Consolidated balance sheet of Talanx AG as at 31 December 2012

Assets Notes     31.12.2012 31.12.2011 1)
  Figures in EUR million          
  A. Intangible assets          
  a. Goodwill 1   1,152   690
  b. Other intangible assets 2   1,641   1,520
          2,793 2,210
             
  B. Investments          
  a. Investment property 3   1,297   1,100
  b. Investments in affiliated companies and participating interests 4   80   78
  c. Investments in associated companies and joint ventures 5   237   209
  d. Loans and receivables 6   32,101   32,961
  e. Other financial instruments          
  i. Held to maturity 7 3,857     4,294
  ii. Available for sale 8/12 41,337     32,141
  iii. At fair value through profit or loss 9/12/13 1,642     1,000
  f. Other invested assets 10/12 3,501     3,967
  Investments under own management     84,052   75,750
  g. Investments under investment contracts 11/12/13   1,698  
  h. Funds withheld by ceding companies     13,198   11,717
  Investments       98,948 87,467
             
  C. Investments for the account and risk of holders of life insurance policies       7,451 6,067
             
  D. Reinsurance recoverables on technical provisions       6,989 6,467
             
  E. Accounts receivable on insurance business 14     5,081 4,729
             
  F. Deferred acquisition costs 15     4,378 4,012
             
  G. Cash       2,119 1,570
             
  H. Deferred tax assets 28     433 325
             
  I. Other assets 16     2,006 1,865
             
  J. Non-current assets and assets of disposal groups classified as held for sale 2)       56 565
             
  Total assets       130,254 115,277
             
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
Liabilities Notes     31.12.2012 31.12.2011 1)
  Figures in EUR million          
  A. Shareholders’ equity 17        
  a. Common shares   316     260
  Nominal value: 316 (previous year: 260)          
  Contingent capital: 78 (previous year: 130)          
  b. Reserves   7,156     5,147
  Shareholders’ equity excluding non-controlling interests     7,472   5,407
  d. Non-controlling interests in shareholders’ equity     4,171   3,284
  Total shareholders’ equity       11,643 8,691
             
  B. Subordinated liabilities 18   3,107   2,615
             
  C. Technical provisions          
  a. Unearned premium reserve 19 5,440     4,677
  b. Benefit reserve 20 48,248     45,739
  c. Loss and loss adjustment expense reserve 21 33,243     31,438
  d. Provision for premium refunds 22 2,297     1,008
  e. Other technical provisions   274     256
        89,502   83,118
             
  D. Technical provisions in the area of life insurance insofar as the investment risk is borne by policyholders     7,451   6,067
             
  E. Other provisions          
  a. Provisions for pensions and similar obligations 23 1,347     1,343
  b. Provisions for taxes 24 632     557
  c. Sundry provisions 25 776     689
        2,755   2,589
             
  F. Liabilities          
  a. Notes payable and loans 26 677     762
  b. Funds withheld under reinsurance treaties   5,975     5,039
  c. Other liabilities 12/13/27 7,080     4,411
        13,732   10,212
             
  G. Deferred tax liabilities 28   2,044   1,494
             
  H. Liabilities of disposal groups classified as held for sale 2)     20   491
             
  Total liabilities/provisions       118,611 106,586
             
  Total liabilities       130,254 115,277
             
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.