6.5 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 | 2009 | 2008 |
|---|---|---|
| Net book value at 31 December of the previous year | 42,833 | 45,438 |
| Currency translation at 1 January | 1,560 | (2,026) |
| Net book value at 1 January of the year under review | 44,393 | 43,412 |
| Corporate changes | – | (579) |
| Net book value at 31 December of the year under review | 44,393 | 42,833 |
This item principally included the goodwill from the acquisition of E+S Rückversicherung AG as well as from acquisition transactions within the subgroup of Hannover Reinsurance Group Africa (Pty.) 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”.