In the current financial year Hannover Re anticipates contribution payments of EUR 0.8 million under the plans set out above. The weighted average duration of the defined benefit obligation is 14.8 years.
Of this, other liabilities of EUR 7.6 million (EUR 11.1 million) are attributable to affiliated companies.
The sundry liabilities include, most notably, distributions within the year of EUR 87.5 million (EUR 72.0 million) from interests in private equity funds that had still to be recognised in income as at the balance sheet date.
Altogether four (four) subordinated bonds were recognised as at the balance sheet date with an amortised cost of EUR 1,986.5 million (EUR 2,237.8 million).
Audits and costs of publishing the annual financial statements 5,899 54 5,953 6,879 5,368 103 39 7,400
1 Excluding minority interests in partnerships, sundry non-technical provisions and derivative financial instruments; the maturities of the latter two items are broken down separately
Other financial facilities Letter of credit (LoC) facilities exist with a number of financial institutions. A syndicated letter of credit facility taken out in 2011 with a volume equivalent to EUR 822.7 million (EUR 726.4 million) has a maturity until the beginning of 2019.
Unsecured letter of credit facilities with various terms (maturing at the latest in 2022) and a total volume equivalent to EUR 2,559.3 million (EUR 2,488.0 million) exist on a bilateral basis with financial institutions; in addition, a long-term unsecured line of credit intended specifically for US life reinsurance business taken out in December 2009 has a total volume equivalent to EUR 226.2 million (EUR 363.2 million).
The common shares (share capital of Hannover Rück SE) amount to EUR 120,597,134.00. They are divided into 120,597,134 voting and dividend-bearing registered ordinary shares in the form of no-par-value shares. The shares are paid in in full. Each share carries an equal voting right and an equal dividend entitlement.
Authorised capital of up to EUR 60,299 thousand is available with a time limit of 3 May 2015. The subscription right of shareholders may be excluded with the consent of the Supervisory Board. New, no-par-value registered shares may be issued on one or more occasions for contributions in cash or kind. Of the total amount, up to EUR 1,000 thousand may be used to issue employee shares.
In addition, conditional capital of up to EUR 60,299 thousand is available. It can be used to grant shares to holders of convertible bonds and bonds with warrants as well as to holders of participating bonds with conversion rights and warrants and has a time limit of 2 May 2016.
The Annual General Meeting of Hannover Rück SE resolved on 7 May 2014 that a dividend of EUR 3.00 per share should be paid for the 2013 financial year. This corresponds to a total distribution of EUR 361.8 million (EUR 361.8 million).
The increase in the other reserves arising out of currency translation, which is recognised in equity, was attributable in an amount of EUR 33.0 million (decrease recognised in equity of EUR 69.2 million) to the translation of long-term debt or loans with no maturity date extended to Group companies and branches abroad.
For the disclosures arising out of IAS 1 “Presentation of Financial Statements” with regard to the management of capital, the reader is referred to the “Financial position” section on page 56 of the management report.
Non-controlling interests in the shareholders’ equity of subsidiaries are reported separately within Group shareholders’ equity in accordance with IAS 1 “Presentation of Financial Statements ”. They amounted to EUR 702.2 million (EUR 641.6 million ) as at the balance sheet date.
The non-controlling interest in profit or loss, which forms part of net income and is shown separately after net income as a “thereof” note, amounted to EUR 79.5 million (EUR 43.8 million ) in the year under review.
Subsidiaries with material non-controlling interests N 65 in EUR thousand 2014 2013
Dividends paid 110,000 130,000 thereof attributable to non-controlling interests 39,946 47,208
Impairments of EUR 2.0 million (EUR 0.8 million) were recognised in the area of fixed-income securities. An impairment of EUR 1.4 million (EUR 1.1 million) was taken on investments in real estate. These impairments contrasted with write-ups of EUR 0.1 million (EUR 0.3 million) on investments written down in previous periods. The portfolio did not contain any overdue, unadjusted assets as at the balance sheet date since overdue securities are written down immediately.
