talanx group annual report 2011 en

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268 Financial statements Notes General information Talanx Group. Annual Report 2011 Accounting principles and policies (32) Other income/expenses Segment reporting Consolidation, business combinations Non-current assets held for sale and disposal groups 2011 2010 1) Figures in EUR million Other income Foreign exchange gains 121 262 Income from services and rents 138 194 Reversals of impairments on receivables Income from contracts recognised in accordance 21 98 with the deposit accounting method 49 50 Profits from the disposal of property, plant and equipment 1 9 Income from the release of other non-technical provisions 88 143 Interest income 108 44 Commission income 59 57 Income from the repurchase of own securities 3 4 Sundry income 116 86 Total 704 947 Other expenses Foreign exchange losses 105 120 Other interest expenditures 165 158 Depreciation and impairments 94 110 Expenses for the company as a whole 2) 216 226 Expenses for personnel 41 19 Expenses for services 2) 89 164 Other taxes 22 51 Expenses from the recognition of disposal groups 4 55 Allocation for restructuring provisions (“WIR” project) 80 — Sundry expenses 215 183 Total 1,031 1,086 Other income/expenses –327 –139 1) Adjusted on the basis of IAS 8 2) In the previous year a portion of the expenses for the company as a whole was erroneously recognised under expenses for services. We have adjusted the comparable figures accordingly (reclassification of EUR 63 million) Other income/expenses does not in general include personnel expenses of our insurance companies in as far as these expenses are attributed according to function units by means of cost object accounting and allocated to expenses for investments, claims and claims expenses as well as acquisition costs and administrative expenses. In the same way this also applies to depreciation and impairments of intangible and other assets of our insurance companies. The increase in other interest income stems primarily from the interest portion of the tax refund as a result of the fiscal court (BFH) ruling of the previous year. Please see our explanatory remarks in the Notes, item 35 “Taxes on income”. The allocation for restructuring provisions relates to the implementation of our strategic orientation. The amount recognised in the year under review is comprised of expenses within the scope of our “WIR” project.
Nature of risks Notes on the balance Notes on the balance sheet – assets sheet – liabilities (33) Goodwill impairments Notes on the consolidated statement of income Other information List of shareholdings The goodwill impairments in the previous year (EUR 17 million) are attributable entirely to the Retail International segment. For further information please see our remarks in item 1 “Goodwill”, pages 209 et seq. (34) Financing costs The financing costs of EUR 161 (134) million consist exclusively of interest expenses from the raising of borrowed capital not directly connected with the operational insurance business. These interest expenses are attributable in an amount of EUR 152 (126) million to our issued subordinated liabilities and in an amount of EUR 9 (8) million to notes payable and loans. Talanx Group. Annual Report 2011 269
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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 221 and 222: Nature of risks Notes on the balanc
Page 271: Nature of risks Notes on the balanc
Page 297 and 298: Our Locations Argentina L’UNION d
Page 299 and 300: Italy Hannover Re Services Italy S.
Page 301 and 302: Glossary. A-C Accumulation risk Und
Page 303 and 304: L-P Lapse rate for life insurance p
Page 305 and 306: Index of key terms Acquisitions Cen
Page 307 and 308: ie Ireland. Hannover Life Re (Irela
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talanx group annual report 2011 en

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