talanx group annual report 2011 en

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Group key figures 2011 2010 2009 Talanx Group overall Gross written premium In EUR million 23,682 22,869 20,923 by regions Germany In % 38 39 42 Central and Eastern Europe (CEE) In % 4 3 2 Rest of Europe In % 26 27 27 North America In % 14 16 16 Latin America In % 7 6 5 Australia/Asia In % 9 7 6 Other countries In % 2 2 2 Net premium earned In EUR million 19,456 18,675 5) 17,323 Underwriting result In EUR million –1,690 –2,036 –1,031 Net investment income In EUR million 3,262 3,224 5) 2,658 Operating profit (EBIT) In EUR million 1,245 1,032 1,497 Net profit/loss for the period (after financing costs and taxes) In EUR million 897 667 5) 893 Group net income (after non-controlling interests) In EUR million 520 216 5) 485 Return on equity 1) In % 10.0 4.5 5) 11.8 Breakdown by segments 2) Industrial Lines Gross written premium In EUR million 3,138 3,076 3,077 Net premium earned In EUR million 1,375 1,413 1,405 Underwriting result In EUR million 155 –57 134 Investment result In EUR million 204 231 240 Operating profit (EBIT) In EUR million 321 185 334 Retail Germany Gross written premium In EUR million 6,710 6,823 6,614 Net premium earned In EUR million 5,461 5,502 5,158 Underwriting result In EUR million –1,258 –1,631 –945 Investment result In EUR million 1,530 1,577 1,207 Operating profit (EBIT) In EUR million 110 –44 209 Retail International Gross written premium In EUR million 2,482 2,233 1,827 Net premium earned In EUR million 1,862 1,738 1,403 Underwriting result In EUR million –43 –136 –99 Investment result In EUR million 159 151 121 Operating profit (EBIT) In EUR million 54 27 –42 Non-Life Reinsurance Gross written premium In EUR million 6,826 6,340 5,753 Net premium earned In EUR million 5,961 5,395 5,237 Underwriting result In EUR million –264 78 136 Investment result In EUR million 880 779 610 Operating profit (EBIT) In EUR million 629 909 760 Life/Health Reinsurance Gross written premium In EUR million 5,270 5,090 4,529 Net premium earned In EUR million 4,789 4,654 4,078 Underwriting result In EUR million –281 –290 –258 Investment result In EUR million 512 508 525 Operating profit (EBIT) In EUR million 225 276 371 Combined ratio in non-life insurance and reinsurance 3) In % 101.0 100.9 96.7 Combined ratio of the property/casualty insurers In % 96.6 104.5 96.6 Combined ratio in non-life reinsurance In % 104.2 98.3 96.7 2011 2010 2009 Policyholders’ surplus In EUR million 11,321 10,771 9,156 Shareholders' equity of Talanx AG In EUR million 5,421 4,945 5) 4,574 Non-controlling interests In EUR million 3,285 3,035 2,579 Hybrid capital In EUR million 2,615 2,791 2,003 Investments under own management In EUR million 75,750 72,461 67,036 Total investments In EUR million 87,467 83,422 76,385 Return on investment 4) In % 4.0 4.2 3.7 Total assets In EUR million 115,268 111,100 5) 101,213 Staff Capacities 17,061 16,874 16,921 1) Net profit/loss for the year without non-controlling interests relative to average equity without non-controlling interests 2) Before elimination of intra-Group cross-segment transactions 3) Combined ratio adjusted for interest income on funds withheld and contract deposits, before elimination of intra-Group cross-segment transactions 4) Investment result without interest income on funds withheld and contract deposits relative to average investments under own management 5) Adjusted on the basis of IAS 8
OuR VISION Talanx is the leading global B2B insurance group. OuR MISSION Optimised cooperation between our divisions enables us to take advantage of promising opportunities wherever they arise on the global insurance markets – to the benefit of all our stakeholders. Group key figures Segments and brands at a glance Talanx Group 2 Our brands 4 Letter from the Chairman 6 Boards and Officers 10 Report of the Supervisory Board 14 The Talanx story 26 Highlights in 2011 Group management report 29 Detailed index Consolidated financial statements 123 Detailed index 124 Consolidated financial statements 131 Notes 292 Independent auditor’s report Other information 293 Addresses 297 Glossary Index of key terms Talanx worldwide Contacts
Page 1 and 2: Group Annual Report 2011 Straightfo
Page 3: .� ,� �.� �,� Non-Life
Page 7 and 8: Our brands HDI-Gerling focuses part
Page 9 and 10: By contrast with the technical acco
Page 11 and 12: Dr. Heinz-Peter Roß Torsten Leue D
Page 13 and 14: Supervisory Board Committees Compos
Page 15 and 16: A further focus of our deliberation
Page 17 and 18: The annual financial statements are
Page 19 and 20: You can stand and work better on a
Page 21 and 22: Re-launch with a modern and efficie
Page 23 and 24: Forward together with a goal-orient
Page 25 and 26: under its own power and through acq
Page 27 and 28: Our targets: ambitious, but achieva
Page 29 and 30: Our premium volume has risen steadi
Page 31 and 32: Our target: to be fit for the futur
Page 33 and 34: Group management report. Detailed i
Page 35 and 36: Overall assessment of the economic
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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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Our Locations Argentina L’UNION d
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Italy Hannover Re Services Italy S.
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Glossary. A-C Accumulation risk Und
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L-P Lapse rate for life insurance p
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Index of key terms Acquisitions Cen
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ie Ireland. Hannover Life Re (Irela
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talanx group annual report 2011 en

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