talanx group annual report 2011 en

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130 Consolidated financial statement Talanx Group. Annual Report 2011 Notes General information Accounting principles and policies Segment reporting Consolidation, business combinations Notes on the consolidated cash flow statement Assets and disposal groups The cash flow statement shows how the cash and cash equivalents of the Group changed in the course of the year under review due to inflows and outflows. In this context a distinction is made between cash flow movements from operating activities and those from investing and financing activities. The cash flows are presented in accordance with IAS 7 “Statement of Cash Flows” and the principles set out in German Accounting Standard (DRS) No. 2 regarding the preparation of cash flow statements, which were supplemented and specified more precisely by DRS 2-20 for insurance enterprises. The cash flow statement was drawn up using the indirect method. The liquid funds are limited to cash and cash equivalents and correspond to the balance sheet item “Cash”. The cash flow movements of the Group are influenced principally by the business model of an insurance and reinsurance enterprise. Normally, we first receive premiums for risk assumption and subsequently make payments for claims. The effects of exchange rate differences and the influences of changes in the consolidated group are reported separately in the cash flow statement. The acquisition of new companies is shown in the line “Cash inflow/outflow from the purchase of consolidated companies”; the sum total of purchase prices paid less acquired cash and cash equivalents is recognised here. Income taxes paid are allocated to the cash flows from operating activities (IAS 7.35). In the year under review interest received amounted to EUR 2.7 billion; dividends received amounted to EUR 51 million. Cash outflows for the acquisition of companies totalled EUR 232 million. As part of these purchases cash and cash equivalents totalling EUR 79 million were acquired; making allowance for these net cash outflows amounted to EUR 153 million. In the context of disposals an inflow of EUR 162 million resulted after allowance for the purchase price paid. There was also EUR 66 million in cash outflows from the acquisition of companies consolidated at equity (cash outflow from the purchase of financial instruments). The informational value of the cash flow statement for the Group is to be considered minimal. For us, it is not a substitute for liquidity and financial planning, nor is it used as a management tool.
Nature of risks Notes on the balance sheet – assets Notes Notes on the balance sheet – liabilities General information Notes on the statement of income Other information List of shareholdings Based in Hannover/Germany, Talanx AG heads Germany’s third-largest and Europe’s eleventhlargest insurance group (based on gross premium income 2010) as a financial and management holding company. It does not, however, itself transact insurance business. The Group, which is active in more than 150 countries worldwide through cooperation arrangements, offers high-quality insurance services in non-life and life insurance as well as reinsurance and also conducts business in the asset management sector. The Group operates as a multi-brand provider in the divisions of Industrial Lines, Retail Germany, Retail International, Non-Life Reinsurance and Life/Health Reinsurance as well as Corporate Operations. Its brands include HDI and HDI-Gerling, offering insurance solutions for retail and commercial customers as well as industrial clients, Hannover Re – one of the world’s leading reinsurers –, the bancassurance specialists neue leben, PB and TARGO Versicherungen as well as the investment fund provider and asset manager AmpegaGerling. At the end of 2011 the companies belonging to the Talanx Group employed a total global workforce* of 17,061 (16,874). Talanx AG is a wholly-owned subsidiary of HDI Haftpflichtverband der Deutschen Industrie Versiche rungsverein auf Gegenseitigkeit (ultimate parent company), Hannover (HDI V. a. G.) and the parent company for all Group companies belonging to HDI V. a. G. It is entered in the commercial register of Hannover County Court under the number HR Hannover B 52546 with the address “Riethorst 2, 30659 Hannover.” In accordance with §§ 341 et seq. of the German Commercial Code (HGB), HDI V. a. G. is obliged to prepare consolidated annual accounts that include the annual financial statements of Talanx AG and its subsidiaries. * Full-time equivalents as at 31 December Talanx Group. Annual Report 2011 131
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Group Annual Report 2011 Straightfo
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.� ,� �.� �,� Non-Life
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OuR VISION Talanx is the leading gl
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Our brands HDI-Gerling focuses part
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By contrast with the technical acco
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Dr. Heinz-Peter Roß Torsten Leue D
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Supervisory Board Committees Compos
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A further focus of our deliberation
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The annual financial statements are
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You can stand and work better on a
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Re-launch with a modern and efficie
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Forward together with a goal-orient
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under its own power and through acq
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Our targets: ambitious, but achieva
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Our premium volume has risen steadi
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Our target: to be fit for the futur
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Group management report. Detailed i
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Overall assessment of the economic
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Our Locations Argentina L’UNION d
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Italy Hannover Re Services Italy S.
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Glossary. A-C Accumulation risk Und
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L-P Lapse rate for life insurance p
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Index of key terms Acquisitions Cen
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ie Ireland. Hannover Life Re (Irela
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talanx group annual report 2011 en

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