Annual Report 2010 - Hannover Re

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The carrying amounts of the fixed-income securities and equity securities classified as available for sale as well as the short-term investments allocated to this category correspond to their fair values, in the case of interest-bearing assets including accrued interest. Fair value of financial assets at fair value through profit or loss before and after accrued interest as well as accrued interest on such financial assets Figures in EUR thousand 2010 2009 2010 2009 2010 2009 Fair value before accrued interest Accrued interest Fair value Financial assets at fair value through profit or loss Fixed-income securities Other foreign government debt securities 9,995 – 80 – 10,075 – Debt securities of semi-governmental entities 97,770 7,066 542 162 98,312 7,228 Corporate securities 108,598 121,589 612 5,208 109,210 126,797 Covered bonds/ asset-backed securities – 100,775 – 349 – 101,124 216,363 229,430 1,234 5,719 217,597 235,149 Other financial assets Derivatives 54,756 58,273 – – 54,756 58,273 54,756 58,273 – – 54,756 58,273 Total 271,119 287,703 1,234 5,719 272,353 293,422 The carrying amounts of the financial assets at fair value through profit or loss correspond to their fair values including accrued interest. Hannover Re recognised in this category as at the balance sheet date derivative financial instruments in an amount of EUR 54.8 million (EUR 58.3 million) that are originally allocable to this item as well as fixed-income securities amounting to EUR 217.6 million (EUR 235.1 million) designated in this category. We additionally use an internal rating method to back up this analysis. Our internal rating system is based on the corresponding credit ratings of securities assigned by the agencies Standard & Poor’s and Moody’s and in each case reflects the lowest of the available ratings. For further information please see the explanatory remarks in Section 7.1 “Derivative financial instruments”. Analysis of the fair value changes in the portfolio of fixedincome securities at fair value through profit or loss indicated that an amount of EUR 0.6 million (–EUR 5.1 million) was due to changes in the ratings of callable bonds. 138 NOTES 5.1 investments under own management Hannover Re Group annual report 2010
Carrying amounts before impairment Figures in EUR thousand Carrying amount before impairment 2010 2009 Impairment Carrying amount before impairment Impairment Fixed-income securities – held to maturity 3,028,149 131 2,954,695 1,206 Fixed-income securities – loans and receivables 2,315,964 1,535 2,705,515 3,684 Fixed-income securities – available for sale 15,883,874 6,240 13,845,487 40,439 Short-term investments 1,570,502 – 1,352,525 50 Equity securities – available for sale 537,324 569 22,522 3,165 Participating interests and other invested assets, real estate funds 940,538 7,976 725,760 92,709 Total 24,276,351 16,451 21,606,504 141,253 For further explanatory remarks on the impairment criteria please see Section 3.2 “Summary of major accounting policies”. Valuation of the available-for-sale portfolio affecting shareholders‘ equity in EUR thousand Changes in the other comprehensive income from fair value measurement and transactions 2010 2009 Other comprehensive income from investments Allocation to gains/losses from the fair-value measurement of the available-for-sale portfolio 208,751 221,550 Transfer of gains/losses from the fair-value measurement of the available-for-sale portfolio to the result for the period (55,857) (86,910) Total 152,894 134,640 Notes Hannover Re Group annual report 2010 5.1 investments under own management Notes 139
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Annual Report 2010
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The Hannover Re Group America Europ
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Contents For our investors 2 - 15 L
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Our operational business was impact
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Our life and health reinsurance bus
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years will generate increasing inco
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For our investors Seated from left
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The market capitalisation of the Ha
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Basic information Securities identi
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Strategic objectives 1. Profitable
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Macroeconomic climate The global ec
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Business development We are thoroug
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Non-life reinsurance Accounting for
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Along with the aforementioned natur
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The establishment of the Federal In
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The Die beste volatility Volatilit
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Credit and surety Breakdown of gros
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Thanks not least to a new branch of
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The insurance sector continues to b
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have enlarged our portfolio. In the
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anch in Shanghai concentrates on bu
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Ageing macht creates Märkte market
