talanx group annual report 2011 en

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296 Talanx Group. Annual Report 2011 Spain HDI HANNOVER International España Cía de Seguros y Reaseguros S. A. c/Luchana, 23–5° 28010 Madrid Telephone +34 91 444-2000 Fax +34 91 444-2019 HDI HANNOVER International España Cía de Seguros y Reaseguros S. A. c/Rosellón, 216–9° 08008 Barcelona Telephone +34 93 272 10-00 Fax +34 93 238 76-70 HR Hannover Re, Correduría de Reaseguros, S. A. Paseo del General Martínez Campos 46 28010 Madrid Telephone +34 91 319-0049 Fax +34 91 319-9378 Sweden Hannover Rückversicherung AG, Tyskland filial Hantverkargatan 25 P. O. Box 22085 10422 Stockholm Telephone +46 8 617 5400 Fax +46 8 617 5597 (life) Fax +46 8 617 5593 (non-life) International Insurance Company of Hannover Ltd., England filial Hantverkargatan 25 P. O. Box 22085 10422 Stockholm Telephone +46 8 617 5400 Fax +46 8 617 5592 Switzerland HDI-Gerling Industrie Versicherung AG Switzerland Branch Dufourstrasse 46 8008 Zurich Telephone +41 44 265-4747 Fax +41 44 265-4748 Taiwan Hannover Rückversicherung AG Taipei Representative Office Rm. 902, 9F, No. 129, Sec. 3 Misheng E. Road Taipei Telephone +886 2 8770-7792 Fax +886 2 8770-7735 Turkey CiV Hayat Sigorta A. Ş. Saray Mah. Ö. Faik Atakan Caddesi Yılmaz Plaza No: 3 34768 Ümraniye, Istanbul Telephone +90 216 633-1700 Fax +90 216 633-1709 HDI Sigorta A. Ş. Büyükdere Caddesi Tatlısu Mahallesi Arif Ay Sokak HDI Sigorta Binası N0: 6 34774 Ümraniye/Istanbul Telephone +90 212 368-6000 Fax +90 212 368-6010 Ukraine HDI Strakhuvannya 102, Chervonoarmiyska Str. 03150 Kiev Telephone +38 44 247 4477 Fax +38 44 529 0894 United Kingdom ■ Hannover Life Reassurance (UK) Limited ■ Hannover Services (UK) Limited Hannover House Virginia Water Surrey GU25 4AA Telephone +44 1344 845-282 Fax +44 1344 845-383 HDI-Gerling Industrie Versicherung AG United Kingdom Branch 1 Great Tower Street London EC3R 5AA Telephone +44 20 7696-8099 Fax +44 20 7696-8444 International Insurance Company of Hannover Limited 1 Arlington Square Bracknell RG12 1WA Telephone +44 1344 397600 Fax +44 1344 397601 Büro London: 10 Fenchurch Street London EC3M 3BE Telephone +44 20 7015-4000 Fax +44 20 7017-4001 Uruguay HDI Seguros S. A. Misiones 1549 CP 11000 Montevideo Telephone +598 2916 0850 Fax +598 2916 0847 USA Hannover Life Reassurance Company of America 800 N. Magnolia Avenue Suite 1400 Orlando, FL 32803-3268 Telephone +1 407 649-8411 Fax +1 407 649-8322 Charlotte Office 13840 Ballantyne Corporate Place, Suite 400 Charlotte, North Carolina 28277 Telephone +1 704 731-6300 Fax +1 704 542-2757 Denver Office 1290 Broadway, Suite 1600 Denver, Colorado 80203 Telephone +1 303 860-6011 Fax +1 303 860-6032 New York Office 112 Main Street East Rockaway, New York 11518 Telephone +1 516 593-9733 Fax +1 516 596-0303 Hannover Re Services USA, Inc. 500 Park Blvd., Suite 1360 Itasca, IL 60143 Telephone +1 630 250-5517 Fax +1 630 250-5527 HDI-Gerling America Insurance Company 150 North Clark Street, 48 th Floor Chicago, IL 60601 Telephone +1 312 580-1900 Fax +1 312 580-0700 Vietnam PVI Insurance 154 Nguyen Thai Hoc Str. Hanoi Telephone +84 43 733 5588 Fax +84 43 733 6284
Glossary. A–C Accumulation risk Underwriting risk that a single trigger event (e.g. an earthquake or hurricane) can lead to an accumulation of claims within a > portfolio. Acquisition costs Costs incurred by an insurance company when insurance policies are taken out or renewed (e.g. new business commission, costs of proposal assessment or underwriting). Acquisition costs (life) as a percentage of premium income from new business (Net) cost of acquiring new business in proportion to the premium income obtained from that business. Acquisition cost ratio gross: cost (gross) of acquiring new business in proportion to the premiums earned, including savings elements under unit-linked life/ annuity insurance. a) net: cost (net) of acquiring new business in proportion