rcr arligt en analyse af eventu-cllc afvigelser fra benchmark for den aktuelle d0dclighed.

Forudsa^tnlngerne om bedste sk0n for InvalidlteL er baseret pa den obscrveredc Invaliditet I de senere ar.

Diskonteringsrentekurven og forudscetningerne om dedcllghed er de forudsaetnlnger, der har st0rst effektpS malingen af henscettelserne.

Kollektivt bonuspotentiale ornfatter mcdlqmmemes andel af de reallserede resultater for bonusberettigedepensionsordningcr. [3el0bet er hensat kollektivt, og dermed endnu Ikke tllskrevet det enkelte medlem.

FortjenstmargenFortjenstmargen angiver nutidsvccrdlen af penslonskassens endnu ikke indtjente fortjenoste pa forsikrin-gerne, som forventes Indregnet 1 resultatopgarelsen mcd tiden. Fortjenstmargen udskllles af penslons-henscettelseme,

Overskndskapita/Overskudskapital IndgSr I baslskapltalen pa ligc fod med egenkapitalen, men tllfalder over tid de forslk-rede og er dermed en del af hcnsEGttelsen til forslkrlngskontrakter.

0vrlge poster / passiverneGa2ld males til amortlseret kostprls, der s^dvanligvis svaror til nominal vierdi.

Npgletaf og folsomhedsoplysningerN0glGtal og f0lsomhGdsoplysninger udarhejdes efter reglerne 1 Finanstilsynets RegnskabsbGkGndtg0relseom finanslelle rapporter for forsikringsselskaber og tvargSende pensionskasser.

Pensionskassen for Sundheditfagllgn

22 Arsrappart 2(116

Note 2FemSrsoveralgt over hoved- og n0gletal

Pensionskassen 2012 2013 2014 2015 2016Medlcnr;bidrag 1.318 1.364 1.435 1.493 1.710Peiislonsydelser * -973 -1.081 -1.883 -1.158 -1.295

Investeringsafkast 4.871 1.760 4.440 714 3.879Pcnslonsm^sslge driftsomkostningcr, i alt -27 -27 -27 -26 -24Resultat af genforslkiing 0 0 0 0 0Petisionstcknisk resultat 681 0 0 0 0Arets resultat 1.391 283 703 111 566Henscettelser til penslonsaftaler i alt * 32.130 33.605 36.109 36.640 39.688fcgcnkapltal, 1 alt 7.381 7.664 8.367 8.478 9.044Aktiver, 1 alt 44.974 44.700 49.041 53.575 56.640

Koncernen 2012 2013 2014 2015 2016Medlemsbidrag 1.318 1.364 1.435 1.493 1.710Penslonsydelser -976 -1.081 -1.883 -1.158 -1.295Investeringsafkast 4.871 1.760 4.440 714 3.879Ponsionsm^sslge drift somJcostnlnger, 1 alt -27 -27 -27 -26 -24

Resultat af genforslkrltig 0 0 0 0 0Penslonstcknisk resultat 681 0 0 0 0Arets resultat 1.391 283 703 111 566HensEettelser til ponsionsaftalcr 1 alt * 32.130 33.605 36.109 36,610 39.688Egcnkapital, 1 alt 7.381 7.664 8.367 8.478 9.044Aktiver, 1 alt 45.076 41.812 49.102 53.650 56.695

N0gletal 2012 2013 2014 2015 2016Afkast relateret tilgennemsnitsrentoprodukter * % 14,0 4,5 10,8 1,6 8,5Orrfcostningcr of hensecttelser * % 0,1 0,1 0,1 0,1 0,1Omkostnlnger pr. medlem kr. 538 534 514 141 393Egenkapltalforrentnlng efter skat % 20,8 3,8 8,8 1,3 6,5Forrentnlng af overskudskapital, dortildclcs afkast soiti egenkapltal % 14,5 5,1 11,5 2,0 7,0Solvcnsd£ckning * ** % 704 751 697 732 453

* Regnskabsbekendtgorelsen er arndret fra og ined 2016. Med henvlsning til bekendtgprclsens § U'l,stk. 2 er det Ikke fundet pral<tlsk muligt at eendre fetrvSrsoverslciten, saledes at- hallene for perioden far201G bliver I overensstemrrdsc mcd den nye nietode. Tallerie for 2012-2015 er dcrfor ikke dlrektesaminenllgnellge med 2016.

** Nagletallet solvcnsda^nlng cr undtaget fra kravet otn revision j^'nfwr bckcndtg0rGlse nr. 937 aT27. juli 2015 om finnnsiclfo rapporter for forslkrlngsaelskaber og tvargaendo pensionskasser og dermedIkke revldereb,

Penslonskassen for Sundhedsraglige

Arsrapport 2016 23

Note 3 PensionskassenKoncernenBruttomerllemsbldiag2016201520162015

Direkte forsiknng med bonusordningMcdlcnisbldragMedlerrelndskudGruppeordnlngcr

1.448,2216,245,5

1.389,154,449,3

1.448,2216,245,5

1.389,154,449,3

Bruttomedlemsbidrag i alt 1.709,9 1.492,8 1.709,9 1.492,8

Samtllge hidrag er direkte forslkrlng rred ret tilbonus.

