R+V Versicherung AG Annual Report

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40 2002 2001 € € € € 8. Extraordinary income – – 9. Extraordinary expenses – – 10. Extraordinary result – – 11. Taxes on income 1,117,938 7,744,496 thereof reallocation within fiscal entity: –€ (–€18,490,058) 12. Other taxes 47,721 42,935 thereof reallocation within fiscal entity: –€520,939 (–€129,232) 1,165,659 7,787,431 13. Income from losses assumed – – 14. Profit transferred as a result of profit pooling and profit transfer agreements – – 15. Net income for the year 701,381,889 36,627,977 16. Retained profits brought forward from the previous year 24,476 – 17. Withdrawals from capital reserves – – 18. Withdrawals from revenue reserves a. from legal reserve – – b. from reserve for own shares 1,583,458 – c. from statutory reserves – – d. from other reserves – 1,583,458 1,583,458 1,583,458 19. Transfers from participation certificates – – 20. Appropriations to other revenue reserves a. to legal reserve – – b. to reserve for own shares – 1,583,458 c. to statutory reserves – – d. to other revenue reserves 33,000,000 – 33,000,000 1,583,458 21. Transfers to participation certificates – – 22. Net retained profits 669,989,823 36,627,976
Notes Accounting policies Basis of preparation The annual financial statements of R+V Versicherung AG for 2002 were prepared in accordance with the provisions of the Handelsgesetzbuch (HGB – German Commercial Code), the Aktiengesetz (AktG – German Public Companies Act) and the provisions of the Versicherungsaufsichtsgesetz (VAG – German Act on Private Insurance Undertakings) as well as the Verordnung über Rechnungslegung von Versicherungsunternehmen (RechVersV – German Federal Regulations on Insurance Accounting) of November 8, 1994. Use of simplification procedure The annual financial statements for 2002 also cover all business assumed by R+V Group companies in 2002, domestic and foreign third-party life insurance business and the business of our branch office in Singapore. As other non-life business underwritten on the international reinsurance market is often settled with the transferring parties long after the balance sheet date, the provision laid down in section 27 (1) in conjunction with section 3 of the RechVersV on approximation and simplification procedures has been applied. In line with this, business with a gross premium volume of €387.7 million or a 40.5% share of total premiums written was included one year in arrears. Technical provisions were increased sufficiently to meet current and future obligations. Intangible assets were valued at cost and written down over their estimated useful life. Additions in the fiscal year were generally written down pro rata. Land, land rights and buildings including buildings on third-party land were recorded at acquisition or manufacturing cost less write-downs. Straight-line depreciation was performed using the rate allowed by tax law. 41 Shares in affiliated companies and associates and other investments were recorded at cost. Investments held in foreign currencies were translated using the exchange rate applicable at the time of acquisition. Investments in associates were valued according to the length of time they have been held by the Company, as were other variable-yield securities, bearer bonds and other fixed-income securities, other loans and deposits with banks. Shares, investment certificates and other variable-yield securities, bearer bonds and other fixed-income securities were reported in line with the strict principle of the lower of cost or market. Write-ups were made in accordance with section 280 (1) HGB. These items also include derivative financial instruments; these were combined with existing securities in the portfolio to form microhedges for hedge accounting purposes. The equities component for the mixed funds assigned to the fixed assets in line with section 341b HGB was valued at the average rate for the year plus 10%. The fixed-income component was carried at the principal amount; derivative hedges were included at their hedge rate. The acquisition costs in euros of securities held in foreign currencies were calculated using the price of the security and the exchange rate as of the time of acquisition; the market value in euros was calculated on the basis of the price of the security and the exchange rate as of the balance sheet date. Other loans and deposits with banks were reported at their repayment value, insofar as specific valuation allowances did not have to be performed. Deposits with banks in foreign currencies were translated using the exchange rate as of the balance sheet date.
Page 1 and 2: 2002 R+V Versicherung AG Annual Rep
Page 3 and 4: Content Management Report 4 Proposa
Page 5 and 6: However, the significant increase i
Page 7 and 8: Developments on the international r
Page 9 and 10: However, the events of September 11
Page 11 and 12: As a result of the relatively poor
Page 13 and 14: Business development and position o
Page 15 and 16: Liability business developed negati
Page 17 and 18: Including interest on deposits and
Page 19 and 20: In terms of sums insured, the portf
Page 21 and 22: Overall, gross premium income decli
Page 23 and 24: Major claim events such as ”Petro
Page 25 and 26: Shareholder structure As of the bal
Page 27 and 28: Investment risks: In order to creat
Page 29: Significant events and outlook The
Page 32 and 33: Proposal on the Appropriation of Pr
Page 34 and 35: Balance Sheet as of December 31, 20
Page 36 and 37: Equity and liabilities 36 2002 2001
Page 38 and 39: Income Statement for the period fro
Page 42 and 43: Premiums and discounts were amortiz
Page 44 and 45: List of Shareholdings Shares in aff
Page 46 and 47: Notes to the Balance Sheet Statemen
Page 48 and 49: Assets C. Investments Present value
Page 50 and 51: Notes to the Income Statement I. 1
Page 52 and 53: Dr. Jürgen Förterer Chairman Wolf
Page 54 and 55: Auditors’ Report We have audited

R+V Versicherung AG Annual Report

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