talanx group annual report 2011 en

172
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
Hannover Re Real Estate Holdings, Inc., Orlando, USA, a wholly owned subsidiary of Hannover Re,
holds all of the shares of 11 Stanwix LLC, Wilmington, USA, since its establishment on 16 May 2011.
The business object of 11 Stanwix LLC is holding and managing properties.
Funis GmbH & Co. KG, a wholly owned subsidiary of Hannover Re, acquired roughly 75% of the
shares in Integra Insurance Solutions Ltd., Bradford, effective 18 August 2011. As an agency, Integra
mediates insurance business to International Insurance Company of Hannover Ltd., which is also
a company belonging to the Hannover Re Group (see also further information on initial consolidation
in the section “Business combinations in the reporting period”).
On 25 August 2011 Talanx Deutschland Bancassurance GmbH was established with registered
office in Hilden through the spinoff of participating interests in joint-stock companies of Talanx
Deutschland AG; Talanx Deutschland AG holds 100% of the shares in Talanx Deutschland Bancassurance
GmbH. The business object of the new company is principally – as a management holding
company – to hold participating interests in German and foreign insurance companies and in
particular – through the provision of coordinating advice – to ensure consistent management at the
companies in which it holds a majority stake.
HG-I Alternative Investments Beteiligungs-GmbH & Co. KG was founded with its entry in the commercial
register of the city of Cologne on 4 November 2011. Hannover Beteiligungsgesellschaft mbH
as the general partner and Talanx Asset Management GmbH as managing limited partner hold
stakes in the company, but without a capital contribution or share of company capital (company
assets). HDI-Gerling Industrie Versicherung AG is the founding limited partner and has taken on a
capital contribution of EUR 80 million. Part of the capital contribution of HG-I amounting to nominally
EUR 21 million was made as a contribution in kind to the company by transferring HG-I’s share
in HG Sach Altinvest GmbH & Co. KG.
In the 2011 financial year Hannover Re and E+S Rück AG each acquired a 50% stake in HAPEP II
Komplementär GmbH from Talanx Asset Management GmbH, which is wholly owned by Talanx AG.
No goodwill was recognised for this transaction between companies under joint control.
Disposals
With the approval of anti-trust authorities, Talanx Deutschland AG (TD), Hannover, sold all
its shares in Clarus AG, Wiesbaden, to Clarus Holding GmbH, Wiesbaden, with effect from the
closing on 28 June 2011 (segment: Retail Germany). This transaction gave rise to a disposal loss of
EUR 0.2 million. In the context of the sale a provision for contingent losses, among other things, for
guaranteed rehabilitation subsidies, was also constituted in an amount of EUR 13 million. As part of
this disposal transaction TD acquired 25.1% of the interests of EUR 25,000 in Clarus Holding GmbH
from Aragon AG, Wiesbaden. Clarus Holding GmbH is an associated company of the Talanx Group,
which is not consolidated at equity in the consolidated financial statement since it is immaterial to
the assets, financial position and net income of the Group.