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
(27) Deferred taxes
Other information List of shareholdings
The following table presents a breakdown of the deferred tax assets and liabilities into the balance
sheet items from which they derived.
31.12.2011 31.12.2010 1)
Figures in EUR million
Deferred tax assets
Loss and loss adjustment expense reserves 427 338
Other technical provisions 266 290
Loss carry-forwards 356 306
Benefit reserves 35 50
Other provisions 127 208
Accounts receivable on insurance business 11 12
Investments 93 68
Contract deposits 240 309
Premium refunds 1 13
Other invested assets 2 3
Value adjustment –194 –180
Present value of future profits (PVFP) 3 —
Deferred acquisition costs 88 —
Other 230 400
Total 1,685 1,817
Deferred tax liabilities
Equalisation reserve 1,180 1,088
Deferred acquisition costs 2) 614 488
Contract deposits 41 51
Accounts receivable on insurance business 81 381
Present value of future profits (PVFP) 228 302
Benefit reserves 125 167
Technical provisions 68 47
Investments 206 197
Loss and loss adjustment expense reserves 52 30
Other invested assets 36 63
Debt consolidation 34 18
Provisions 2 55
Premium refunds 3 —
Other 183 106
Total 2,853 2,993
Deferred tax liabilities (net) 1,168 1,176
1) Adjusted on the basis of IAS 8
2) The deferred taxes on deferred acquisition costs are shown for net, i.e. after allowance for the shares of reinsurers
The deferred tax assets and deferred tax liabilities were recognised as follows:
31.12.2011 31.12.2010 1)
Figures in EUR million
Deferred tax assets 320 268
Deferred tax liabilities 1,488 1,444
Deferred tax liabilities (net) 1,168 1,176
1) Adjusted on the basis of IAS 8
Talanx Group. Annual Report 2011
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