Annual Report 2010 - Hannover Re
Annual Report 2010 - Hannover Re
Annual Report 2010 - Hannover Re
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This item principally consists of the present value of future<br />
cash flows from the business acquired that we recognised in<br />
2009 in the context of the acquisition of the ING life reinsurance<br />
portfolio. This intangible asset is amortised over the term<br />
of the underlying reinsurance contracts in proportion to the<br />
future premium income. The period of amortisation amounts<br />
to altogether 30 years. The PVFP is recognised under other<br />
assets. For further information please refer to our explanatory<br />
notes on intangible assets in Section 3.2 “Summary of major<br />
accounting policies”.<br />
Insurance for pension commitments<br />
Effective 1 July 2003 <strong>Hannover</strong> <strong>Re</strong> took out insurance for pension<br />
commitments. The commitments involve deferred annuities<br />
with regular premium payment under a group insurance<br />
policy. In accordance with IAS 19 “Employee Benefits” they<br />
were carried as a separate asset at fair value as at the balance<br />
sheet date in an amount of EUR 57.1 million (EUR 52.0<br />
million).<br />
Fixtures, fittings and equipment<br />
Fixtures, fittings and equipment in EUR thousand <strong>2010</strong> 2009<br />
Gross book value at 31 December of the previous year 111,425 89,110<br />
Currency translation at 1 January 4,002 1,998<br />
Gross book value after currency translation 115,427 91,108<br />
Additions 10,013 11,275<br />
Disposals 18,238 3,353<br />
<strong>Re</strong>classification 201 –<br />
Changes in consolidated group (34) 12,886<br />
Currency translation at 31 December 76 (491)<br />
Gross book value at 31 December of the year under review 107,445 111,425<br />
Cumulative depreciation at 31 December of the previous year 72,581 62,808<br />
Currency translation at 1 January 2,132 1,486<br />
Cumulative depreciation after currency translation 74,713 64,294<br />
Disposals 13,767 2,431<br />
Depreciation 14,489 10,852<br />
<strong>Re</strong>classification 175 –<br />
Change in consolidated group (19) –<br />
Currency translation at 31 December 46 (134)<br />
Cumulative depreciation at 31 December of the year under review 75,637 72,581<br />
Notes<br />
Net book value at 31 December of the previous year 38,844 26,302<br />
Net book value at 31 December of the year under review 31,808 38,844<br />
<strong>Hannover</strong> <strong>Re</strong> Group annual report <strong>2010</strong><br />
5.6 other assets Notes<br />
149
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