01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

More documents

Recommendations

Info

Management Report Scenario analysis and stress scenarios Stress scenario Stress scenarios The Gothaer Group companies satisfy all four variants of the stress test prescribed by the Federal Financial Supervisory Authority (BaFin). Based on data from financial statements, these stress tests simulate very negative capital market changes – sometimes for both shares and fixed-income securities or investment property – and examine the impact on the insurer’s financial statements. The target horizon is the next reporting date. Surplus cover – even in this exaggerated stress scenario – indicates the risk-bearing capacity and stability of the Gothaer Group insurance companies. Scenario analysis In scenario analysis, the risks defined above are quantified and aggregated on the basis of the year-end value of the portfolio. Sensitivity analysis pursuant to the German accounting standard DRS 5-20 produced the following figures for the Gothaer Group. An increase of 100 basis points in the interest curve reduced the market value of fixedincome securities by €826.8 million in comparison to the year-end value of the portfolio. An isolated parallel 100-basis-point rise in the spread curve reduced the market value of the bond portfolio susceptible to credit risk by €375.3 million. Taking into account hedging measures, a decrease of 20 % in trading prices resulted in a fall in market value of €354.3 million in the case of shares and other non-fixed-income financial instruments. A decrease of 10 % in the market value of the property investments of the Gothaer Group represents €171.4 million. The following table shows the possible change in equity assuming the above sensitivities. Impact on equity €million Decrease in market value Change in equity not recognized in statement of income of income Change in equity recognized in statement of income 2009 2008 2009 2008 2009 2008 Fixed-income securities (interest change risk) 826.8 836.7 54.2 34.8 0.0 0.0 Fixed-income securities susceptible to credit risk (counterparty default risk) 375.3 346.4 19.0 14.9 0.0 0.0 Shares and other non-fixed-income financial instruments (price risk) 354.3 362.6 0.0 0,0 133.7 125.4 Property (price risk) 171.4 160.1 23.6 22.2 0.0 0.0 Total 1,727.8 1,705.8 96.8 71.9 133.7 125.4 84 Gothaer Group Annual Report 2009
Operational and other risks Management Report Information and communication technology (ICT) is an indispensable tool for an insurance company and, due to the increasing importance of process support and automation, plays a central role in Gothaer Group risk management. Owing to growing dependence on ICT, security mechanisms have been systematically improved and stabilized in recent years. We also guarantee compliance with the provisions of the German Federal Data Protection Act (Bundesdatenschutzgesetz) and protect business-critical applications by using a business continuity management process that not only ensures technological integrity but also safeguards critical business processes. Foreseeable changes in population demographics and the current financial market crisis will produce significant human resource risks. Mention should be made here of the “war for talent” and the resultant risks in terms of scarcity, departure, motivation, adaptation and loyalty as well as market developments due to the financial market crisis that are not yet predictable. Coordinated HR information and management systems guarantee that quantitative and qualitative hazard potentials are promptly identified and countered with appropriate measures. Prospects for personal development in combination with competitive performance-based incentive instruments help us ensure that employees remain motivated even in times of constant change and that high performers and individuals with high potential are retained. To ensure the regulatory compliance of the financial statements, we have set up accounting controls and other organizational rules such as accounting principles, time scheduling and monitoring and clear assignments of responsibility for accounting systems and data interfaces. The units involved in the reporting process continue to be integrated in the Gothaer Group risk management system. General observance of the “four-eyes” principle, clear regulation and verification of authority as well as clear assignment of responsibility for bookkeeping systems are key elements of the internal monitoring system. Verification of these elements is performed by the Internal Auditing unit. Another example of an organizational arrangement is the separation of accounting and preparation of financial statements. Changes in accounting rules are met by constant further development and training of employees. By keeping abreast of legislative activity and current case law, we are able to respond promptly to developments and implement change immediately according to the specific circumstances of the Company. Internal guidelines and checks are in place – and their observance regularly monitored – to prevent life insurance or refund-of-premium accident insurance being used to launder money or finance terrorism. Gothaer Group Annual Report 2009 85
