Development of asset items

	Balance sheet values previous year € 000	Currency differences € 000	Additions € 000	Unrealised capital gains and losses € 000	Amortisation € 000	Transfers € 000	Disposals € 000	Appreciation € 000	Depreciation € 000	Book values financial year € 000
A. Tangible assets
I. Self-used land and buildings	227,187	17	19,205	0	0	353	18,801	0	7,397	220,565
II. Other tangible assets
1. Tangible assets	43,425	–272	15,807	0	0	60	2,833	36	13,323	42,900
2. Inventories	4,269	0	27	0	0	0	0	0	0	4,296
3. Other assets	90,336	0	0	0	0	0	24,121	0	0	66,216
Total A. II.	138,030	–272	15,834	0	0	60	26,954	36	13,323	113,412
Total A.	365,218	–254	35,039	0	0	414	45,754	36	20,720	333,977
B. Land and buildings held as financial investments	1,014,259	–4,708	202,460	0	0	–316	32,653	0	31,409	1,147,634
C. Intangible assets
I. Deferred acquisition costs	873,462	–2,129	224,958	0	0	0	0	0	224,288	872,003
II. Goodwill
1. Purchased positive goodwill	0	0	4,696	0	0	0	0	0	0	4,696
2. Positive goodwill	226,632	–28,490	241,835	0	0	0	0	0	0	439,977
3. Value of insurance policies	66,826	26	0	0	0	0	0	0	10,556	56,296
Total C. II.	293,458	–28,463	246,531	0	0	0	0	0	10,556	500,969
III. Other intangible assets
1. Self-produced software	3,796	0	0	0	0	0	0	0	2708	1,088
2. Acquired intangible assets	35,477	–134	10,805	0	0	–98	1,493	0	11,221	33,336
Total C. III.	39,273	–134	10,805	0	0	–98	1,493	0	13,929	34,424
Total C.	1,206,193	–30,726	482,293	0	0	–98	1,493	0	248,773	1,407,396
D. Shares in associated companies	506,654	0	637,599	–3,943	0	–29,051	287,805	29,219	1,290	851,382
E. Investments
I. Variable-yield interest securities
1. Shares, investment shares and other variable-yield securities,            including holdings and shares in associated companies	3,969,512	–223	1,194,596	–327,052	0	29,759	2,313,992	32,781	342,225	2,243,156
2. At fair value through profit or loss	975,953	0	985,409	0	–1	0	829,275	124,501	307,589	948,998
Total E. I.	4,945,465	–223	2,180,005	–327,052	–1	29,759	3,143,267	157,282	649,813	3,192,154
II. Fixed interest securities
1. Fixed interest securities, held to maturity	0	0	450,000	0	57	0	1,100	0	0	448,957
2. Debt securities and other fixed interest securities	10,072,617	5,493	7,091,181	–22,962	–1,010	–2,132,581	7,055,598	65,574	262,441	7,760,272
3. At fair value through profit or loss	496,638	–1,582	59,336	0	–211	0	242,631	13,523	53,605	271,468
Total E. II.	10,569,255	3,911	7,600,517	–22,962	–1,164	–2,132,581	7,299,329	79,097	316,046	8,480,698
III. Loans and other investments
1. Loans
a) Debt securities issued by and loans to associated companies	14,495	0	305	0	0	0	14,309	0	0	491
b) Debt securities issued by and loans to participating interests	552	0	0	0	0	0	0	0	0	552
c) Mortgage loans	172,784	0	10,653	0	0	–19,210	16,036	705	8,333	140,563
d) Loans and advance payments on policies	14,274	–12	3,588	0	0	0	4,180	0	0	13,670
e) Other loan receivables and registered bonds	780,374	1,829	183,851	20,811	–67	2,148,808	82,709	958	7,315	3,046,540
Total E. III. 1.	982,480	1,817	198,397	20,811	–67	2,129,599	117,234	1,662	15,648	3,201,817
2. Cash at credit institutions	649,313	–88	987,612	0	0	0	180,600	2,527	1,465	1,457,298
3. Deposits with ceding companies	118,908	0	13,217	0	0	0	2,720	0	0	129,405
Total E. III.	1,750,700	1,729	1,199,225	20,811	–67	2,129,599	300,554	4,189	17,113	4,788,519
IV. Derivatives	60,228	4	36,126	0	0	0	113,480	119,880	83,681	19,077
Total E.	17,325,648	5,421	11,015,873	–329,202	–1,232	26,776	10,856,630	360,448	1,066,654	16,480,448
F. Investments held on account and at risk of life insurance     policyholders	24,70,340	–6,017	2,095,966	–257,722	65	2,274	1,562,050	3,861	104,255	2,642,462
Aggregate total	22,888,312	–36,284	14,469,231	–590,868	–1,166	0	12,786,386	393,563	1,473,101	22,863,300