to the premiums earned, not including savings elements under unitlinked life/annuity insurance. Administrative expenses Costs of current administration connected with the production of insurance coverage. Administrative expense ratio a) gross: cost (gross) of running in-force business in proportion to the premiums earned, including savings elements under unit-linked life/annuity insurance. b) net: cost (net) of running in-force busi ness in proportion to the premiums earned, not including savings elements under unitlinked life/annuity insurance. Annual Premium Equivalent – APE Industry standard for measuring new business income in life insurance. Asset management Supervision and management of investments according to risk and return considerations. Associated company Company included in the consolidated financial statement not through full or proportionate consolidation but normally using the > equity method and over whose business or company policy a company included in the consolidated financial statement exerts a significant influence. Bancassurance Partnership between a bank/postal service partner and an insurance company for the purpose of selling insurance products through the banking/postal service partner’s branches. The linkage between insurer and bank often takes the form of a capital participation or a longterm strategic cooperation between the two partners. Benefit reserve Value arrived at using mathematical methods for future liabilities (present value of future liabilities minus present value of future incoming premiums), especially in life and health insurance. Cash flow statement Statement on the origin and utilisation of cash and cash equivalents during the accounting period. It shows the changes in liquid funds separated into cash flows from operating, investing and financing activities. Catastrophe bond (also: cat bond) Instrument used to transfer catastrophe risks of a (re)insurer to the capital market. Cedant (also: ceding company) Primary insurer or reinsurer that passes on (cedes) shares of its insured risks to a reinsurer in exchange for a premium. Claims equalisation reserve > equalisation reserve Talanx Group. Annual Report 2011 Coinsurance funds withheld treaty Type of coinsurance contract where the ceding company retains a portion of the original premium at least equal to the ceded reserves. Combined ratio Sum of the > loss ratio and > expense ratio (net) after allowance for interest income on funds withheld and contract deposits, as a proportion of net premiums earned. In the calculation of the adjusted combined ratio, the interest income on funds withheld and contract deposits is offset against the losses and loss adjustment expenses. This ratio is used by both property/casualty insurers and non-life reinsurers. Commission Remuneration paid by a primary insurer to agents, brokers and other professional intermediaries. Compliance Statutory regulations and undertakingspecific rules governing the responsible and lawful actions of an undertaking and its employees. Consolidation In accounting practice: combining of the individual financial statements of several companies belonging to one group into a consolidated financial statement. In so doing, internal transactions within the group are eliminated. Corporate Governance System that serves to ensure responsible management and supervision of enterprises and is intended to foster the trust of investors, clients, employees and the general public in companies. Credit status Also creditworthiness. Ability of a debtor to meet its payment commit ments. 297
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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 249 and 250: Nature of risks Notes on the balanc
Page 297 and 298: Our Locations Argentina L’UNION d
Page 299: Italy Hannover Re Services Italy S.
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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