Annual Report 2010 - Hannover Re

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Defined contribution plans In addition to the defined benefit plans, some Group companies maintain defined contribution plans that are based on length of service and the employee’s income or level of contributions. The expense recognised for these obligations in the year under review in accordance with IAS 19 “Employee Benefits” was EUR 4.2 million (EUR 4.0 million), of which only a minimal amount was due to obligations to members of staff in key positions. 5.11 Other liabilities Other liabilities in EUR thousand 2010 2009 Liabilities from derivatives 77,205 21,129 Interest 73,575 71,770 Deferred income 16,545 19,522 Costs of the annual financial statements 5,840 6,189 Liabilities due to affiliated companies 4,833 3,285 Provisions arising out of employment relationships 29,746 33,850 Direct minority interests in partnerships 38,470 31,258 Other 197,718 126,447 Total 443,932 313,450 The liabilities from derivatives of EUR 77.2 million (EUR 21.1 million) consist of instruments to hedge currency and inflation risks as well as embedded derivatives recognised separately from the underlying insurance contract at fair value pursuant to IAS 39 “Financial Instruments: Recognition and Measurement”. Please see our remarks on derivative financial instruments in Section 7.1 “Derivative financial instruments”. The other liabilities include sundry non-technical provisions of EUR 131.8 million (EUR 69.1 million), which developed as shown in the following table. Development of sundry non-technical provisions Provisions for Balance at 31.12. 2009 Currency translation at 1 January Balance at 1 January of the year under review Reclassifications pursuant to IFRS 5 Audits and costs of publishing the annual financial statements 6,189 183 6,372 (707) Consultancy fees 1,847 157 2,004 (206) Suppliers' invoices 7,909 611 8,520 (444) Partial retirement arrangements and early retirement obligations 8,232 266 8,498 (3,947) Holiday entitlements and overtime 3,880 132 4,012 (121) Anniversary bonuses 2,131 – 2,131 – Management bonuses 19,607 964 20,571 (2,803) Measurement of disposal groups – – – – Other 19,287 839 20,126 (672) Total 69,082 3,152 72,234 (8,900) 160 Notes 5.11 Other Liabilities Hannover Re Group annual report 2010
in EUR thousand Other reclassifications Changes in consolidated group Additions Utilisation Release Currency translation at 31 December Balance at 31.12.2010 – – 5,306 5,104 – (27) 5,840 918 – 1,407 1,097 15 145 3,156 (190) – 6,731 6,152 307 119 8,277 Notes – – 3,983 3,043 – (8) 5,483 – – 5,184 3,444 7 186 5,810 – – 2 53 – – 2,080 – – 17,600 14,894 4,095 (6) 16,373 – – 54,918 – – 137 55,055 (728) (17) 15,786 4,267 377 (99) 29,752 – (17) 110,917 38,054 4,801 447 131,826 Hannover Re Group annual report 2010 5.11 Other Liabilities Notes 161
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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
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Profit and growth targets for 2011
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as at 31 December 2010 Liabilities
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Consolidated statement of comprehen
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Consolidated cash flow statement 20
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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 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: The recognised provision for pensio
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
Page 205 and 206: Segmental reporting: presentation o
Page 207 and 208: Financial calendar 2011/2012 9 Marc
Page 209 and 210: Contact information Corporate Commu
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Annual Report 2010 - Hannover Re

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