Consolidated balance sheet of Talanx AG as at 31 December 2013

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N1 CONSOLIDATED BALANCE SHEET – ASSETS
  FIGURES IN EUR MILLION
    Notes     31.12.2013 31.12.2012 1) 1.1.2012
  A. Intangible assets            
  a. Goodwill 1   1,105   1,152 690
  b. Other intangible assets 2   1,446   1,641 1,520
          2,551 2,793 2,210
  B. Investments            
  a. Investment property 3   1,623   1,297 1,100
  b. Investments in affiliated companies and participating interests 4   92   80 78
  c. Investments in associated companies and joint ventures 5   247   237 209
  d. Loans and receivables 6/12   32,231   32,101 32,961
  e. Other financial instruments            
  i. Held to maturity 7/12 2,984     3,857 4,294
  ii. Available for sale 8/12 44,922     41,337 32,141
  iii. At fair value through profit or loss 9/12/13 1,090     1,642 1,000
  f. Other invested assets 10/12 3,121     3,501 3,967
  Investments under own management     86,310   84,052 75,750
  g. Investments under investment contracts 11/12/13   1,758   1,698
  h. Funds withheld by ceding companies     12,894   13,198 11,717
  Investments       100,962 98,948 87,467
  C. Investments for the account and risk of holders of life insurance policies       8,325 7,451 6,067
  D. Reinsurance recoverables on technical provisions       6,596 6,989 6,467
  E. Accounts receivable on insurance business 14     5,071 5,081 4,729
  F. Deferred acquisition costs 15     4,513 4,378 4,012
  G. Cash       1,864 2,119 1,570
  H. Deferred tax assets 28     532 529 325
  I. Other assets 16     2,201 2,006 1,865
  J. Non-current assets and assets of disposal groups classified as held for sale 2)       248 56 565
               
  Total assets       132,863 130,350 115,277
  1) Adjusted on the basis of IAS 8, see section “Accounting policies”, subsection “Changes in accounting policies and accounting errors” in the Notes
2) For further remarks, cf. section “Assets held for sale and disposal groups” in the Notes
   

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N2 CONSOLIDATED BALANCE SHEET – LIABILITIES
  FIGURES IN EUR MILLION
    Notes     31.12.2013 31.12.2012 1) 1.1.2012 1)
  A. Shareholders’ equity 17          
  a. Common shares   316     316 260
  Nominal value: 316 (previous year: 316) Conditional capital: 78 (previous year: 78)            
  b. Reserves   6,898     6,837 5,103
  Shareholders’ equity excluding non-controlling interests     7,214   7,153 5,363
  d. Non-controlling interests in shareholders’ equity     3,997   4,156 3,282
  Total shareholders’ equity       11,211 11,309 8,645
  B. Subordinated liabilities 12/18   3,107   3,107 2,615
  C. Technical provisions            
  a. Unearned premium reserve 19 5,678     5,440 4,677
  b. Benefit reserve 20 49,767     48,248 45,739
  c. Loss and loss adjustment expense reserve 21 33,755     33,243 31,438
  d. Provision for premium refunds 22 2,178     2,279 1,006
  e. Other technical provisions   319     274 256
        91,697   89,484 83,116
  D. Technical provisions in the area of life insurance insofar as the investment risk is borne by policyholders     8,325   7,451 6,067
  E. Other provisions            
  a. Provisions for pensions and similar obligations 23 1,696     1,869 1,430
  b. Provisions for taxes 24 711     632 557
  c. Sundry provisions 25 688     763 672
        3,095   3,264 2,659
  F. Liabilities            
  a. Notes payable and loans 12/26 942     677 762
  b. Funds withheld under reinsurance treaties   5,535     5,975 5,039
  c. Other liabilities 12/13/27 6,969     7,079 4,411
        13,446   13,731 10,212
  G. Deferred tax liabilities 28   1,749   1,984 1,472
  H. Liabilities of disposal groups classified as held for sale 2)     233   20 491
               
  Total liabilities/provisions       121,652 119,041 106,632
               
  Total liabilities       132,863 130,350 115,277
  1) Adjusted on the basis of IAS 8, see section “Accounting policies”, subsection “Changes in accounting policies and accounting errors” in the Notes
2) For further remarks, cf. section “Assets held for sale and disposal groups” in the Notes
   

The following Notes form an integral part of the consolidated financial statements.