talanx group annual report 2011 en

Nature of risks Notes on the balance
Notes on the balance
Notes on the
sheet – assets
sheet – liabilities
statement of income
The fair value of the plan assets developed as follows:
Other information List of shareholdings
Change in plan assets 2011 2010
Figures in EUR million
Fair value at 1.1. of the year under review 82 70
Expected return on plan assets 5 3
Actuarial gain/loss –6 7
Currency translation 1 4
Employer contributions 34 4
Benefits paid during the year –2 –3
Effect of plan settlements — –3
Business combinations, divestitures and other activities 15 —
Fair value at 1.1. of the year under review 129 82
The rise in plan assets is due to the increase in employer contributions resulting from the recognition
on the balance sheet of indirect pension commitments from provident funds, as well as to
business combinations. The figure alongside business combinations relates to acquisition of the
Dutch property insurer, Nassau, which was merged with the Dutch insurance company HDI-Gerling
Ver zekeringen N. V. (HDI/NL) with a retroactive date of 1 January 2011.
The structure of the asset portfolio underlying the plan assets was as follows:
Portfolio structure of plan assets 2011 2010
In %
Fixed-income securities 46 54
Equities 17 18
Other 37 28
Total 100 100
The expected longterm return on plan assets per asset class is based on studies of historical and
estimated future rates of return.
The fair value of plan assets as at the balance sheet date included amounts totalling EUR 35 (33) million
for own financial instruments.
The actual return on the plan assets amounted to EUR 0 (3) million in the year under review.
Talanx Group. Annual Report 2011
251