PensionsaftalerTecinet 1 anssttelscsforholdPrivattegnedeGruppeordnlnger

1.500,7163,645,5

1.443,5

49,3

1.500,7163,645,5

1.443,5

49,3

Prxmier fordelt pS landeDanrnarkAndre EU-lands0vrlge latide

1.699,64,6'5,7

1.483,54,54,7

1.699,64.65.7

1.483,54,54,7

Opgprelse af antal forsikredeTeg net i anscettelsesforholdTeg net prlvatGruppeordnlnger

56.5071.918

36.356

55.263

35.921

56.5871.918

36.356

55.263

35.921

Pcnsionskasscns samlede antal forslkrede medlemnier er opgjort Incl. madletrekaber, hvotfra der kunudbctalcs J^gtefaille- og bwmepensloner,•,

Note 4 ' Pensionskassen KoncernenKursreguleringer201620152Q162015

Investe rings ejendomme -10,7 8,5 79,0 62,4Kapitalandele 207,9 359,8 446,0 402,9Investeringsforcningsandele 295,1 448,2 295,1 448,2Obllgatlaner 115,G -190,8 115,5 -190,8Andre udlln 53,5 299,0 53,5 299,0Afledte flnanslelle Instmmenter 15,4 -2.706,9 14,3 -2.706,7Likvide beholdninger -17,7 -1,8 . -17,7 -1,8

Kursreguleringer i alt 658,9 -1.784,0 985,7 -1.686,9

Note 5 Pensionskassen Koncernen/Endring I penslonshens%ttelserf.e.r. ialt 20162015 20162015

Individual bonuspotentlale 3.613,9 3.613,9Garanterede ydelser -1.778,6 -325,4 -1.778,6 -325,4DonLispotentlale pa fremtidige medicmsbidr 566,8 566,8Bonuspotentialc pa hvilcndc pensioner 786,6 786,6Risikomargen 19,7 19,7Erstatningshenssttelser -0,3 -0,3Kollektiv bonuspotentlale 1.193,6 -247,6 1.193,6 - 247,6

/Endrinq i pensionshensjettelser f.e.r. ialt 3.048,6 780,2 3.048,6 780,2

Pensionskassen for sundliPdsfagllge

24 Arsrapport 2016

Note 6 Pensionskassen KoncemenPeiisionsmcessige driftsoml<ostilingei'f.e.i'. 2016 20152Q16 2015

Honorar ill bestyrelsen (belob I tuslnde kr.)Do LlbergrenGliita Parry *Tina Lanbrecht *Bert Hammer AsblldUlla Astrren NielsenLillian Bondo *Mary-Ann S^rensenDrian Grrebo-JensenMeiete RingsholtAnette EberhardPaw Vagtborq KarsiundErik Adolphsen (lidtrSdt ^1.12.2016)Lone Birgltte Hahne (IndtrSdt 14.01.2015)Tina N0r Langager (IndtrSdt 01.12.2015)Thyge Kjeldgaard Nielsen (indtradt 17.08.2015)Dirglt Plough Jensen (Indtradt 28.04,2010)Annette Boldt Gemynthe (udtrldt 28.04.2016)Carl Hoist (udtradt 17.08.2015)Gunner Gamborg (lidtrSdt .'50.11.2015)Gitten Hammerberg (udtradt 14.01.2015)

Samlet honorar til bestyrelsen

183,9 94,8 183,9 94,887,2 86,2 87,2 86,252,5 85,5 52,5 85,552,5 51,5 52,5 • 51,552,5 51,5 52,5 51,552,5 51,5 52,5 51,552,5 51,5 52,5 51,552,5 51,5 52,5 Sl(573,1 71,7 73,1 71,7

143,2 140,4 143,2 140,452,5 51,5 52,5 51,5

122,6 120,2 122,6 120,252,5 51,5 52,5 51,593,7 4,3 93,7 4,352,5 17,3 52,5 17,335,2 0,0 35,2 0,017,3 51,5 17,3 51,5

104,5 104,547,1 47,14,2 4,2

1.228,6 1.187,9 1.228,6 1.187,9

; organisation.* honoraret er udbetalt til den udpegende fagllge organisation

L0n

Direldlonen og Vcesentllge rlsikotagere med fast l0n er delvlst ansat og afl0nnct af pensionskassen. Denansvarshavende aktuarer ansat men Ikke afl0nnet af pensionskassen.

Adm'nlstrerende dlrektor Peter Datngaard Jensen liar rrodtaget et samlet vederfag for alle sinefunktloner fra adirtnlstrationsselskabet PKA A/S pa i alt 4.0911. kr,

Narmere oplysnlnger om afl0nnlng I adnlnlstrationsfcdlcsskabct PKA kan scs pa pka.dk,

PensionskassenKoncornen2016 2015 20162015

Lonnmger (belob i tusinde kr.)LonnlngcrPenslonsbidragLwnsumsafglft m.m.

