Scope of consolidation
In accordance with IAS 27 and SIC 12 “Consolidation – Special-purpose Entities” the consolidated financial statements include Talanx AG (as the parent company) and all major domestic and foreign Group companies/special purpose entities in which Talanx AG indirectly or directly holds the majority of the voting rights or where it exercises a de facto power of control, or can exercise a controlling influence on operations in some other way.
Only subsidiaries that are of minor importance – both individually and in their entirety – for the assets, financial position and net income of the Group and that do not transact insurance business are exempted from consolidation. The Group assesses whether a subsidiary is of minor importance on the basis of the company’s total assets and net income relative to the corresponding average values for the Group as a whole over the last three years. For this reason 36 (40) subsidiaries, whose business purpose is primarily the rendering of services for insurance companies within the Group, were not consolidated in the reporting year. Altogether, the balance sheet total of these subsidiaries amounts to less than 0.1% of the average balance sheet total of the Group over the last three years; the result of these companies amounts to altogether less than 1% of the average result of the Group over the last three years. In subsequent periods the subsidiaries not included in the scope of consolidation on grounds of materiality are examined on each closing date to verify whether consolidation is required in light of a reassessment of materiality.
|N27||SCOPE OF CONSOLIDATION|
|Number of fully consolidated subsidiaries|
|31.12.2012||69 1)||96 2)||165|
|Number of fully consolidated special purpose entities|
|thereof investment funds||19||10||29|
|thereof investment funds||14||3||17|
|thereof investment funds||8||2||10|
|Total of fully consolidated subsidiaries/special purpose entities||95||111||206|
|Number of associated companies and joint ventures consolidated using equity method|
|31.12.2012||4||9 3)||13 4)|
|31.12.2013||4||10 3)||14 4)|
|1) Consists of: 68 (69) individual companies and two (—) companies fully consolidated into one (—) subgroup
2) Consists of: 55 (58) individual companies and 43 (38) companies fully consolidated into four (three) subgroups
3) Consists of five (five) individual companies and five (four) companies consolidated in a subgroup using the equity method
4) Includes a foreign joint venture
All affiliates, joint ventures, associated companies and special purpose entities are specified in the list of shareholdings, including information on the size of shareholders’ equity and profit (see separate section of these Notes).