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Key figures for life and health rei
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new business. Against this backdrop
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The rating agency Standard & Poor
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Rating of fixed-income securities
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In 2009 Hannover Re launched anothe
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Solvency For our company II heißt
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Social commitment Hannover Re’s c
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Opportunity and risk report Overrid
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Available capital and required risk
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Internal risk management and contro
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The table below lists the catastrop
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Sensitivity analysis of the Market
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events. Further significant risk ma
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Gross written premium retained in %
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Strategic risks derive from the ris
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Performance Excellence Check The PE
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Financial position Asset / liabilit
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Financing and Group debt In additio
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Financial strength ratings of subsi
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Naturkatastrophen Natural catastrop
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Corporate Governance The principles
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for orderly performance of their ta
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in question. With the aim of making
Page 91 and 92: The Annual General Meeting of Hanno
Page 93 and 94: Measurement bases/conditions of pay
Page 95 and 96: Individual remuneration received by
Page 97 and 98: motivation, customer satisfaction,
Page 99 and 100: eversal. Nevertheless, we anticipat
Page 101 and 102: of demand and the diversification o
Page 103 and 104: Profit and growth targets for 2011
Page 105 and 106: as at 31 December 2010 Liabilities
Page 107 and 108: Consolidated statement of comprehen
Page 109 and 110: Consolidated cash flow statement 20
Page 111 and 112: Figures in EUR thousand 1.1.- 31. 1
Page 113 and 114: as at 31 December 2010 Life/health
Page 115 and 116: as at 31 December 2010 Life/health
Page 117 and 118: 1. Company information The parent c
Page 119 and 120: Standards Applicable to financial y
Page 121 and 122: Impairments: as at each balance she
Page 123 and 124: asis of a five-year detailed plan a
Page 125 and 126: come. Currency translation differen
Page 127 and 128: The projections, which cover variou
Page 129 and 130: The following list of shareholdings
Page 131 and 132: Name and registered office of the c
Page 133 and 134: Name and registered office of the c
Page 135 and 136: Investments Within the scope of its
Page 137 and 138: 5. Notes on the individual items of
Page 139 and 140: The stated maturities may in indivi
Page 141: Amortised cost, unrealised gains an
Page 145 and 146: Breakdown of investments by currenc
Page 147 and 148: In addition, we held indirect real
Page 149 and 150: Development of level 3 financial in
Page 151 and 152: Development of deferred acquisition
Page 153 and 154: This item principally consists of t
Page 155 and 156: Technical provisions in EUR thousan
Page 157 and 158: Net loss reserve and its run-off in
Page 159 and 160: Liabilities in liability and motor
Page 161 and 162: From 1997 onwards it has been possi
Page 163 and 164: The recognised provision for pensio
Page 165 and 166: in EUR thousand Other reclassificat
Page 167 and 168: Debt and subordinated capital in EU
Page 169 and 170: Furthermore, a long-term unsecured
Page 171 and 172: 6.2 Investment income Investment in
Page 173 and 174: 6.3 Reinsurance result Reinsurance
Page 175 and 176: Tax-relevant bookings on the Group
Page 177 and 178: The following table presents a reco
Page 179 and 180: Maturity structure of derivative fi
Page 181 and 182: Business assumed and ceded in Germa
Page 183 and 184: last twenty trading days prior to t
Page 185 and 186: On this basis the aggregate provisi
Page 187 and 188: 7.7 Contingent liabilities and comm
Page 189 and 190: 7.11 Events after the balance sheet
Page 191 and 192: Responsibility statement To the bes
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ated by a reinsurance subsidiary do
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- in each case drawn up as at 31 De
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Branch offices and subsidiaries of
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Spain United Kingdom USA HR Hannove
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Corporate Governance: serves to ens
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Life and health (re-)insurance: col
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Segmental reporting: presentation o
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Financial calendar 2011/2012 9 Marc
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Contact information Corporate Commu
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Annual Report 2010 - Hannover Re

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