talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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Nature of risks Notes on the balance<br />
sheet – assets<br />
Notes on the balance<br />
sheet – liabilities<br />
Notes on the<br />
statem<strong>en</strong>t of income<br />
Other information List of shareholdings<br />
Amortised cost<br />
Rating structure of loans and receivables 31.12.<strong>2011</strong> 31.12.2010<br />
Figures in EUR million<br />
AAA 12,928 13,553<br />
AA 11,028 11,780<br />
A 4,880 4,521<br />
BBB or lower 2,543 925<br />
Unrated 1,582 1,564<br />
Total 32,961 32,343<br />
The rating categories are based on the classifications of leading international rating ag<strong>en</strong>cies.<br />
The unrated loans and receivables consist principally of mortgage loans and policy loans.<br />
(7) Financial assets held to maturity<br />
Amortised cost Unrealised gains/losses Fair value<br />
31.12.<strong>2011</strong> 31.12.2010 31.12.<strong>2011</strong> 31.12.2010 31.12.<strong>2011</strong> 31.12.2010<br />
Figures in EUR million<br />
Governm<strong>en</strong>t debt securities of EU member<br />
states 426 438 24 13 450 451<br />
US Treasury Notes 927 386 44 45 971 431<br />
Other foreign governm<strong>en</strong>t debt securities<br />
Debt securities issued by<br />
81 11 1 1 82 12<br />
quasi-governm<strong>en</strong>tal <strong>en</strong>tities 1) 851 726 36 34 887 760<br />
Corporate securities 574 429 6 18 580 447<br />
Mortgage bonds, asset-backed securities 1,435 1,009 36 44 1,471 1,053<br />
Total 4,294 2,999 147 155 4,441 3,154<br />
1) The debt securities issued by quasi-governm<strong>en</strong>tal <strong>en</strong>tities include securities of EUR 230 (191) million<br />
which are guaranteed by the Federal Republic of Germany, other EU states or German federal states<br />
The item “Mortgage bonds, asset-backed securities” includes German covered bonds (Pfandbriefe)<br />
with a carrying amount of EUR 1,424 (998) million (99 [99]%).<br />
The Group reclassified fixed-income securities with a total market value of EUR 1.3 billion from<br />
“Financial assets available for sale” to the category “Financial assets held to maturity”. The securities<br />
gave rise to accumulated hidd<strong>en</strong> reserves totalling EUR 47 million which, on account of the<br />
reclassification, were amortised over the remaining maturities of the securities and recognised in<br />
income. These securities are available at any time to the relevant Group companies, taking cash flow<br />
projections into account. The option and int<strong>en</strong>tion of holding these assets to maturity <strong>en</strong>ables the<br />
companies to reduce the volatility of their balance sheets.<br />
Talanx Group. Annual Report <strong>2011</strong><br />
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