Page 1 and 2:
108141 - 03.2009 The Gothaer Group
Page 3 and 4:
Financial Highlights The Business U
Page 5:
Gothaer Versicherungsbank VVaG Grou
Page 8 and 9:
Foreword Rich in tradition, but for
Page 10 and 11:
Competence for small and medium siz
Page 12 and 13:
Target group SMEs Target group SMEs
Page 14 and 15:
Target group SMEs Healthy staff - t
Page 16 and 17:
Employees: our most important resou
Page 18 and 19:
Passion for performance Employees I
Page 20 and 21:
Employees Personnel and management
Page 22 and 23:
190 Years Gothaer brand 18 Gothaer
Page 24 and 25:
Topical Subject 190 Years Gothaer b
Page 26 and 27:
Topical Subject Why a strong brand
Page 28 and 29:
Topical Subject Positioning since 2
Page 30 and 31:
Topical Subject ASSTEL - the direct
Page 32 and 33:
Management Report 28 Gothaer Group
Page 34 and 35:
Management Report General Economic
Page 36 and 37:
Management Report Situation of the
Page 38 and 39: Management Report Developments in l
Page 40 and 41: Management Report Developments in p
Page 42 and 43: Management Report Gross premiums wr
Page 44 and 45: Management Report Composition of in
Page 46 and 47: Management Report Consolidated prof
Page 48 and 49: Management Report Solvency Rating R
Page 50 and 51: Management Report Segmental Perform
Page 52 and 53: Management Report Gross underwritin
Page 54 and 55: Management Report Janitos Versicher
Page 56 and 57: Management Report Performance of th
Page 58 and 59: Management Report ASSTEL Lebensvers
Page 60 and 61: Management Report Performance of th
Page 62 and 63: Management Report Other Activities
Page 64 and 65: Management Report The run-off of th
Page 66 and 67: Management Report Underwriting risk
Page 68 and 69: Management Report Corporate client
Page 70 and 71: Management Report Reinsurance In 20
Page 72 and 73: Management Report Claims The follow
Page 74 and 75: Management Report Adequacy of assum
Page 76 and 77: Management Report Health segment Ge
Page 78 and 79: Management Report In order to test
Page 80 and 81: Management Report Investment risks
Page 82 and 83: Management Report Reinvestment risk
Page 84 and 85: Management Report Counterparty defa
Page 86 and 87: Management Report Shares Because of
Page 90 and 91: Management Report Summary of the ri
Page 92 and 93: Management Report In view of fallin
Page 94 and 95: Management Report Health segment Ge
Page 96 and 97: Consolidated Financial Statements 9
Page 98 and 99: Consolidated Financial Statements C
Page 102 and 103: Consolidated Financial Statements S
Page 110 and 111: Consolidated Financial Statements O
Page 112 and 113: Consolidated Financial Statements T
Page 118 and 119: Consolidated Financial Statements J
Page 120 and 121: Consolidated Financial Statements I
Page 126 and 127: Consolidated Financial Statements I
Page 128 and 129: Consolidated Financial Statements O
Page 132 and 133: Consolidated Financial Statements R
Page 134 and 135: Consolidated Financial Statements A
Page 138 and 139:
Consolidated Financial Statements N
Page 140 and 141:
Consolidated Financial Statements A
Page 142 and 143:
Consolidated Financial Statements [
Page 144 and 145:
Consolidated Financial Statements R
Page 146 and 147:
Consolidated Financial Statements I
Page 148 and 149:
Consolidated Financial Statements E
Page 150 and 151:
Page 152 and 153:
Page 154 and 155:
Page 156 and 157:
Consolidated Financial Statements U
Page 158 and 159:
Consolidated Financial Statements L
Page 160 and 161:
Consolidated Financial Statements G
Page 162 and 163:
Page 164 and 165:
Consolidated Financial Statements D
Page 166 and 167:
Page 168 and 169:
Consolidated Financial Statements E
Page 170 and 171:
Page 172 and 173:
Page 174 and 175:
Page 176 and 177:
Page 178 and 179:
Page 180 and 181:
Page 182 and 183:
Page 184 and 185:
Consolidated Financial Statements B
Page 186 and 187:
Consolidated Financial Statements S
Page 188 and 189:
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Consolidated Financial Statements O
Page 196 and 197:
Consolidated Financial Statements U
Page 198 and 199:
Page 200 and 201:
Consolidated Financial Statements L
Page 202 and 203:
Auditors’ Report We audited the c
Page 204 and 205:
The financial strength ratings carr
Page 208:
Gothaer Versicherungsbank VVaG Arno
show all

01 Gothaer Konzern_E_09_Umschl - Gothaer Allgemeine ...

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?