Changes in presentation of segment reporting

As part of the modifications made to internal reporting in 2013, the tax expenditure from provisions for tax risk within the consolidation group was first allocated to primary insurance segments and Corporate Operations (previously Corporate Operations). The figures for 2012 were not adjusted. This change had no impact for the whole Group on either the recognition and measurement of provisions for taxes nor on equity or net income. The adjustment would have had the following impact on the annual results of the segments in 2012: Corporate Operations EUR 15 million, Industrial Lines –EUR 20 million, Retail Germany EUR 6 million and Retail International –EUR 1 million.

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N20 SEGMENT REPORTING. BALANCE SHEET AS AT 31 DECEMBER 2013 – ASSETS
  FIGURES IN EUR MILLION
  Assets Industrial Lines Retail Germany Retail International Non-Life Reinsurance Life/Health Reinsurance Corporate Operations Consolidation Total
   
    31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 31.12.2013 31.12.2012 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 31.12.2013 31.12.2012 1)
  A. Intangible assets                                
  a. Goodwill 153 153 403 403 533 580 16 16 1,105 1,152
  b. Other intangible assets 16 20 1,000 1,104 235 313 22 23 94 101 79 80 1,446 1,641
    169 173 1,403 1,507 768 893 38 39 94 101 79 80 2,551 2,793
  B. Investments                                
  a. Investment property 21 35 734 689 21 82 845 489 2 2 1,623 1,297
  b. Investments in affiliated companies and participating interests 19 19 17 19 5 32 12 24 25 92 80
  c. Investments in associated companies and joint ventures 124 126 35 38 126 118 19 15 13 13 –70 –73 247 237
  d. Loans and receivables 2,029 2,383 26,466 26,210 672 247 3,137 3,340 72 75 11 1 –156 –155 32,231 32,101
  e. Other financial instruments                                
  i. Held to maturity 32 113 116 294 353 389 2,469 3,407 198 200 6 10 –190 –556 2,984 3,857
  ii. Available for sale 3,821 3,427 14,194 12,338 3,883 3,221 16,918 16,162 5,768 5,806 338 383 44,922 41,337
  iii. At fair value through profit or loss 98 89 319 329 565 1,016 38 132 69 76 1 1,090 1,642
  f. Other invested assets 524 567 549 849 528 565 1,536 1,598 281 247 245 303 –542 –628 3,121 3,501
  Investments under own management 6,668 6,759 42,430 40,766 6,022 5,525 25,101 25,258 6,409 6,421 638 735 –958 –1,412 86,310 84,052
  g. Investments under investment contracts 1,758 1,698 1,758 1,698
  h. Funds withheld by ceding companies 23 24 25 23 1 890 951 13,453 13,800 –1,497 –1,601 12,894 13,198
  Investments 6,691 6,783 42,455 40,789 7,780 7,224 25,991 26,209 19,862 20,221 638 735 –2,455 –3,013 100,962 98,948
  C. Investments for the account and risk of holders of life insurance policies 7,616 6,354 709 1,097 8,325 7,451
  D. Reinsurance recoverables on technical provisions 4,632 4,687 2,446 2,495 668 703 1,307 1,426 589 763 1 –3,047 –3,085 6,596 6,989
  E. Accounts receivable on insurance business 1,200 1,177 364 340 820 756 1,702 1,691 1,243 1,376 4 –262 –259 5,071 5,081
  F. Deferred acquisition costs 16 24 2,161 1,977 403 315 491 476 1,181 1,365 2 259 221 4,513 4,378
  G. Cash 322 317 398 869 427 305 434 411 209 161 74 56 1,864 2,119
  H. Deferred tax assets 61 8 95 115 99 80 16 16 56 32 205 278 532 529
  I. Other assets 423 381 794 1,074 409 319 1,273 935 151 94 483 573 –1,332 –1,370 2,201 2,006
  J. Non-current assets and assets of disposal groups classified as held for sale 2) 9 4 23 233 18 11 6 248 56
                                   
  Total assets 13,514 13,559 57,736 55,543 12,316 11,710 31,263 31,209 23,385 24,113 1,486 1,722 –6,837 –7,506 132,863 130,350
  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 “Non-current assets held for sale and disposal groups” in the Notes
   
N21 SEGMENT REPORTING. BALANCE SHEET AS AT 31 DECEMBER 2013 – LIABILITIES  
  FIGURES IN EUR MILLION
  Liabilities Industrial Lines Retail Germany Retail International Non-Life Reinsurance Life/Health Reinsurance Corporate Operations Consolidation Total
     
