Segment reporting

The Group adjusted its segment reporting in the year under review in light of the corporate reorganization according to customer groups that was undertaken in primary insurance business (see our remarks on “Change in segment reporting” in the section “Accounting policies”.

Balance sheet as at 31 December 2010 1)

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Industrial Lines

Retail Germany

Retail International

Non-Life Reinsurance

Life/Health Reinsurance

Corporate Operations

Consolidation

Total

Assets

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009

31.12.2010

31.12.2009

31.12.2010

31.12.2009 2)

Figures in EUR million

                

A. Intangible assets

                

a. Goodwill

60

60

397

397

124

128

8

8

589

593

b. Other intangible assets

8

8

1,629

1,943

29

25

29

45

108

112

48

21

1,851

2,154

 

68

68

2,026

2,340

153

153

37

53

108

112

48

21

2,440

2,747

                 

B. Investments

                

a. Investment property

39

41

449

451

69

64

301

161

2

2

7

860

726

b. Investments in affiliated companies and
participating interests

9

8

24

15

11

4

1

30

33

74

61

c. Investments in associated companies

9

9

24

25

85

84

12

14

14

2

144

134

d. Loans and receivables

3,084

3,000

26,993

26,155

3

3

2,270

2,657

45

45

1

1

–53

–313

32,343

31,548

e. Other financial instruments

                

i. Held to maturity

121

121

295

297

71

51

3,024

2,949

4

4

46

–562

–564

2,999

2,858

ii. Available for sale

2,764

2,355

8,599

7,700

2,444

2,220

12,096

10,227

4,409

3,653

323

322

30,635

26,477

iii. At fair value through profit or loss

16

20

445

508

487

269

181

208

92

94

1,221

1,099

f. Other invested assets

559

870

849

991

224

219

2,352

1,779

273

267

413

417

–485

–410

4,185

4,133

Investments under own management

6,592

6,415

37,663

36,126

3,322

2,851

20,320

18,069

4,837

4,080

827

782

–1,100

–1,287

72,461

67,036

g. Funds held by ceding companies

43

42

3

66

696

626

11,940

10,163

–1,721

–1,548

10,961

9,349

Total investments

6,635

6,457

37,666

36,192

3,322

2,851

21,016

18,695

16,777

14,243

827

782

–2,821

–2,835

83,422

76,385

                 

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

5,419

4,203

995

772

6,414

4,975

                 

D. Reinsurance recoverables on technical provisions

3,866

3,947

2,797

2,659

713

699

941

1,633

515

265

–3,309

–3,241

5,523

5,962

                 

E. Accounts receivable on insurance business

1,675

1,002

368

407

354

287

1,806

1,897

1,036

975

–228

–226

5,011

4,342

                 

F. Deferred acquisition costs

26

8

1,498

1,377

202

198

362

331

1,472

1,507

155

123

3,715

3,544

                 

G. Cash

242

297

337

676

204

209

328

257

118

200

36

46

1,265

1,685

                 

H. Deferred tax assets

25

36

22

30

59

51

10

15

2

7

181

96

–31

268

235

                 

I. Other assets

448

419

1,412

1,024

211

172

970

1,085

47

54

474

673

–1,781

–1,772

1,781

1,655

                 

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

35

1,529

1,529

35

                 

Total assets

12,985

12,234

51,545

48,943

6,213

5,392

26,999

23,966

20,075

17,363

1,566

1,618

–8,015

–7,951

111,368

101,565


1)
Previous year’s figures adjusted due to modified segment reporting pursuant to IFRS 8
2)
Adjusted on the basis of IAS 8

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Balance sheet as at 31 December 2010 1)

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Industrial Lines

Retail Germany

Retail International

Non-Life Reinsurance

Life/Health Reinsurance

Corporate Operations

Consolidation

Total

Liabilities

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009 2)

31.12.2010

31.12.2009

31.12.2010

31.12.2009

31.12.2010

31.12.2009 2)

Figures in EUR million

                

B. Subordinated liabilities

265

269

165

155

1,869

1,365

92

35

542

264

–142

–85

2,791

2,003

                 

C. Technical provisions

                

a. Unearned premium reserve

713

726

1,835

1,882

1,008

960

1,813

1,438

98

75

–56

–55

5,411

5,026

b. Benefit reserve

32,333

30,919

1,752

1,527

8,941

7,954

–560

–646

42,466

39,754

c. Loss and loss adjustment expense reserve

7,777

7,428

2,696

2,773

1,129

936

15,634

15,395

2,431

2,032

6

–1,129

–1,314

28,538

27,256

d. Provision for premium refunds

13

12

1,061

1,202

39

61

1,113

1,274

e. Other technical provisions

31

42

8

8

15

9

131

106

51

40

14

16

250

221

 

