talanx group annual report 2011 en

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202 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 maximum default risk exposure (of our financial investments under own management) on the balance sheet date, exclusive of collateral or other agreements that serve to minimise the default risk, was as follows 1) : 31.12.2011 Figures in EUR million Measured at amortised cost Measured at fair value Total Investments in affiliated companies and participating interests 78 — 78 Loans and receivables 32,961 — 32,961 Financial assets held to maturity 4,294 — 4,294 Financial assets available for sale — 32,141 32,141 Financial assets at fair value through profit or loss Financial assets classified at fair value through profit or loss — 128 128 Financial assets held for trading — 872 872 Other investments 118 3,849 3,967 31.12.2010 Figures in EUR million Measured at amortised cost Measured at fair value Total Investments in affiliated companies and participating interests 74 — 74 Loans and receivables 32,343 — 32,343 Financial assets held to maturity 2,999 — 2,999 Financial assets available for sale 2) — 30,400 30,400 Financial assets at fair value through profit or loss Financial assets classified at fair value through profit or loss — 989 989 Financial assets held for trading — 232 232 Other investments 114 4,071 4,185 2) Adjusted on the basis of IAS 8 The investments are serviced regularly by the debtors. Collateral is provided especially in the context of covered bonds, asset-backed securities and mortgage loans secured by a charge over property. 1) The financial assets are also broken down by measurement basis (measured at amortised cost versus measured at fair value)
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 With the exception of the mortgage loans, the portfolio did not contain any overdue, unadjusted assets as at the balance sheet date, since overdue securities are written down immediately. The mortgage loans show arrears totalling EUR 17 (24) million; this figure includes receivables of EUR 3 (5) million overdue by more than 12 months. Since these receivables are adequately secured by charges over property, no value adjustment was taken. Under the contractual provisions, realisation is possible only in the event of a failure to perform properly. The reader is referred to item 29 of the Notes, on page 259, with regard to the impairments taken on investments in the year under review. The fixed-income investments and loans (excluding other invested assets) are divided into the following debtor groups with the corresponding ratings: 31.12.2011 Figures in EUR million Measured at amortised cost Measured at fair value Total EU member states 1,240 4,217 5,457 Foreign governments 1,010 2,772 3,782 Semi-governmental entities 1) 10,252 5,383 15,635 Corporations 7,248 12,651 19,899 Covered bonds/asset-backed securities 15,888 5,807 21,695 Mortgage loans 1,100 — 1,100 Investment fund units — 767 767 Other 519 271 790 1) In the year under review this includes securities in amounts of EUR 2,619 million (measured at amortised cost) and EUR 2,488 million (measured at fair value) which are guaranteed by the Federal Republic of Germany, other EU countries or German federal states 31.12.2010 Figures in EUR million Measured at amortised cost Measured at fair value Total EU member states 1,329 4,670 5,999 Foreign governments 398 3,173 3,571 Semi-governmental entities 1) 9,563 5,369 14,932 Corporations 7,771 10,126 17,897 Covered bonds/asset-backed securities 14,499 5,054 19,553 Mortgage loans 1,239 — 1,239 Investment fund units — 666 666 Other 543 314 857 1) This includes securities in amounts of EUR 2,305 million (measured at amortised cost) and EUR 3,039 million (measured at fair value) which are guaranteed by the Federal Republic of Germany, other EU countries or German federal states More than 96 (96)% of the covered bonds/asset-backed securities at the balance sheet date were German covered bonds (Pfandbriefe). Talanx Group. Annual Report 2011 203
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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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Nature of risks Notes on the consol
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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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