Making allowance for the other investment expenses of EUR 95.3 million (EUR 97.3 million), net income from assets under own management of altogether EUR 1,095.8 million (EUR 1,054.5 million) was recognised in the year under review.
Net gains and losses on investments N 70 in EUR thousand 2013
Other invested assets – 4,989 – 644 5,633 1 Including income from associated companies, for reconciliation with the consolidated statement of income 2 Excluding other investment expenses
Income from contracts recognised in accordance with the deposit accounting method 71,895 68,184
Expenses from contracts recognised in accordance with the deposit accounting method 14,369 14,521
The separate value adjustments were attributable to accounts receivable in an amount of EUR 21.7 million (EUR 7.9 million).
Tax-relevant bookings on the Group level are made using the Group tax rate of 32% unless they refer specifically to individual companies.
Deferred tax liabilities 1,481,668 1,203,551 1 Thereof on tax loss carry-forwards: -EUR 50,927 thousand (-EUR 45,551 thousand)
The expense for income taxes in the financial year climbed sharply year-on-year by EUR 142.4 million to EUR 305.6 million (EUR 163.1 million). The increase is due in large measure to the adjustment of deferred taxes made in the previous year on the portion of the equalisation reserve attributable to permanent establishments of Hannover Rück SE that are tax-exempt under double taxation agreements. In addition, the larger volume of Group-internal retrocessions of certain portfolios in life and health reinsurance, which results in tax-exempt income in the country of origin but gives rise to expenses that are allowable for tax purposes in Germany, contributed to a reduction in the tax burden in the previous year. The tax ratio amounted to 22.3% (14.8%).
Availability of non-capitalised loss carry-forwards Unused tax loss carry-forwards and tax credits of EUR 352.8 million (EUR 321.8 million) existed as at the balance sheet date. Making allowance for local tax rates, EUR 183.1 million (EUR 172.5 million) thereof was not capitalised since realisation is not sufficiently certain.
No deferred taxes were established on assets-side taxable temporary differences amounting to EUR 135.0 million (EUR 108.4 million) and liabilities-side temporary differences of EUR 52.3 million (EUR 36.6 million) in connection with interests in Group companies because the Hannover Re Group can control their reversal and will not reverse them in the foreseeable future.
Hannover Re’s portfolio contained derivative financial instruments as at the balance sheet date in the form of forward exchange transactions predominantly taken out to hedge currency risks. These transactions gave rise to recognition of other liabilities in an amount of EUR 30.6 million (EUR 5.5 million) and other financial assets at fair value through profit or loss in an amount of EUR 14.5 million (EUR 16.7 million).
In order to hedge the risk of share price changes in connection with the stock participation rights granted under the share award plan, Hannover Re took out hedges in the form of equity swaps. The fair value of these instruments amounted to EUR 1.1 million (none) as at the balance sheet date and was recognised under other financial assets at fair value through profit or loss. The hedge gave rise to a change in equity from hedging instruments recognised directly in equity in an amount of EUR 1.1 million.
The maturities of the fair values and notional values of the hedging instruments described above can be broken down as follows: Maturity structure of derivative financial instruments N 82 in EUR thousand 2014
Derivative financial instruments in connection with reinsurance A number of treaties in life and health reinsurance meet criteria which require application of the prescriptions in IFRS 4 “Insurance Contracts” governing embedded derivatives. These accounting regulations require that certain derivatives embedded in reinsurance contracts be separated from the underlying insurance contract (“host contract”), reported separately at fair value in accordance with IAS 39 “Financial Instruments: Recognition and Measurement” and recognised under investments. Fluctuations in the fair value of the derivative components are to be recognised through profit and loss in subsequent periods.
The derivative components of another group of contracts in the area of life and health reinsurance were measured on the basis of stochastic considerations. The measurement produced a positive derivative value of EUR 5.7 million (EUR 6.5 million) on the balance sheet date. The derivative was recognised under other financial assets at fair value through profit or loss. The valuation resulted in a charge against investment income of EUR 0.8 million (EUR 1.1 million) as at 31 December 2014.
