Annual Report 2003 - Hannover Re

NOTES
Contents
1. General accounting principles 84
2. Accounting principles including reporting and valuation methods 86
3. Consolidated companies and consolidation principles 87
4. Major acquisitions/new establishments 91
5. Notes on the individual items of the balance sheet
and statement of income 92
5.1 Investments including income and expenses 92
5.2 Underwriting assets and liabilities 101
5.3 Contracts with no technical risk 103
5.4 Goodwill; present value of future profits on acquired
life reinsurance portfolios 103
5.5 Taxes and deferred taxes 104
5.6 Staff and expenditures on personnel 106
5.7 Provisions for pensions and similar liabilities 106
5.8 Surplus debenture and loans 109
5.9 Stockholders' equity and minority interests 110
5.10 Other comprehensive income 111
5.11 Treasury stock 111
5.12 Earnings per share 112
5.13 Other assets and liabilities 112
5.14 Technical statement of income 113
5.15 Other income/expenses 114
6. Related party disclosures 114
6.1 Transactions with related parties 114
6.2 Compensation and stockholding of the management boards
of the parent company and further information with respect
to the German Corporate Governance Code 116
6.3 Stock options 117
6.4 Mortgages and loans 119
7. Other notes 119
7.1 Lawsuits 119
7.2 Contingent liabilities 119
7.3 Long-term commitments 120
7.4 Derivative financial instruments 120
7.5 Events subsequent to conclusion of the financial year 121
7.6 Rents and leasing 122
7.7 Currency conversion 123
83