Annual Report 2019-2020

34 million in the previous year. The earnings of the year amounted to 540 million kronas in contrast with 853 million in the previous year. Nominal interest on equity was 3,5% in the year 2019 and the net real yield of the year was 0,8%. EQUITY The capital position of Efling is strong, the union’s assets are mostly bound up in reliable bonds, term deposits, vacation houses, real estate and plots of land. The union’s assets in total are worth over 13,5 billion kronas. Debts amount to 368 million kronas and thus the union’s equity stands at 13,2 billion kronas at the end of 2019. UNION MEMBERS Contributing union members in the year 2019 num- bered 41.195, which is 1.942 fewer than in the previous year. Of these, 23.123 were male and 18.072 female. As some only contribute for a part of the year, the average number of people contributing to Efling in the year is 27.828. The annual financial statement of Efling consists of a consolidated account of the eight following Efling funds: the union fund, the labor dispute fund, the education fund, the sickness benefits fund, the fund for families and support, the support fund, the rehabil- itation fund and the vacation fund. The consolidated account is the first item covered in the annual fin- ancial statement while a financial statement of the eight funds is included later in the annual financial statement. MANAGEMENT AND EARNINGS The earnings of 2019 were generally well balanced. Premium incomes went up from one year to the other by 2,3% and amounted to 2,3 billion kronas. Operating expenses also went up from one year to the other by about 16,5%, which can mostly be explained by an increase in payouts of benefits and grants in the amount of 135 million kronas. Income exceeding expenses amount to 24 million, in contrast with 348 million in the previous year. The year’s financial items amounted to 516 million in 2019 in contrast to 505 FINANCES OF EFLING 2019