Annual Report 2003 - Hannover Re

Notes
notes on the individual items
Other liabilities
Figures in EUR thousand
2003 2002
Provisions for pensions and similar obligations 54 442 45 613
Liabilities from derivatives 48 196 96 132
Interest 32 144 25 270
Deferred income 16 458 17 662
Costs of the annual financial statements 3 803 4 844
Liabilities to trustees 19 826 24 004
Loans 88 230 115 248
Interest on additional tax payments – 7 023
Liabilities due to banks 4 502 5 775
Other 97 494 139 938
Total 365 095 481 509
5.14 Technical statement of income
In accordance with SFAS 60 insurance contracts are to be classified as "short-duration contracts" or
"long-duration contracts". The determinative criteria in this regard are, inter alia, the termination opportunities
available to the insurer, the period of risk protection and the scope of the services provided by
the insurer in connection with the contract. Premiums from short-duration contracts are brought to account
over the period of the underlying contract, and where appropriate unearned premiums are deferred
to subsequent years. By contrast, premiums deriving from long-duration contracts are brought to
account at the date payable.
Most of the contracts underwritten by our company are classified as short-duration contracts.
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