On 31 October 2012 Funis GmbH & Co. KG, which is wholly owned by Hannover Re, acquired 30% of the shares in the Liechtenstein-based life insurance company ASPECTA Assurance International AG from Talanx International AG for a purchase price of EUR 1. At the same time the remaining shares were sold by Talanx International AG to an investor outside the Group. Based on its percentage of the voting rights, Funis is able to exert a significant influence over the company. The interest in the company is therefore included at equity in the amount of shareholders’ equity attributable to the Group. The negative difference of EUR 0.7 million resulting from netting of the purchase price with the proportionate shareholders’ equity was written back to income. It was recognised under profit or loss on shares in associated companies.

Leine Investment General Partner S.à. r.l. and Leine Investment SICAV-SIF, both based in Luxembourg, were established in September 2012. The companies, all shares of which are held by Hannover Re companies, were consolidated for the first time with effect from the third quarter of 2012. Leine Investment General Partner S.à. r.l. is the managing partner of the asset management company Leine Investment SICAV-SIF, the business object of which is to build, hold and manage a portfolio of insurance-linked securities (catastrophe bonds) – including for third-party investors outside the Group. The company had not yet made any investment transactions as at the balance sheet date.

HR GLL Central Europe GmbH & Co. KG, which is based in Munich, was established in July 2012. The business object of the company is to purchase, manage, lease and sell commercial real estate or equivalent rights in Europe with a focus on Central European member states of the European Union. The company was included in the consolidated financial statement for the first time with effect from the third quarter of 2012. At the time of initial consolidation and as at the balance sheet date Hannover Re held 74.4% of the shares in the company.

With effect from the second quarter of 2012 Svedea AB, Stockholm, was consolidated for the first time. In March 2010 Funis GmbH & Co. KG, which is wholly owned by Hannover Re, participated with a capital contribution of 75.2% of the shares, corresponding to EUR 8.0 thousand, in Svedea AB. The company’s business object consists principally of writing liability insurance for motor vehicles and yachts. For reasons of materiality Svedea was carried as a participating interest until the first quarter of 2012. In view of the expansion of the business volume, the company was consolidated for the first time with effect from 30 June 2012. At the time of initial consolidation Funis held a stake of 69.2%; the amount of its holding as at the balance sheet date was 53.0%. The goodwill arising out of initial consolidation in an amount of EUR 12.7 million was netted with the cumulative retained earnings outside income and therefor was not recognised.

Within the US subgroup Hannover Re Real Estate Holdings, Inc., which is 95.1% owned, all shares in the property companies Nashville (Tennessee) West, LLC, Wilmington, 975 Carroll Square, LLC, Washington D.C. and 1225 West Washington, LLC, Tempe were acquired for a purchase price of altogether EUR 167.9 million through the subsidiary GLL HRE Core Properties, LP, Wilmington. The business object of each company is to hold and manage one property. In connection with the acquisition no intangible assets and no goodwill were capitalised. No contingent liabilities, conditional payments or separate transactions as defined by IFRS 3 were identified.