“Giardino all’italiana”, a comprehensive work of art by Luciano Fabro*, photos by Barbara Graf Horka.
VORABDRUCKDepending on the market, we conduct all or part of our business through distribu-
Bâloise-Holding Annual Report 2006 as possible. We want to remain predictable for our partners. We are convinced that we will continue to be able to achieve high profi earnings are substantially based on operating performance in our core business. Our success makes us proud and happy, but not blind. We can also see that factors we have only limited control over played some role in our record earnings – primarily claims levels and the capital markets.
Insurance Supersector Price Index), which actually lost 0.2% in the fi rst six months.
As a broadly based listed company, the Baloise is included in the Swiss Market Index
Total business volume, including unit-linked life insurance, grew by 1.3% to CHF 7,491.2 million (2005: CHF 7,393.5 million). Premium revenues according to IFRS accounting came to CHF 6,716.5 million (2005: CHF 6,839.1 million), a decline of 1.8%. Business volume in the nonlife line grew 0.3% while life insurance added 2.0%. The decisive boost came from unit-linked life policies, which advanced by 39.7%. Growth occurred especially in Luxembourg, Austria and Germany. The business volume is fairly evenly distributed by insurance line, with life insurance accounting for 59.1% while nonlife make up 40.9%.
(2005: 5.0%) was the negative impact of the interest rate rise on the fair value of fi xedinterest securities.
of our insurance group’s investments allocated to equities (including equity-like instruments ), a relatively high ratio for the industry, along with a comparatively strong position in emerging markets and good profi t-taking timing, the Baloise was one of the big winners of the bull market.
Strategies Ltd. (hedge funds) and Baloise Private Equity Ltd., performed well in the booming alternative investment market. Although most of our alternative investments were denominated in US dollars and suffered from the greenback’s weakness, the Baloise was able to offset a good portion of the exchange rate losses with corresponding gains on derivatives through active hedging strategies.
On the Swiss property market, low mortgage interest rates coupled with a high num-
Together the two units saw growth of 2.2% in business volume.
CHF 1,237.9 million (2005: CHF 1,195.8 million), a gain of 3.5%. Unit-linked life insurance accounted for most of the growth, gaining 45.6%. The acquisition of Moneymaxx in 2005 had a positive impact. Moneymaxx was consolidated for the whole fi scal year for the fi rst time in 2006. Premium revenues according to IFRS accounting came to CHF 1,029.1 million (2005: CHF 1,052.4 million), 2.2% below the previous year’s fi gure. In life insurance, unit-linked products made up for weak demand for term life policies; business volume for the life segment was CHF 1,023.3 million (2005: CHF 982.2 million), an increase of 4.2%.
accounting standards grew 16.6% to CHF 91.2 million (2005: CHF 78.2 million). The nonlife line performed extremely well. Premium income rose 11.3%, handily outpacing the market to reach CHF 47.9 million (2005: CHF 43.0 million). The gross combined ratio was 89.7%, slightly higher than the previous year’s exceptional 86.8%. A particular breakthrough was achieved by PolyCare motor insurance, a product designed specifi cally to attract target customers. The unit also gained market share in distribution through brokers and among industrial customers. Life insurance grew 62.9% to CHF 487.3 million (2005: CHF 299.2 million) thanks to the boom in unit-linked products. We expect further growth in this sector from the January 2007 acquisition of Winterthur-Europe Vie. Traditional life insurance also performed well. Along with market share gains in employee pensions, this led to 23.1%
accounting standards grew 16.6% to CHF 91.2 million (2005: CHF 78.2 million). The nonlife line performed extremely well. Premium income rose 11.3%, handily outpacing the market to reach CHF 47.9 million (2005: CHF 43.0 million). The gross combined ratio was 89.7%, slightly higher than the previous year’s exceptional 86.8%. A particular breakthrough was existing and new fiexisting and new fi elds of business. elds of business.
