talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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214<br />
Financial statem<strong>en</strong>ts Notes<br />
G<strong>en</strong>eral information<br />
Talanx Group. Annual Report <strong>2011</strong><br />
Accounting principles<br />
and policies<br />
Segm<strong>en</strong>t <strong>report</strong>ing Consolidation,<br />
business combinations<br />
Non-curr<strong>en</strong>t assets held for<br />
sale and disposal <strong>group</strong>s<br />
The “insurance-related intangible assets” of life insurance companies derived principally from<br />
the insurance portfolios of the former Gerling Group acquired in 2006 (carrying value <strong>2011</strong>:<br />
EUR 811 million) and the portfolios of the former BHW Leb<strong>en</strong>sversicherung AG (merged with<br />
PB Leb<strong>en</strong>sversicherung on 1 January <strong>2011</strong>) and PB Leb<strong>en</strong>sversicherung AG (carrying value <strong>2011</strong>:<br />
EUR 319 million) purchased in 2007, as well as from neue leb<strong>en</strong> Leb<strong>en</strong>sversicherung AG (carrying<br />
value <strong>2011</strong>: EUR 97 million).<br />
In addition, on the balance-sheet date, EUR 95 million was attributable to the takeover by Hannover<br />
Life Reassurance (Ireland) Ltd. of ING’s life reinsurance portfolio (Life/Health Reinsurance business<br />
segm<strong>en</strong>t). On the balance-sheet date, a PVFP to the tune of EUR 5 million derived from the acquisition<br />
of Nassau Verzekering Maatschappij N. V. (Nassau), Rotterdam, and the retroactive merger<br />
thereof with the Dutch insurance <strong>en</strong>tity HDI-Gerling Verzekering<strong>en</strong> N. V., Rotterdam (Industrial<br />
Lines business segm<strong>en</strong>t).<br />
Particularly due to scheduled depreciation and amortisation, the insurance-related intangible<br />
assets decreased by EUR 67 million in the <strong>report</strong>ing period to EUR 1,333 million. Insofar as PVFPs<br />
are involved in the case of life insurance <strong>en</strong>terprises, these are capitalised and amortised across<br />
the term of the contracts (see also our remarks in the section “Accounting policies”, subsection<br />
“ Summary of major accounting policies”, on page 141).<br />
The gross PVFP recognised is composed of a shareholders’ portion – on which deferred taxes are<br />
established – and a policyholders’ portion. It is capitalised in order to spread the charge to Group<br />
shareholders’ equity under IFRS upon acquisition of an insurance portfolio equally across future<br />
periods in step with the amortisation. Only the amortisation of the shareholders’ portion results<br />
in a charge to future earnings. The PVFP in favour of policyholders is recognised by life insurance<br />
companies that are obliged to <strong>en</strong>able their policyholders to participate in all results through the<br />
establishm<strong>en</strong>t of a provision for deferred premium refunds.
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