Annual Report 2003 - Hannover Re

Notes
accounting principles
The application of the Standard did not have any significant impact on the consolidated financial
statement in the 2003 financial year.
All Statements of Financial Accounting Standards (SFAS) issued by the FASB on or before 31 December
2003 with binding effect for the 2003 financial year have been observed in the consolidated
financial statement.
The declaration of conformity required pursuant to § 161 German Stock Corporation Act (AktG)
regarding compliance with the German Corporate Governance Code has been submitted and made
available to the stockholders.
In the consolidated financial statement and the individual companies' financial statements it is
to some extent necessary to make estimates and assumptions which affect the assets and liabilities
shown in the balance sheet and the disclosure of income and expenses during the reporting period.
The actual amounts may diverge from the estimated amounts..
2. Accounting principles including reporting and valuation
methods
The annual financial statements included in the consolidated financial statement were for the
most part drawn up as at 31 December. There is no requirement to compile interim accounts pursuant
to ARB 51 Para. 4 for Group companies with diverging reporting dates because their closing dates are
no earlier than three months prior to the closing date for the consolidated financial statement.
The annual financial statements of all companies were initially drawn up in compliance with the
provisions of the respective national laws and then transformed to US GAAP in accordance with standard
Group accounting and valuation rules.
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