talanx group annual report 2011 en

More documents

Recommendations

Info

170 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups The scope of consolidation as at the balance sheet date encompasses the companies listed in the table below. Scope of consolidation Number of consolidated subsidiaries Domestic Foreign Total 31.12.2010 70 86 156 Additions 2 7 9 Retirements 6 7 13 31.12.2011 66 86 1) 152 Number of consolidated special purpose entities 31.12.2010 14 10 24 thereof special funds 14 8 22 Additions — — — Retirements 2 — 2 thereof special funds 2 — 2 31.12.2011 12 10 22 Sum total of consolidated subsidiaries/special purpose entities 78 96 174 Number of associated companies included at equity 31.12.2010 3 9 12 Additions 1 1 2 Retirements — 1 1 31.12.2011 4 9 2) 13 Joint ventures consolidated proportionately 31.12.2010 1 — 1 Additions — — — Retirements — — — 31.12.2011 1 — 1 1) Consists of: 50 individual companies and 36 companies which are consolidated in 3 subgroups 2) Consists of: 4 associated companies and 5 companies which are included at equity in 1 subgroup With regard to the major acquisitions and disposals in the year under review please see our explanatory remarks in the following sections of this chapter. All affiliated companies, joint ventures, associated companies as well as special purpose entities including special funds are specified individually in the list of shareholdings (see separate chapter of these Notes, pages 288 et seq.). Additions and retirements of consolidated subsidiaries as well as further corporate changes In the year under review nine subsidiaries were added to the Group. The 13 retirements of consolidated subsidiaries derive from the sale of individual companies, intra-group mergers and deconsolidation due to the insignificance of these units in relation to the assets, financial position and net income of the Group. Specifically, the scope of consolidation of the Group has changed as follows as at 31 December 2010:
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 Acquisitions and establishments On 1 April 2011 Talanx International AG (TINT), Hannover, acquired all the shares of Saint Honoré Iberia SL, Madrid, Spain. As a holding company, the latter holds interests of 99.231% in the intermediate holding company Protecciones Esenciales S. A., Buenos Aires, Argentina, and 10% in the insurance company L’Union de Paris Cía. Uruguaya de Seguros S. A., Montevideo, Uruguay. The intermediate holding company itself holds a stake of 98.771% in the hitherto privately owned L’UNION de Paris Cía. Argentina de Seguros S. A., Buenos Aires, Argentina. For its part, L’UNION de Paris Cía. Argentina de Seguros S. A. holds a 90% stake in the hitherto privately owned L’Union de Paris Cía. Uruguaya de Seguros S. A. On the same date our Chilean subsidiary Inversiones HDI Limitada, Santiago, Chile, acquired interests of 0.769% in the intermediate holding company Protecciones Esenciales S. A. and 1.229% in the Argentinian company L’UNION de Paris Cía. Argentina de Seguros S. A. All four companies were consolidated for the first time in the second quarter of 2011 (see also our remarks in the chapter, “Business combinations in the reporting period”). TINT raised its stake in HDI Seguros S. A., São Paulo, Brazil, from 99.9977% to 99.9979% through two capital increases implemented in the first quarter of 2011 in which the minority shareholders did not participate. By way of a capital increase implemented in March 2011 at HDI STRAKHUVANNYA, Kiev, Ukraine, TINT increased its participation in the company from 99.2240% to 99.2795%. With effect from the closing on 27 April 2011 HDI-Gerling Industrie Versicherung AG (HG-I), Hannover, acquired all the shares of Nassau Verzekering Maatschappij N. V. (Nassau), Rotterdam. After the insurance portfolio of its German branch was spun off, the acquired company was merged in the fourth quarter of 2011 with retroactive effect as at 1 January 2011 into our Dutch insurance company HDI-Gerling Verzekeringen N. V., Rotterdam. Further