    31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2013 31.12.2012 1) 31.12.2012 1) 31.12.2012 1)
                                   
  B. Subordinated liabilities 144 149 213 214 2 2,238 2,233 60 97 612 612 –162 –198 3,107 3,107
  C. Technical provisions                                
  a. Unearned premium reserve 936 856 888 815 1,591 1,525 2,297 2,254 108 86 8 –150 –96 5,678 5,440
  b. Benefit reserve 1 1 36,795 35,579 2,554 2,073 10,632 10,975 –215 –380 49,767 48,248
  c. Loss and loss adjustment expense reserve 8,442 8,196 2,701 2,574 2,142 2,040 18,848 18,595 2,821 3,017 9 –1,208 –1,179 33,755 33,243
  d. Provision for premium refunds 8 11 2,071 2,167 99 101 2,178 2,279
  e. Other technical provisions 34 34 8 8 8 18 129 141 140 73 319 274
    9,421 9,098 42,463 41,143 6,394 5,757 21,274 20,990 13,701 14,151 17 –1,573 –1,655 91,697 89,484
  D. Technical provisions in the area of life insurance insofar as the investment risk is borne by policyholders 7,616 6,354 709 1,097 8,325 7,451
  E. Other provisions                                
  a. Provisions for pensions and other post-employment benefits 502 547 92 103 14 13 90 97 27 30 971 1,079 1,696 1,869
  b. Provisions for taxes 130 101 116 90 92 69 218 207 4 31 151 134 711 632
  c. Sundry provisions 70 96 266 299 74 83 90 91 45 32 145 163 –2 –1 688 763
    702 744 474 492 180 165 398 395 76 93 1,267 1,376 –2 –1 3,095 3,264
  F. Liabilities                                
  a. Notes payable and loans 227 168 213 275 1,217 1,352 –715 –1,118 942 677
  b. Funds withheld under reinsurance treaties 27 13 1,951 2,074 184 179 440 517 5,778 6,101 –2,845 –2,909 5,535 5,975
  c. Other liabilities 1,283 1,553 2,138 2,254 2,543 2,355 953 893 1,495 1,315 112 329 –1,555 –1,620 6,969 7,079
    1,310 1,566 4,089 4,328 2,727 2,534 1,620 1,578 7,486 7,691 1,329 1,681 –5,115 –5,647 13,446 13,731
  G. Deferred tax liabilities 39 96 285 337 121 139 1,005 1,015 271 372 3 28 22 1,749 1,984
  H. Liabilities of disposal groups classified as held for sale 2) 235 20 –2 233 20
                                   
  Total liabilities/provisions 11,616 11,653 55,140 52,868 10,368 9,712 26,535 26,211 21,594 22,404 3,225 3,672 –6,826 –7,479 121,652 119,041
                                   
                        Shareholders’ equity 3) 11,211 11,309
                        Total liabilities 132,863 130,350
                        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 “Non-current assets held for sale and disposal groups” in the Notes
3) Group shareholders’ equity incl. non-controlling interests
   
N22 SEGMENT REPORTING. STATEMENT OF INCOME FOR THE PERIOD FROM 1 JANUARY TO 31 DECEMBER 2013
  FIGURES IN EUR MILLION
    Industrial Lines Retail Germany Retail International Non-Life Reinsurance Life/Health Reinsurance Corporate Operations Consolidation Total
                   
