talanx group annual report 2011 en

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248 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 carrying amount of the reinsurance recoverables on unpaid claims of EUR 4.9 (4.1) billion includes cumulative specific value adjustments of EUR 4 (4) million. The total amount of the net reserves was EUR 26.5 (24.4) billion. The following breakdown of the durations refers to this amount. 2011 2010 Duration of the reserve Gross Retro Net Gross Retro Net Figures in EUR million Less than one year 9,289 1,455 7,834 9,403 1,516 7,887 Between one and five years 12,064 1,821 10,243 10,944 1,570 9,374 Between five and ten years 4,899 814 4,085 4,243 559 3,684 Between ten and twenty years 3,072 546 2,526 2,401 244 2,157 After more than twenty years 1,506 196 1,310 1,094 84 1,010 Deposits 590 83 507 453 100 353 Total 31,420 4,915 26,505 28,538 4,073 24,465 (21) Provision for premium refunds 2011 2010 1) Gross Retro Net Gross Retro Net Figures in EUR million Balance at 31.12. of the previous year 845 1 844 953 1 952 Change in consolidated group — — — — — — Portfolio entries/withdrawals — — — — — — Allocations/releases (—) Disposals 373 — 373 –111 — –111 Life insurance policies Liability/accident policies with 182 — 182 –1 — –1 a premium refund 18 — 18 11 — 11 Other changes –10 — –10 12 — 12 Currency exchange rate differences — — — 1 — 1 Balance at 31.12. of the year under review 1,008 1 1,007 845 1 844 1) Adjusted on the basis of IAS 8 In the year under review, “Other changes” include EUR 3 million for reclassifications due to IFRS 5.
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 (22) Provision for pensions and other post-employment benefit obligations The Group companies normally award their employees pension commitments based on defined contribution or defined benefit plans. The type of pension commitment is given in accordance with the relevant pension plan and encompasses retirement, disability, widows’ and orphans’ benefits. The pension entitlement is dependent on length of service and salary. In terms of amounts paid, the majority of commitments are based on defined benefit pension plans. Under defined benefit plans the pension beneficiary is promised a specific benefit; in contrast to defined contribution plans, the expenditures to be incurred by the company on the basis of the benefit commitments are not fixed from the outset. The commitments to employees in Germany predominantly comprise commitments funded directly by the company as well as those established via HDI Unterstützungskasse e. V. Due pension benefits make up more than half of the projected benefit obligations. In addition, employees have an opportunity to accumulate further old-age provision by way of deferred compensation through membership of, inter alia, HDI-Gerling Lebensversicherung AG, neue leben Lebensversicherung AG, HDI-Gerling Pensionskasse AG, PB Pensionsfonds AG, and also via a reinsured provident fund. Employees of the former Gerling Group also have the option of obtaining pension commitments through deferred compensation with Gerling Versorgungskasse VVaG. These are usually defined contribution benefit plans for which pension provisions are not recognised. Provisions for pensions are established in accordance with IAS 19 “Employee Benefits” using the Projected Unit Credit Method. They are established in accordance with actuarial principles and make allowance for the length of service and estimated rate of compensation increase of pension beneficiaries. Benefit entitlements are discounted using interest rates defined according to the part portfolios of current or former employees and of the beneficiaries, differentiated by respective duration. The blended rate shown below is a weighted average of the respective present values. A new feature of the amended IAS 19 is the discontinuation of the so-called corridor method (please see our remarks in the section “General accounting principles and application of IFRS”). Taking the discontinuation of the corridor method into account (2011 and the preceding year), and with actuarial gains and losses thus being recognised directly in equity, the change would have resulted in a reduction in equity of EUR 53 (116) million after deduction of deferred taxes and deferred premium refunds. Talanx Group. Annual Report 2011 249
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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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Page 201 and 202: Nature of risks Notes on the balanc
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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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