VORABDRUCK not able to keep up with growth in the Belgian market as a whole; business volume fell 9.6% to CHF 197.0 million (2005: CHF 217.8 million). Unit-linked life insurance saw a par-
Residential property is a form of provision for the future. Does this make sense – or do you have alternatives for someone who wants to remain fi nancially flyou have alternatives for someone who wants to remain fi nancially flyou have alternatives for someone who wants to remain fi exible? nancially fl exible? nancially fl
And the strategy is paying off. When launching the product at the beginning of 2006,
VORABDRUCK The Gezinsplan’s added value for customers is that it gives them a better overview of their state of insurance. New policies can be included in the plan or superfl
M A R E N M Ä H L M A N N is usually sceptical about such special offers. A 5% discount on the packages of nearly all German travel agents. Can this be true? She is well aware of how tight margins are in the travel industry. All the same, 36-year-old Ms Mählmann books a week’s hiking holiday for two on the Canary Islands including half board at a wonderful resort hotel. And in doing so saves over 100 euros. There’s a reason behind her trust in this specifi c offer: Urlaubsplus, the travel agent, works closely together with Deutscher Ring, where she recently took out a life insurance policy.
“We want to retain our customer’s interest and trust by offering added value that goes far beyond what they have normally come to expect from an insurance company,” continues Michael Hagemann. Just a run-of-the-mill marketing ploy? Not at all. It is the result of intelligently built relationships interwoven with special measures. Measures that, at the end of the day, generate value all round – for the customers, the network partners and
VORABDRUCK tinues Michael Hagemann. Just a run-of-the-mill marketing ploy? Not at all. It is the result of intelligently built relationships interwoven with special measures. Measures that, at VORABDRUCK of intelligently built relationships interwoven with special measures. Measures that, at
VORABDRUCKprevent us from casting a self-critical eye on any weaknesses that surface in our surveys.
Common procedure, common targets. How can this be aligned with the maxim claiming that all business is local?
To ensure that business processes are upheld, we have revised the local contingency plans, supplementing them with the pandemic scenario. Regular information on measures taken has been made available internally since 2006.
Bâloise-Holding Annual Report 2006 the employer-employee relationship and that our staff also deserve nothing less than a methodical and systematic approach to this relationship. This is another reason why we place such emphasis on the quality of our management portfolio: to ensure that our managers are capable of guiding and supporting their staff in the demanding development processes. Our healthy corporate culture is now being enriched by a reinforced focus on targets, performance and implementation. A willingness to put in above-average performance has become indispensable. It’s like in sports: success motivates, unleashes pas-
For Mercator in Belgium, the start of the “function exercise@mercator” project in 2006 represented a fi rst step on the road to becoming a learning organization. One of the project targets is to establish a competence profi le for each function. It is derived from the result-oriented function description and includes both technical knowledge and soft skill requirements. The profi le will form the basis for the employee’s further career development. It also facilitates effi cient communication between staff and line managers.
Basler Deutschland applied its Personnel Portfolio Conference successfully for the second time in 2006. It is used to measure the performance and potential of senior managers. In the course of the conference, each company board introduced its top managers and their appraisals. Through a common, transparent decision-taking process, there emerged an overall view of Basler’s top management potential and the necessary individual steps to be taken to exploit this potential. A clear take of the company’s leadership potential automatically make it easier to handle transition processes successfully.
Basler Switzerland developed its Insurance Trainee Program in 2006 in addition to the existing General Trainee Program (GTP). The aim is to gain talented and highly qualifi ed young people for the core insurance business and to prepare them for managerial, specialist or project management functions. The individual training modules are held in various insurance segments at head offi ce. A module involving stints with the sales teams can also be selected.
The number of younger staff members increased somewhat in 2006. Overall, the average age went up, refl ecting the general demographic trend.average age went up, refl ecting the general demographic trend.average age went up, refl
Fluctuations in consumption fi gures often refl ect transitory climatic conditions such as long, warm summers with strong demand for cooling or relatively mild winters with a correspondingly low number of heating days. We expect major future savings primarily through newer technologies and more effi cient use of infrastructure. One example is replacing the nearly 25-year-old lighting fi xtures in the corridors, and open-plan offi ces of the main corporate headquarters building, which will nearly halve electric power consumption. To use existing infrastructure more effi ciently, we integrated a country unit’s computing center into the Basel center in 2006. We will apply focused measures to reduce electricity consumption by a further fi ve percent over the next fi ve years. Changes in the environment and scarcer energy resources both oblige and motivate us to do our part as a responsible corporate citizen.
