talanx group annual report 2011 en

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242 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 The reduction in subordinated liabilities is due largely to the exercising of a call option and the associated repayment in full of a bond in the first quarter of 2011 by the issuer Hannover Finance (Luxembourg) S. A. (EUR 138 million), as well as the purchase of bonds in the value of EUR 33 million by Group companies. 2011 2010 Figures in EUR million Amortised cost Unrealised gains or losses Accrued interest Fair value Debts measured at amortised cost 2,615 –208 59 2,466 Figures in EUR million Amortised cost Unrealised gains or losses Accrued interest Fair value Debts measured at amortised cost 2,791 –86 66 2,771 The fair value of the extended subordinated loans is normally based on quoted, active market prices. If such price information was not available, fair value was determined on the basis of the recognised effective interest rate method or e.g. estimated using other financial assets with similar rating, duration and return characteristics. Under the effective interest rate method, the current market interest rate levels in the relevant interest rate fixing periods are always taken as a basis. The net result of EUR 152 (126) million from subordinated liabilities in the year under review consisted of interest expenses in an amount of EUR 156 (126) million and income from amortisation (EUR 4 [0] million). Subordinated liabilities: maturities 2011 2010 Figures in EUR million Due in one year — 138 Up to 5 years — — 5 – 10 years — — 10 – 20 years 1,218 1,254 More than 20 years 498 500 No fixed maturity 899 899 A detailed presentation of the maturities is provided in the section entitled “Nature of risks associated with insurance contracts and financial instruments” (subsection “Management of liquidity risks”, pages 206 et seqq.).
Nature of risks Notes on the balance Notes on the balance Notes on the sheet – assets sheet – liabilities statement of income (18) Unearned premiums reserve Other information List of shareholdings 2011 2010 1) Gross Retro Net Gross Retro Net Figures in EUR million Balance at 31.12. of the previous year 4,267 348 3,919 3,803 342 3,461 Change in consolidated group 60 15 45 — — — Portfolio entries/withdrawals 8 7 1 –3 –1 –2 Allocations 1,346 87 1,259 997 104 893 Releases 958 84 874 722 116 606 Reclassification due to IFRS 5 –30 — –30 — — — Other changes 2 3 –1 — 1 –1 Currency exchange rate differences –18 13 –31 192 18 174 Balance at 31.12. of the year under review 4,677 389 4,288 4,267 348 3,919 1) Adjusted on the basis of IAS 8 (19) Benefit reserve 2011 2010 1) Gross Retro Net Gross Retro Net Figures in EUR million Balance at 31.12. of the previous year 43,610 1,035 42,575 40,977 869 40,108 Change in consolidated group — — — — — — Portfolio entries/withdrawals 542 17 525 –61 217 –278 Allocations 3,172 –59 3,231 4,076 –25 4,101 Releases 1,617 3 1,614 1,740 — 1,740 Reclassification due to IFRS 5 –152 –8 –144 — — — Other changes –2 — –2 –1 — –1 Currency exchange rate differences 186 6 180 359 –26 385 Balance at 31.12. of the year under review 45,739 988 44,751 43,610 1,035 42,575 1) Adjusted on the basis of IAS 8 2011 2010 1) Gross Retro Net Gross Retro Net Figures in EUR million Less than one year 2,224 86 2,138 2,889 94 2,795 Between one and five years 8,179 171 8,008 8,491 196 8,295 Between five and ten years 8,700 131 8,569 8,859 155 8,704 Between ten and twenty years 10,679 190 10,489 9,890 187 9,703 After more than twenty years 9,105 149 8,956 7,190 80 7,110 Deposits 6,852 261 6,591 6,291 323 5,968 Total 45,739 988 44,751 43,610 1,035 42,575 1) Adjusted on the basis of IAS 8 Talanx Group. Annual Report 2011 243
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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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Page 195 and 196: 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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