1 | Self-used land and buildings

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Book values for
Property and casualty insurance	102,560	95,344
Life insurance	12,261	13,276
Health insurance	105,744	118,568
	220,565	227,187
Market values for
Property and casualty insurance	129,237	123,217
Life insurance	13,913	17,870
Health insurance	122,391	140,332
	265,542	281,419
Acquisition values	318,820	323,285
Cumulative depreciation	–98,255	–96,098
Book values	220,565	227,187
Useful life for land and buildings	10–80 Jahre	10–80 Jahre
Additions from company acquisition	31 Dec. 2008 € 000	31,12,2007 Tsd. €
Self-used land and buildings	14,444	0

The market values are derived from expert reports.

2 | Other tangible assets

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Tangible assets	42,900	43,425
Inventories	4,296	4,269
Other assets	66,216	90,336
Total	113,412	138,030

Tangible assets Development in financial year	€ 000
Acquisition values as at 31 Dec. 2007	159,608
Cumulative depreciation up to 31 Dec. 2007	–116,183
Book values as at 31 Dec. 2007	43,425
Currency translation changes	–272
Additions	15,807
Disposals	–2,833
Transfers	60
Appreciation and depreciation	–13,288
Book values as at 31 Dec. 2008	42,900
Acquisition values as at 31 Dec. 2008	158,956
Cumulative depreciation up to 31 Dec. 2008	–116,057
Book values as at 31 Dec. 2008	42,900

Tangible assets refer mainly to office equipment. They are depreciated over a useful life of four to ten years. The amounts of depreciation are recognised in the income statement on the basis of allocated operating expenses under the items insurance benefits, operating expenses and net investment income.

Additions from company acquisitions	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Tangible assets	12,735	56

3 | Land and buildings held as financial investments

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Book values for
Property and casualty insurance	354,144	329,023
Health insurance	186,666	179,540
Life insurance	606,823	505,697
	1,147,634	1,014,259
Market values for
Property and casualty insurance	542,084	481,703
Health insurance	296,955	434,941
Life insurance	984,967	652,581
	1,824,006	1,569,225
Acquisition values	1,543,413	1,398,800
Cumulative depreciation	–395,779	–384,541
Book values	1,147,634	1,014,259
Useful life for land and buildings	10–80 years	10–80 years
Additions from company acquisition	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Land and buildings used by third parties	66,474	42,879

The market values are derived from expert reports.

		31 Dec. 2008 € 000
Change on impairment for current year		1,004
	of which reallocation	1,004

4 | Deferred acquisition costs

	2008 € 000	2007 € 000
Property and casualty insurance
As at 1 Jan.	121,671	110,050
Currency translation changes	–1,602	1,030
Changes to scope of consolidation	5,854	0
Capitalisation	68,044	60,583
Depreciation	–58,837	–49,992
As at 31 Dec.	135,129	121,671
Health insurance
As at 1 Jan.	214,665	213,952
Currency translation changes	–26	1
Capitalisation	13,582	14,924
Interest surcharge	9,237	9,182
Depreciation	–21,602	–23,395
As at 31 Dec.	215,855	214,665
Life insurance
As at 1 Jan.	537,126	539,428
Currency translation changes	–500	259
Capitalisation	113,082	104,734
Interest surcharge	15,159	18,750
Transfers	0	–10,126
Depreciation	–143,848	–115,920
As at 31 Dec.	521,019	537,126
Consolidated financial statements
As at 1 Jan.	873,462	863,430
Currency translation changes	–2,129	1,291
Changes to scope of consolidation	5,854	0
Capitalisation	194,708	180,241
Interest surcharge	24,396	27,932
Transfers	0	–10,126
Depreciation	–224,288	–189,307
As at 31 Dec.	872,003	873,462

5 | Goodwill

	€ 000
Acquisition values as at 31 Dec. 2007	414,487
Cumulative depreciation up to 31 Dec. 2007	–121,029
Book values as at 31 Dec. 2007	293,458
Acquisition values as at 31 Dec. 2008	633,479
Cumulative depreciation up to 31 Dec. 2008	–132,510
Book values as at 31 Dec. 2008	500,969

Main additions: Credo-Classic and UNITA S.A. – see also the information on the scope of consolidation.

