Consolidated financial statements

Consolidated balance sheet of Talanx AG
as at 31 December 2010

Assets

Note

   

31.12.2010

31.12.2009 1)

Figures in EUR million

         

A. Intangible assets

         

a. Goodwill

1

 

589

 

593

b. Other intangible assets

2

 

1,851

 

2,154

       

2,440

2,747

           

B. Investments

         

a. Investment property

3

 

860

 

726

b. Investments in affiliated companies and participating interests

4

 

74

 

61

c. Investments in associated companies

5

 

144

 

134

d. Loans and receivables

6

 

32,343

 

31,548

e. Other financial instruments

         

i. Held to maturity

7

2,999

   

2,858

ii. Available for sale

8 / 11

30,635

   

26,477

iii. At fair value through profit or loss

9 / 11 / 12

1,221

   

1,099

f. Other invested assets

10 / 11

4,185

   

4,133

Investments under own management

   

72,461

 

67,036

g. Funds held by ceding companies

   

10,961

 

9,349

Total investments

     

83,422

76,385

           

C. Investments for the account and risk of holders of life insurance policies

     

6,414

4,975

           

D. Reinsurance recoverables on technical provisions

     

5,523

5,962

           

E. Accounts receivable on insurance business

13

   

5,011

4,342

           

F. Deferred acquisition costs

14

   

3,715

3,544

           

G. Cash

     

1,265

1,685

           

H. Deferred tax assets

27

   

268

235

           

I. Other assets

15

   

1,781

1,655

           

J. Non-current assets and assets of disposal groups classified as held for sale

     

1,529

35

           

Total assets

     

111,368

101,565


1) Figures for the previous year adjusted on the basis of IAS 8 and IFRS 8; see explanatory remarks in the section “Summary of major accounting policies”


Liabilities

Note

   

31.12.2010

31.12.2009 1)

Figures in EUR million

         

A. Shareholders’ equity

16

       

a. Common shares

 

260

   

260

b. Reserves

 

4,696

   

4,314

Total shareholders’ equity excluding minorities

   

4,956

 

4,574

c. Minority interests

   

3,035

 

2,579

Total shareholders’ equity

     

7,991

7,153

           

B. Subordinated liabilities

17

 

2,791

 

2,003

           

C. Technical provisions

         

a. Unearned premium reserve

18

5,411

   

5,026

b. Benefit reserve

19

42,466

   

39,754

c. Loss and loss adjustment expense reserve

20

28,538

   

27,256

d. Provision for premium refunds

21

1,113

   

1,274

e. Other technical provisions

 

250

   

221

     

77,778

 

73,531

           

D. Technical provisions in the area of life insurance insofar as the investment risk is borne by policyholders

   

6,414

 

4,975

           

E. Other provisions

         

a. Provision for pensions

22

1,316

   

1,298

b. Provision for taxes

23

743

   

771

c. Sundry provisions

24

692

   

575

     

2,751

 

2,644

           

F. Liabilities

         

a. Notes payable and loans

25

747

   

675

b. Funds held under reinsurance treaties

 

5,224

   

4,514

c. Other liabilities

11 / 12 / 26

4,858

   

4,561

     

10,829

 

9,750

           

G. Deferred tax liabilities

27

 

1,433

 

1,509

           

Total liabilities/provisions

     

101,996

94,412

           

H. Liabilities of disposal groups classified as held for sale

     

1,381

           

Total liabilities

     

111,368

101,565


1) Figures for the previous year adjusted on the basis of IAS 8 and IFRS 8; see explanatory remarks in the section “Summary of major accounting policies”

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The following Group Notes form an integral part of the consolidated financial statement.