6.6 Other assets

Of this, other assets of EUR 5.1 million (EUR 3.9 million) are attributable to affiliated companies.

The item “Other” includes receivables of EUR 286.8 million (EUR 209.0 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 unadjusted items of EUR 0.2 million (EUR 0.2 million) that were overdue by between three and twelve months as at the balance sheet date as well as unadjusted items of EUR 0.3 million (previous year: none) that were overdue by more than twelve months as at the balance sheet date.

Present value of future profits (PVFP) on acquired life reinsurance portfolios

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 90.8 million (EUR 87.3 million).

Fixtures, fittings and equipment

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

The item includes EUR 0.2 million (EUR  0.8 million) for self-created software and EUR 33.7 million (EUR 37.3 million) for purchased software as at the balance sheet date. Scheduled depreciation is taken over useful lives of three to ten years. Of the additions, an amount of EUR 3.6 million (EUR 10.1 million) is attributable to purchased 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.