talanx group annual report 2011 en

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244 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies Segment reporting Consolidation, business combinations (20) Loss and loss adjustment expense reserve (loss reserve) 2011 2010 Non-current assets held for sale and disposal groups Gross Retro Net Gross Retro Net Figures in EUR million Balance at 31.12. of the previous year 28,538 4,073 24,465 27,256 4,734 22,522 Change in consolidated group 195 41 154 –2 — –2 Portfolio entries/withdrawals Plus incurred claims and claims expenses (net) 17 –8 25 124 –11 135 Year under review 12,067 2,153 9,914 13,746 1,391 12,355 Previous years 2,103 211 1,892 579 134 445 Total Less claims and claims expenses paid (net) 14,170 2,364 11,806 14,325 1,525 12,800 Year under review 4,545 563 3,982 6,814 518 6,296 Previous years 7,208 1,095 6,113 6,340 1,077 5,263 Total 11,753 1,658 10,095 13,154 1,595 11,559 Other changes –100 –2 –98 –1,210 –741 –469 Currency exchange rate differences 353 105 248 1,199 161 1,038 Balance at 31.12. of the year under review 31,420 4,915 26,505 28,538 4,073 24,465 The other changes and currency exchange rate differences include the figures for the disposal group in accordance with IFRS 5 in an amount of EUR 100 million (gross). In this regard please see our remarks on the disposal group on pages 182 et seq. Run-off of the net loss reserve As loss reserves are inevitably based to some degree on estimates, they will always feature some residual uncertainty. The difference between last year’s estimate and the current appraisal of the reserve is expressed in terms of a net run-off result. In addition, reinsurance treaties whose terms do not correspond to a calendar year or which were concluded on an underwriting-year basis often make it impossible for claims expenses to be allocated precisely to the current or prior financial year. The foreign currency run-off triangles returned by the various reporting units are translated into euros at the current rates of exchange on the balance sheet date, so as to allow run-off results to be presented at constant exchange rates. In cases where the original loss estimate corresponds to the actual final loss in the original currency, efforts are taken to avoid a purely indexed run-off result being returned even after the figure has been translated into the Group reporting currency (euros).
Nature of risks Notes on the balance Notes on the balance Notes on the sheet – assets sheet – liabilities statement of income Other information List of shareholdings The following tables set out the net loss reserves for the years 2001 to 2011 split into our main property/casualty companies in the primary insurance segments and the Group segment of Non-Life Reinsurance (so-called run-off triangle). The charts show the run-off of the net loss reserves established as at each balance sheet date, this comprising the provisions constituted in each case for the current and preceding occurrence years. The run-off of the reserve for individual occurrence years is not shown in this regard, rather the run-off of the reserve constituted annually in the balance sheet as at the balance sheet date. The Group’s total net loss and loss adjustment expense reserves in run-off amount to EUR 26.5 billion, EUR 6.6 billion and EUR 16.7 billion of which are attributable to our property/casualty companies in the primary insurance sector and the Non-Life Reinsurance segment respectively. A further EUR 3.2 billion is attributable to the Life/Health Reinsurance business segment (EUR 2.5 billion) and primary life insurance business (EUR 0.7 billion). Within the primary insurance segments as well as in the Non-Life Reinsurance segment, the values shown are after elimination of intra-Group relations. The values returned for the 2001 financial year include the prior-year values no longer shown separately in the run-off triangle. The published runoff results reflect the changes in the final losses that materialised in 2011 for the individual run-off years. They may include loss reserves established in connection with portfolio entries/withdrawals or changes in the consolidated group. For this reason, the run-off results in the Non-Life Reinsurance segment for the current financial year were adjusted for the net loss reserves of the operating companies of Clarendon Insurance Group, Inc. that were sold off in July 2011. In addition, changes in the consolidated group were required on account of the acquisition and sale of companies in the primary insurance segments during the reporting period (e.g. acquisitions in the Netherlands, Argentina and Uruguay, and the deconsolidation of HDI-Gerling Rechtsschutz Versicherung AG). In this regard, please see our remarks in the sections “Business combinations” and “Non-current assets held for sale and disposal groups”, in particular. Talanx Group. Annual Report 2011 245
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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 197 and 198: Nature of risks Notes on the balanc
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Page 297 and 298: 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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