8,534

8,208

37,933

36,784

3,943

3,493

17,578

16,939

11,521

10,101

6

–1,731

–2,000

77,778

73,531

                 

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

5,419

4,203

995

772

6,414

4,975

                 

E. Other provisions

                

a. Provision for pensions

438

434

133

130

8

8

64

60

18

17

655

649

1,316

1,298

b. Provision for taxes

117

143

142

178

40

27

263

264

24

7

157

152

743

771

c. Sundry provisions

92

137

283

239

33

23

135

57

23

14

128

106

–2

–1

692

575

 

647

714

558

547

81

58

462

381

65

38

940

907

–2

–1

2,751

2,644

                 

F. Liabilities

                

a. Notes payable and loans

17

17

188

116

168

50

1,304

1,383

–930

–891

747

675

b. Funds held under reinsurance treaties

4

15

2,224

2,050

345

267

320

331

5,572

4,564

–3,241

–2,713

5,224

4,514

c. Other liabilities

1,835

1,343

2,321

2,654

298

222

620

829

1,139

1,297

757

580

–2,112

–2,364

4,858

4,561

 

1,839

1,358

4,545

4,704

660

506

1,128

1,276

6,879

5,911

2,061

1,963

–6,283

–5,968

10,829

9,750

                 

G. Deferred tax liabilities

88

142

290

311

9

5

716

715

310

297

4

7

16

32

1,433

1,509

                 

Total liabilities/provisions

11,373

10,691

48,910

46,704

5,688

4,834

21,753

20,676

18,867

16,382

3,547

3,147

–8,142

–8,022

101,996

94,412

                 

H. Liabilities of disposal groups classified as held for sale

1,381

1,381

    
 

Shareholders’ equity 3)

7,991

7,153

 

Total liabilities

111,368

101,565

 


1) Previous year’s figures adjusted due to modified segment reporting pursuant to IFRS 8
2) Adjusted on the basis of IAS 8
3) Group shareholder’s equity incl. minority interests

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Statement of income for the 2010 financial year 1)

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Industrial Lines

Retail Germany

Retail International

Non-Life Reinsurance

Life/Health Reinsurance

Corporate Operations

Consolidation

Total

 

2010

2009 2)

2010

2009 2)

2010

2009

2010

2009

2010

2009 2)

2010

2009

2010

2009

2010

2009 2)

Figures in EUR million

                

1. Gross written premium including premium from unit-linked life and annuity insurance

3,076

3,077

6,823

6,614

2,233

1,827

6,340

5,753

5,090

4,529

–693

–877

22,869

20,923

thereof: with other segments

28

15

21

18

367

472

277

372

–693

–877

with third parties

3,048

3,062

6,802

6,596

2,233

1,827

5,973

5,281

4,813

4,157

22,869

20,923

2. Savings elements of premium from unit-linked
life and annuity insurance

932

835

207

144

1,139

979

3. Ceded written premium

1,658

1,732

437

625

203

242

705

339

423

421

–659

–829

2,767

2,530

4. Change in gross unearned premium

37

19

45

167

19

–32

–274

–199

–13

–27

1

5

–185

–67

5. Change in ceded unearned premium

42

–41

–8

163

100

6

–34

–22

3

–75

–85

25

24

Net premium earned

1,413

1,405

5,507

5,158

1,742

1,403

5,395

5,237

4,654

4,078

42

42

18,753

17,323

6. Claims and claims expenses (gross)

2,047

1,777

6,018

5,233

1,527

1,245

4,330

3,786

4,106

3,538

–218

–478

17,810

15,101

Reinsurers’ share

878

909

192

302

113

117

456

–22

317

231

–244

–494

1,712

1,043

Claims and claims expenses (net)

1,169

868

5,826

4,931

1,414

1,128

3,874

3,808

3,789

3,307

26

16

16,098

14,058

7. Acquisition costs and administrative expenses (gross)

568

622

1,282

1,594

657

477

1,525

1,323

1,216

1,112

–361

–374

4,887

4,754

Reinsurers’ share

256

315

172

508

210

129

92

37

98

116

–313

–395

515

710

Acquisition costs and administrative expenses (net)

312

307

1,110

1,086

447

348

1,433

1,286

1,118

996

–48

21

4,372

4,044

8. Other technical income

10

9

28

11

17

8

4

17

11

–1

71

43

Other technical expenses

–1

105

230

97

34

34

10

11

54

44

63

4

390

295

thereof: amortization PVFP

147

75

1

1

4

3

152

79

Other technical result

11

–96

–202

–86

–17

–26

–10

–7

–37

–33

–64

–4

–319

–252

Net technical result

–57

134

–1,631

–945

–136

–99

78

136

–290

–258

1

–2,036

–1,031

                 