Talanx AG performs various services in the area of taxes for a number of investment vehicles of the Hannover Re Group in the asset classes of private equity and real estate. In this regard corresponding agreements were concluded with altogether 13 Hannover Re companies in the financial year just ended.
Since 2012 a service agreement has existed between Hannover Rück SE and Talanx AG regarding the purchase of services for operation of data acquisition software.
Remuneration and shareholdings of the management boards of the parent company The remuneration of the Executive Board of Hannover Re amounted to altogether EUR 8.2 million (EUR 7.2 million). The total remuneration (excluding pension payments) of former members of the Executive Board and their surviving dependants stood at EUR 0.2 million (EUR 0.4 million). The pension payments to previous members of the Executive Board and their surviving dependants, for whom 16 (14) pension commitments existed, totalled EUR 1.5 million (EUR 1.4 million) in the year under review; altogether, a provision of EUR 28.8 million (EUR 21.4 million ) has been set aside for these commitments.
Furthermore, above and beyond the aforementioned remuneration as Supervisory Board members at Group companies, the members of the Supervisory Board were not in receipt of any remuneration or benefits for personally rendered services as defined by Item 5.4.6 Para. 3 of the German Corporate Governance Code.
A nn ua l f in an ci al s ta te m en ts 8.3 Share-based payment
Waiting period 4 years 4 years 2 years 2 years 2 years 2 years
Number of rights existing at 31 December 2014 256,402 1,625,130 345,690 25,161 4,831 –
Expense in the 2014 financial year (in EUR million) 2.31 4.95 0.56 – – –
3,438 stock appreciation rights from the 2006 allocation year, 23,179 stock appreciation rights from the 2007 allocation year and 290,797 stock appreciation rights from the 2009 allocation year were exercised. The total amount paid out stood at EUR 2.84 million.
The total number of share awards granted is based on the value per share of Hannover Rück SE. The value per share is established according to the unweighted arithmetic mean of the Xetra closing prices of the Hannover Re share. In the conditions applicable to members of the Executive Board a period of five trading days before to five trading days after the meeting of the Supervisory Board that approves the consolidated financial statement for the financial year just-ended is envisaged for the calculation. For managers a period of twenty trading days before to ten trading days after the meeting of the Supervisory Board that approves the consolidated financial statement for the financial year just-ended has been agreed. The total number of share awards granted is established by dividing the amount available for the granting of share awards to the respective eligible recipients by the value per share, rounded up to the next full share. For members of the Executive Board 20% and for managers 40% or 35% – according to management levels – of the defined variable remuneration shall be granted in the form of share awards.
The share awards are granted automatically without any requirement for a declaration. Following expiry of a vesting period of four years the value of one Hannover Re share calculated at the disbursement date is paid out for each share award. This value is calculated according to the provisions of the preceding paragraph.
In the event that the Board mandate or service relationship with the member of the Executive Board or the employment relationship with the manager ends, the eligible recipient shall retain his claims to payment of the value of already granted share awards after expiry of the applicable vesting period, unless such termination is based on resignation of office / voluntary termination on the part of the member of the Executive Board or voluntary termination on the part of the manager or dismissal by Hannover Re for a compelling reason. In the event of death the claims arising out of the already granted and / or still to be granted share awards pass to the heirs. The value of all share awards shall be determined by the value per share of Hannover Re calculated as at this disbursement date.
Value per share award in EUR 74.97 61.38 62.38 59.86 58.96 42.09 38.33
Personnel expense in EUR thousand 1 1,534 2,364 1,379 2,549 1,839 529 269 thereof: Recognised dividend in EUR thousand 2 – 297.8 – 403.7 – 66.7 –
1 The personnel expense for share awards in the case of members of the Executive Board is spread on an accrual basis across the relevant term of the share awards or the shorter term of the service contracts; in the case of managers the personnel expense is spread across the relevant term of the share awards.
2 Dividend distributed for the allocation year, no allowance is made for expected dividend payments; dividend claims are recognised in the discounted amounts.
