(1) Goodwill
| 2008 | 2007 |
Figures in EUR million |
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Gross book value at 31.12. of the previous year | 689 | 423 |
Currency translation at 01.01. of the year under review | –22 | 9 |
Gross book value after currency translation at 01.01. of the year under review | 667 | 432 |
Change in consolidated group | 1 | — |
Additions 1) | 12 | 306 |
Disposals | — | 49 |
Currency exchange rate differences | –3 | — |
Gross book value at 31.12. of the year under review | 677 | 689 |
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|
|
Accumulated depreciation and accumulated impairment losses at 31.12. of the previous year | 52 | 2 |
Currency translation at 01.01. of the year under review | — | — |
Accumulated depreciation and accumulated impairment losses after currency translation at 01.01. of the year under review | 52 | 2 |
Impairments | 4 | 50 |
Accumulated deprecation and accumulated impairment losses at 31.12. of the year under review | 56 | 52 |
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|
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Balance at 31.12. of the previous year | 637 | 421 |
Balance at 31.12. of the year under review | 621 | 637 |
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The recognized goodwill derived mainly from the acquisition of HDI Seguros de Automóveis e Bens S.A. in 2005, the purchase of the former Gerling Group by Talanx AG in 2006, the increase of the interests held by the Group in the PB insurers to 100% in the previous year and the purchase of 100% stakes in BHW Lebensversicherung AG and BHW Pensionskasse AG (both also 2007).
The additions of EUR 12 million in the year under review stemmed from the acquired non-life insurers HDI Strakhuvannya and HDI Seguros S.A. (see here our remarks in the section “Business combinations in the reporting period”).
The impairments of EUR 4 million were wholly attributable to the Property/Casualty Primary Insurance segment and are connected with the subsequent use of trade tax loss carry-forwards in the context of the acquisition of the Gerling Group in 2006. The impairments are opposed by income in the same amount from the recognition of deferred tax claims.
The annual goodwill impairment test did not identify any need to take impairments in the year under review (previous year: EUR 50 million). The impairment taken in 2007 was attributable exclusively to the Life Primary Insurance segment and related to the CGU “Neue Leben Group”, the calculated fair value of which was below the corresponding book value. For further information on the impairment test please see our remarks in the section entitled “Summary of major accounting policies”.