Annual Report 2010 - Hannover Re

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With regard to the measurement of fixtures, fittings and equipment, the reader is referred to our explanatory notes on the other assets in Section 3.2 “Summary of major accounting policies”. Other intangible assets Development of other intangible assets in EUR thousand 2010 2009 Gross book value at 31 December of the previous year 171,899 165,959 Currency translation at 1 January 1,373 24 Gross book value after currency translation 173,272 165,983 Change in consolidated group (6) – Additions 4,157 7,598 Disposals 9,815 347 Currency translation at 31 December (15) (1,335) Gross book value at 31 December of the year under review 167,593 171,899 Cumulative depreciation at 31 December of the previous year 115,028 104,649 Currency translation at 1 January 247 176 Cumulative depreciation after currency translation 115,275 104,825 Change in consolidated group (6) – Disposals 84 194 Write-ups 12 80 Depreciation 12,602 10,474 Currency translation at 31 December 19 3 Cumulative depreciation at 31 December of the year under review 127,794 115,028 Net book value at 31 December of the previous year 56,871 61,310 Net book value at 31 December of the year under review 39,799 56,871 The item includes EUR 6.6 million (EUR 7.2 million) for selfprovided software and EUR 31.6 million (EUR 36.6 million) for purchased software as at the balance sheet date. Scheduled depreciation is taken over useful lives of three to ten years. The additions can be broken down into EUR 2.9 million (EUR 5.9 million) for purchased software and EUR 1.0 million (EUR 0.3 million) for capitalised development costs for self-provided software. As in the previous year, the other receivables do not include any items that were overdue but unadjusted as at the balance sheet date. Value adjustments were taken on other receivables in an amount of EUR 0.3 million (EUR 0.7 million) in the year under review on the basis of specific impairment analyses. Credit risks may result from other financial assets that were not overdue or adjusted as at the balance sheet date. In this regard, the reader is referred in general to our comments on the credit risk contained in the risk report on page 66 et seq. 5.7 Technical provisions In order to show the net technical provisions remaining in the retention the following table compares the gross provisions with the corresponding retrocessionaires’ shares, which are shown as assets in the balance sheet. 150 NOTES 5.7 technical provisions Hannover Re Group annual report 2010
Technical provisions in EUR thousand 2010 2009 gross retro net gross retro net Loss and loss adjustment expense reserve 18,065,395 1,025,332 17,040,063 17,425,293 1,747,991 15,677,302 Benefit reserve 8,939,190 347,069 8,592,121 7,952,640 104,868 7,847,772 Unearned premium reserve 1,910,422 83,224 1,827,198 1,512,840 47,651 1,465,189 Other technical provisions 184,528 1,831 182,697 148,827 400 148,427 Total 29,099,535 1,457,456 27,642,079 27,039,600 1,900,910 25,138,690 The loss and loss adjustment expense reserves are in principle calculated on the basis of the information supplied by ceding companies. Additional IBNR reserves are established for losses that have been incurred but not as yet reported. The development of the loss and loss adjustment expense reserve is shown in the following table. Commencing with the gross reserve, the change in the reserve after deduction of the reinsurers’ portions is shown in the year under review and the previous year. Loss and loss adjustment expense reserve in EUR thousand 2010 2009 gross retro net gross retro net Net book value at 31 December of the previous year 17,425,293 1,747,991 15,677,302 16,932,069 2,079,168 14,852,901 Currency translation at 1 January 1,084,548 121,769 962,779 25,107 (19,838) 44,945 Reserve at 1 January of the year under review 18,509,841 1,869,760 16,640,081 16,957,176 2,059,330 14,897,846 Reclassification pursuant to IFRS 5 (1,306,483) (827,314) (479,169) – – – Incurred claims and claims expenses (net) 1 Year under review 6,971,047 512,650 6,458,397 4,786,057 213,776 4,572,281 Previous years 765,975 218,902 547,073 1,942,699 (22,302) 1,965,001 7,737,022 731,552 7,005,470 6,728,756 191,474 6,537,282 Less: Claims and claims expenses paid (net) Year under review (2,491,229) (230,553) (2,260,676) (2,314,135) (130,610) (2,183,525) Previous years (4,481,203) (520,687) (3,960,516) (3,921,412) (392,354) (3,529,058) (6,972,432) (751,240) (6,221,192) (6,235,547) (522,964) (5,712,583) Specific value adjustment for retrocessions – 2,100 (2,100) – 10,423 (10,423) Reversal of impairments – 23,107 (23,107) – 32,604 (32,604) Portfolio entries/exits 133,254 (5,673) 138,927 9,801 (19) 9,820 Currency translation at 31 December (35,807) (12,760) (23,047) (34,893) (2,011) (32,882) Net book value at 31 December of the year under review 18,065,395 1,025,332 17,040,063 17,425,293 1,747,991 15,677,302 Notes 1 Including expenses recognised directly in shareholders‘ equity In the year under review specific value adjustments on retrocessions, i.e. on the reinsurance recoverables on unpaid claims, were reversed in an amount of EUR 21.0 million (previous year: reversed in an amount of EUR 22.2 million). Consequently, cumulative specific value adjustments of EUR 3.5 million (EUR 24.5 million) were recognised in these reinsurance recoverables as at the balance sheet date. Hannover Re Group annual report 2010 5.7 technical provisions Notes 151
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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
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The Annual General Meeting of Hanno
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Measurement bases/conditions of pay
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Individual remuneration received by
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motivation, customer satisfaction,
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eversal. Nevertheless, we anticipat
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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 and 142: Amortised cost, unrealised gains an
Page 143 and 144: Carrying amounts before impairment
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: This item principally consists of t
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
Page 193 and 194: ated by a reinsurance subsidiary do
Page 195 and 196: - in each case drawn up as at 31 De
Page 197 and 198: Branch offices and subsidiaries of
Page 199 and 200: Spain United Kingdom USA HR Hannove
Page 201 and 202: Corporate Governance: serves to ens
Page 203 and 204: 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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