Annual Report 2003 - Hannover Re

Notes
notes on assets
Other notes on investments
Assets with a balance sheet value of EUR 2,397,955 (2002: 1,896,816) thousand were blocked
as security for ceding companies. Security deposits were sometimes made available to banks for security
loan transactions in favour of third parties.
Current values pursuant to § 54 RechVersV
The current values of land and buildings for 2003 were largely determined using a combined asset
value and gross rental method. In individual cases book values were used.
Income values were determined for shares in affiliated companies and participating interests, and
in the case of life insurance companies embedded values were calculated.
Shares, units in unit trusts, bearer debt securities and other securities were valued at market value.
In the case of special investments for which no stock exchange price was available, valuation was made
at cost of acquisition or net asset value (NAV).
The current values of the sundry loans were determined on the basis of yield curves, taking into account
the creditworthiness of the specific debtor and the currency of the loan.
Other investments were reported at nominal values and in individual cases at book value.
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