Samlede lonnlnger

1,639,1 1.637,5 1.639,1 1.637,5354,1 332,5 354,1 332,5271,1 240,3 271,1 740,3

2.264,2 2.210,3 2.264,2 2.210,3

Dircktionen bar udelukkende imdtaget fast l0n pa 311,6 t. kr,

0vngc vcescntlige risikotagere, 6 personer, bar udelukkende modtaget fast ten pa i alt 1,658,6 t. kr.

Det ¦gennemsnitligc antal bcltidsbcskceftigcdc i 2016 er0,9.

Rev/sor (bel0h i tusinde kr.)Revisors arbejde sker i stort omfang failles for de af PKA A/S adminlstrerede penslonskasser.

Penslonskasscns andcl af rcvisoromkostningcrne inklusive front: udgrir;

PensionskassenKoncemen2016201520162015

DeloitteLovpllgtig revision af arsregnskabet 361,3 359,8 471,3 491,6Andre crkteeringsopgaver med sikkerhed 68,0 90,0 68,0 90,0

Samlede revlsoromkostninger 429,3 449,8 539,3 581,6

pensionskassen for Sundhedsfaglige

Afsrapport 2016 25

Note 7Realiseret resultat

RenteresultatRisikoresultatOml<ostnlngsresultatMa rkeds v cerd i reg n Ic rin g

Realiseret rasultat i alt

somcrfordelt til:Tllskrlvning af bonusPenslonsafkastsloLForrentning til overskudykapitalPenslonsafkastskat vedwrendeoverskudskapitalOve.rf^rt til egenkapitalcnPensionsafkastskat vedrarende egenkapitalenHenlagt til kollektlv bonuspotentlale

Fordelt i alt

Bevtegelser pa egenkapltalen;Fra realiseret resultatOverfort til hensasttelser

Arets resultat

Manglende egenkapitalforrentning

Pensfonskassen20162015

Koncernen20162015

0,0

3.190,1143,7138,7-55,9

329,7133,9125,7546,6

3.490,1143,7138,7-55,9

329,7133,9125,7546,6

3.716,5 1.136,0 3.716,5 1.136,0

1.285,8482,0

24,3

1.135,871,55,1

1.285,84B2,024,3

1.135,871,55,1

4,4626.2100.3

1.193,6

0,7158,212,2

-247,6

4,4626.2100.3

1.193,6

0,7158,212,2

-247,6

3.716,5 1.136,0 3.716,5 1.136,0

626,2-60,2

158,2-47,0

626,2-60,2

158,2-47,0

566,1 111,2 566,1 111,2

0,0

Princlpperne for deling af dct realiserede resultat samt bercgning af rlsikotillasg er beskrevet i anvendtregnskabspraksis.

Pensionskassen Koncenien2016 2015 2016

Note 8Investerlngsejendomme

Dagsvrtirdi pr. 1. januarTilgang i aretAfgang i aretArets vmdireguleiing til dagsva?fdi

Dagsvterdi i alt

Vccgtet gennerrenltlig afkastprotent som IndgSrved fastsc^iteise af dagsvccrdl:EJendomnic til bollgudlejningEJendomme til crhvervsudlejnlngEjendorrms udlcjet pa langtldskontrald tiloffentlige trr/ndigheder

Pcnsionskassens viErdlanscEttelse af investerlngsejcndomire er sket med udgangspunkt i ckstemvaliderlng af aflcastkrav.

2015

657,5 645,4 2.830,5 2.525,85,3 12,4 174,7 258,3

-14,8 -8,7 -14,8 -16,0-10,7 8,5 79,0 62,4

637,3 657,5 3.069,3 2.830,5

4,5 4,6 4,5 4,55,2 5,2 5,2 5,3

4,3 4,3 5,5 5,1

Pfinslonskassen for Sundhedsfagllge

Arsrnpport 2016

Note 9Andre finansielle iiwesteringsaktiver

1 penslonska^spns Investeringspolitik tages der hensyn til en icekke soclale, mlljern^sslge og et(skeforhold. Pfinslonskassen irivesterer II<Icp I virksumheder, der overlagt ocj konsel<vent overtraeder nationallovgivnlng eller regler fast^at af Internationale organlsatloner tiltrldt af Dantnark. Endvidere invostcrcrpenslonskassen il<ke I virl<soinhGder, dor ptoducerer vaben eg tobak.

Pa www.pka.dk kan ses en Ipbende opdateret liste overde virksomheder, som pensionskassen harkapitalandele i.

Pcnsionskassens formue forvaltes af P1<A A/S.