    2013 2012 2013 2012 1) 2013 2012 2013 2012 2013 2012 1) 2013 2012 2013 2012 1) 2013 2012 1)
  1. Gross written premium, including premiums from unit-linked life and annuity insurance 3,835 3,572 6,954 6,829 4,220 3,261 7,818 7,717 6,145 6,058 40 –861 –778 28,151 26,659
  thereof attributable to other segments 65 60 63 63 509 444 184 211 40 –861 –778
  with third parties 3,770 3,512 6,891 6,766 4,220 3,261 7,309 7,273 5,961 5,847 28,151 26,659
  2. Savings elements of premiums from unit-linked life and annuity insurance 946 976 185 224 1,131 1,200
  3. Ceded written premium 2,127 1,942 351 324 374 342 787 758 756 650 10 –866 –763 3,539 3,253
  4. Change in gross unearned premium –109 –86 –70 –40 –174 –83 –175 –164 –29 18 –8   59 24 –506 –331
  5. Change in ceded unearned premium –145 –64 –18 –12 –26 –9 –10 –59 1 60 20 –138 –124
  Net premium earned 1,744 1,608 5,605 5,501 3,513 2,621 6,866 6,854 5,359 5,426 22 4 –11 23,113 21,999
  6. Claims and claims expenses (gross) 2,839 2,610 6,219 5,950 2,630 2,002 5,242 5,230 5,110 5,088 20 –440 –327 21,620 20,553
  Reinsurers’ share 1,424 1,401 204 135 163 140 420 387 658 535 1 –465 –401 2,405 2,197
  Claims and claims expenses (net) 1,415 1,209 6,015 5,815 2,467 1,862 4,822 4,843 4,452 4,553 19 25 74 19,215 18,356
  7. Acquisition costs and administrative expenses (gross) 721 660 1,154 1,075 1,037 786 1,826 1,827 1,418 1,305 6 –259 –339 5,903 5,314
  Reinsurers’ share 361 339 115 129 82 98 120 91 93 63 –219 –244 552 476
  Acquisition costs and administrative expenses (net) 360 321 1,039 946 955 688 1,706 1,736 1,325 1,242 6 –40 –95 5,351 4,838
  8. Other technical income 20 9 9 29 20 18 2 1 1 –8 52 49
  Other technical expenses 13 8 75 194 79 86 8 3 4 8 1 20 2 200 301
  thereof attributable to amortisation PVFP 1 5 57 87 32 41 7 3 97 136
  Other technical result 7 1 –66 –165 –59 –68 –6 –2 –4 –8 –1 –19 –10 –148 –252
  Net technical result –24 79 –1,515 –1,425 32 3 332 273 –422 –377 –4 –1,601 –1,447
  9. a. Income from investments 291 275 2,026 1,852 339 317 969 1,116 296 366 102 28 –60 –72 3,963 3,882
  b. Expenses for investments 52 28 216 199 67 43 173 148 28 24 74 65 –92 –89 518 418
  Net income from investments under own management 239 247 1,810 1,653 272 274 796 968 268 342 28 –37 32 17 3,445 3,464
  Income/expense from investment contracts 13 8 13 8
  Net interest income from funds withheld and contract deposits 1 –24 –32 –1 –1 15 14 343 342 334 323
  Net investment income 240 247 1,786 1,621 284 281 811 982 611 684 28 –37 32 17 3,792 3,795
  thereof attributable to interest and similar income 202 214 1,550 1,552 314 263 707 778 687 681 9 10 –59 –76 3,410 3,422
  attributable to interest and similar expenses 24 29 47 26 5 9 117 106 –8 –11 185 159
  impairments/depreciation on investments 8 4 65 63 8 5 20 19 3 1 102 94
  write-ups on investments 2 10 5 1 9 3 11 19
  income/expense from associated companies and joint ventures recognised using the equity method 3 6 2 –3 –1 11 5 2 5 1 –6 –5 13 7
  10. a. Other income 105 80 211 211 64 29 232 130 120 90 827 779 –751 –724 808 595
  b. Other expenses 174 147 321 307 195 206 278 251 170 127 768 778 –691 –621 1,215 1,195
  Other income/expenses –69 –67 –110 –96 –131 –177 –46 –121 –50 –37 59 1 –60 –103 –407 –600
  thereof attributable to interest and similar income 1 2 6 11 15 10 13 4 10 3 2 9 –1 –6 46 33
  write-ups on accounts receivable and other assets 2 1 9 6 3 2 8 9 22 18
  attributable to interest and similar expenses 29 23 14 22 3 3 28 25 57 59 35 69 –9 –13 157 188
  write-downs on accounts receivable and other assets 30 13 2 2 53 58 26 37 8 18 3 2 122 130
  Profit before goodwill impairments 147 259 161 100 185 107 1,097 1,134 139 270 83 –36 –28 –86 1,784 1,748
  11. Goodwill impairments
  Operating profit/loss (EBIT) 147 259 161 100 185 107 1,097 1,134 139 270 83 –36 –28 –86 1,784 1,748
  12. Financing costs 9 14 13 13 1 2 127 105 3 5 96 105 –43 –59 206 185
  13. Taxes on income 29 88 64 –40 57 51 180 313 –15 52 –25 –38 6 –7 296 419
                                   
  Net income 109 157 84 127 127 54 790 716 151 213 12 –103 9 –20 1,282 1,144
  thereof attributable to non-controlling interests 6 7 26 12 413 391 75 109 –1 520 518
  thereof attributable to shareholders of Talanx AG 109 157 78 120 101 42 377 325 76 104 12 –103 9 –19 762 626
  1) Adjusted on the basis of IAS 8, see section “Accounting policies”, subsection “Changes in accounting policies and accounting errors” in the Notes