5.6 Other assets
| Other assets in EUR thousand | 2010 | 2009 |
|---|---|---|
| Present value of future profits on acquired life reinsurance portfolios | 98,368 | 102,408 |
| Other intangible assets | 39,799 | 56,871 |
| Insurance for pension commitments | 57,064 | 52,007 |
| Own-use real estate | 45,699 | 44,547 |
| Tax refund claims | 35,104 | 42,791 |
| Fixtures, fittings and equipment | 31,808 | 38,844 |
| Other receivables | 8,396 | 1,556 |
| Receivables from affiliated companies | 2 | 545 |
| Other | 20,203 | 32,443 |
| Total | 336,443 | 372,012 |
Present value of future profits (PVFP) on acquired life reinsurance portfolios
| Development of the present value of future profits (PVFP) on acquired life reinsurance portfolios in EUR thousand | |||
|---|---|---|---|
| 2010 | 2009 | ||
| Net book value at 31 December of the previous year | 102,408 | 1,823 | |
| Currency translation at 1 January | 264 | 113 | |
| Net book value at 1 January of the year under review | 102,672 | 1,936 | |
| Additions | - | 104,252 | |
| Amortisation | 4,304 | 3,786 | |
| Currency translation at 31 December | - | 6 | |
| Net book value at 31 December of the year under review | 98,368 | 102,408 | |
This item principally consists of the present value of future cash flows from the business acquired that we recognised 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. The PVFP is recognised under other assets. 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 Re 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 57.1 million (EUR 52.0 million).
Fixtures, fittings and equipment
| Fixtures, fittings and equipment in EUR thousand | 2010 | 2009 |
|---|---|---|
| Gross book value at 31 December of the previous year | 111,425 | 89,110 |
| Currency translation at 1 January | 4,002 | 1,998 |
| Gross book value after currency translation | 115,427 | 91,108 |
| Additions | 10,013 | 11,275 |
| Disposals | 18,238 | 3,353 |
| Reclassification | 201 | - |
| Changes in consolidated group | (34) | 12,886 |
| Currency translation at 31 December | 76 | (491) |
| Gross book value at 31 December of the year under review | 107,445 | 111,425 |
| Cumulative depreciation at 31 December of the previous year | 72,581 | 62,808 |
| Currency translation at 1 January | 2,132 | 1,486 |
| Cumulative depreciation after currency translation | 74,713 | 64,294 |
| Disposals | 13,767 | 2,431 |
| Depreciation | 14,489 | 10,852 |
| Reclassification | 175 | - |
| Change in consolidated group | (19) | - |
| Currency translation at 31 December | 46 | (134) |
| Cumulative depreciation at 31 December of the year under review | 75,637 | 72,581 |
| Net book value at 31 December of the previous year | 38,844 | 26,302 |
| Net book value at 31 December of the year under review | 31,808 | 38,844 |
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
| Development of other intangible assets in EUR thousand | 2010 | 2009 |
|---|---|---|
| Gross book value at 31 December of the previous year | 171,899 | 165,959 |
| Currency translation at 1 January | 1,373 | 24 |
| Gross book value after currency translation | 173,272 | 165,983 |
| Change in consolidated group | (6) | - |
| Additions | 4,157 | 7,598 |
| Disposals | 9,815 | 347 |
| Currency translation at 31 December | (15) | (1,335) |
| Gross book value at 31 December of the year under review | 167,593 | 171,899 |
| Cumulative depreciation at 31 December of the previous year | 115,028 | 104,649 |
| Currency translation at 1 January | 247 | 176 |
| Cumulative depreciation after currency translation | 115,275 | 104,825 |
| Change in consolidated group | (6) | - |
| Disposals | 84 | 194 |
| Write-ups | 12 | 80 |
| Depreciation | 12,602 | 10,474 |
| Currency translation at 31 December | 19 | 3 |
| Cumulative depreciation at 31 December of the year under review | 127,794 | 115,028 |
| Net book value at 31 December of the previous year | 56,871 | 61,310 |
| Net book value at 31 December of the year under review | 39,799 | 56,871 |
The item includes EUR 6.6 million (EUR 7.2 million) for self-provided software and EUR 31.6 million (EUR 36.6 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 2.9 million (EUR 5.9 million) for purchased software and EUR 1.0 million (EUR 0.3 million) for capitalised development costs for self-provided software.
As in the previous year, the other receivables do not include any items that were overdue but unadjusted as at the balance sheet date. Value adjustments were taken on other receivables in an amount of EUR 0.3 million (EUR 0.7 million) in the year under review on the basis of specific impairment analyses.
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.