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3.1 Changes in accounting policies
In the consolidated financial statement for the 2016 financial year Hannover Re netted components of the deferred acquisition costs and the unearned premium reserve with the benefit reserve for a certain portfolio of reinsurance treaties. This incorrect disclosure was corrected retrospectively in accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” with restatement of the comparative figures for previous periods. The effects of this change on the individual items of the consolidated balance sheet and the consolidated statement of income are shown in the following table. There were no implications for Group net income.
| Restatements pursuant to IAS 8 | ||
| in EUR thousand | 1.1.2016 | 31.12.2016 |
|---|---|---|
| Consolidated balance sheet | ||
| Deferred acquisition costs | 54,470 | 65,945 |
| Benefit reserve | 20,992 | 24,098 |
| Unearned premium reserve | 33,478 | 41,847 |
| in EUR thousand | 1.1. – 31.12.2016 | |
| Consolidated statement of income | ||
| Change in gross unearned premium | (7,339) | |
| Change in benefit reserves | 2,498 | |
| Commission and brokerage, change in deferred acquisition costs | (9,837) | |
| Group net income | – | |