Expenditures on personnel The expenditures on insurance business, claims expenses (claims settlement) and expenditures on the administration of investments include the following personnel expenditures: Personnel expenditures N 91 in EUR thousand 2014 2013 a) Wages and salaries 224,659 203,056 b) Social security contributions and expenditure on provisions and assistance ba) Social security contributions 21,290 18,481 bb) Expenditures for pension provision 22,816 22,748 bc) Expenditures for assistance 4,616 3,711 8.5 Earnings per share and dividend proposal
It will be proposed to the Annual General Meeting on 6 May 2015 that a dividend of EUR 3.00 per share as well as a special dividend of EUR 1.25 per share should be paid for the 2014 financial year. This corresponds to a total distribution of EUR 512.5 million. The dividend proposal does not form part of this consolidated financial statement.
Member companies of the Hannover Re Group are involved in judicial and supervisory procedures as well as in arbitration proceedings as part of the conduct of insurance and reinsurance business. Depending upon the subject matter of the procedure, the Hannover Re Group sets aside provisions for the amount in dispute in such proceedings – for the most part in the technical account and in exceptional cases as a charge to other income and expenses – if and to the extent that the resulting commitments are likely to materialise and their amount can be estimated with sufficient accuracy. The provision established in each case covers the expense that can be expected in our assessment as at the balance sheet date.
As part of our business activities we hold collateral available outside the United States in various blocked custody accounts and trust accounts, the total amount of which in relation to the Group’s major companies was EUR 2,694.0 million (EUR 2,514.4 million) as at the balance sheet date.
In addition, we put up own investments with a book value of EUR 78.9 million as collateral for existing derivative transactions. In the previous year we kept own investments with a book value of EUR 53.8 million in blocked custody accounts for the provision of corresponding collateral. We received collateral with a fair value of EUR 12.9 million (EUR 18.6 million) for existing derivative transactions.
The application of tax regulations may not have been resolved at the time when tax items are brought to account. The calculation of tax refund claims and tax liabilities is based on what we consider to be the regulations most likely to be applied in each case. The revenue authorities may, however, take a differing view, as a consequence of which additional tax liabilities could arise in the future.
Rental income totalled EUR 76.2 million (EUR 58.7 million) in the year under review. The rental income resulted principally from the renting out of properties by the Group’s real estate companies.
Key points of deliberation As in every year, we were regularly updated on the work of the Supervisory Board committees and given a description of the major pending legal proceedings. We approved an increase in the capital participation of Hannover Rück SE in a consolidation platform for German life insurance companies. The status of the Market Consistent Embedded Value in life and health reinsurance relative to competitors was also considered at length. A further key point of deliberation was the adoption of a resolution on the corporate strategy, which is reviewed and revised every three years. The annual review of the investment guidelines centred on the raising of the real estate allocation, the specification as to real estate exposure and the updating and definition of the minimum liquidity limit. The acquisition of International Insurance Company of Hannover SE, which during 2014 was engaged in relocating its registered office to Germany, from Hannover Finance (UK) Limited and a capital increase at this company were approved. In addition, a report was received on an increase in the interest held by Hannover Rück Beteiligung
Verwaltungs-GmbH in E+S Rückversicherung AG. With an eye to § 3 Para. 1 Sentence 3 of the Regulation on the Supervisory Law Requirements for Remuneration Schemes in the Insurance Sector (VersVergV) the full Supervisory Board considered the adequacy of the remuneration system for the members of the Executive Board. The fixed remuneration of members of the Executive Board as at 1 January 2015 was also reviewed. The variable remuneration of the members of the Executive Board was defined on the basis of the findings with respect to attainment of the respective targets for the 2013 financial year. At the constituent meeting of the Supervisory Board of Hannover Rück SE the Chairman of the Supervisory Board and his Deputy as well as the members and Chair of the Finance and Audit Committee and the members of the Standing Committee and of the Nomination Committee were confirmed. Mr. Althoff was appointed to succeed Mr. Arrago on the Executive Board. The retirement benefits of a member of the Executive Board were also adjusted.
