Remuneration of the management boards of the parent company

The Board of Management comprised 7 (7) active members as at the balance sheet date.

The total remuneration of the Board of Management amounted to EUR 10,439 (12,425) thousand. In the context of the share-based remuneration system newly implemented in 2011 the Board of Management has entitlements to virtual shares with a fair value of EUR 1,036 (2,449) thousand for the year under review, which corresponds to 41,197 (112,033) shares under the Talanx Share Award Plan, and a fair value of EUR 188 (205) thousand, which corresponds to 3,012 (3,474) shares under the Hannover Re Share Award Plan.

Former members of the Board of Management and their surviving dependants received total remuneration of EUR 741 (839) thousand. An amount of EUR 14,101 (14,197) thousand was set aside to cover projected benefit obligations due to former members of the Board of Management and their surviving dependants.

The total remuneration paid to the Supervisory Board amounted to EUR 2,235 (2,105) thousand. There are no pension commitments to former members of the Supervisory Board or their surviving dependants.

No advances were extended to members of the management boards in the reporting year. As at the balance sheet date, there was one mortgage loan to a member of the Supervisory Board amounting to EUR 34 (49) thousand with a remaining term of two years and three months. An amount of EUR 15 (15) thousand was repaid in the reporting year, and the agreed interest rate is nominally 4.2% (effective rate of 4.3%).

All other information on the remuneration of the Board of Management and Supervisory Board as well as the structure of the remuneration system is contained in the remuneration report. The information provided there also includes the individualised disclosure of the remuneration of the Board of Management and Supervisory Board and forms an integral part of the consolidated financial statements.