talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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Nature of risks Notes on the balance<br />
Notes on the balance<br />
sheet – assets<br />
sheet – liabilities<br />
Notes on the<br />
statem<strong>en</strong>t of income<br />
Other information<br />
Conting<strong>en</strong>t liabilities and other financial commitm<strong>en</strong>ts<br />
List of shareholdings<br />
As at the balance sheet date the following conting<strong>en</strong>t liabilities and other financial commitm<strong>en</strong>ts<br />
derived from contracts and memberships that had be<strong>en</strong> <strong>en</strong>tered into:<br />
Figures in EUR million<br />
31.12.<strong>2011</strong> 31.12.2010<br />
Sureties in the form of letters of credit furnished by various financial institutions<br />
as security for technical liabilities<br />
Trust accounts in the United States (master trust funds, supplem<strong>en</strong>tal trust<br />
funds and single trust funds) as security for technical liabilities to US cli<strong>en</strong>ts; the<br />
securities held in the trust accounts are largely recognised in the investm<strong>en</strong>t<br />
3,164 2,842<br />
portfolio as “financial instrum<strong>en</strong>ts available for sale” 1) Blocked custody accounts and other trust accounts as collateral in favour of<br />
3,136 2,884<br />
reinsurers and ceding companies; g<strong>en</strong>erally outside the US<br />
Guarantees for the subordinated debts issued: the guarantees cover the relevant<br />
2,071 1,902<br />
bond volumes as well as interest due.<br />
Outstanding capital commitm<strong>en</strong>ts with respect to existing investm<strong>en</strong>t exposures.<br />
The commitm<strong>en</strong>ts involve primarily private equity funds and v<strong>en</strong>ture capital firms<br />
1,959 2,131<br />
in the form of private limited companies 648 333<br />
Commitm<strong>en</strong>ts arising out of r<strong>en</strong>tal/lease agreem<strong>en</strong>ts 2) Funding commitm<strong>en</strong>ts and contribution paym<strong>en</strong>ts pursuant to §§124 et seq.<br />
477 492<br />
Insurance Supervision Act (VAG) as a member of the Security Fund for Life Insurers<br />
Collateral for liabilities to various banks in connection with participating interests<br />
410 372<br />
in real estate companies and real estate transactions 309 258<br />
Other financial commitm<strong>en</strong>ts in connection with <strong>en</strong>visaged acquisitions<br />
Commitm<strong>en</strong>ts based on service agreem<strong>en</strong>ts – primarily in connection with IT<br />
277 —<br />
outsourcing contracts<br />
Assets in blocked holdings as collateral for existing derivative transactions: we<br />
have received collateral with a fair value of EUR 5 (0) million for existing derivative<br />
165 186<br />
transactions 1) Obligations in connection with structured securities through issuers' rights to<br />
take delivery: the pot<strong>en</strong>tial amounts that could be drawn upon totalled<br />
EUR 10 million for 2012 (31 December 2010: EUR 159 million for <strong>2011</strong> and<br />
37 108<br />
EUR 11 million for 2012) 10 170<br />
Other commitm<strong>en</strong>ts 63 36<br />
Total 12,726 11,714<br />
1) The amount stated refers primarily to the curr<strong>en</strong>t value/book value<br />
2) For details please see the following information on r<strong>en</strong>ts and leases on page 284<br />
Financial assets of EUR 8 million (included in the above list) were pledged in connection with our<br />
primary insurance segm<strong>en</strong>ts and the Corporate Operations division. They serve as collateral for curr<strong>en</strong>cy<br />
options (EUR 2 million) and as security for future r<strong>en</strong>tal commitm<strong>en</strong>ts (EUR 6 million).<br />
As guarantor institutions for Gerling Versorgungskasse VVaG, various Group companies are liable<br />
pro rata for any deficits that may be incurred by Gerling Versorgungskasse.<br />
Several Group companies are members of the association for the reinsurance of pharmaceutical<br />
risks, the association for the insurance of German nuclear reactors and the traffic accid<strong>en</strong>t pool<br />
Verkehrsopferhilfe e. V. In the ev<strong>en</strong>t of one of the other pool members failing to meet its liabilities,<br />
an obligation exists to take over such other member’s share within the framework of the quota<br />
participation.<br />
The amounts stated are nominal amounts.<br />
Talanx Group. Annual Report <strong>2011</strong><br />
283