9. a. Income from investments

268

311

1,793

1,756

174

146

946

839

246

309

13

30

–57

–70

3,383

3,321

b. Expenses for investments

37

70

181

513

22

25

179

266

42

24

110

86

–85

–81

486

903

Net income from investments under own management

231

241

1,612

1,243

152

121

767

573

204

285

–97

–56

28

11

2,897

2,418

Income/expense on funds withheld and contract deposits

–1

–35

–36

–1

12

37

304

240

1

280

240

Net investment income

231

240

1,577

1,207

151

121

779

610

508

525

–97

–56

28

12

3,177

2,658

thereof: interest and similar income

223

224

1,485

1,380

119

117

672

682

606

571

3

7

–67

–76

3,041

2,905

impairments/depreciation on investments

7

12

68

193

8

14

23

136

1

1

9

5

—1

–8

115

353

write-ups on investments

1

10

27

20

37

21

profit/loss from investments in associated companies

1

–1

2

–5

1

–1

2

–6

10. a. Other non-technical income

197

220

397

376

142

43

332

211

95

180

606

664

–822

–727

947

967

b. Other non-technical expenses

186

259

387

357

113

92

280

197

37

76

824

630

–788

–606

1,039

1,005

Other income/expenses

11

–39

10

19

29

–49

52

14

58

104

–218

34

–34

–121

–92

–38

thereof: interest and similar income

4

8

8

7

23

13

6

1

1

1

14

20

–12

–14

44

36

write-ups on accounts receivable
and other assets

26

6

11

1

1

61

99

98

107

interest and similar expanses

31

30

23

24

16

5

32

47

10

5

65

60

–19

–18

158

153

write-downs on accounts receivable
and other assets

7

45

24

32

14

16

48

50

11

7

6

3

110

153

amortization on acquired insurance portfolios

67

31

98

Profit before goodwill impairments

185

335

–44

281

44

–27

909

760

276

371

–315

–22

–6

–108

1,049

1,589

                 

11. Goodwill impairments

1

72

17

15

4

17

92

Operating profit/loss (EBIT)

185

334

–44

209

27

–42

909

760

276

371

–315

–26

–6

–108

1,032

1,497

                 

12. Financing costs

14

18

11

22

1

90

79

4

2

65

72

–50

–61

134

133

13. Taxes on income

32

79

–12

129

44

–2

196

217

61

71

–108

–31

15

8

228

471

                 

Net income

139

237

–43

58

–17

–41

623

464

211

298

–272

–67

29

–55

670

893

1) Previous year’s figures adjusted due to modified segment reporting pursuant to IFRS 8
2) Adjusted on the basis of IAS 8

thereof minority interest in profit or loss

450

408

thereof Group net income

220

485

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The geographical breakdown shown below is based on the regional origin of the investments and the gross written premium with respect to external clients. No transactions with external clients amounting to at least 10% of total gross premium occurred during the reporting period.

Investments excluding funds held by ceding companies 1)

Primary Insurance

Reinsurance

Corporate Operations

31.12.2010

Total

Figures in EUR million

    

Germany

30,795

6,064

465

37,324

United Kingdom

1,371

1,705

46

3,122

Rest of Europe

12,842

6,993

316

20,151

United States

839

6,052

6,891

Rest of North America

103

987

1,090

Asia and Australia

240

2,121

2,361

Rest of the world

756

766

1,522

     

Total

46,946

24,688

827

72,461



Investments excluding funds held by ceding companies 1)

Primary Insurance

Reinsurance

Corporate Operations

31.12.2009

Total

Figures in EUR million

    

Germany

32,178

5,996

222

38,396

United Kingdom

682

1,338

211

2,231

Rest of Europe

10,218

5,790

313

16,321

United States

837

5,852

3

6,692

Rest of North America

82

803

885

Asia and Australia

178

1,349

1,527

Rest of the world

537

447

984

     

Total

44,712

21,575

749

67,036


1)
After elimination of internal transactions within the Group across segments



Gross written premium 1)

Primary Insurance

Reinsurance

2010

Total

Figures in EUR million

   

Germany

8,281

691

8,972

United Kingdom

182

2,434

2,616

Rest of Europe

2,642

1,675

4,317

United States

145

2,957

3,102

Rest of North America

416

416

Asia and Australia

47

1,452

1,499

Rest of the world

786

1,161

1,947

    

Total

12,083

10,786

22,869



Gross written premium 1)

Primary Insurance

Reinsurance

2009

Total

Figures in EUR million

   

Germany

8,095

696

8,791

United Kingdom

190

1,808

1,998

Rest of Europe

2,538

1,561

4,099

United States

112

2,841

2,953

Rest of North America

1

386

387

Asia and Australia

32

1,218

1,250

Rest of the world

517

928

1,445

    

Total

11,485

9,438

20,923


1)
After elimination of internal transactions within the Group across segments