talanx group annual report 2011 en

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216 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies (3) Investment property Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups 2011 2010 1) Figures in EUR million Gross book value at 31.12. of the previous year 1,296 1,069 Adjustment of values carried forward from previous years 2) — –185 Gross book value at 1.1. of the year under review 1,296 884 Change in consolidated group 6 — Adjustment on the basis of IAS 8 — 254 Additions 103 150 Disposals 90 33 Disposal groups in accordance with IFRS 5 –26 — Reclassification –5 29 Currency exchange rate differences 9 12 Gross book value at 31.12. of the year under review 1,293 1,296 Accumulated depreciation and accumulated impairment losses at 31.12. of the previous year 201 343 Adjustment of values carried forward from previous years 2) — –185 Adjustment on the basis of IAS 8 201 158 Disposals — 19 Revaluation after impairment 18 4 Write-downs Abschreibungen 19 — Scheduled 20 15 Unscheduled 19 7 Disposal groups in accordance with IFRS 5 –11 1 Reclassification — 5 Currency exchange rate differences Accumulated depreciation and accumulated impairment losses 1 — at 31.12. of the year under review 193 201 Balance at 31.12. of the previous year 1,095 726 Balance at 31.12. of the year under review 1,100 1,095 1) Adjusted on the basis of IAS 8 2) The values carried forward were adjusted in connection with implementation of a new IT system; there were no implications for the carrying value The additions of EUR 103 million relate principally to the Non-Life Reinsurance segment (EUR 98 million) and are attributable inter alia to the sharply increased investment activities of Hannover Re Real Estate Holdings, Inc., and Hannover Re Euro RE Holdings GmbH. The fair value of investment property amounted to EUR 1,173 (1,152) million as at the balance sheet date. The fair values were determined largely internally within the Group using discounted cash flow methods and, in individual cases, on the basis of external expert opinions. The directly allocable operating expenses (including repairs and maintenance) totalled EUR 36 (24) million with respect to properties rented out; operating expenses of EUR 3 (2) million were incurred on properties with which no rental income was generated. Of the total investment property, EUR 309 (387) million was allocated to special cover funds.
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 (4) Investments in affiliated companies and participating interests 2011 2010 Figures in EUR million Affiliated companies 29 13 Participating interests 49 61 Balance at 31.12. of the year under review 78 74 Associated companies that are not recognised at equity owing to their subordinate importance for the presentation of the net assets, financial position and results of operations are recognised under participating interests (see also our remarks in the section “Accounting policies”, subsection “ Summary of major accounting policies”, pages 141 et seq.). For these associated companies not valued at equity, we have recognised assets of EUR 48 (52) million, debts of EUR 7 (21) million, profits for the year of EUR 3 (0.2) million and revenues of EUR 14 (9) million. (5) Investments in associated companies 2011 2010 Figures in EUR million Balance at 31.12. of the previous year 144 134 Change in consolidated group 71 14 Additions 2 — Disposals — 2 Adjustment recognised in income –4 — Adjustment recognised outside income –3 –2 Currency exchange rate differences –1 — Balance at 31.12. of the year under review 209 144 The change in the consolidated group (EUR 71 million) was largely attributable to the acquisition of a stake in the listed company Petro Vietnam Insurance Holdings (PVI), Hanoi, Vietnam (recognised in the Industrial Lines segment) and in Aspect Online AG, Augsburg, Germany (recognised in the Retail Germany segment). The goodwill of all associated companies valued at equity amounted to EUR 60 (24) million as at year-end, EUR 35 million of which was attributable to PVI. Of the associated companies, Apulia Prontoprestito S.p.A., Rome, and C-QUADRAt Investment AG, Vienna, are publically listed. The market price of our interests was EUR 70 (32) as at the balance sheet date, EUR 36 million of which was attributable to PVI and EUR 26 (27) million to C-QUADRAt. For all associated companies combined, we recognised assets of EUR 2.7 (2.3) billion, debts of EUR 2.1 (1.8) billion, profits for the year of EUR 9 (26) million and revenues of EUR 610 (360) million. For further information on our associated companies, please see the section “Consolidation” on pages 168 et seq. as well as the subsection “List of shareholdings” on pages 288 et seqq. Talanx Group. Annual Report 2011 217
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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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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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