Annual Report 2010 - Hannover Re

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The following table presents a breakdown of the deferred tax assets and liabilities into the balance sheet items from which they are derived. Deferred tax assets and deferred tax liabilities of all Group companies in EUR thousand 2010 2009 1 Deferred tax assets Tax loss carry-forwards 45,433 117,918 Loss and loss adjustment expense reserves 201,132 193,175 Benefit reserve 36,148 43,126 Other technical/non-technical provisions 170,844 150,513 Funds withheld 308,411 531,016 Accounts receivable/reinsurance payable 6,243 15,926 Valuation differences relating to investments 14,517 21,739 Contract deposits 84 30,533 Other valuation differences 278,904 307,875 Value adjustments 2 (44,377) (146,651) Total 1,017,339 1,265,170 Deferred tax liabilities Loss and loss adjustment expense reserves 13,228 15,494 Benefit reserve 190,521 390,521 Other technical/non-technical provisions 95,284 109,499 Equalisation reserve 802,480 753,431 Funds withheld 51,402 91,293 Deferred acquisition costs 363,468 380,562 Accounts receivable/reinsurance payable 53,593 52,493 Valuation differences relating to investments 183,523 138,533 Present value of future profits on acquired life reinsurance portfolios (PVFP) 12,155 12,297 Other valuation differences 262,076 290,337 Total 2,027,730 2,234,460 Deferred tax liabilities 1,010,391 969,290 1 Adjusted on the basis of IAS 8 2 Thereof on tax loss carry-forwards: -EUR 43,787 thousand (-EUR 110,573 thousand) The deferred tax assets and deferred tax liabilities are shown unoffset in the above table. The deferred taxes are recognised as follows in the balance sheet after appropriate netting: Netting of deferred tax assets and deferred tax liabilities in EUR thousand 2010 2009 Deferred tax assets 622,136 515,867 Deferred tax liabilities 1,632,527 1,485,157 Net deferred tax liabilities 1,010,391 969,290 The current and deferred taxes recognised directly in shareholders’ equity in the financial year amounted to –EUR 37.5 million (–EUR 23.3 million). They resulted from items that were charged or credited directly to equity. 172 Notes 6.5 Taxes on income Hannover Re Group annual report 2010
The following table presents a reconciliation of the expected expense for income taxes with the actual expense for income taxes reported in the statement of income. The pre-tax result is multiplied by the Group tax rate in order to calculate the Group’s expected expense for income taxes. Reconciliation of the expected expense for income taxes with the actual expense in EUR thousand 2010 2009 Profit before income taxes 1,088,534 1,065,829 Expected tax rate 32% 32% Expected expense for income taxes 348,331 341,065 Change in deferred tax rates (899) 19 Taxation differences affecting foreign subsidiaries (54,112) (118,700) Non-deductible expenses 9,777 41,567 Tax-exempt income (14,174) (26,352) Tax income not attributable to the reporting period (previous year: tax expense) (54,026) 27,559 Utilisation of previously adjusted loss carry-forwards – 228 Other 22,732 26,384 Actual expense for income taxes 257,629 291,770 Availability of non-capitalised loss carry-forwards Unused tax loss carry-forwards of EUR 161.9 million (EUR 370.8 million) existed as at the balance sheet date. Making allowance for local tax rates, EUR 156.5 million (EUR 345.0 million) thereof was not capitalised since realisation is not sufficiently certain. Significant elements of the unused tax loss carry-forwards, non-capitalised tax credits and other non-capitalised temporary differences were allocated to the disposal group as at the balance sheet date. This is reflected in a decrease relative to the previous year. In addition, tax credits of EUR 5.9 million (EUR 22.3 million) which were not capitalised are still available. There were no other temporary differences which had not been capitalised (previous year: EUR 82.0 million). Availability of loss carry-forwards and tax credits that have not been capitalised: Expiry of loss carry-forwards in EUR thousand One to five years Six to ten years More than ten years Unlimited Total Loss carry-forwards – – 350 156,130 156,480 Tax credits 5,897 – – – 5,897 Total 5,897 – 350 156,130 162,377 Notes Hannover Re Group annual report 2010 6.5 Taxes on income Notes 173
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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
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Standards Applicable to financial y
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Impairments: as at each balance she
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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 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: Tax-relevant bookings on the Group
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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