talanx group annual report 2011 en

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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.
Nature of risks Notes on the balance sheet – assets Notes on the balance sheet – liabilities (10) Other invested assets Notes on the statement of income Other information List of shareholdings The other invested assets of altogether EUR 4.0 (4.2) billion are composed principally of the following items: participating interests in partnerships loans to affiliated companies short-term investments The participating interests in partnerships relate principally to participating interests in private equity firms and are allocated to the “available for sale” category. The fair value (carrying amount) of these participating interests was EUR 1,057 (1,017) million as at the balance sheet date. The amortised cost of the participations amounted to EUR 798 (722) million; in addition, unrealised gains of EUR 263 (298) million and unrealised losses of EUR 4 (3) million from these investments were recognised directly in equity via the other income/expenses (item: “Other reserves”). This item also includes alternative investments with a total market value of EUR 102 (18) million (amortised cost: EUR 102 (18) million), changes in the value of which are recognised directly in equity. Loans to affiliated (not-consolidated) companies are measured at amortised cost (categorised as “loans and receivables”). The carrying amount as at the balance sheet date was EUR 118 (114) million. The short-term investments recognised consist predominantly of overnight money, time deposits and money market securities with a maturity of up to one year in an amount of EUR 2,690 (3,037) million, which were generally measured outside income at fair value. The amortised cost of these financial assets was EUR 2,686 (3,034) million; unrealised gains of EUR 4 (3) million were recognised outside income. The short-term investments are categorised within the Group as “financial assets available for sale”. Fair value Rating structure of short-term investments 31.12.2011 31.12.2010 Figures in EUR million AAA 71 90 AA 607 375 A 1,284 694 BBB or lower 659 1,781 Unrated 69 97 Total 2,690 3,037 The rating categories are based on the classifications of leading international rating agencies. Talanx Group. Annual Report 2011 225
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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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talanx group annual report 2011 en

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