talanx group annual report 2011 en

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280 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 amount payable to each entitled participant is the total value, calculated at the time of disbursement, of the share awards for which the four-year waiting period has expired. This amount is paid by bank transfer in the month following the end of the period designated for calculation of the value per share as described in the previous paragraphs. Any withholding taxes and social security contributions will be deducted. Together with payment of the value of the share awards, an amount equal to the dividend – if dividends are distributed to shareholders – is paid. The amount of the dividend is the sum of all dividends paid per share during the term of the share awards multiplied by the number of share awards paid out to each entitled participant at the time of disbursement. If the share awards are paid out ahead of time, only the value of the dividends for the period up to occurrence of the event triggering the early pay-out will be paid. No proportionate share in any dividends not yet distributed will be taken into account. If the entitled participant’s period of office as member of the Board or employment contract ends, the participant remains entitled to payment of the value of any share awards already granted at the time of expiry of the respective waiting period, unless membership of the Board or the employment contract is terminated (i) by resignation of the participant with the exception of resignation of the Board member for good cause, (ii) by the participant’s declining to except an offer of extension on the same or better terms (except if the Board member is at least 60 years old and has served two terms of office on the Board of the company concerned), (iii) by extraordinary termination of the participant’s contract without notice for good cause, or (iv) by dismissal for good cause within the meaning of Art. § 84 Para. 3 AktG (German Stock Corporation Act) (exception: withdrawal of confidence). In the event of death of the participant, entitlement to share awards already allocated or still to be allocated passes to the heirs. Allocation of share awards after the participant has left the company is ruled out, except if the participant has left the company due to non-reappointment, retirement or death, and then only in respect of entitlements to variable remuneration earned by the participant in the last year – or part thereof – of activity on behalf of the company. If during the validity of the share award scheme the share capital changes or any corporate restructuring directly affects the share capital or (e.g. via a stock split or consolidation) the total number of shares issued (“structural measures”) such as to bring about a (positive or negative) change in the value of the share awards by 10% or more on aggregate, the method for calculating the value of the individual share awards or the number of share awards will be adapted accordingly to balance out any change in the value of the share awards due to the structural measure. This adjustment will be done by the Supervisory Board of Talanx AG for the Talanx share awards and by the Supervisory Board of Hannover Rückversicherung AG for the Hannover Re share awards such that the overall value of the allocated share awards immediately after the structural measure corresponds as closely as possible to the overall value of the share awards immediately prior to the structural measure.
Nature of risks Notes on the balance Notes on the balance sheet – assets sheet – liabilities Notes on the statement of income Other information List of shareholdings The share award scheme is accounted for within the Group as share based remuneration with cash settlement governed by the requirements of IFRS 2. Due to the different calculation bases used for the Talanx share awards and the Hannover Re share awards, the further characteristics of the two versions are described separately in the following: Talanx share awards The provisional fair value is EUR 33.486 per share award at an anticipated allocation totalling 54.26 share awards plus the total cash value of the dividend rights acquired up to the end of the term. Expected dividend payments are not taken into account. No entitlements due to dividends arose in the year under review. The fair value is calculated according to the proportionate equity (after going public: the share price) at the balance-sheet date of the financial year just ended by multiplying the value of the share by the anticipated number of shares. The personnel expenditure in respect of the share award scheme is deferred over the term of the employment contracts. In the context of the pro-rata write-up of the time values, personnel expenditure amounting to EUR 0.5 million was added to the provision for share awards for the first time in 2011. The amount is posted among the sundry provisions. Hannover Re share awards The provisional fair value is EUR 38,325 per share award at an anticipated allocation totalling 24,390 share awards plus the total cash value of the dividend rights acquired up to the end of the term. Expected dividend payments are not taken into account. No entitlements due to dividends arose in the year under review. The fair value is calculated according to the current market price of the share on the valuation date (30 December 2011) by multiplying the share price by the anticipated number of shares. The scheduled determination of the value per share according to the unweighted arithmetic mean of the XEtRA closing prices of Hannover Re shares over a period of five trading days before to five trading days after the meeting of the Supervisory Board that approves the consolidated financial statements for the previous financial year entails an adjustment of the fair value posted in the consolidated financial statements and of the number of share awards to be allocated that must be taken into account in the year following the closing date. The personnel expenditure in respect of the share award scheme is deferred over the term of the contracts of the Board members. In the context of the pro-rata write-up of the time values, personnel expenditure amounting to EUR 0.2 million was added to the provision for share awards for the first time in 2011. The amount is posted among the sundry provisions. Talanx Group. Annual Report 2011 281
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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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Page 233 and 234: Nature of risks Notes on the balanc
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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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