talanx group annual report 2011 en

224
Financial statements Notes
General information
Talanx Group. Annual Report 2011
Accounting principles
and policies
Segment reporting Consolidation,
business combinations
Non-current assets held for
sale and disposal groups
Fair value
Contractual maturity of fixed-income securities 31.12.2011 31.12.2010
Figures in EUR million
Due in one year 303 481
Due after one through two years 207 73
Due after two through three years 64 116
Due after three through four years 34 45
Due after four through five years 55 3
Due after five through ten years 21 41
Due after ten years 177 284
Total 861 1,043
Fair value
Rating structure of fixed-income securities 31.12.2011 31.12.2010
Figures in EUR million
AAA 11 154
AA 46 72
A 157 115
BBB or lower 491 508
Unrated 156 194
Total 861 1,043
The rating categories are based on the classifications of leading international rating agencies.
The financial assets classified at fair value through profit or loss (with no trading intention) include
inter alia structured products, in respect of which the fair value option afforded by IAS 39 was exercised.
The carrying amount of these financial assets constitutes – contrary to the purely economic
perspective – the maximum credit exposure. The amount of the change in fair value attributable
to changes in the credit risk of financial assets is –EUR 30 (–12) million in the reporting period and
–EUR 20 (8) million on an accumulated basis. There are no credit derivatives or similar hedging
instruments for these securities.