information on the initial consolidation of Nassau is provided in the chapter of the Notes entitled “Business combinations in the reporting period.” Nassau also holds a stake of 25% in VOV Verwaltungsorganisation für Vermögensschadenhaftpflicht-Versicherungen für Mitglieder von Organen juristischer Personen GmbH, Cologne. Since it is immaterial to the assets, financial position and net income of the Group, this company is not consolidated at equity in the consolidated financial statement. International Hannover Holding AG was established in the second quarter with registered office in Hannover. The company, the subscribed capital of which amounts to EUR 50,000, is a wholly owned subsidiary of International Insurance Company of Hannover Ltd., Bracknell, United Kingdom, which in turn is wholly owned by Hannover Re. The business object of the company is to hold, acquire and sell participating interests in other companies. In the course of the second quarter Funis GmbH & Co. KG, a wholly owned subsidiary of Hannover Re, acquired a participating interest in Glencar Underwriting Managers, Inc., based in Chicago, United States, with a capital contribution of USD 98,000 (corresponding to 49% of the share capital). The business object of the company will primarily be to underwrite specialty lines as well as property and casualty program business. Preference shares in an amount of roughly USD 2 million were purchased in the course of the third quarter of 2011. Since they are immaterial to the assets, financial position and net income of the Group, International Hannover Holding AG and Glencar Underwriting Managers, Inc. are not included in the consolidated financial statement. Talanx Group. Annual Report 2011 171
Page 1 and 2:
Group Annual Report 2011 Straightfo
Page 3 and 4:
.� ,� �.� �,� Non-Life
Page 5 and 6:
OuR VISION Talanx is the leading gl
Page 7 and 8:
Our brands HDI-Gerling focuses part
Page 9 and 10:
By contrast with the technical acco
Page 11 and 12:
Dr. Heinz-Peter Roß Torsten Leue D
Page 13 and 14:
Supervisory Board Committees Compos
Page 15 and 16:
A further focus of our deliberation
Page 17 and 18:
The annual financial statements are
Page 19 and 20:
You can stand and work better on a
Page 21 and 22:
Re-launch with a modern and efficie
Page 23 and 24:
Forward together with a goal-orient
Page 25 and 26:
under its own power and through acq
Page 27 and 28:
Our targets: ambitious, but achieva
Page 29 and 30:
Our premium volume has risen steadi
Page 31 and 32:
Our target: to be fit for the futur
Page 33 and 34:
Group management report. Detailed i
Page 35 and 36:
Overall assessment of the economic
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124: Overall assessment of the economic
Page 125 and 126: Overall assessment of the economic
Page 127 and 128: Nature of risks Notes on the consol
Page 135 and 136: Nature of risks Notes on the balanc
Page 173: Nature of risks Notes on the balanc
Page 225 and 226:
Nature of risks Notes on the balanc
Page 227 and 228:
Page 229 and 230:
Page 231 and 232:
Page 233 and 234:
Page 235 and 236:
Page 237 and 238:
Page 239 and 240:
Page 241 and 242:
Page 243 and 244:
Page 245 and 246:
Page 247 and 248:
Page 249 and 250:
Page 251 and 252:
Page 253 and 254:
Page 255 and 256:
Page 257 and 258:
Page 259 and 260:
Page 261 and 262:
Page 263 and 264:
Page 265 and 266:
Page 267 and 268:
Page 269 and 270:
Page 271 and 272:
Page 273 and 274:
Page 275 and 276:
Page 277 and 278:
Page 279 and 280:
Page 281 and 282:
Page 283 and 284:
Page 285 and 286:
Page 287 and 288:
Page 289 and 290:
Page 291 and 292:
Page 293 and 294:
Page 295 and 296:
Page 297 and 298:
Our Locations Argentina L’UNION d
Page 299 and 300:
Italy Hannover Re Services Italy S.
Page 301 and 302:
Glossary. A-C Accumulation risk Und
Page 303 and 304:
L-P Lapse rate for life insurance p
Page 305 and 306:
Index of key terms Acquisitions Cen
Page 307 and 308:
ie Ireland. Hannover Life Re (Irela
show all

talanx group annual report 2011 en

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?