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6.6 Other assets
| Other assets | ||
| in EUR thousand | 2016 | 2015 |
|---|---|---|
| Present value of future profits on acquired life reinsurance portfolios | 76,592 | 78,261 |
| Other intangible assets | 52,088 | 47,777 |
| Insurance for pension commitments | 87,303 | 82,152 |
| Own-use real estate | 67,171 | 66,736 |
| Tax refund claims | 58,129 | 96,986 |
| Fixtures, fittings and equipment | 27,234 | 28,707 |
| Other receivables | 8,921 | 8,533 |
| Other | 296,951 | 271,391 |
| Total | 674,389 | 680,543 |
Of this, other assets of EUR 3.9 million (EUR 4.6 million) are attributable to affiliated companies.
The item “Other” includes receivables of EUR 209.0 million (EUR 194.7 million) which correspond to the present value of future premium payments in connection with derivative financial instruments arising from transactions in the life and health reinsurance business group. For further explanation please see Section 8.1 Derivative financial instruments and financial guarantees.
The other receivables include items of EUR 0.2 million (previous year: none) that were overdue by between three and twelve months but unadjusted as at the balance sheet date.
Present value of future profits (PVFP) on acquired life reinsurance portfolios
| Development of the present value of future profits (PVFP) on acquired life reinsurance portfolios | ||
| in EUR thousand | 2016 | 2015 |
|---|---|---|
| Gross book value at 31 December of the previous year | 131,701 | 131,102 |
| Currency translation at 1 January | 4,352 | 598 |
| Gross book value at 31 December of the year under review | 136,053 | 131,700 |
| Cumulative depreciation at 31 December of the previous year | 53,440 | 48,712 |
| Currency translation at 1 January | 1,478 | 598 |
| Cumulative depreciation after currency translation | 54,918 | 49,310 |
| Amortisation | 4,343 | 5,186 |
| Currency translation at 31 December | 200 | (1,057) |
| Cumulative depreciation at 31 December of the year under review | 59,461 | 53,439 |
| Net book value at 31 December of the previous year | 78,261 | 82,390 |
| Net book value at 31 December of the year under review | 76,592 | 78,261 |
This item consists of the present value of future cash flows recognised on business acquired in 2009 in the context of the acquisition of the ING life reinsurance portfolio. This intangible asset is amortised over the term of the underlying reinsurance contracts in proportion to the future premium income. The period of amortisation amounts to altogether 30 years. For further information please refer to our explanatory notes on intangible assets in Section 3.2 Summary of major accounting policies.
Insurance for pension commitments
Effective 1 July 2003 Hannover Rück SE took out insurance for pension commitments. The commitments involve deferred annuities with regular premium payment under a group insurance policy. In accordance with IAS 19 “Employee Benefits” they were carried as a separate asset at fair value as at the balance sheet date in an amount of EUR 87.3 million (EUR 82.2 million).
Fixtures, fittings and equipment
| Fixtures, fittings and equipment | ||
| in EUR thousand | 2016 | 2015 |
|---|---|---|
| Gross book value at 31 December of the previous year | 147,459 | 143,788 |
| Currency translation at 1 January | 1,290 | 3,078 |
| Gross book value after currency translation | 148,749 | 146,866 |
| Additions | 9,288 | 7,352 |
| Disposals | 3,281 | 7,848 |
| Reclassifications | - | 993 |
| Changes in consolidated group | 794 | 196 |
| Currency translation at 31 December | 262 | (100) |
| Gross book value at 31 December of the year under review | 155,812 | 147,459 |
| Cumulative depreciation at 31 December of the previous year | 118,752 | 110,621 |
| Currency translation at 1 January | 1,067 | 2,740 |
| Cumulative depreciation after currency translation | 119,819 | 113,361 |
| Disposals | 2,552 | 7,349 |
| Depreciation | 10,812 | 12,225 |
| Reclassifications | - | 419 |
| Changes in consolidated group | 490 | 144 |
| Currency translation at 31 December | 9 | (48) |
| Cumulative depreciation at 31 December of the year under review | 128,578 | 118,752 |
| Net book value at 31 December of the previous year | 28,707 | 33,167 |
| Net book value at 31 December of the year under review | 27,234 | 28,707 |
With regard to the measurement of fixtures, fittings and equipment, the reader is referred to our explanatory notes on the other assets in Section 3.2 Summary of major accounting policies.
Other intangible assets
| Development of other intangible assets | ||
| in EUR thousand | 2016 | 2015 |
|---|---|---|
| Gross book value at 31 December of the previous year | 247,773 | 220,296 |
| Currency translation at 1 January | 283 | 221 |
| Gross book value after currency translation | 248,056 | 220,517 |
| Changes in the consolidated group | 202 | 6,131 |
| Additions | 17,727 | 22,773 |
| Disposals | 635 | 632 |
| Currency translation at 31 December | (130) | (1,016) |
| Gross book value at 31 December of the year under review | 265,220 | 247,773 |
| Cumulative depreciation at 31 December of the previous year | 199,996 | 182,834 |
| Currency translation at 1 January | (355) | 103 |
| Cumulative depreciation after currency translation | 199,641 | 182,937 |
| Changes in the consolidated group | – | 50 |
| Disposals | 555 | 174 |
| Appreciation | 5 | 17 |
| Depreciation | 13,924 | 17,466 |
| Currency translation at 31 December | 127 | (266) |
| Cumulative depreciation at 31 December of the year under review | 213,132 | 199,996 |
| Net book value at 31 December of the previous year | 47,777 | 37,462 |
| Net book value at 31 December of the year under review | 52,088 | 47,777 |
The item includes EUR 0.8 million (EUR 1.6 million) for self-created software and EUR 37.3 million (EUR 31.2 million) for purchased software as at the balance sheet date. Scheduled depreciation is taken over useful lives of three to ten years. The additions can be broken down into EUR 10.1 million (EUR 13.4 million) for purchased software and EUR 0.3 million (EUR 1.1 million) for capitalised development costs for self-created software.
The gross book values include rights from long-term reinsurance treaties still existing as at the balance sheet date. The intangible assets resulting from these rights were recognised in the context of business acquisitions in the years 1997 and 2002 and were written off in full as at the balance sheet date.
Credit risks may result from other financial assets that were not overdue or adjusted as at the balance sheet date. In this regard, the reader is referred in general to our comments on the credit risk contained in the risk report.