Notes on the consolidated balance sheet – liabilities

(27) Deferred taxes

The following table presents a breakdown of the deferred tax assets and liabilities into the balance sheet items from which they are derived.

 

31.12.2010

31.12.2009 1)

Figures in EUR million

  

Deferred tax assets

  

Loss and loss adjustment expense reserves

338

251

Technical provisions

290

269

Loss carry-forwards

306

271

Benefit reserves

50

52

Provisions

208

132

Accounts receivable on insurance business

12

20

Investments

68

54

Contract deposits

309

537

Premium refunds

13

14

Other invested assets

3

14

Value adjustment

–180

–267

Other

400

232

Total

1,817

1,579

   

Deferred tax liabilities

  

Equalization reserve

1,088

1,060

Deferred acquisition costs 2)

488

511

Contract deposits

51

96

Accounts receivable on insurance business

381

99

Present value of future profits (PVFP)

302

285

Benefit reserves

167

342

Technical provisions

47

95

Investments

197

191

Loss and loss adjustment expense reserves

30

59

Other invested assets

63

23

Debt consolidation

18

12

Provisions

55

16

Other

95

64

Total

2,982

2,853

   

Deferred tax liabilities (net)

1,165

1,274


1) Adjusted on the basis of IAS 8
2) The deferred taxes on deferred acquisition costs are shown for net, i.e. after allowance for the shares of reinsurers.

The deferred tax assets and deferred tax liabilities were recognized as follows:

 

31.12.2010

31.12.2009

Figures in EUR million

   

Deferred tax assets

268

235

Deferred tax liabilities

1,433

1,509

Deferred tax liabilities (net)

1,165

1,274