7.4 Goodwill; present value of future profits on acquired life reinsurance portfolios
In accordance with IFRS 3 "Business Combinations" scheduled amortisation was not taken on goodwill. Goodwill was subject to an impairment test.
Excel download (20 KB)Development of goodwill
| Figures in EUR thousand | 2008 | 2007 |
|---|---|---|
| Net book value at 31 December of the previous year | 45,438 | 152,639 |
| Currency translation at 1 January | (2,026) | (12,440) |
| Net book value at 1 January of the year under review | 43,412 | 140,199 |
| Corporate changes | (579) | – |
| Additions | – | 6,785 |
| Disposals | – | 108,653 |
| Currency translation at 31 December | – | 7,107 |
| Net book value at 31 December of the year under review | 42,833 | 45,438 |
As at the balance sheet date this item principally included the goodwill from the acquisition of E+S Rückversicherung AG. For further information on the method used to test impairment the reader is referred to our explanatory remarks in Section 3.2 "Summary of major accounting policies".
Of the disposals recognised in the previous year, an amount of EUR 107.5 million was attributable to the sale of Praetorian Financial Group.
Excel download (18 KB)Development of the present value of future profits (PVFP) on acquired life reinsurance portfolios
| Figures in EUR thousand | 2008 | 2007 |
|---|---|---|
| Net book value at 31 December of the previous year | 2,911 | 5,102 |
| Currency translation at 1 January | (683) | (324) |
| Net book value at 1 January of the year under review | 2,228 | 4,778 |
| Disposal | – | 18 |
| Amortisation | 487 | 1,886 |
| Currency translation at 31 December | 82 | 37 |
| Net book value at 31 December of the year under review | 1,823 | 2,911 |
The PVFP, the period of amortisation of which is 15 years, is recognised under other assets. For further information please refer to our explanatory notes on intangible assets in Section 3.2 "Summary of major accounting policies".