Segmental Report as at 31 December 2008
Hannover Re's segmental report is based on IAS 14 "Segment Reporting" and on the principles set out in German Accounting Standard No. 3 "Segment Reporting" (DRS 3) of the German Standards Council, supplemented by the requirements of DRS 3–20 "Segment Reporting of Insurance Enterprises".
The segments are shown after consolidation of internal transactions within the individual segment, but before consolidation across the segments. This is reported separately in the "Consolidation" column.
Excel download (21 KB)Segmentation of assets
| Figures in EUR thousand | Non-life reinsurance | Life/health reinsurance | Consolidation | Total | ||||
|---|---|---|---|---|---|---|---|---|
| 2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
|
| Assets | ||||||||
| Held to maturity | 1,262,866 | 1,262,619 | 43,058 | 52,071 | 169,278 | 174,126 | 1,475,202 | 1,488,816 |
| Loans and receivables | 1,418,271 | 1,263,764 | 105,019 | 116,567 | 157,567 | 157,558 | 1,680,857 | 1,537,889 |
| Available for sale | 11,244,214 | 11,387,469 | 2,646,643 | 2,496,286 | 614,564 | 593,690 | 14,505,421 | 14,477,445 |
| At fair value through profit or loss | 145,226 | 118,573 | 55,409 | 35,227 | 98,547 | 25,325 | 299,182 | 179,125 |
| Other invested assets | 871,345 | 808,047 | 67,270 | 57,711 | – | – | 938,615 | 865,758 |
| Short-term investments | 654,969 | 587,455 | 148,189 | 146,952 | 4,561 | 196,414 | 807,719 | 930,821 |
| Cash | 324,659 | 241,812 | 97,315 | 88,295 | 8,251 | 5,315 | 430,225 | 335,422 |
| Total investments and cash under own management | 15,921,550 | 15,669,739 | 3,162,903 | 2,993,109 | 1,052,768 | 1,152,428 | 20,137,221 | 19,815,276 |
| Funds held by ceding companies | 789,996 | 870,892 | 8,988,523 | 7,741,902 | (2,372) | (2,240) | 9,776,147 | 8,610,554 |
| Contracts deposits | – | 137 | 288,782 | 615,997 | – | – | 288,782 | 616,134 |
| Total investments | 16,711,546 | 16,540,768 | 12,440,208 | 11,351,008 | 1,050,396 | 1,150,188 | 30,202,150 | 29,041,964 |
| Reinsurance recoverables on unpaid claims | 1,975,496 | 2,371,387 | 103,672 | 101,629 | – | (1,431) | 2,079,168 | 2,471,585 |
| Reinsurance recoverables on benefit reserves | – | – | 159,151 | 255,076 | – | – | 159,151 | 255,076 |
| Prepaid reinsurance premium | 23,582 | 86,217 | 6,151 | 6,105 | – | – | 29,733 | 92,322 |
| Reinsurance recoverables on other reserves | 9,813 | 3,031 | 115 | 2,543 | – | – | 9,928 | 5,574 |
| Deferred acquisition costs | 302,229 | 262,176 | 1,558,554 | 1,544,967 | – | – | 1,860,783 | 1,807,143 |
| Accounts receivable | 1,976,575 | 1,373,824 | 825,477 | 1,152,705 | (290) | (658) | 2,801,762 | 2,525,871 |
| Other assets in the segment | 1,187,502 | 1,287,379 | 336,508 | 304,312 | (664,942) | (722,819) | 859,068 | 868,872 |
| Total | 22,186,743 | 21,924,782 | 15,429,836 | 14,718,345 | 385,164 | 425,280 | 38,001,743 | 37,068,407 |
Segmentation of technical and other liabilities
| Figures in EUR thousand | Non-life reinsurance | Life/health reinsurance | Consolidation | Total | ||||
|---|---|---|---|---|---|---|---|---|
| 2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
2008 31.12. |
2007 31.12. |
|
| Liabilities | ||||||||
| Loss and loss adjustment expense reserve | 15,376,337 | 15,114,553 | 1,555,732 | 1,440,774 | – | (1,439) | 16,932,069 | 16,553,888 |
| Benefit reserve | – | – | 5,913,075 | 6,143,460 | – | – | 5,913,075 | 6,143,460 |
| Unearned premium reserve | 1,250,648 | 1,148,723 | 83,208 | 37,659 | – | – | 1,333,856 | 1,186,382 |
| Provisions for contingent commissions | 122,923 | 146,638 | 34,073 | 37,087 | – | – | 156,996 | 183,725 |
| Funds held | 170,294 | 186,802 | 398,039 | 772,352 | (2,381) | (2,242) | 565,952 | 956,912 |
| Contracts deposits | 91,329 | 156,829 | 5,055,095 | 3,511,996 | – | – | 5,146,424 | 3,668,825 |
| Reinsurance payable | 953,518 | 427,552 | 284,223 | 714,857 | (829) | (1,342) | 1,236,912 | 1,141,067 |
| Long-term liabilities | 43,144 | 41,583 | – | – | 1,376,883 | 1,373,294 | 1,420,027 | 1,414,877 |
| Other liabilities in the segment | 1,222,087 | 1,239,046 | 1,378,233 | 1,283,393 | (635,381) | (625,001) | 1,964,939 | 1,897,438 |
