Annual Report 2010 - Hannover Re

5.5 Goodwill
In accordance with IFRS 3 “Business Combinations” scheduled
amortisation is not taken on goodwill. Goodwill was subject
to an impairment test.
Development of goodwill in EUR thousand 2010 2009
Net book value at 31 December of the previous year 44,393 42,833
Currency translation at 1 January 1,663 1,560
Net book value at 1 January of the year under review 46,056 44,393
Corporate changes (283) –
Net book value at 31 December of the year under review 45,773 44,393
This item principally included the goodwill from the acquisition
of E+S Rückversicherung AG as well as from acquisition
transactions within the subgroup of Hannover Reinsurance
Group Africa (Pty.) Ltd. For further information on the method
used to test impairment the reader is referred to our explanatory
remarks in Section 3.2 “Summary of major accounting
policies”.
5.6 Other assets
Other assets in EUR thousand 2010 2009
Present value of future profits on acquired life reinsurance portfolios 98,368 102,408
Other intangible assets 39,799 56,871
Insurance for pension commitments 57,064 52,007
Own-use real estate 45,699 44,547
Tax refund claims 35,104 42,791
Fixtures, fittings and equipment 31,808 38,844
Other receivables 8,396 1,556
Receivables from affiliated companies 2 545
Other 20,203 32,443
Total 336,443 372,012
Present value of future profits (PVFP) on acquired life reinsurance portfolios
Development of the present value of future profits (PVFP) on
acquired life reinsurance portfolios
in EUR thousand
2010 2009
Net book value at 31 December of the previous year 102,408 1,823
Currency translation at 1 January 264 113
Net book value at 1 January of the year under review 102,672 1,936
Additions – 104,252
Amortisation 4,304 3,786
Currency translation at 31 December – 6
Net book value at 31 December of the year under review 98,368 102,408
148 NOTES 5.6 other assets
Hannover Re Group annual report 2010