Annual Report 2010 - Hannover Re
Annual Report 2010 - Hannover Re
Annual Report 2010 - Hannover Re
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Defined contribution plans<br />
In addition to the defined benefit plans, some Group companies<br />
maintain defined contribution plans that are based on<br />
length of service and the employee’s income or level of contributions.<br />
The expense recognised for these obligations in<br />
the year under review in accordance with IAS 19 “Employee<br />
Benefits” was EUR 4.2 million (EUR 4.0 million), of which<br />
only a minimal amount was due to obligations to members of<br />
staff in key positions.<br />
5.11 Other liabilities<br />
Other liabilities in EUR thousand <strong>2010</strong> 2009<br />
Liabilities from derivatives 77,205 21,129<br />
Interest 73,575 71,770<br />
Deferred income 16,545 19,522<br />
Costs of the annual financial statements 5,840 6,189<br />
Liabilities due to affiliated companies 4,833 3,285<br />
Provisions arising out of employment relationships 29,746 33,850<br />
Direct minority interests in partnerships 38,470 31,258<br />
Other 197,718 126,447<br />
Total 443,932 313,450<br />
The liabilities from derivatives of EUR 77.2 million (EUR 21.1<br />
million) consist of instruments to hedge currency and inflation<br />
risks as well as embedded derivatives recognised separately<br />
from the underlying insurance contract at fair value pursuant<br />
to IAS 39 “Financial Instruments: <strong>Re</strong>cognition and Measurement”.<br />
Please see our remarks on derivative financial instruments<br />
in Section 7.1 “Derivative financial instruments”.<br />
The other liabilities include sundry non-technical provisions<br />
of EUR 131.8 million (EUR 69.1 million), which developed as<br />
shown in the following table.<br />
Development of sundry non-technical provisions<br />
Provisions for<br />
Balance at<br />
31.12. 2009<br />
Currency translation<br />
at<br />
1 January<br />
Balance at<br />
1 January of<br />
the year under<br />
review<br />
<strong>Re</strong>classifications<br />
pursuant<br />
to IFRS 5<br />
Audits and costs of publishing the annual financial<br />
statements 6,189 183 6,372 (707)<br />
Consultancy fees 1,847 157 2,004 (206)<br />
Suppliers' invoices 7,909 611 8,520 (444)<br />
Partial retirement arrangements and early retirement<br />
obligations 8,232 266 8,498 (3,947)<br />
Holiday entitlements and overtime 3,880 132 4,012 (121)<br />
Anniversary bonuses 2,131 – 2,131 –<br />
Management bonuses 19,607 964 20,571 (2,803)<br />
Measurement of disposal groups – – – –<br />
Other 19,287 839 20,126 (672)<br />
Total 69,082 3,152 72,234 (8,900)<br />
160 Notes 5.11 Other Liabilities<br />
<strong>Hannover</strong> <strong>Re</strong> Group annual report <strong>2010</strong>
Change language