G E R M A N EG LO F F : The debate on mandatory earthquake insurance in Switzerland has only just begun. Or consider the topic of climate change. The crucial thing here is to understand the immediate effect on insurance so that appropriate measures can be initiated.
Segment reports by region and business segment are found in the Notes to the fi nancial statements in the Financial Report starting on page 36.
VORABDRUCK The Baloise is organized as a holding company in the form of a joint-stock company under
VORABDRUCKon the Baloise’s shares can be found on page 12 of the Annual Report. The major companies and equity holdings as of December 31, 2006 are found in the Notes to the fi
VORABDRUCK subsidiary OVB Holding AG has also been exchange-listed since July 21, 2006. It is traded on the Prime Standard market of the Frankfurt Stock Exchange (ISIN DE0006286560). For
CEO of the Credit Suisse Private Banking business unit. Since 1999 he has been a private fi nancial advisor for businesses and individuals. He serves on the Boards of Directors of
AG and Chairman of the Pension Fund of the Ems Group. Since February 2006 he has been
Werner Kummer (1947, Swiss, dipl. Ing. ETH, MBA Insead) has served on the Board of
The Chairman’s Committee met eight times last year, including one two-day strategy session. The Investment Committee met once. The Audit Committee held fi ve meetings, the Compensation Committee two.
Frank Schnewlin (1951, Swiss, Dr. ès. sc. écon., Master of Science LSE, MBA Harvard) studied business management at the University of St. Gallen, graduating with a degree in economics (lic. oec. HSG) with specialization in insurance and risk management. He earned a
VORABDRUCK (1951, Swiss, Dr. ès. sc. écon., Master of Science LSE, MBA Harvard) studied business management at the University of St. Gallen, graduating with a degree in eco-
2. The subscription is associated with a loan which leverages the effect of the share subscription. Repayment of the loan upon elapse of a three-year vesting period is hedged by a put option fi nanced by the sale of a call option. Once the vesting period elapses, the employee may freely dispose of the shares remaining after repayment of the loan.
Executive Committee. Compensation is composed of a base salary plus an incentive of up to 70% of the base salary (increased from two-thirds of the base salary the previous year)
Statutory quorums The Annual General Meeting has a quorum regardless of the number of shareholders and proxy votes present, subject to the obligatory cases prescribed by law (Art. 17 Articles of
Internal Audit group, Risk Management and Compliance. In particular, it discusses their audit work and reports with the external auditors along with the material results and the most important issues arising during the audit process.
The Baloise has an Audit Committee made up of independent members qualifi ed in fi nance ed in fi nance ed in fi and accounting. The Audit Committee met fi ve times during the year under review, with the external auditors in attendance each time. At these meetings the Audit Committee received exhaustive documentation on fi ndings of the external auditors, especially in rela-received exhaustive documentation on fi ndings of the external auditors, especially in rela-received exhaustive documentation on fi tion to discussion of the annual and semi-annual fi tee assesses the performance of the external auditors and their collaboration with the
Information on Baloise shares Information on the Baloise’s shares can be found on page 12 of the Annual Report.
Gross premiums, policy fees and investment-type premiums 7,527.5 7,635.7 7,384.3 7,393.5 7,491.2 in CHF million
Combined ratio (gross), nonlife, 20053 Group Switzerland Germany Benelux Other countries Basler
Total underwriting result for own account VORABDRUCK Total underwriting result for own account
Geographic breakdown of embedded value 2005 2006 of which: value of insurance business in force 872.9 861.7 of which: adjusted equity 1’474.0 1,756.5 of which: cost of solvency –372.7 –376.2 of which: value of insurance business in force 200.0 234.5 of which: adjusted equity 347.9 320.3 of which: cost of solvency –102.4 –103.4
VORABDRUCKTotal investment gains and losses 65.3 234.8 300.1Total investment gains and losses 65.3 234.8 300.1 121.6
VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK175,104,802
Swiss Market Index (SMI) and is included in the SWX’s index calculations with 100% of shares in free fl oat.
