Development of Group segments
The activities of the Talanx Group remain concentrated on the same five Group segments. The existing Life Primary Insurance segment features a new line-up: the non-life insurers operating under the bancassurance brands, which mainly transact personal accident insurance, are now allocated to this segment. Talanx is thus taking its lead from the management approach required by IFRS, the basis of which is that the units formed for the purposes of the enterprise’s reporting and management are also of relevance to its external segment reporting. The Italian company HDI Assicurazioni, which transacts property/casualty and life insurance, is now allocated wholly to the Property/Casualty Primary Insurance segment. The figures for the previous year have been adjusted accordingly.
- Segmental breakdown of gross premium
Following implementation last year of the intermediate holding structure for the Life Insurance Division in the Life Primary Insurance segment, the year under review saw completion of this step for the Property/Casualty Primary Insurance segment: HDI Service AG was renamed HDI-Gerling Sach Serviceholding AG and extended its remit to include the holding company function. Similarly, the Bancassurance Division was also reorganized in accordance with this structure, which has been successfully adopted in most areas of the Group: upon conclusion of the year under review the intermediate holding company Proactiv, which is positioned directly under Talanx AG, took over at the helm of the division. This line-up in the various segments and divisions is driven by the principle of aligning all areas of the Group efficiently and cost-effectively despite its high level of decentralization.
Upon closing of the sale of Praetorian Financial Group, Inc. – the US primary insurance subsidiary transacting specialty business – to the Australian QBE Insurance Group in May 2007, the Hannover Re Group turned its focus exclusively to reinsurance and is now comprised of just two strategic business groups: non-life reinsurance and life/health reinsurance; it should, however, be noted in this context that non-life reinsurance now also encompasses the product range consisting of structured covers as well as the remaining specialty business.
The figures presented below for individual companies were determined in accordance with IFRS after consolidation within the relevant Group segment.