General accounting principles and adoption of International Financial Reporting Standards (IFRS)

Talanx AG is a wholly-owned subsidiary of HDI Haftpflichtverband der Deutschen Industrie V. a. G. (HDI V. a. G.). In accordance with §§ 341 i ff. of the German Commercial Code (HGB) HDI V. a. G. is obliged to prepare consolidated annual accounts that include the annual financial statements of Talanx AG and its subsidiaries. The consolidated annual accounts of the parent company are published in the Electronic Federal Gazette. Pursuant to the exemption rule of § 291 of the German Commercial Code (HGB) Talanx AG has drawn up the present consolidated financial statement on a voluntary basis.

Pursuant to § 315 a of the German Commercial Code (HGB) in conjunction with EU Regulation (EC) No. 1606/2002, the consolidated financial statement has been drawn up in accordance with International Financial Reporting Standards and International Accounting Standards (IFRS, IAS) in the form adopted for use under European law.

Since 2002 the standards adopted by the International Accounting Standards Board (IASB) have been referred to as “International Financial Reporting Standards” (IFRS); the standards dating from earlier years still bear the name “International Accounting Standards” (IAS). Standards are cited in our Notes accordingly; in cases where the Notes do not make explicit reference to a particular standard, the term IFRS is used.

All IFRS, application of which was required for the financial year, were observed in the preparation of the consolidated financial statement. In addition, the German Accounting Standards (DRS) adopted by the German Accounting Standards Committee (DRSC) have been observed insofar as they do not conflict with currently applicable IFRS standards.

The consolidated financial statement was drawn up in euros (EUR). The amounts shown have been rounded to EUR millions (EUR million), unless figures are required in EUR thousands (EUR thousand) for reasons of transparency. This may give rise to rounding differences in the tables presented in this report. Figures indicated in brackets refer to the previous year.