| Total | 19,230,280 | 18,461,726 | 14,701,678 | 13,941,578 | 738,292 | 743,270 | 34,670,250 | 33,146,574 |
Segmental statement of income
| Figures in EUR thousand | Non-life reinsurance | life/health reinsurance | Consolidation | Total | ||||
|---|---|---|---|---|---|---|---|---|
| 2008 1.1.–31.12. |
2007 1.1.–31.12. |
2008 1.1.–31.12. |
2007 1.1.–31.12. |
2008 1.1.–31.12. |
2007 1.1.–31.12. |
2008 1.1.–31.12. |
2007 1.1.–31.12. |
|
| Gross written premium | 4,987,823 | 5,189,508 | 3,134,416 | 3,082,904 | (1,320) | (13,511) | 8,120,919 | 8,258,901 |
| thereof | ||||||||
| From insurance business with other segments | – | – | 1,320 | 13,511 | (1,320) | (13,511) | – | – |
| From insurance business with external third parties | 4,987,823 | 5,189,508 | 3,133,096 | 3,069,393 | – | – | 8,120,919 | 8,258,901 |
| Net premium earned | 4,276,748 | 4,497,597 | 2,784,877 | 2,795,333 | – | – | 7,061,625 | 7,292,930 |
| Net investment income | 11,114 | 783,282 | 245,518 | 293,850 | 21,827 | 44,614 | 278,459 | 1,121,746 |
| thereof | ||||||||
| Deposit interest and expenses | 13,208 | 42,572 | 186,373 | 177,486 | 6 | 50 | 199,587 | 220,108 |
| Claims and claims expenses | 3,028,007 | 3,359,951 | 1,674,732 | 1,672,196 | (612) | (1,076) | 4,702,127 | 5,031,071 |
| Change in benefit reserve | – | – | 421,342 | 397,934 | – | – | 421,342 | 397,934 |
| Commission and brokerage, change in deferred acquisition costs and other technical income/expenses | 915,339 | 1,016,676 | 743,394 | 780,548 | (6,244) | (6,692) | 1,652,489 | 1,790,532 |
| Administrative expenses | 148,751 | 147,642 | 70,062 | 61,194 | (2,766) | (4,478) | 216,047 | 204,358 |
| Other income and expenses | (193,493) | (99,923) | (187) | 52,471 | (6,331) | (15,327) | (200,011) | (62,779) |
| Operating profit/loss (EBIT) | 2,272 | 656,687 | 120,678 | 229,782 | 25,118 | 41,533 | 148,068 | 928,002 |
| Interest on hybrid capital | – | – | – | – | 77,442 | 77,600 | 77,442 | 77,600 |
| Net income before taxes | 2,272 | 656,687 | 120,678 | 229,782 | (52,324) | (36,067) | 70,626 | 850,402 |
| Taxes | 178,022 | 47,191 | 35,494 | (2,183) | (7,906) | 2,444 | 205,610 | 47,452 |
| Net income (loss) from continuing operations | (175,750) | 609,496 | 85,184 | 231,965 | (44,418) | (38,511) | (134,984) | 802,950 |
| Net income (loss) from discontinued operations | – | 12,131 | – | – | – | 22,954 | – | 35,085 |
| Net income (loss) | (175,750) | 621,627 | 85,184 | 231,965 | (44,418) | (15,557) | (134,984) | 838,035 |
| thereof | ||||||||
| Minority interest in profit or loss | (14,838) | 72,104 | 6,841 | 44,268 | – | – | (7,997) | 116,372 |
| Group net income (loss) | (160,912) | 549,523 | 78,343 | 187,697 | (44,418) | (15,557) | (126,987) | 721,663 |
Our secondary segmental reporting covers the continuing operations and is based on the regional origin of the investments and gross written premium.
Excel download (20 KB)Total investments1)
| Figures in EUR thousand | 2008 | 2007 |
|---|---|---|
| 31.12. | 31.12. | |
| Total investments | ||
| Germany | 6,172,406 | 6,252,371 |
| United Kingdom | 1,134,915 | 1,187,499 |
| France | 1,628,884 | 1,117,610 |
| Other | 3,167,276 | 3,251,338 |
| Europe | 12,103,481 | 11,808,818 |
| USA | 5,812,077 | 5,909,163 |
| Other | 695,394 | 589,295 |
| North America | 6,507,471 | 6,498,458 |
| Asia | 426,485 | 384,628 |
| Australia | 664,541 | 659,006 |
| Australasia | 1,091,026 | 1,043,634 |
| Africa | 230,475 | 276,441 |
| Other | 204,768 | 187,925 |
| Total | 20,137,221 | 19,815,276 |
Gross written premium1)
| Figures in EUR thousand | 2008 | 2007 |
|---|---|---|
| 1.1.–31.12. | 1.1.–31.12. | |
| Gross written premium | ||
| Germany | 1,140,992 | 1,385,552 |
| United Kingdom | 1,453,402 | 1,512,164 |
| France | 381,205 | 386,054 |
| Other | 1,227,653 | 1,131,846 |
| Europe | 4,203,252 | 4,415,616 |
| USA | 1,732,645 | 1,879,555 |
| Other | 357,869 | 390,375 |
| North America | 2,090,514 | 2,269,930 |
| Asia | 745,202 | 563,461 |
| Australia | 420,381 | 476,560 |
| Australasia | 1,165,583 | 1,040,021 |
| Africa | 266,974 | 262,427 |
| Other | 394,596 | 270,907 |
| Total | 8,120,919 | 8,258,901 |
| 1) After elimination of internal transactions within the Group across segments | ||