Change in the presentation of the consolidated balance sheet and consolidated statement of income

Analogously to the internal reporting and the modification of segment reporting, we adjusted disclosures in the consolidated balance sheet and consolidated statement of income as shown below. These changes in presentation are made retrospectively and had no implications for the amounts recognized in previous years. The comparable amounts for reclassification from the previous year are shown in brackets:

  • The operating result (EBIT) is split into the partial profit indicators of the technical and non-technical result. In this context, the “other technical result” is reclassified from the non-technical account (previously part of the “other income/expenses”; 2009: –EUR 252 million) and recognized as a separate profit indicator. The “other technical expenses” include, inter alia, the amortization of insurance-related intangible assets – to the extent that they relate to the shareholders’ portion (previously recognized in the profit item “Amortization of insurance-related intangible assets and goodwill impairments”; 2009: EUR 79 million).
  • The investment income includes not only the interest income on funds withheld and contract deposits but also the interest expense on funds withheld and contract deposits, which was previously recognized under “other expenses” (2009: EUR 207 million). Income from investments under own management, i.e. excluding interest income on funds withheld and contract deposits, is also shown. A corresponding separation is made in the consolidated balance sheet between investments under own management and total investments including funds held by ceding companies.
  • Amortization from differences relating to our subordinated liabilities is recognized in the item “Financing costs” (previously under “other income/expenses”; 2009: –EUR 3 million).
  • Goodwill impairments are now recognized separately (2009: EUR 92 million). Along with the insurance-related intangible assets (see above), we reclassified the amortization on acquired insurance portfolios to other expenses (2009: EUR 98 million; previously also recognized in the item “Amortization of insurance-related intangible assets and goodwill impairments”).
  • In the investments part of the consolidated balance sheet, the financial instruments at fair value through profit or loss (2009: EUR 861 million) are combined with the trading portfolio (2009: EUR 238 million) under a single item “Financial instruments at fair value through profit or loss”; a breakdown is provided in the Notes. Derivative financial instruments, insofar as they have positive fair values and do not constitute hedging instruments, are consistently allocated to the “financial instruments held for trading” (2009: reclassification of EUR 58 million from the item “Financial instruments at fair value through profit or loss”; reclassification in the opening balance sheet as at 1 January 2009: EUR 45 million). Individual financial instruments belonging to the category “Financial instruments available for sale” that were previously recognized under the “other invested assets” will in future also be shown under this item of the balance sheet (2009: EUR 475 million; reclassification in the opening balance sheet as at 1 January 2009: EUR 422 million).