talanx group annual report 2011 en

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218 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies (6) Loans and receivables Segment reporting Consolidation, business combinations Amortised cost Unrealised gains/losses Fair value Non-current assets held for sale and disposal groups 31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010 Figures in EUR million Mortgage loans Loans and prepayments on insurance 1,100 1,239 132 106 1,232 1,345 policies Loans and receivables due from govern- 191 200 — — 191 200 mental or quasi-governmental entities 1) 10,216 9,728 876 304 11,092 10,032 Corporate securities 6,674 7,342 162 97 6,836 7,439 Covered bonds, asset-backed securities 14,453 13,491 1,112 341 15,565 13,832 Participation rights 327 343 –19 –6 308 337 Total 32,961 32,343 2,263 842 35,224 33,185 1) The loans and receivables due from governmental or quasi-governmental entities include securities of EUR 2,389 (2,114) million which are guaranteed by the Federal Republic of Germany, other EU states or German federal states The item “Covered bonds, asset-backed securities” includes German covered bonds (Pfandbriefe) with a carrying amount of EUR 14,428 (13,464) million (99 [99]%). Amortised cost Fair value Contractual maturity 31.12.2011 31.12.2010 31.12.2011 31.12.2010 Figures in EUR million Due in one year 2,810 1,290 3,033 1,306 Due after one through two years 1,486 1,380 1,505 1,422 Due after two through three years 2,905 1,601 3,034 1,612 Due after three through four years 2,927 3,046 3,085 3,081 Due after four through five years 2,316 2,986 2,449 3,107 Due after five through ten years 8,035 9,252 8,520 9,553 Due after ten years 12,482 12,788 13,598 13,104 Total 32,961 32,343 35,224 33,185
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 Amortised cost Rating structure of loans and receivables 31.12.2011 31.12.2010 Figures in EUR million AAA 12,928 13,553 AA 11,028 11,780 A 4,880 4,521 BBB or lower 2,543 925 Unrated 1,582 1,564 Total 32,961 32,343 The rating categories are based on the classifications of leading international rating agencies. The unrated loans and receivables consist principally of mortgage loans and policy loans. (7) Financial assets held to maturity Amortised cost Unrealised gains/losses Fair value 31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010 Figures in EUR million Government debt securities of EU member states 426 438 24 13 450 451 US Treasury Notes 927 386 44 45 971 431 Other foreign government debt securities Debt securities issued by 81 11 1 1 82 12 quasi-governmental entities 1) 851 726 36 34 887 760 Corporate securities 574 429 6 18 580 447 Mortgage bonds, asset-backed securities 1,435 1,009 36 44 1,471 1,053 Total 4,294 2,999 147 155 4,441 3,154 1) The debt securities issued by quasi-governmental entities include securities of EUR 230 (191) million which are guaranteed by the Federal Republic of Germany, other EU states or German federal states The item “Mortgage bonds, asset-backed securities” includes German covered bonds (Pfandbriefe) with a carrying amount of EUR 1,424 (998) million (99 [99]%). The Group reclassified fixed-income securities with a total market value of EUR 1.3 billion from “Financial assets available for sale” to the category “Financial assets held to maturity”. The securities gave rise to accumulated hidden reserves totalling EUR 47 million which, on account of the reclassification, were amortised over the remaining maturities of the securities and recognised in income. These securities are available at any time to the relevant Group companies, taking cash flow projections into account. The option and intention of holding these assets to maturity enables the companies to reduce the volatility of their balance sheets. Talanx Group. Annual Report 2011 219
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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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Nature of risks Notes on the balanc
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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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