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5.5 Goodwill

In accordance with IFRS 3 “Business Combinations” scheduled amortisation is not taken on goodwill. Goodwill was subject to an impairment test.

Development of goodwill
in EUR thousand
2011 2010
Net book value at 31 December of the previous year 45,773 44,393
Currency translation at 1 January (1,563) 1,663
Net book value after currency translation 44,210 46,056
Corporate changes (283)
Additions 14,487
Currency translation at 31 December 592
Net book value at 31 December of the year under review 59,289 45,773

This item principally included the goodwill from the acquisition of E+S Rückversicherung AG as well as from the acquisition of a 75% interest in Integra Insurance Solutions Ltd. For further information on the method used to test impairment the reader is referred to our explanatory remarks in Section 3.2 “Summary of major accounting policies”.


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