01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

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01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

Consolidated Financial Statements

[24]

Liabilities

Breakdown by type of liability €million

2009 2008 Opening

balance sheet

2008

Participation certificates 35.0 35.0 96.4

Subordinate liabilities 264.7 264.7 264.7

Bonds and loans 187.6 199.7 223.4

Other liabilities

Deposits received from reinsurers 1,384.5 1,409.4 1,434.8

Liabilities in connection with

primary insurance business

towards policyholders 805.0 859.2 987.5

towards intermediaries 32.1 32.0 26.7

Liabilities in connection with reinsurance business 37.2 37.3 52.4

Liabilities toward affiliated and associated companies 7.0 3.2 4.0

Miscellaneous other 301.0 395.4 310.6

Total 3,054.1 3,235.9 3,400.5

The liabilities in connection with primary insurance business mainly include accumulated

interest-bearing surpluses and premium deposits from life insurance. Aside from derivative

financial instruments with negative fair values, miscellaneous liabilities include

social security liabilities, trade payables and sundry liabilities.

The interest payable on participation certificates and subordinate liabilities as well

as bonds and loans is recognized separately in the statement of income as financing

expenses and amounted to €25.1 million in the financial year (PY: €30.9 million).

Participation certificates had a fair value of €40.3 million (PY: €39.1 million) and subordinate

liabilities a fair value of €246.4 million (PY: €224.7 million). The fair value of the

remaining liabilities was equal to the balance sheet value.

166 Gothaer Group Annual Report 2009

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