Committees of the Supervisory Board Of the committees formed by the Supervisory Board within the meaning of § 107 Para. 3 German Stock Corporation Act, the Finance and Audit Committee met on four occasions and the Standing Committee met twice. The Standing Committee adopted one resolution by way of a written procedure. The Chairman of the Supervisory Board updated the full Super visory Board on the major deliberations of the committee meetings at its next meeting and provided an opportunity for further questions.
Corporate Governance Bearing in mind that the Government Commission on the German Corporate Governance Code (DCKG) made only minimal amendments to the Code in 2014, deliberations on the Code were not a focus of the Supervisory Board’s work. Nevertheless, the Supervisory Board was provided with an explanation of the method used to calculate the vertical comparison of remuneration pursuant to Item 4.2.2 of the Code. The Supervisory Board also received a follow-up report from the Executive Board on the progress made in connection with the concept for the advancement of female employees, a report on the design of the remuneration schemes pursuant to § 3 Para. 5 of the Regulation on the Supervisory Law Requirements for Remuneration Schemes in the Insurance Sector (VersVergV) as well as the compliance, internal audit and risk reports. As part of the efficiency audit of the Supervisory Board’s work the experiences gathered in connection with the electronic mailing of documents to the members of the Supervisory Board were evaluated and it was decided to extend the system. Despite the high importance that the Supervisory Board attaches to the standards of good and responsible enterprise management defined in the German Corporate Governance Code, the Supervisory Board decided not to comply with the recommendations contained in Code Item 4.2.3 Para. 2 regarding caps on the amount of variable compensation elements in management board contracts, in Code Item 4.2.3 Para. 4 concerning a cap on severance payments in management board contracts, in Code Item 5.2 Para. 2 concerning the Chair of the Audit Committee and in Code Item 5.3.2 concerning the independence of the Chair of the Audit Committee. The justification in these respects is provided in the Declaration of Conformity pursuant to § 161 German Stock Corporation Act regarding compliance with the German Corporate Governance Code, which is reproduced in this Annual Report as part of the Declaration on Corporate Governance. Further information on the topic of corporate governance is available on Hannover Re’s website.
aspects of the audits were met without reser vation. Since the audits did not give rise to any objections KPMG AG Wirtschaftsprüfungsgesellschaft issued unqualified audit certificates. The Finance and Audit Committee discussed the annual financial statements and the combined management report with the participation of the auditors and in light of the audit reports, and it informed the Supervisory Board of the outcome of its examination.
The Super visory Board thus concurred with the opinions of the auditors and approved the annual financial statements and the consolidated financial statements; the annual financial statements are thereby adopted. Our proposal regarding the appropriation of the disposable profit for 2014 is in accordance with that of the Executive Board.
Word of thanks to the Executive Board and members of staff The very good result once again generated by Hannover Rück SE for the 2014 financial year was made possible by the exceptional performance of the Executive Board and the members of staff working for the company and the Group. The Supervisory Board would like to express its special appreciation to the Executive Board and all the employees for their efforts.
Burgwedel Chairman Chairman of the Board of Management of Talanx AG Chairman of the Board of Management of HDI Haftpflichtverband der Deutschen Industrie V.a.G.
Berg Former Chief Executive Officer of Talanx AG and HDI Haftpflichtverband der Deutschen Industrie V.a.G.
Hannover Rueck SE Australian Branch – Agency The Re Centre, Level 21 Australia Square 264 George Street Sydney NSW 2000 G.P.O. Box 3973 Sydney NSW 2001
Hannover ReTakaful B.S.C. (c) Al Zamil Tower 17th Floor Government Avenue Manama Center 305 Manama Tel. +973 1721-4766 Fax +973 1721-4667 Managing Director: Mahomed Akoob
International Insurance Company of Hannover SE (Canadian Branch) 220 Bay Street, Suite 400, Toronto, Ontario M5J 2W4
Hannover Re (Ireland) Limited No. 4 Custom House Plaza, IFSC Dublin 1
Managing Director L&H & CEO: Debbie O’Hare Managing Director ASI: Kathrin Scherff
Hannover Services (México) S. A. de C. V. German Centre Oficina 4-4-28 Av. Santa Fé No. 170 Col. Lomas de Santa Fé C.P. 01210 México, D.F.
