Notes on the consolidated balance sheet – assets

(3) Investment property

 

2010

2009

Figures in EUR million

   

Gross book value at 31.12. of the previous year

1,069

898

Adjustment of values carried forward from prior years 1)

–185

Gross book value at 01.01. of the year under review

884

898

Additions

149

164

Disposals

32

23

Disposal groups pursuant to IFRS 5

34

Reclassification

29

1

Other changes 1)

–1

Currency exchange rate differences

12

–4

Gross book value at 31.12. of the year under review

1,042

1,069

     

Accumulated depreciation and accumulated impairment losses at 31.12. of the previous year

343

314

Adjustment of values carried forward from prior years 1)

–185

Accumulated depreciation and accumulated impairment losses at 01.01. of the year under review

158

314

Disposals

4

3

Depreciation/impairment

   

Scheduled

15

9

Unscheduled

6

8

Disposal groups pursuant to IFRS 5

5

Reclassification

7

3

Other changes 1)

7

Accumulated depreciation and accumulated impairment losses at 31.12. of the year under review

182

343

     

Balance at 31.12. of the previous year

726

584

Balance at 31.12. of the year under review

860

726


1) The values carried forward were adjusted in connection with implementation of a new IT system; there were no implications for the carrying value

The additions of EUR 149 million relate principally to the Non-Life Reinsurance segment (EUR 136 million) and are attributable inter alia to the sharply increased investment activities of Hannover Re Real Estate Holdings, Inc., and Hannover Re Euro RE Holdings GmbH. A further EUR 8 million was due to the Retail Germany segment.

The fair value of investment property amounted to EUR 901 (790) million as at the balance sheet date. The fair values were determined largely internally within the Group using discounted cash flow methods and in individual cases on the basis of external expert opinions. The directly allocable operating expenses (including repairs and maintenance) totaled EUR 24 million with respect to properties rented out; operating expenses of EUR 2 million were incurred on properties with which no rental income was generated.

Of the total investment property, EUR 387 (415) million was allocated to special cover funds.