talanx group annual report 2011 en

Nature of risks Notes on the balance
Notes on the balance
sheet – assets
sheet – liabilities
Notes on the
statement of income
Other information
Contingent liabilities and other financial commitments
List of shareholdings
As at the balance sheet date the following contingent liabilities and other financial commitments
derived from contracts and memberships that had been entered into:
Figures in EUR million
31.12.2011 31.12.2010
Sureties in the form of letters of credit furnished by various financial institutions
as security for technical liabilities
Trust accounts in the United States (master trust funds, supplemental trust
funds and single trust funds) as security for technical liabilities to US clients; the
securities held in the trust accounts are largely recognised in the investment
3,164 2,842
portfolio as “financial instruments available for sale” 1) Blocked custody accounts and other trust accounts as collateral in favour of
3,136 2,884
reinsurers and ceding companies; generally outside the US
Guarantees for the subordinated debts issued: the guarantees cover the relevant
2,071 1,902
bond volumes as well as interest due.
Outstanding capital commitments with respect to existing investment exposures.
The commitments involve primarily private equity funds and venture capital firms
1,959 2,131
in the form of private limited companies 648 333
Commitments arising out of rental/lease agreements 2) Funding commitments and contribution payments pursuant to §§124 et seq.
477 492
Insurance Supervision Act (VAG) as a member of the Security Fund for Life Insurers
Collateral for liabilities to various banks in connection with participating interests
410 372
in real estate companies and real estate transactions 309 258
Other financial commitments in connection with envisaged acquisitions
Commitments based on service agreements – primarily in connection with IT
277 —
outsourcing contracts
Assets in blocked holdings as collateral for existing derivative transactions: we
have received collateral with a fair value of EUR 5 (0) million for existing derivative
165 186
transactions 1) Obligations in connection with structured securities through issuers' rights to
take delivery: the potential amounts that could be drawn upon totalled
EUR 10 million for 2012 (31 December 2010: EUR 159 million for 2011 and
37 108
EUR 11 million for 2012) 10 170
Other commitments 63 36
Total 12,726 11,714
1) The amount stated refers primarily to the current value/book value
2) For details please see the following information on rents and leases on page 284
Financial assets of EUR 8 million (included in the above list) were pledged in connection with our
primary insurance segments and the Corporate Operations division. They serve as collateral for currency
options (EUR 2 million) and as security for future rental commitments (EUR 6 million).
As guarantor institutions for Gerling Versorgungskasse VVaG, various Group companies are liable
pro rata for any deficits that may be incurred by Gerling Versorgungskasse.
Several Group companies are members of the association for the reinsurance of pharmaceutical
risks, the association for the insurance of German nuclear reactors and the traffic accident pool
Verkehrsopferhilfe e. V. In the event of one of the other pool members failing to meet its liabilities,
an obligation exists to take over such other member’s share within the framework of the quota
participation.
The amounts stated are nominal amounts.
Talanx Group. Annual Report 2011
283