Finansielle instrumenter (Penslonskassen og Koncernen)

Bogf0rtAfledte finansielle Instrumenter 2016 Artil udl0b Hovedstol vcerdi

Optloner 1-10 2.313,1 381,1Swapt loner 1-10 13.163,6 -5/2,7Swops 0-1 11.343// 30,0Swaps 1-10 28.493,0 61,8Swaps +10 83.899,d 964,1Valutatermlnsforretnlnqer 0-1 25.383,2 -1.960,2Valutatermlnsforrelnlnger 1-10 573,3 16,7Inflation swops 1-10 1.642,5 7,5Inflation swaps +10 729,7 -8,8

Bogf0rtAfledte finansielle instrumenter 2015 Artil udlob Hovedstol vaardi

Optloner 1-10 2.321/5 330,8Swaptioner 1-10 10.729,4 -232,1Swaps 0-1 10,050,8 -94,3

Swaps 1-10 27.646,8 252,3Swaps •140 87.679,3 364,8Va luta te rmlnsfo rret ninger 0-1 15.390,5 -454,7Valutaterminsforretninger 1-10 5.591,2 -1.142,6

For afledte finansielle Instrurmnter knytter veesentlige betingelser sig til udvlklingen i renter,al<tlekurser og valuta.

For 0vrlge finansielle instrumenter, sasom obiigatloner, kapitalandele mv., er der Ingen speclellevascntlige betingelser ellcr vilkar, som influerer pa de fremLidige betalingsstr0mme.

Den bogf0rtG vecrdi of afledte finansielle instrumenter I balancen sker brutto. Surnman aF alle l<ontral<termed positiv vccrdl f0ies i aktiverne under posten "Afledte finansielle Inslrutrenter". Summen af allekontralcter ired negativ v«rdi fflres I passlveme under posten "Gceld angaende afledte finansielleInstrumentei-".

Note 10 PenslonskassenKoncernenSiUUerhedsstlllelse2016201520162015

Penslonskassen har til sikkerlied For opfyldelsenaf forpligtelser ved afdozkning of rente- ogaktiekursricisi netto deponeret obligationer til enVcerdi af 2.319,1 1.465,3 2.319,1 1.465,3

Slkkerhodsstillelse for repo forretnlnger 2.263,4 4.078,1 2.263,4 4.07U,1

Penslonskassen for SuiKihedsfagllgo

Arsrapport 2016 27

Note 11Eventualaktfv

I ^014 blcv dansk morrspral<sis ccndret, hvorefter der I Idee skal betales mop's for vlsse ydelser tilpensionskasscr.

Pensionskasscn har I februar 2016 indseudL anmodnlng om tllbagebetaling af uberettlget opkrEcvetmotns til SKAT forperiod<?n 1. februar 7.004 til og med 2015 og afventer sagsbchandling heraf. Det erfortsat uklart I hvllket orrrfang Pensionskassen vil opna tilbagobctaling og dp.fmed st0rrel5Pn af detfor/entede sarnlede tllgodehavende.

Note 12OverskudskapitaF

Ovcrskudskapltal prlnwIndbetallngerUd bet a lingerAndel af realiseret result at cfterpenslonsafkastskat

Overskudskapltal i alt

Pensionskassen Koncernen2016 2015 2016 -2015

311,8 264,9 311,8 261,950,6 16.3 50,6 46,3-6.4 -4.6 -6,1 -4,6

24,3 24,3 5,1

380,3 311,8 380,3 311,8

Note 13Penslonshensaittelser

Penslonshens^ttelser piirroFortjenstmargen prlmoPenyionsmsssige hensattelser 1 ait prin"oKollektiv bonuspotentlale prlnxiAkkumuleret Vcerdlreguterliig prlmoRetrospektlve hersattelser primoBruttobldragRentetllsl<rivnlngPcnsionsydclscrOrrt<ostningstilla^g cftcr tilskrivning afomkostningsbonusRislkogevinst efter tilskrivning af risltobonusPenslonsvalgsbonusOverfeit til/fra medlemskapitaiAndctRetrospektlve hensaltelser ultirmAkkumuleret Vcerdiregulering ultiiroKollektiv bonuspotentlale ultimoPenslonsmassicie hens^Ltelser 1 all ullliroOvetferl fra kollektiv bonuspotentlale ultimoOverf0rt fra erstatningshcnsixttGlscr ultimoFoitjcnstn^irgcn ultimo

Pensionshensffittelser I alt

Pensionskassen Koncernen2016 2015 2016 2015

36.639,5 35.202,2 36.639,5 35.202,20,0 0,0

36.639,5 35.702,2 36.639,5 35.202,2-765,7 -765,7

-4.384,1 -5.306,1 -1.384,1 -5.306,1

31.489,/ 29.896,1 31.489,7 29.896,11.709,9 1.492,8 1.709,9 1.492,81.412,0 1.341,2 1.412,0 1.341,2

-1.294,9 -1.157,8 -1.294,9 -1.157,8

-27,8 -27,9 -27,8 -27,9-45,4 -105,4 -45,4 -105,160,2 47,0 60,2 47,0

-44,2 -41,7 -44,2 -41,729,3 26,6 29,3 26,6

33.288,8 31.470,8 33.288,8 31.470,84.440,0 4,759,5 4.440,0 4.759,51.959,3 1.959,3

