Of this, other assets of EUR 4.6 million (EUR 5.1 million) are attributable to affiliated companies.

The item “Other” includes receivables of EUR 194.7 million (EUR 165.6 million) which correspond to the present value of future premium payments in connection with derivative financial instruments arising from transactions in the life and health reinsurance business group. For further explanation please see Section 8.1 “Derivative financial instruments and financial guarantees”.

As in the previous year, the other receivables do not include any items that were overdue but unadjusted as at the balance sheet date.

Present value of future profits (PVFP) on acquired life reinsurance portfolios

This item consists of the present value of future cash flows recognised on business acquired in 2009 in the context of the acquisition of the ING life reinsurance portfolio. This intangible asset is amortised over the term of the underlying reinsurance contracts in proportion to the future premium income. The period of amortisation amounts to altogether 30 years. For further information please refer to our explanatory notes on intangible assets in Section 3.2 “Summary of major accounting policies”.

Insurance for pension commitments

Effective 1 July 2003 Hannover Rück SE took out insurance for pension commitments. The commitments involve deferred annuities with regular premium payment under a group insurance policy. In accordance with IAS 19 “Employee Benefits” they were carried as a separate asset at fair value as at the balance sheet date in an amount of EUR 82.2 million (EUR 76.6 million).

Fixtures, fittings and equipment

With regard to the measurement of fixtures, fittings and equipment, the reader is referred to our explanatory notes on the other assets in Section 3.2 “Summary of major accounting policies”.

Other intangible assets

The item includes EUR 1.6 million (EUR 2.2 million) for self-created software and EUR 31.2 million (EUR 30.0 million) for purchased software as at the balance sheet date. Scheduled depreciation is taken over useful lives of three to ten years. The additions can be broken down into EUR 13.4 million (EUR 18.0 million) for purchased software and EUR 1.1 million (EUR 1.0 million) for capitalised development costs for self-created software.

In the context of two smaller business combinations within our South African subgroup customer relationships were identified and recognised at fair value in an amount equivalent to EUR 6.1 million. Amortisation is taken over five years.

The gross book values include rights from long-term reinsurance treaties still existing as at the balance sheet date. The intangible assets resulting from these rights were recognised in the context of business acquisitions in the years 1997 and 2002 and were written off in full as at the balance sheet date.

Credit risks may result from other financial assets that were not overdue or adjusted as at the balance sheet date. In this regard, the reader is referred in general to our comments on the credit risk contained in the risk report.