01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

gothaer.de

01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

Notes to the Consolidated Financial Statements

Group Accounting Policies

Consolidated Financial Statements

Gothaer Versicherungsbank VVaG is the parent of the Gothaer Group. Gothaer Versicherungsbank

VVaG must therefore prepare consolidated financial statements and a Group

Management report pursuant to sections 341i, 341j and 290 et seq. of the German

Commercial Code (HGB). Gothaer Versicherungsbank VVaG exercises the option pursuant

to section 315a(3) HGB in conjunction with Article 5 of the Regulation (EC) No.1606/2002

of the European Parliament and the council of 19 July 2002 that permits preparation of the

consolidated financial statements and Group Management report in compliance with

International Financial Reporting Standards (IFRS. All the International Financial Reporting

Standards adopted by the European Union as well as all the relevant regulations in the

HGB are observed in the preparation of the financial statements and report. The IFRS

consolidated financial statements are thus as informative as HGB consolidated financial

statements.

The International Accounting Standards Board (IASB) has been gradually replacing its

International Accounting Standards (IASs) by the International Financial Reporting

Standards (IFRSs) since 2003. In addition, the interpretations of the International

Financial Reporting Interpretations Committee (IFRIC), formerly the Standing Interpretations

Committee (SIC), were also observed. The IASB had not completed its regulations

governing the recognition and measurement of insurance transactions in 2009. Consistent

with the framework of IFRS and IAS 1/IFRS 4, US Generally Accepted Accounting

Principles (US GAAP) were therefore applied, in particular Financial Accounting Standards

(FAS) 60 and 97.

The consolidated financial statements are denominated in euros and amounts are shown

in millions of euros. The consolidated financial statements consist of the consolidated

statement of financial position and consolidated statement of comprehensive income,

the statement of changes in equity, the statement of cash flows, segmental report and the

notes to the consolidated financial statements. The consolidated financial statements

are supplemented by a Group Management report. In addition to business developments

in the various segments, the latter contains statements on capital management as well

as a risk report and outlook.

In keeping with the internal reporting structure of the Gothaer Group, the segmental

reports distinguish between the segments Property/Casualty, Life, Health and Other

Activities. At the same time, the segments reflect the core areas of business of the Group.

The Property/Casualty segment includes the insurance companies of the Group that

engage in all major lines and types of property/casualty insurance. The Life segment

encompasses the insurance companies that offer all forms of life and pension insurance

as well as related supplementary insurance products. The Health segment relates to the

insurer through which the Group engages in private health insurance. All other companies

are grouped in the Other Activities segment.

Gothaer Group Report 2009 107

More magazines by this user
Similar magazines