39.688,1 36.230,3 39.688,1 36.230,3390,4 390,4

18,9 18,90,(1 0,0

39.688,1 36.639,5 39.688,1 36.639,5

Penslonskassens forsikfinger er onfattet af konttibutlonspiincippct. Pensionskassen har imldleitidvedtaget andre princippor for fordeling af det realiserede resultat end, hvad der falger afkonttibutioiisbckcndtg0rclscn (BEKnr. 1643 af 14, december 70.1.6). Bekendtg0relsens bestemrrelserf0lgGS 1 det onfang, do ikke stridor imod penslonskassens principper, I praksis vil det sige, atpensionskassen Ikke anvender en gruppeopdellng efter bekendtgwrelsens § 3.

Pensionskassen for Sundhedsfagllge

28 Arsrapport 2016

Note 13 fortsat

Fordeling af hensrettelser pS oprlndeliggrundlagsrente for bestande, der ikke et-omfattet af konlributiansprincippet:

Garanteredeydelser

Individueltbonus-

potentiale

Kollektivtbonus-

potentiale I alt

Penslonshenscettelsnr pr. 1, jEinuar2016Opg0relsesrente 0,01%Opg^relsesrente 1,75%Opg0relsesrente 2,75%Opg0relsesrcntc 4,25%

1.708,01.277,02.794,4

15.185,5

11.916,62.222,9

306,8110,1

391,193,162,5

239,3

14.015,73.593,03.163,6

15.514,7

Alle grupper 20.964,8 14,1)56,4 765,7 36.287,0

Rlsikomargen all? grupper 352,6

Pensionslienscettelser 1 alt 36,639,5

Pensionshcnsccttclscr pr. 31. decetnber 2016Opg0relsfisrentc 0,01%Opg0relsesrente 1,75%Opg0rGlsesrenle 2,75%Opg0rGlsesrentG 4,25%

2.604,6949,0

2.225,213.407,5

14.242,43.190,1

646,391,5

1.009,32/16,7162.6540.7

17.856,34.385,83,034,1

14.039,7

Alle grupper 19.186,3 18.170,3 1.959,3 39.315,9

Rislkomargon alio grupper 372,3

Penslonshen^tolr;er 1 alt 39.688,1

Afkastprocent og Bonusgrad for deforsikringsbestande, der er omfattet afkontributionspricippet:

2016Afkast¬procent

2015Afkast¬procent

2016Bonus¬

grad

2015Bonus¬

grad

Opgflrelsesrente 0,01%Opg0relsesrente 1,75%Opgwrelsesrente 2,75%Opc|0relsesrente 4,25%

8,6%8,6%8,6%8,6%

1,6%1,6%1,6%1,6%

88,9%82,0%29,3%6,9%

76,5%60,5%14,4%3,7%

Forrentning af kundemldler efteromUostninger f0r slot opcielt pS produkt:

Genncmsnitrehte8,5%

Penslorskassen for Sundhcdsfogllge

Arsrapport 2016 29

Note 14 Pensionskassen KoncernenEventualforpligtelser 2016 2015 2016 2015

Til sikkerhed for forslkredes hcnsEettolser orregistreret f0lgende aktiver:

I nves tcri n gseje ndomnx 637,3 272,8 637,3 272,8Kapitalandclc 1 tilknyttede virksomheder 2.885,1 2.512,7 2.885,1 2.512,7Kapitalandele 1 assoderede virkson-heder 18.105,8 15.804,1 10.105,0 15.804,1Udlln til assoderede vlrksorrtieder 175,1 150,4 175'1 158,4Kapitalandele 6,465,9 1.095,1 6.465,9 1.095,1Investeringsforeningsande.Ie 2.865,8 3.095,9 2.865,0 3.095,9Obligationer 5.861,1 6.902,5 5.064,4 6.902,5Pantesikrede udlan 0,1 0,6 0,4 0,6Andre udlan 6.037,1 7.45.1,1 6.037,1 7.451,1Indian 1 l<red it Inst it utter 474,1 1.411,6 474,1 1.411,6Afledte finansielle Instrurrcnter 0,0 853,6 0,0 053,6Tilgodehavender hos tilknyttede virksomheder 0,0 642,5 0,0 642,5Likvide beholdninger 5,6 66,7 5,6 66,7Tllgodehavende renter 57,1 159,0 57,1 159,0

Til sikkerhed for henszetteiser i alt 43.573,7 40.426,5 43.573,7 40.426,5

Investenngsaktiver til overtagelse efterregnskabsSret 7,9 177,7 7,9 177,7

Tilsagn om Investeringer fratrukket allercdcindbotaltc bcl0b:

Unoterede aktier 2.264,8 2.731,4 2.264,0 2.731,4Skov og landbrug 42,3 4,3 42,3 4,3Ejendomme 246,1 09,9 246,1 89,9Infrastruktur 553,2 317,ft 553,2 317,6

3.106,4 3.143,2 3.106,4 3.143,2

Penslonskassen deltager i diverse interessentskaber sanrren imd penslonskasser tilknyttet PKA.Penslot»skasseme hecfter solidarisk for interessentslcabemes forpliglelser.