The above table displays the current shareholder structure as of 9. Income from participating interests Dividend claims pursuant to resolutions of the Annual General
Article 30 of the Articles of Incorporation and results in a distribution of CHF 3.80 gross per share (CHF 2.47 after deduction of
Realized gains and losses on property, plant and equipment and on intangible assets 2.3 1.3
Change in reserves from reclassifi cation of held to maturity fi nancial instruments 22 –12.4 –12.4 –12.4
Total effects on equity recognized and not recognized directly in the income statement –/– –/– –/– 116.1 699.4 815.5 7.7 823.2
Increase / decrease in minority interests due to change in percentage of participation –/– 4.8 4.8 in CHF million
2. Adoption of new accounting standards IAS 19 Amendments – actuarial gains and losses, group plans and disclosures
At its meeting of March 9, 2007, the Board of Directors of BâloiseVORABDRUCK At its meeting of March 9, 2007, the Board of Directors of Bâloise
Holding approved the annual fiVORABDRUCK Holding approved the annual fi nancial statements and the VORABDRUCK
This is normally the case if more than 50% of the voting rights
3.2.2 Translation of transaction currencies into the 3.2.2 Translation of transaction currencies into the functional currency for Group companiesfunctional currency for Group companies Income and expenses in foreign currencies are measured using the rates as of the transaction date or average exchange rates.
VORABDRUCK Each subsidiary prepares its annual fi nancial statements using Each subsidiary prepares its annual fi its functional currency, i.e. in the currency of its primary business
VORABDRUCK related to the asset and these costs can be reliably measured. All
used by a third party), if a division is not possible the entire property is allocated based on the intended purpose of the majori-
VORABDRUCK fi nancial assets. Classififi cation follows the motive in the acquisi-
If the estimates do not permit any reliable measurement, these fi nancial assets are recognized at cost and disclosed accordingly.
Receivables are recognized at amortized cost (i.e. using the amortized cost method), less any valuation allowances for doubtful receivables. The amortized cost normally corresponds to the to maturity fito maturity fi At each balance sheet date the Baloise Group determines whether there is objective evidence that a fi a group of fi a group of fi nancial assets is only impaired if, as a result of one or more events, there is an objective evidence of an impairment that has an effect on the fi nancial asset’s expected future cash that has an effect on the fi nancial asset’s expected future cash that has an effect on the fi fl ows which can be reliably estimated. Evidence of an impair-fl ows which can be reliably estimated. Evidence of an impair-fl ment of a fi nancial asset includes observable data on the fol-ment of a fi nancial asset includes observable data on the fol-ment of a fi lowing cases: intervals. If there is objective evidence that the entire amount owed pursuant to the original contractual conditions or the corresponding equivalent value of a receivable cannot be recovered, an impairment is recognized. Loan commitments are measured individually, taking into consideration the character of the borrower, its fiborrower, its fi nancial situation, its payment behavior, the exis-borrower, its fi ance sheet date is more than 50 percent below cost, or if fair value was below cost during the previous 12 months. An impairment test is conducted for securities whose fair value on the balance sheet date is between 20 and 50% below cost and an impairment is recognized if necessary.
VORABDRUCK 3.10 Impairment of assets 3.10.1 Financial assets measured using the amortized
Upon the conclusion of a contract, they are classifi hedging instrument for the fair value of an asset or liability (fair es the criteria for a hedging transaction, the cumulative gain or loss remains recognized in shareholders’
VORABDRUCKAn insurance contract is defi ned as “a contract under which one An insurance contract is defi party (the insurer) accepts signifi
The two standard products normal to the market, comprehensive premiums disclosed on the balance sheet. Owing to the special characteristics of marine insurance, premiums are deferred not by contract, but on the basis of estimates. The premiums actually attributable to the fi scal year are designated as earned pre-ally attributable to the fi scal year are designated as earned pre-ally attributable to the fi miums. They are calculated from the premiums written and the change in unearned premium reserves.
3.18 Recognition and measurement of life insurance contracts and fi nancial contracts with DPF For insurance contracts and fi nancial contracts with DPF, IFRS
IFRS 2 “Share-based Payment”. Plans that are serviced by shares in Bâloise-Holding are measured at fair value as of the grant date and are recognized as personnel expense during the vesting period and credited to equity. Plans that are serviced in cash and the amount of which is based on the market value of Bâloise-Holding shares are recognized at fair value on the balance sheet date as a liability.
VORABDRUCK charged by the Baloise Group for comparable instruments of the same maturity.
