Annual Report 2010 - Hannover Re

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6. Notes on the individual items of the statement of income 6.1 Gross written premium The following table shows the breakdown of the gross written premium according to regional origin. Gross written premium 1 in EUR thousand 31. 12. 2010 31. 12. 2009 Regional origin Germany 1,163,854 1,313,417 United Kingdom 2,434,328 1,808,204 France 496,836 486,018 Other 1,329,042 1,286,776 Europe 5,424,060 4,894,415 USA 2,957,878 2,841,476 Other 415,623 383,313 North America 3,373,501 3,224,789 Asia 965,463 830,995 Australia 488,212 389,476 Australasia 1,453,675 1,220,471 Africa 465,062 354,652 Other 712,419 580,428 Total 11,428,717 10,274,755 1 After elimination of internal transactions within the Group across segments 166 Notes 6.1 Gross written premium Hannover Re Group annual report 2010
6.2 Investment income Investment income in EUR thousand 2010 2009 Income from real estate 31,410 4,762 Dividends 4,427 2,867 Interest income 829,855 793,269 Other investment income 14,829 9,649 Ordinary investment income 880,521 810,547 Profit or loss on shares in associated companies 3,857 (4,970) Appreciation 27,213 20,076 Realised gains on investments 244,694 182,897 Realised losses on investments 82,691 69,885 Unrealised gains and losses on investments (39,893) 100,571 Impairments on real estate 7,314 1,253 Impairments on equity securities 569 3,165 Impairments on fixed-income securities 7,906 45,379 Impairments on participating interests and other financial assets 7,976 92,709 Other investment expenses 67,409 53,121 Net income from assets under own management 942,527 843,609 Interest income on funds withheld and contract deposits 436,183 455,722 Interest expense on funds withheld and contract deposits 119,815 178,948 Total investment income 1,258,895 1,120,383 Of the impairments totalling EUR 16.6 million (EUR 141.4 million), an amount of EUR 7.7 million (EUR 92.6 million) was attributable to alternative investments. The impairments on fixed-income securities of EUR 7.9 million (EUR 45.4 million) were taken predominantly on structured assets. An impairment loss of EUR 0.6 million (EUR 3.2 million) was recognised on equities whose fair value had fallen significantly – i.e. by at least 20% – or for a prolonged period – i.e. for at least nine months – below acquisition cost. This contrasted with writeups of EUR 27.2 million (EUR 20.1 million) on investments that had been written down in previous periods. Of this total volume, EUR 3.0 million (EUR 10.8 million) was attributable to alternative assets and EUR 24.1 million (EUR 9.3 million) to fixed-income securities. The portfolio did not contain any overdue, unadjusted assets as at the balance sheet date since overdue securities are written down immediately. Interest income on investments in EUR thousand 2010 2009 Fixed-income securities – held to maturity 124,539 102,600 Fixed-income securities – loans and receivables 90,063 72,005 Fixed-income securities – available for sale 583,968 566,953 Financial assets – at fair value through profit or loss 6,812 17,004 Other 24,473 34,707 Total 829,855 793,269 Notes The net gains and losses on investments held to maturity, loans and receivables and the available-for-sale portfolio shown in the following table are composed of interest income, realised gains and losses as well as impairments and appreciation. In the case of the fixed-income securities at fair value through profit or loss designated in this category and the other financial assets, which include the technical derivatives, changes in unrealised gains and losses are also recognised. Making allowance for the other investment expenses of EUR 67.4 million (EUR 53.1 million), net income from assets under own management of altogether EUR 942.5 million (EUR 843.6 million) was recognised in the year under review. Hannover Re Group annual report 2010 6.2 Investment income Notes 167
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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
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as at 31 December 2010 Life/health
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as at 31 December 2010 Life/health
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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 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: Furthermore, a long-term unsecured
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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