Annual Report 2010 - Hannover Re

1. Company information
The parent company Hannover Rückversicherung AG (“Hannover
Re”) and its subsidiaries (collectively referred to as the
“Hannover Re Group”) transact all lines of non-life and life/
health reinsurance. The Group maintains business relations
with more than 5,000 insurance companies in about 150 countries.
With gross premium of approximately EUR 11.4 billion,
Hannover Re is one of the largest reinsurance groups in the
world. The company‘s network consists of more than 100 subsidiaries,
affiliates, branches and representative offices worldwide
with a total workforce of roughly 2,200. The Group‘s
German business is conducted exclusively by the subsidiary
E+S Rückversicherung AG. The parent company is a jointstock
corporation, the registered office of which is located at
Karl-Wiechert-Allee 50, 30625 Hannover, Germany.
Hannover Rückversicherung AG is a subsidiary of Talanx AG,
which in turn is wholly owned by HDI Haftpflichtverband der
Deutschen Industrie V.a.G. (HDI).
2. Accounting principles
Hannover Re and its subsidiaries are obliged to prepare a consolidated
financial statement and group management report
in accordance with § 290 German Commercial Code (HGB).
Pursuant to EU Regulation (EC) No. 1606/2002, the present
consolidated financial statement and group management report
of Hannover Re have been drawn up in accordance with
the International Financial Reporting Standards (IFRS) that
are to be applied within the European Union. In addition, we
have made allowance for the regulations that are also applicable
pursuant to § 315a Para. 1 German Commercial Code
(HGB) and the supplementary provisions of the parent company‘s
Articles of Association as amended on 9 August 2010.
The consolidated financial statement reflects all IFRS in force
as at 31 December 2010 as well as all interpretations issued by
the International Financial Reporting Interpretations Committee
(IFRIC), application of which was mandatory for the 2010
financial year. The disclosures regarding the management of
technical and financial risks arising out of IFRS 7 “Financial
Instruments: Disclosures” and IFRS 4 “Insurance Contracts”
are contained in the risk report. We have dispensed with an
additional presentation of the same content in the notes.
Since 2002 the standards adopted by the International Accounting
Standards Board (IASB) have been referred to as
“International Financial Reporting Standards (IFRS)”; the
standards dating from earlier years still bear the name “International
Accounting Standards (IAS)”. Standards are cited in
our notes accordingly; in cases where the notes do not make
explicit reference to a particular standard, the term IFRS is
used.
In addition, the German Accounting Standards (DRS) adopted
by the German Accounting Standards Committee (DRSC) have
been observed insofar as they do not conflict with currently
applicable IFRS.
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, as described in the Declaration of the Executive Board
regarding the Corporate Governance of the Company, made
permanently available to the shareholders on the Hannover
Re website.
The annual financial statements included in the consolidated
financial statement were for the most part drawn up as at 31
December. Pursuant to IAS 27 “Consolidated and Separate
Financial Statements” there is no requirement to compile interim
accounts 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. Allowance has been made for the effects of significant
transactions between the diverging reporting dates
and the closing date for the consolidated financial statement.
The annual financial statements of all companies were drawn
up in accordance with standard Group accounting and measurement
rules pursuant to IFRS.
Notes
Hannover Re Group annual report 2010
2. accounting principles Notes
113