VORABDRUCK t liabilities or the current value of the ned-benefi t liabilities or the current value of the ned-benefi
4.2 Impairment losses of mortgages and loans The mortgage portfolio is tested for impairment at regular intervals. The methods and assumptions used in impairment testing are also reviewed regularly in order to minimize deviations between the actual and expected default probability.
All activities directly related to risk management have been combined in a common set of rules and coordinated. At the highest level, the total risks of the Group and the individual business units are restricted and monitored by appropriate internal and external performance bandwidths. There are various limits and rules at the fi nance and business risk level to keep identifi ed individual risks to a level acceptable for the Group or eliminate them altogether.
VORABDRUCK t of the entire Group means of a risk controlling tool for the benefi t of the entire Group means of a risk controlling tool for the benefi
VORABDRUCKly reviewed. A watch list is maintained of reinsurers who have become insolvent or have fi
Loss adjustment expenses: Reserves for loss adjustment expenses are made on a pro rata basis to the outstanding loss reserves using the ratio of average costs incurred in recent years for processing claims to claims and benefi ts paid during the same period.
No changes to these assumptions were made compared to the previous year.
5.4.4 Sensitivity analysis In addition to the natural volatility of the insurance business, there are parameters for determining technical reserves which have a signifi cant infl uence on the earnings of an insurance company. Therefore, a sensitivity analysis is carried out in the nonlife segment examining the following assumptions or their direct effect on net income for the year: estimation errors for the claims reserves (including
Loss reserves – net 438.3 in EUR million 1 The increase in the overall amount of estimated claim payments is primarily due to the inclusion of the Securitas Group.
(disability insurance), while saving for old age is at the forefront with capital redemption insurance (savings-oriented insurance). Endowment insurance combines risk protection with savings.
VORABDRUCK is insurance for a specifi ed sum. An amount is insurance for a specifi is not paid out for a claim, but rather a fi
In Germany, there are still a small number of contracts guaranteeing a minimum endowment benefi t in the amount of the contributions paid without this minimum being secured by the fund. This product has not been offered since 1999.
In Belgium, certain closed funds also offer a maturity payment guarantee. These funds are managed by non-Group banks which bear the liability for the guarantee.
VORABDRUCKfund balance), the fund is charged with a monthly risk premium to nance the mortality risk.
Only the tested assumption is changed when determining sensitivities. The other parameters are held constant, except for the policyholders ’ dividends, which is adjusted appropriately.
VORABDRUCK Cash and cash equivalents 1.8 2.5Cash and cash equivalents 1.8 2.5
VORABDRUCK1 Excluding assets for the account and at the risk of life insurance policyholders.
Traded futures –/– –/– –/– –/–Traded futures –/– –/– –/– –/–Traded futures –/– –/– –/– –/–
VORABDRUCK 5.6.2 Foreign exchange risks5.6.2 Foreign exchange risks Forex risk is the term for the potential fi
VORABDRUCK The Baloise Group uses derivative foreign currency instruments for hedging a net investment in a foreign entity.
Group, the Group-wide risk management standards strictly and suffi ciently limit the portion of capital that Group companies may invest in a single issuer or borrower. The corresponding rules are explicitly defi ned in the Group’s investment instructions: The investment portfolio generally comprises only investments in bonds, loans or fi nancial derivatives whose issuer and borrower have at least a Standard & Poor’s “A–” rating or comparable, or for whom there is a corresponding third-party guarantee or real security. For other borrowers and issuers with at least a Standard & Poor’s
There is a latent liquidity risk for both banks and insurance companies: an extraordinary reduction in equity and liabilities cannot be offset by disposal of assets and alternative refi be implemented with suffi
VORABDRUCK nance departments. The maturity structure of liabili-writing and fi nance departments. The maturity structure of liabili-writing and fi
VORABDRUCK needs of our customers – primarily private customers – and the core competencies of the companies in the Baloise Group. The life insur-VORABDRUCK competencies of the companies in the Baloise Group. The life insurance segment offers private individuals and companies a broad VORABDRUCK ance segment offers private individuals and companies a broad spectrum of capital formation insurance, pure risk coverage, as well VORABDRUCK spectrum of capital formation insurance, pure risk coverage, as well
Accumulated amortization and adjustments3 –20.7 –183.4 –8.6 in CHF million 1 Other than possible goodwill, the Baloise has no intangible assets of indefi nite useful life. 2 As of January 1, 2005, negative goodwill (badwill) amounting to CHF 22.4 million was reclassifi ed to retained earnings recognized directly in equity. 3 Owing to the application of IFRS 3 "Business Conbinations", and the related changes in IAS 36 "Impairment of Assets", accumulated amortization is offset against liabilities cost. Accumulated adjustments continue to be presented separately.
es N. V., Anderlecht, which was consolidated on a pro-rata basis. Disposals from change in the scope of consolidation is primarily due to the sale of Basler Immobilien GmbH, Vienna.