Der pahvller iromsreguleringsforpligtclsc pa en del af koncernens ejendorrvne. Det kraiver dog enkotntt^rciel beslutning omcendrct anvendclse af de plg^ldende ejendorrme, f0r forpllgtelsen bliveraktuel.

Anholt Iljvvindm0llc,.p3rkPensionskassen har overfor Dong Energy Wind Power A/S og ircdejcrc af Anholt Havvindmollepark I/Sgarantcret, at PKA - Sundhedsfagilge Anholt Havvindm0llGpark K/S indenfor visse rammer vil betale sinprorata andel af forpligtelseme under ejeraftalen vcdr0rcndc Anholt Havvindmsllepark I/S og aftalenmcd DONG Energy Wind Power A/S om drift af Anholt Havvindmallepark.

(*x/e Wind IIPenslonskassen harafgivet tilsagn om kapitallndskud I PKA - Sumlhedsfagllge Code Wind II l</S pa 69,9mlo. EUR, som kan kreeves indbetalt pa anfordrlny af selskabernes komplementar.

Pensionskassen deltager via PKA - Sundhcdsfagllgc Gode Wind II I^S sainren ir»ed en raskke 0viigeinstltutlonelle investorer I et invc5torkonsortium/ der har Investeret I vlndn>3llepatken Gode Wind II.Pensionskassen har over for Dong Energy Wind Power A/S garanteret sin pro rata andel af visseforpllgtelser vcdrfJrende opfwrelse og ejerskab af Gode Wind II.

Garantien er begrcensct til pensionskassens Indlrekte Investeringstilsagn, hvoraf restforpllgtclsen pr.statusdagen var 6,7 mo. EUR, Pensionskassen har garanteret for visse forpligtelser, som pahvller GodeWind II Joint HoldCc P/S over for Gode Wind II Joint FinCo ApS. Girantlen vedrtirle pr. statusdagenforpligtelser pa ca. 63,1 irio. EUR.


30 Arsrapport 2016

Note 14 fortsat

tkirbo Dank ExtensionPens ion skassen deltager via PI<A Burbo Extension Holding ApS sammen trecl 0vrlge danske investorer iet investorkonsortiurn, der har Investerel i havvltidnwlleparken Burbo Bank Extension i England.Penslonskassen har garanteret sin pro rata andel af vlsse forpligtelscr vedrprende opf0rclse ugejerskab af Burbo Bank Extension ovetfor en razkke parter, hcrunder MH1 Vestas Offshore Wind UK Ltd,som leverer vlndrtwlierne, samt ovetfor henholdsvls de 0vrige danske Investeringspartnere og DONGEnergy Wind Power A/S samt disse selskabers projektselskaber. Garantlforpligtelseme er begroznset tilpensionskassens Indlrekte Investeringstllsagn, hvoraf restforpligtelsen pr. statusdagen var 76,6 mlo.GBP.

Teeslde Renewable Energy PlantPensionskassen investerer via PKA TeesREP Holding ApS I blorressekraftvartnevccrket TeesidcRenewable Energy Plant I England sammen rmd evrlge danske penslonsl<asser sant Macquaric Capital.Pensionskassen har garanteret sin pro rata andel af vlsse forpligtelser vedrsrende opfflrelse ogejerskab af Teeslde Renewable Energy Plant.overfor Nordea Bank Danmark, som et led i den samledefinansiering af invcstcringcn. Garantiforpligtclscn cr begreenset til pensionskassens Indlrekteinvesteringstllsagn, hvoraf restforpligtelsen pr. statusdagen var 22,0 mlo. GBP.

Note 15NaeiistSende palter m.v.

Pensionskassen harkapitalandele 1 falgende Ejer- Egen-tilknyttede virksomheder: Alctivitet Hjemsted andel Resultat kapital

Sundhedsfagliges Investering i ginnde og Gentofte 100,0% 175,1 1.646,5Ejendomsaktieselskab bygnlngerPKA - Sundhedsfaglige Anholt1 lavvlndn"0llepark K/S Investering 1 vindmaller Gentofte 100,0% S8,4 577,8

PKA - Sundhedsfaglige OWPBUTENDIEK K/S Investering 1 vlndnwller Gentofte 100,0% 120,3 134,1

PKA - Sundhedsfaglige GodeWind 11 K/S Investering i vindtr«ller Gentofte 100,0% 56,4 526,5

PKA - Sundhedsfaglige OWPBUTENDIEK Komplementar Komplementar Gentofte 100,0% 0,0 0,1ApSPKA - Sundhpdsfaglige GPApS Komplementar Gentofte 100,0% . 0,0 0,1

Pensionskassen harkapitalandele i f0lgendeassoclerede Ejer- Egen-

virksomheder: Aktivitet Hjemsted andel Resultat kapital

PKA A/SAdministrative opgaver Indenfor pensionskassevirksomhedmv.

