talanx group annual report 2011 en

More documents

Recommendations

Info

204 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies Rating Government bonds Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups The rating structure of the fixed-income investments (excluding other invested assets, policy loans and mortgage loans) is as follows: In % Securities issued by semi-governmental entities 1) Corporate bonds In EUR million In % In EUR million In % Covered bonds/assetbacked securities Other In EUR million In % In EUR million In % AAA 41 3,818 36 5,596 1 192 74 16,041 1 10 AA 29 2,695 57 8,949 12 2,392 22 4,734 2 33 A 17 1,613 5 756 55 11,035 1 281 10 137 BBB 5 416 1 241 27 5,437 2 386 31 422
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 Management of concentration risks A broad mix and spread of asset classes is maintained in order to minimise the portfolio risk. The concentration risk is limited by our investment guidelines and is constantly monitored; it is comparatively slight overall, although e.g. large bank mergers may significantly enlarge concentrations. The scale on which investments may be made in more heavily risk-exposed assets is restricted. Overall, the measurement and monitoring mechanisms described here result in a prudent, broadly diversified investment strategy. This is reflected in the fact that, within its portfolio of assets under own management, the Group’s exposure to government bonds and securities issued by semigovernmental entities of the so-called GIIPS states totals no more than EUR 1.3 billion on a fair value basis; this corresponds to a proportion of 1.7%. The amortised costs and fair values of the bonds issued by the affected states as at the balance sheet date were as follows: Thereof issuer country = investor country 31.12.2011 Issuer Figures in EUR million Amortised cost Market value Amortised cost Market value Portugal 49 34 — — Ireland 266 220 3 3 Italy 701 634 473 438 Greece 3 3 — — Spain 407 406 — — Total 1,426 1,297 476 441 Thereof issuer country = investor country 31.12.2010 Issuer Figures in EUR million Amortised cost Market value Amortised cost Market value Portugal 77 70 — — Ireland 299 233 3 3 Italy 466 455 329 322 Greece 155 111 — — Spain 674 611 2 2 Total 1,671 1,480 334 327 Unscheduled impairments amounting to EUR 12 million were taken on Greek government bonds (see our explanatory remarks in item 29 of the Notes). Thanks to bailout mechanisms at the European level (Eurozone safety net), there is currently no risk of default on other government bonds of the GIIPS states. Our exposure in Italy will be reduced by EUR 86 million (nominal) by the end of the first quarter of 2012 as part of our ongoing risk control measures. Talanx Group. Annual Report 2011 205
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:
Page 125 and 126:
Page 127 and 128:
Nature of risks Notes on the consol
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Nature of risks Notes on the balanc
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158: Nature of risks Notes on the balanc
Page 207: Nature of risks Notes on the balanc
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?