HR Hannover Re, Correduría de Reaseguros, S.A. Paseo del General Martínez Campos 46 28010 Madrid
Office Charlotte 13840 Ballantyne Corporate Place, Suite 400 Charlotte, North Carolina 28277
Office New York 112 Main Street East Rockaway, New York 11518
Basic losses: Losses that occur frequently in a foreseeable amount, i. e. where the underlying risks are associated with relatively high probabilities of occurrence and usually low loss amounts.
Contribution margin accounting level 5 (DB 5): this level of contribution margin accounting constitutes the clear profit after earning the discounted claims expenditure plus all external and internal costs including the cost of capital.
Deposit accounting: an accounting method originating in US accounting principles for the recognition of short-term and multi-year insurance and reinsurance contracts with no significant underwriting risk transfer. The standard includes inter alia provisions relating to the classification of corresponding contract types as well as the recognition and measurement of a deposit asset or liability upon inception of such contracts.
Funds held by ceding companies / funds held under re insurance treaties: cf. deposits with ceding companies / deposits received from retrocessionaires
Life and health (re-)insurance: collective term for the lines of business concerned with the insurance of persons, i. e. life, pension, health and personal accident insurance.
Surplus relief treaty: a reinsurance contract under which a reinsurer assumes (part of) a ceding company’s portfolio in order to relieve strain on the insurer’s policyholders’ surplus.
I 09 Highs and lows of the Hannover Re share 8 I 10 Relative performance of the Hannover Re share 9 I 11 Shareholding structure as at 31 December 2014 10 I 12 Shareholding structure by countries / regions as at 31 December 2014 (free float) 10 I 13 Basic information 11 I 14 Key figures 11 I 15 Performance Excellence 15
M 01 Target attainment 22 M 02 System of value-based management: Performance Excellence (PE) combines the strategic and operational levels 23 M 03 Intrinsic Value Creation and excess return on capital allocated 24 M 04 Gross premium by business group 33 M 05 Business development in the year under review 34 M 06 Key figures for Property & Casualty reinsurance 35 M 07 Gross written premium 36 M 08 Geographical breakdown of gross written premium
M 09 Breakdown of proportional and non-proportional treaties by volume 36 M 10 Breakdown into business written through brokers and direct business 36 M 11 Property & Casualty reinsurance: Major loss trend 37 M 12 Property & Casualty reinsurance: Key figures for individual markets and lines in 2014 38 M 13 Property & Casualty reinsurance: Breakdown of gross written premium in target market 39 M 14 Property & Casualty reinsurance: Breakdown of gross written premium in North America by line of business 40
M 48 Balance sheet structure of Hannover Rück SE 64 M 49 Staff turnover / absenteeism Hannover Home Office 65 M 50 Breakdown of employees by country 67 M 51 Resources consumed at Hannover Home Office 69 M 52 Operationalisation of the risk strategy 74 M 53 Strategic targets for the risk position 75 M 54 Solvency II: Hannover Re is well prepared 76 M 55 Available capital and required risk capital 77 M 56 Capitalisation ratios 78 M 57 Central functions of risk monitoring and steering 79 M 58 Reconciliation (economic capital /
M 75 Reinsurance recoverables as at the balance sheet date 95
M 76 Required risk capital for operational risks 95 M 77 Opportunity management process 99 M 78 Measurement basis and payment procedures for fixed remuneration 106 M 79 Overview of the composition of variable remuneration 107 M 80 Measurement bases / conditions of payment for variable remuneration 108 M 81 Payment procedures for the total variable remuneration 110 M 82 Total remuneration of the active members of the
M 83 Total expense for share-based remuneration of the Executive Board 114
N 04 Consolidated statement of changes in shareholders’ equity 2014 142 N 05 Consolidated cash flow statement 2014 144 N 06 Valuation models 152 N 07 Key exchange rates 158 N 08 Scope of consolidation 161 N 09 List of shareholdings 163 N 10 Book values from business relations with unconsolidated structured entities 171 N 11 Consolidated segment report as at
