talanx group annual report 2011 en

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136 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies Accounting policies Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups The annual financial statements of the subsidiaries and special purpose entities included in the Group are governed by uniform accounting policies, the application of which is based on the principle of consistency. In the following we will describe the accounting policies applied, any amendments made to accounting policies in 2011 as well as major discretionary decisions and estimates. Newly applicable accounting standards in the 2011 financial year are described in the section “General accounting principles and application of IFRS,” while the consolidation principles are discussed in the section “Consolidation” (pages 168 et. seq.). Changes in accounting policies and accounting errors In the 2011 financial year we retrospectively adjusted the prior-year figures with respect to the following circumstances in accordance with the requirements of IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”: a) In the second quarter of 2011, we made a retrospective correction in the Retail International segment, which concerned the recognition of deferred tax liabilities for taxable temporary differences in respect of goodwill. The differences related to an earlier company acquisition and were not attributable to the first-time recognition of goodwill. In the opening balance sheet as at 1 January 2010, deferred tax liabilities increased by EUR 7 million, while retained earnings decreased by the same amount. As a result of this adjustment, reserves fell by EUR 4 million, with EUR 3 million of that amount relating to Group net income and EUR 1 million to “Other reserves” (contra items: “Taxes on income” and “Deferred tax liabilities”). b) With effect from 30 September 2011, the Group introduced uniform methods of recognising insurance-related intangible assets in respect of insurance companies acquired in previous years (PVFP) in the Retail Germany segment. As a result, the PVFP in favour of policyholders (balance sheet item: “Other intangible assets”) was offset in the amount of the provision for deferred premium refunds (balance sheet item: “Provision for premium refunds”) as measured and recognised upon initial consolidation. The amendment of this accounting policy, along with the associated adjustment of the amortisation patterns, was applied retrospectively. The amendment had no effect on either Group net income or shareholders’ equity in any of the preceding reporting periods. As at 31 December 2010, the balance sheet items “Other intangible assets” and “Provision for premium refunds” were reduced by a total of EUR 268 million compared with the amounts previously recognised. In the opening balance sheet as at 1 January 2010, each of these balance sheet items was reduced by EUR 321 million. c) In the fourth quarter of 2011, the Group harmonised the recognition of technical provisions in the balance sheet. In accordance with the applicable US GAAP standards (FASB ASC 944–40; formerly FAS 97), unearned revenue liabilities for life insurance contracts classified according to the “universal life” model are recognised in the benefit reserve (previously recognised in the unearned premium reserve). The change in the method of recognition had no implications for Group net income or shareholders’ equity in any of the previous reporting periods. The unearned premium reserve was consequently reduced by EUR 1,144 million as at 31 December 2010, while the benefit reserve rose by the same amount. This modification resulted in a shift of EUR 78 million in the consolidated statement of income between net premium earned and claims and claim expenses (net). In the opening balance sheet as at 1 January 2010, this reclassification amounted to EUR 1,223 million in both cases.
Nature of risks Notes on the balance sheet – assets Notes on the balance sheet – liabilities Notes on the statement of income Other information List of shareholdings d) At 31 December 2011, we retrospectively corrected the recognition of certain items of real estate held in a special fund as investment property. In accordance with IAS 40 “Investment Property,” these assets are measured at amortised cost and thus correctly posted under the balance sheet item “Investment property” (previously: “Available-for-sale investments”; variable-yield securities, investment funds). At no time did this change in the recognition of investments have any effect on shareholders’ equity or income/expenses. On the contrary, the increase of EUR 235 million in investment property as at the previous year’s balance sheet date, was balanced out by an identical decline in available-for-sale financial instruments. As at 1 January 2010, the amount of investment property recognised in the balance sheet rose by EUR 229 million, while the amount recognised for financial instruments was EUR 229 million lower. These adjustments also had the following implications for items in the opening balance sheet as at 1 January 2010 and for the comparable period as at 31 December 2010 respectively: Consolidated balance sheet as at 1 January 2010 As reported at 1.1.2010 Changes due to adjustments in accordance with IAS 8 1.1.2010 Figures in EUR million Re a) Re b) Re c) Re d) A. b. Other intangible assets 2,154 — –321 — — 1,833 B. a. Investment property 726 — — — 229 955 B. e.ii. Financial assets available for sale 26,477 — — — –229 26,248 A. b. Reserves 4,302 –7 — — — 4,295 C. a. Unearned premium reserve 5,026 — — –1,223 — 3,803 C. b. Benefit reserve 39,754 — — 1,223 — 40,977 C. d. Provision for premium refunds 1,274 — –321 — — 953 G. Deferred tax liabilities 1,509 7 — — — 1,516 Consolidated balance sheet as at 31 December 2010 As reported at 31.12.2010 Changes due to adjustments in accordance with IAS 8 31.12.2010 Figures in EUR million Re a) Re b) Re c) Re d) A. b. Other intangible assets 1,851 — –268 — — 1,583 B. a. Investment property 860 — — — 235 1,095 B. e.ii. Financial assets available for sale 30,635 — — — –235 30,400 A. b. Reserves 4,689 –4 — — — 4,685 C. a. Unearned premium reserve 5,411 — — –1,144 — 4,267 C. b. Benefit reserve 42,466 — — 1,144 — 43,610 C. d. Provision for premium refunds 1,113 — –268 — — 845 G. Deferred tax liabilities 1,443 1 — — — 1,444 Talanx Group. Annual Report 2011 137
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Group Annual Report 2011 Straightfo
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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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