Annual Report 2003 - Hannover Re

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Notes notes on the individual items 5. Notes on the individual items of the balance sheet and statement of income 5.1 Investments including income and expenses Investments were valued in accordance with SFAS 115 "Accounting for Certain Investments in Debt and Equity Securities". The allocation and valuation of investments are guided by the investment intent. Fixed-income securities classified as held to maturity are valued at purchase costs plus/minus amortised costs. The amortised costs derive from the difference between the nominal value and purchase cost and they are spread over the time to maturity of the fixed-income securities. Fixed-income securities classified as available for sale are valued at fair value. The difference between the fair value and amortised cost is booked to other comprehensive income. Trading securities are valued at fair value. The difference between the fair value and amortised cost is recognised within the statement of income. Securities whose fair value falls permanently below purchase cost are written down to current value and recognised within the statement of income. The other investments primarily consist of shares in private-equity limited partnerships. 92
Notes notes on the individual items Contractual maturities of the fixed-income securities in the held-to-maturity portfolio and availablefor-sale portfolio as at the balance sheet dates of 31 December <strong>2003</strong> and 2002 Figures in EUR thousand <strong>2003</strong> 2002 Cost or amortised cost Estimated fair value Cost or amortised cost Estimated fair value Held-to-maturity Due in one year 67 169 68 408 30 608 31 382 Due after one through five years 114 953 123 384 173 937 187 824 Due after five through ten years 295 000 298 825 130 000 138 330 Due after ten years 21 573 22 831 21 788 24 057 Total 498 695 513 448 356 333 381 593 Available-for-sale Due in one year 1 375 756 1 382 997 1 512 288 1 522 222 Due after one through five years 6 212 600 6 280 794 4 383 705 4 518 495 Due after five through ten years 2 150 603 2 196 050 2 092 802 2 176 097 Due after ten years 1 235 717 1 259 726 1 164 692 1 197 284 Total 10 974 676 11 119 567 9 153 487 9 414 098 The actual maturities may in individual cases diverge from the contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty. 93
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Annual Report 2003 Highest operatin
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CONTENTS 1 Address of the Chairman
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It is my pleasant duty to report th
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All in all, then, we are in every r
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BOARDS AND OFFICERS of Hannover Re
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Boards and officers Executive Board
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The Hannover Re share The Hannover
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The Hannover Re share Last but not
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The Hannover Re share Share informa
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Strategy and self-image Strategic p
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E+S Reinsurance (Ireland) Ltd. Dubl
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Management report economic climate
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Management report business developm
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Who could have predicted such a dev
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Management report property and casu
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Management report life and health r
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Life and good health are the most v
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Page 45 and 46: Management report life and health r
Page 47 and 48: Management report financial reinsur
Page 49 and 50: People and businesses want to be su
Page 51 and 52: Management report program business
Page 53 and 54: Unusual risks offer unusual rewards
Page 55 and 56: Management report investments Inves
Page 57 and 58: Management report investments the p
Page 59 and 60: Management report risk report Globa
Page 61 and 62: Management report risk report revie
Page 63 and 64: Management report risk report Combi
Page 65 and 66: Management report risk report Ratin
Page 67 and 68: Management report human resources B
Page 69 and 70: Management report outlook Manager S
Page 71 and 72: Management report outlook their cov
Page 73: Management report proposal for the
Page 76 and 77: CONSOLIDATED BALANCE SHEET as at 31
Page 78 and 79: CONSOLIDATED STATEMENT OF INCOME fo
Page 80 and 81: CASH FLOW STATEMENT for the 2003 fi
Page 82 and 83: SEGMENTAL REPORT as at 31 December
Page 84 and 85: SEGMENTAL REPORT as at 31 December
Page 87 and 88: NOTES Contents 1. General accountin
Page 89 and 90: Notes general accounting principles
Page 91 and 92: Notes consolidated companies 3. Con
Page 93 and 94: Notes consolidated companies Name a
Page 95: Notes major acquisitions Capital co
Page 99 and 100: Notes notes on the individual items
Page 119 and 120: Notes related party disclosures As
Page 121 and 122: Notes related party disclosures Mem
Page 123 and 124: Notes other notes 6.4 Mortgages and
Page 125 and 126: Notes other notes The fair values o
Page 127 and 128: Notes other notes 7.7 Currency conv
Page 129 and 130: REPORT OF THE SUPERVISORY BOARD of
Page 131 and 132: CORPORATE GOVERNANCE report Good an
Page 133 and 134: Corporate Governance report Separat
Page 135 and 136: Branch offices and subsidiaries Vir
Page 137 and 138: GLOSSARY Accumulation loss: sum of
Page 139 and 140: Glossary Fair value: price at which
Page 141 and 142: Glossary Portfolio: a) all risks as
Page 143 and 144: Glossary Surplus reinsurance: form
Page 145 and 146: Index of key terms Hannover Re shar
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YOUR OPINION matters to us Dear Rea
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STRATEGIC BUSINESS GROUPS of the Ha
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Hannover Rückversicherung AG Karl-
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