Gentofte 21,0% 13,9 241,0

PKA+PenslonForslkringsselskab A/S

Livsforsil<rlngsvlrl<somhed Gentofte 21,0% 215,6 6/8,6

A/S KjsbenhavnsEjendomsselskabButendiek FlnCo ApS

Investering 1 grunde ogbygningerInvestering i vindmailer

Gentofte

Gentofte

24,2%

22,0%

-28,0

0,2

809,1

5,0

Pensionskcisseii for Sundhodsfagllgo

Aisrapport 201G 31

Note 15 fortsat

Penslonskassen harkapitalandele i f0lgencleassocierede Ejer- Egen-virksomheder; Aktfvitet Hjemsted andel Resnltat kapital

PKA Burbo Extension HoldingApS Investeiing i vindmoller Gentofte 22,0% 0,0 0,0

PKA TccsREP Holding ApS Investerlng 1b lo ma sse kra f I va rt r*; v ark Gentofte 22,0% 0,0 0,0

PKA AIP A/S Inve^teiingsradgivning Kflbenhavn 23,0% 4,3 2,9

PKA Skejby P/S Investerlng 1 grunde ogbygninger Gentofte 25,0% 0,0 4,9

PKA Skejby KomplcmcntarApS Komplcrrcntar Gentofte 25,0% 0,0 0,0

Investeringssclskabct af 24.februar 2015 A/S **• Genanvendelse af dask Gentofte 23,9% -470,6 -269,0

Emeiging Market CorporateDebt 1 *

Emerging markets corporatedebt K0henhavn 73,0% 2,0 2.180,2

Emerging Local CurrencyDebt 11 * Eirerging markets lokal ga^d Kabenhavn 23,0% -137,9 3.917,4

Emerging Local CurrencyDebt III * Emerging markets lokal gceld l<0bcnhavn 22,2% -493,3 3.878,9

En-ergitig Local CurrencyDebt IV * Errerglng markets lokal g«ld Kflbenhavn 23,8% -469,6 2.653,3

EuropcPteke High Yield I * Europa;lsk high yield K0benhavn 22,9% 53,1 1.635,3

Nordairerikansk High Yield1 * Nordarreiikansk high yield K0benhavn 23,2% -159,9 1.941,1

Nordarnerlkansk High Yield11 * Nordarnerlkansk high yield K0henhavn 23,1% -36,2 3.189,8

Nordarnerlkansk High YieldIII * Nordarnerlkansk high yield K0benhavn 22,9% - -

Mortgage Backed Securites1 * Amerikanske boliglan K0benhavn 22,1% 33,2 2.828,3

Global Equities I * Global b0rsnoterede aktier K0benhavn 21,6% 1.001,5 11.935,5

Low Risk Equities I * Global bprsnoLerede aktlermed defensivt tilt K0benhavn 23,7% 1.073,2 8.750,0

Low Risk Equities II :|1 Global b0rsnoterede aktiermed defensivt tilt Kobenhavn 23,6% 646,2 4.211,1

Global Large Cap MarketNeutral Equity *

Markedsneutral globalebprsnoterede aktler

K0benhavn 23,7% -163,0 4.617,4

Global SMID Cap MarketNeutral Equity *

Markedsneutral globalebwrsnoteredc oktier

Long/short derivater Inden

Ksbenhavn 23,7% 11,8 3.978,8

Alternative Risk Prenla * for al<tler; obllgafcloner,ravarer og valuta

Trendfollowing 1 Futures

Kabcnhavn 22,9% -312,2 3,188,9

Tactical Trend * inden for aktler, obllgatloner, K0benhavn 22,9% - -

ravarcr og valuta

Pefisioriskassen for Sundhcdr.fagligc

32 Aisrapport 2016

Note 15 fortsat

Pensionskassen harkapltalandele ifplgendeassocieredevirltsomheder: Aktivitet Hjemsted

Ejer-andel Resultat

Egen-kapltal

PKA Global© Akticr Global b0rsnoterede aktier J^benhavn 18,2% 228,9 2.212,8

Black Rock Frontier Marketscx GCC Fund B

. Global Frontier Marketsbsrsnotcrede aktier

SanFrancisco

23,6% -102,1 706,3

Yderst Catastrophe Fund Katastrofeforsikrlnger Bermuda 24,9% -183,9 1.151,5

1LS - C02 SegregatedPortfolio Kat ast ro fef o rs 1 krir>ge r

CaymanIsland

25,0% 88,1 1.040,3

M&G Independent EuropeanLoan Fund

Europaask leveraged loans Dublin 22,9% -4,2 1.661,5

* Afdeling I Kapitalforenlngen Investing Pro

Note 16Rislkooplysninget'

Der knytLer slg en rskke rislcl til pensionskassens forretningsinodel.