N 14 Amortised cost, unrealised gains and losses and accrued interest on the portfolio of investments classified as held to maturity as well as their fair value 2014 180
N 15 Amortised cost, unrealised gains and losses and accrued interest on the portfolio of investments classified as held to maturity as well as their fair value 2013 180
N 16 Amortised cost, unrealised gains and losses and accrued interest on loans and receivables as well as their fair value 2014 181
N 20 Fair value of financial assets at fair value through profit or loss before and after accrued interest as well as accrued interest on such financial assets 183
N 21 Carrying amounts before impairment 184 N 22 Rating structure of fixed-income securities 2014 185 N 23 Rating structure of fixed-income securities 2013 185 N 24 Breakdown of investments by currencies 2014 186 N 25 Breakdown of investments by currencies 2013 187 N 26 Financial information on investments in associated companies 188 N 27 Investments in associated companies 188 N 28 Development of investment property 189 N 29 Fair value hierarchy of financial assets and liabilities recognised at fair value 2014 191 N 30 Fair value hierarchy of financial assets and liabilities recognised at fair value 2013 191 N 31 Movements in level 3 financial assets and
N 33 Income and expenses from level 3 financial assets and liabilities 2014 193 N 34 Income and expenses from level 3 financial assets and liabilities 2013 193 N 35 Fair value hierarchy of financial assets and liabilities measured at amortised cost 2014 194 N 36 Fair value hierarchy of financial assets and liabilities measured at amortised cost 2013 194 N 37 Development of deferred acquisition costs 195 N 38 Age structure of overdue accounts receivable 195 N 39 Value adjustments on accounts receivable 195 N 40 Development of goodwill 196 N 41 Capitalisation rates 196 N 42 Other assets 197 N 43 Development of the present value of future profits
(PVFP) on acquired life reinsurance portfolios 197 N 44 Fixtures, fittings and equipment 198 N 45 Development of other intangible assets 199 N 46 Technical provisions 200 N 47 Loss and loss adjustment expense reserve 201 N 48 Net loss reserve and its run-off in the property and casualty reinsurance segment 202 N 49 Maturities of the technical reserves 2014 203 N 50 Maturities of the technical reserves 2013 203 N 51 Development of the benefit reserve 204 N 52 Development of the unearned premium reserve 205
N 53 Measurement assumptions 206 N 54 Movements in net liability from defined benefit pension plans 207 N 55 Provisions for pensions 208 N 56 Effect on the defined benefit obligation 208 N 57 Other liabilities 209 N 58 Development of sundry non-technical provisions 210 N 59 Maturities of the sundry non-technical provisions 210 N 60 Debt and subordinated capital 2014 211 N 61 Debt and subordinated capital 2013 212 N 62 Maturities of financial liabilities 2014 212 N 63 Maturities of financial liabilities 2013 213 N 64 Net gains and losses from dept and subordinated capital 213 N 65 Material non-controlling interests 215 N 66 Gross written premium 216 N 67 Investment income 217 N 68 Interest income on investments 217 N 69 Net gains and losses on investments 2014 218 N 70 Net gains and losses on investments 2013 218 N 71 Reinsurance result 219 N 72 Other technical income 219 N 73 Commissions and brokerage, change in deferred acquisition costs 220 N 74 Other technical expenses 220 N 75 Other income / expenses 220 N 76 Income tax 221 N 77 Domestic / foreign breakdown of recognised tax expenditure / income 221 N 78 Deferred tax assets and deferred tax liabilities of all Group companies 222 N 79 Netting of deferred tax assets and deferred tax liabilities 222 N 80 Reconciliation of the expected expense for income taxes with the actual expense 223 N 81 Expiry of non-capitalised loss carry-forwards and temporary differences 223 N 82 Maturity structure of derivative financial
Annual financial statements 2014 Annual Results Press Conference, Hannover Analysts’ Meeting, London
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