Receivables vis-à-vis reinsurers as of December 31 59.0 23.2 in CHF million
18. Employee benefits 18.1 Receivables from and liabilities to employees Receivables from benefi ts to employees Liabilities from benefi ts to employees
Actuarial gains / losses from defi ned-benefi t plan liabilities of the current year –69.2 15.0
Balance as of December 31VORABDRUCK Balance as of December 31 in CHF millionVORABDRUCK in CHF million 18.2.4 Current value of plan assets VORABDRUCK
Present value of liabilities not fi nanced through a fund –658.0 –684.4
VORABDRUCK The employer contribution for the following year can only be predicted with a certain measure of uncertainty, particularly as it is linked
Return achieved on plan assets 102.5 98.7 in CHF million 18.2.9 Allocation of plan assets 2005 2006
Compensation upon service anniversaries is the primary benefi t. The present value of the liabilities totalled CHF 31.8 million on
FINANCIAL REPORT 2006 eignty, tax subject and tax type are identical. The previous year’s fi gures ty, tax subject and tax type are identical. The previous year’s fi gures ty, tax subject and tax type are identical. The previous year’s fi have been restated accordingly. This restatement does not affect the shareholders’ equity or the income statement.
Change in shadow accounting (DAC, URR, terminal policyholders’ dividends) –41.0 –17.0
Total technical reserves nonlife 5,757.8 –418.9 5,338.9 5,911.3 –340.5 5,570.8 in CHF million 23.1.1 Technical reserves by maturities Gross Reinsurance assets Net Gross Reinsurance assets Net
Additions / disposals from changes in scope of consolidation –/– –/– –/– –/– –/– –/–
Fair value hedge accounting on the operational loan from the banking business recognized in income at fair value was terminated as at April 7, 2006.
The other fi nancial provisions comprise predominantly sums for legal advice and litigation risks.
(Jersey) Ltd was called for redemption as at February 17, 2006, and thus repaid prematurely. Apart from this premature repayment, there were no transactions with a substantial impact on the results.
nancial provisions comprise predominantly sums for legal advice and litigation risks.
VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK233.5
The cash fl ow from the disposal of companies amounted to
CHF 79.2 million overall. This includes the repayment of a Groupinternal loan of CHF 59.1 million.
The increase in premiums earned and policy fees from the previous year is attributable primarily to single premium deposits in the life insurance business.
VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCK VORABDRUCKImpairment losses on doubtful receivables –/– –/– –/– –/– –/– –/– –/– –/–
VORABDRUCK ments predominantly cover damage to buildings in Switzerland. In numerous locations in Switzerland, state building insurance is man-
Roland Rechtsschutz Versicherungs-AG, Köln Other –/– 9.76 25.02 E EUR –/– –/– –/–
9. Income from participating interests Dividend claims pursuant to resolutions of the Annual General
VORABDRUCK In our opinion, the accounting records and fi nancial statements and In our opinion, the accounting records and fi the proposed appropriation of the retained earnings comply with
Employee shares 51 Employees, number 65 Equity change statement, consolidated 8 Equity, unrealized gains and losses 3, 6, 8, 17, 54 Events after the balance sheet date 73
Reinsurance assets and receivables 46 Related party transactions 70 Report of the Group Auditors 76 Report of the statutory Auditors 84 Risk management 23
VORABDRUCK Realised and not realized gains and losses on investments 4, Realised gains and losses in equityVORABDRUCK Realised gains and losses in equity Receivables, insuranceVORABDRUCK Receivables, insurance Regions, segment reportingVORABDRUCK Regions, segment reporting ReinsuranceVORABDRUCK Reinsurance Reinsurance assets and receivables VORABDRUCK