talanx group annual report 2011 en

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230 Financial statements Notes General information Presentation of effects on profit or loss of the financial assets recognised at fair value in level 3 Figures in EUR million Talanx Group. Annual Report 2011 Accounting principles and policies Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups The income and expenses for the period recognised in the consolidated statement of income, including the gains and losses on assets and liabilities held in the portfolio at the end of the reporting period that were included in level 3, are shown in the following table. Financial assets available for sale/ fixed-income securities Financial assets available for sale/ variable-yield securities Financial assets classified at fair value through profit or loss Other invested assets (measured at fair value) Total amount of financial assets Gains and losses in the 2010 financial year Income from investments 2 — 5 3 10 Expenses for investments of which attributable to financial assets included in the portfolio at 31.12.2010 –1 –8 –3 –21 –33 Income from investments 2 — 5 1 8 Expenses for investments Gains and losses in the 2011 financial year –1 –2 –3 –7 –13 Income from investments — 4 — 32 36 Expenses for investments of which attributable to financial assets included in the portfolio at 31.12.2011 — –3 –2 –21 –26 Income from investments — 3 — 29 32 Expenses for investments — –2 –1 –18 –21 If models are used to measure financial assets included in level 3 under which the adoption of reasonable alternative inputs leads to a material change in fair value, IFRS 7 requires disclosure of the effects of these alternative assumptions. Of the financial assets included in level 3 with fair values of altogether EUR 1.3 (1.3) billion as at the balance sheet date, the Group generally measures financial assets with a volume of EUR 1.2 (1.2) billion using the net asset value method, in respect of which alternative inputs within the meaning of the standard cannot reasonably be established. For the remaining financial assets included in level 3 with a volume of EUR 55 (28) million, the effects of alternative inputs and assumptions are immaterial.
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 (12) Derivative financial instruments and hedge accounting Derivatives We use derivative financial instruments to hedge against interest rate, exchange and other market price risks and to a limited extent also to optimise returns or realise intentions to buy/sell. In this context, the applicable regulatory requirements and the standards set out in the Group’s internal investment guidelines are strictly observed and first-class counterparties are always selected. In addition, embedded derivatives in structured products and insurance contracts are – where required under the standards of IAS 39 “Financial Instruments: Recognition and Measurement” and IFRS 4 “Insurance Contracts” – separated from the underlying contracts and recognised separately at fair value. In the context of initial measurement derivative financial instruments are recognised at the fair value attributable to them on the date of contract materialisation. Subsequent measurement is then also made at the fair value applicable on the relevant balance sheet date. Regarding the valuation models used, please see the subsection entitled “Determination of fair values” in the section “Accounting policies” on pages 146 et seq. The method of recognising gains and losses is dependent upon whether or not the derivative financial instrument is used as a hedging instrument within the meaning of hedge accounting pursuant to IAS 39 – and, if it was, on the type of hedged position/risk. In the case of derivatives which are not hedging instruments, the fluctuations in value are recognised in the statement of income within investment income. This approach also applies to separated embedded derivatives of structured financial instruments and those from insurance contracts. With respect to hedging instruments, the Group distinguishes between derivatives according to their intended use as fair value hedges and cash flow hedges (see separate subsection of this item of the Notes). The recognition of derivative financial instruments in the balance sheet is broken down in the following table: Balance sheet recognition of derivative financial instruments Figures in EUR million Balance sheet items (positive fair values) Hedging instrument as per IAS 39 31.12.2011 31.12.2010 Financial assets at fair value through profit or loss, financial assets held for trading (derivatives) No 53 80 Other assets, derivative financial instruments Balance sheet items (negative fair values) Yes 21 — Liabilities, other liabilities (derivatives) No –94 –85 Yes –69 –149 Total (net) –89 –154 Talanx Group. Annual Report 2011 231
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Group Annual Report 2011 Straightfo
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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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