Annual Report 2017

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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
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Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic climate and industry-specific environment
Macroeconomic climate Industry-specific environment
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Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Group non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible enterprise management Compliance Stakeholder dialogue Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
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Declaration on Corporate Governance
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Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2018
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Auditor's report Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups History

6.11 Other liabilities

Other liabilities
in EUR thousand20172016
Liabilities from derivatives264,337186,763
Interest32,43731,387
Deferred income40,24032,579
Direct minority interests in partnerships–6,475
Sundry non-technical provisions181,346199,626
Sundry liabilities135,978223,566
Total654,338680,396

Of this, other liabilities of EUR 16.6 million (EUR 7.6 million) are attributable to affiliated companies.

With regard to the liabilities from derivatives in an amount of EUR 264.3 million (EUR 186.8 million), please see our explanatory remarks on derivative financial instruments in section 8.1 “Derivative financial instruments and financial guarantees”.

The sundry liabilities include accounts payable by our service companies, trade accounts payable as well as clearing balances. In addition, they include distributions within the year of EUR 6.9 million (EUR 76.9 million) from interests in private equity funds that had still to be recognised in income as at the balance sheet date.

Development of sundry non-technical provisions
in EUR thousandBalance at
31 December
2016		Currency
translation
at 1 January		Balance at
1 January of
the year under
review		ReclassificationsChanges in consolidated groupAdditionsUtilisationReleaseCurrency
translation at
31 December		Balance at 31 December 2017
Provisions for       
Audits and costs of publishing the annual financial statements7,574(223)7,351–1507,7526,170101(18)8,964
Consultancy fees2,245(77)2,168–4702,5852,20921492,809
Suppliers’ invoices4,481(213)4,268–1,2639,2889,322245305,282
Partial retirement arrangements and early retirement obligations1,933(6)1,927––16785811101,235
Holiday entitlements and overtime9,924(198)9,726–1789,2408,116–511,033
Anniversary bonuses4,418(108)4,310––304117–(5)4,492
Management bonuses86,348(3,332)83,016(182)1,99333,41339,5822,9215675,793
Other82,703(938)(81,765)1821,36711,58021,0552,25815771,738
Total199,626(5,095)194,531–5,42174,32987,4295,750244181,346
 

The maturities of the sundry non-technical provisions as at the balance sheet date are shown in the following table:

Maturities of the sundry non-technical provisions
in EUR thousand20172016
Due in one year92,21498,652
Due after one through five years83,03294,488
Due after five years6,1006,486
Total181,346199,626
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8.1 Derivative financial instruments and financial guarantees

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