Bcstyrelsen har i forblndelse med arbejdet n^d rlslko og solvens klentificeret de veesentligste risici, derknyttersig til forretnlngstmdellen:

•Llvsforsikringsrisicl•Markedsrislcl, herunder renterlsicl•Outsourcingrlslko

Inden for IIvsronsikringsrisici er de blonKtriske risici, dor omfatter levetidsforbedringer eg Kndrlnger Iantallet af fortidspensionistcr, dc vasscntligste risici. Pensionskassen juslerer tebende, irtedudgangspunkt i Finanstilsynets levetidsregirre, sine fomdssetninger om forventet levetid liosmedlemmcrne,

Markedsrisici or dcfincret som rislkoen for, at ntitkedsv^rdien af aktiver og passivcr Andres som f0lgeaf oendringer 1 rrarkedsforholdene. De Vc^entiigste mati<Gdsrislci findes inden for renter, aktier, valutaog reale aktiver satrt ved investeringcr I alternative afkastkilder. Pensionskassen styrer rislclene ved atsikre den nedvendige spredning af investeringerne. Investeringerne i allernative afkastkilder cr bascrctpa at opna on risitopr^me ved at tage forskeliige typer af rislcl i markedeme - bade kortsigtet pa 1-3-arig horisont mcd fokus pa det relative afkast meilem forskeliige aidlver, men ogsa pa dct icengere sigt,Bcstyrclscn har i investeringsstrateglen fastsat risikorammer for de foiskclligc aktivklasser.

Pensionskassen afdeekker rcntcrislko p3 de garanterede hvliende pensioner ud fra bcstyrclscnsvedtagnc ramrre for renterisiko. Konsekvensen ved renteafdEd<ningcn cr, at cn vccsentlig del af renteri-sikocn rreileiTi passlver og aktiver er elimineret. En vigtig del af aktiveme til renteafdselaiing errenteswaps, hvor pensionskassen bet ale r cn vaiiabel rente og n-odtager en fast rente. DlsseInstrumenter har samme egenskab som dc garanterede hvliende pensioner pa den made, at de stlger IVcerdi, livis rentcn faldcr og orrr/endt.

Pensionskassen anvender outsourcing, hvilket giver aniednintj til folois pa de risici, dcr folgcr n>cd.Rislkoen cr, at dcr opstar tab som falge af rrwngeifulde aftaler elier kontrol. Pensionskassen har indgaetoutsourcingaftale med PKA A/S orn fuldsta^ndlg adrrmlstration. Bcstyrclscn har fastlagt politik ogretningslinjcr for outsourcing af vaesentlicie aktlvltctsomrader. Heii fastleeggcs reglerne for yderllgereoutsourcing til tredjepart. Det sll<reren tilfredsstillcndc opf0lgning pS de respektive underleverandorersom f.eks. Forca A/S,

Pensionskassen for Sundhedst'agllfie

Arsrapport 2016 33

Note 17Specifikatlon aUtiver og dlsses afkast

Rognsl<absn»3slg Vcerdi Afkast 1 % p.a.Primo Ultimo far slot

Grunde oq bvaninger 3.989,0 4.101,1 5,4Note rede ka pita Ian dele 7.754,1 7.282,7 9,7Unotcrede kapitalandele 14.612,2 14.775,5 8,0Kapitalandele i alt 22.366,4 22.058,2 8,1Stalii- oq realkredltobligatloner 11.865,7 9.818,4 2,6Jndeksohliqatloner 20,2 16,7 1,3Kreditobliqationcr oci emerqinq markets obllqationGr 6.882,8 9,145,3 10,6Udlan m.v. 0.6 0,1 5,9Obligationeroq udlSn i alt 18.769,3 18.980,8 6,2Da ttervirkso m he der • 0,0 0,0 0,00vrigG liwesteringsaktlver 5.007,7 3.973,0 0.7Aflodte flnansielle instrumentertil sikrlng afnettoaandringen af alctiver oq forpligtelser -975,8 2.362,5

Afkast I % er tidsvceglet pa baggrund af afkastet pa dagsbasis.

Note 18F0lsomhedsoplysninger

Hsendelse Pavirkning afbasiskapltalen

Rentestlgnlng 0,7-1,0 pel. point -264,8Rentcfald 0,7-1,0 pet. point 279,1Alctlekursfald pa 12 pet. -586,4GJendomr.ptisfald pa 8 pet, -50,7

Valutakursrisiko (VaR 99 pet.) -81.7Tab pa modparterpa 8 pet. -226,4

Pensionskassftn for Suddhedsfagllqn

I, the undersigned Jan A. Johanscn, translator registered by the Danish Ministry of Foreign Affairs, herebycertify the foregoing rext to be a true and faithful translation of the attached document in the Danish

language, produced to me this twenty second day of May in the year two thousand and seventeen.

Witness my hand and seal.

the healthcare professionals' pension fund - pka.dk · the pension fund's property...

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