Annual Report 2008
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Chairman's Letter
Balance Sheet
Statement of income
Development of segments
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Key figures
Key figures of the Group segments
Letter from the Chairman of the Board of Management
Boards and Officers
Report of the Supervisory Board
We are building on our strengths
We are building on our staff
Spotlights 2008
Group management report
Consolidated financial statement
Notes
Auditors’ report
Talanx worldwide
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Key figures
Key figures of the Group segments
Property/Casualty Primary Insurance
Life Primary Insurance
Non-Life Reinsurance
Life/Health Reinsurance
Financial Services
Brands
Letter from the Chairman of the Board of Management
Report of the Supervisory Board
Boards and Officers
Supervisory Board
Supervisory Board Committees
Board of Management
Areas of responsibility of the members
We are building on our staff
Spotlights 2008
Group management report
Business operations, organization and structure
Strategy
Business-policy background
Strategic objectives of the Talanx Group
Markets and business climate
Overall economic development
Capital markets
International insurance markets
German insurance industry
Legal and regulatory environment
Business development
Successful progress towards structural optimization
Financial position and assets
Asset/liability management
Investments
Net investment income
Rating of the group and its major subsidiaries
Analysis of the consolidated cash flow statement
Non-financial performance indicators
Staff
Sustainability
Sales, marketing and advertising
Development of the Group segments
Property/Casualty Primary Insurance
Life Primary Insurance
Non-Life Reinsurance
Life/Health Reinsurance
Financial Services
Capital and performance management
Capital management
Performance management
Management indicators
Risk report
Risks of future development
Effects of the financial and economic crisis
Major underwriting risks
Default risks under insurance business
Major investment risks
Major operational risks
Other major risks
Events of special significance after the balance sheet date
Forecast
Economic environment
Anticipated development of the Group
Consolidated financial statement
Consolidated balance sheet
Consolidated statement of income
Consolidated statement of changes in shareholders’ equity
Cash flow statement
Notes on the cash flow statement
Segment report
Balance sheet
Statement of income
Secondary segmentation
Notes
General information
General accounting principles and adoption of International Financial Reporting Standards (IFRS)
Summary of major accounting policies
Assets
Liabilities
Consolidation
Business combinations in the reporting period
Disposal groups
Nature of risks associated with insurance contracts and financial instruments
Hedge accounting
Securities lending
Notes on the consolidated balance sheet – assets
Goodwill
Other intangible assets
Investment property
Investments in affiliated companies and participating interests
Investments in associated companies
Loans and receivables
Financial assets held to maturity
Financial assets available for sale
Financial assets at fair value through profit or loss
Financial assets held for trading
Other invested assets
Derivative financial instruments and structured products
Accounts receivable on insurance business
Deferred acquisition costs
Other assets
Notes on the consolidated balance sheet – liabilities
Shareholders’ equity
Subordinated liabilities
Unearned premium reserve
Benefit reserve
Loss and loss adjustment expense reserve
Provision for premium refunds
Provisions for pensions and other post-employment benefit obligations
Provisions for taxes
Sundry provisions
Notes payable and loans
Other liabilities
Deferred taxes
Notes on the consolidated statement of income
Net premium earned
Investment income
Claims and claims expenses
Acquisition costs and administrative expenses
Other income/expenses
Amortization of insurance-related intangible assets and goodwill impairments
Taxes on income
Other information
Auditors’ report
Talanx worldwide
Our worldwide network
Our locations
Group structure
Contact
Glossary
Imprint
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Annual Report 2008