Assets and shareholders’ equity

Financial position

The capital structure and composition of the liabilities of the Talanx Group are shaped by its primary insurance and reinsurance business. The technical provisions, which in accordance with the requirements of regulators are to be covered by assets, account for the largest share. In addition, the Group finances itself most notably through shareholders’ equity as well as through subordinated debt and liabilities, which also represent our most important sources of funds.

The financial position of the Group is illustrated by the following overview, which we have based on the liabilities shown in the consolidated balance sheet.

Capital structure over a multi-year period
  2010

2009 1)

2008 1)

 

EUR million

%

EUR million

%

EUR million

%%

Shareholders' equity

7,991

7

7,153

7

5,718

6

Subordinated liabilities

2,791

3

2,003

2

2,074

2

Technical provisions – gross

77,778

70

73,531

72

69,612

74

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

6,414

6

4,975

5

3,371

4

Other provisions

2,751

2

2,644

3

2,416

3

Liabilities

10,829

10

9,750

10

9,625

10

Provisions for deferred taxes

1,433

1

1,509

1

1,377

2

Debts of disposal groups classified as held for sale

1,381

1

Total liabilities

111,368

100

101,565

100

94,193

100


1)
Adjusted on the basis of IAS 8