	€ 000
Cumulative depreciation up to 31 Dec. 2008	132,510
of which relating to impairment	21,337
of which current depreciation	111,174
	31 Dec. 2008 € 000
Change in impairment for current year	0
of which reallocation	0

The above values include the goodwill as well as the purchase price paid for the total insurance policies acquired.

Company acquisitions 2008	Amounts placed at the time of acquisition € 000	Book values of the acquired companies € 000
Assets	314,036	314,036
Tangible assets	26,062	26,062
Land and buildings held as financial investments	66,417	66,417
Intangible assets	6,759	6,759
Shares in associated companies	0	0
Investments	78,251	78,251
Investments held on account and at risk of life insurance policyholders	0	0
Share of reinsurance in the technical provisions	36,267	36,267
Receivables incl. receivables under insurance business	86,964	86,964
Receivables from income tax	346	346
Deferred tax assets	0	0
Liquid funds	12,971	12,971
Equity and liabilities	314,036	314,036
Total equity	90,473	90,473
Subordinated liabilities	5,881	5,881
Technical provisions	145,550	145,550
Technical provisions held on account and at risk of life insurance policyholders	0	0
Financial liabilities	0	0
Other provisions	223	223
Payables and other liabilities	66,189	66,189
Liabilities from income tax	187	187
Deferred tax liabilities	5,429	5,429
Currency differences	105	105

6 | Other intangible assets

	Self-produced software € 000	Acquired intangible assets € 000
Acquisition values as at 31 Dec. 2007	35,536	154,575
Cumulative depreciation up to 31 Dec. 2007	–31,740	–119,098
Book values as at 31 Dec. 2007	3,796	35,477
Acquisition values as at 31 Dec. 2008	35,536	161,916
Cumulative depreciation up to 31 Dec. 2008	–34,448	–128,580
Book values as at 31 Dec. 2008	1,088	33,336

The other intangible assets are composed of:

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Computer software	30,129	34,361
Copyrights	0	30
Licences	1,271	1,844
Other intangible assets	3,024	3,039
	34,424	39,273
Useful life
Self-produced software	2–5 years	2–5 years
Acquired intangible assets	2–5 years	2–5 years

The intangible assets include paid-for and self-produced computer software as well as licences and copyrights.

The depreciation of the other intangible assets was recognised in the income statement on the basis of allocated operating expenses under the items of insurance benefits, operating expenses and net investment income.

The intangible assets are depreciated using the straight-line method.

Additions from company acquisition	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Self-produced software	0	0
Acquired intangible assets	906	1

	2008 € 000
Research and development expenditures recorded as an expense during the period under review	5,512

7 | Shares in affiliated companies valued at equity

		31 Dec. 2008 € 000	31 Dec. 2007 € 000
Current market values for
	Shares in affiliated companies of minor importance1)	20,480	20,044
	Shares in associated companies of minor importance	3,474	17,326
Book values for
	Shares in associated companies valued at equity	847,908	489,328
Equity for
	Shares in affiliated companies of minor importance	10,093	13,303
Annual net profit/loss for the year
	Shares in affiliated companies of minor importance	909	936
1)The shares in affiliated companies of minor importance are shown on the balance sheet as available for sale at any time under variable-yield securities (Assets E. I. 1.).

The increase in the shares in associated companies is mainly due to the increases in shares held in Leipnik-Lundenburger Invest Beteiligungs AG and STRABAG SE.

Shares in associated companies	31 Dec. 2008 € 000
Current market value of associated companies listed on a public stock exchange	547,132
Profits/losses for the period	29,488
Unrecorded, proportional loss, ongoing, if shares of loss are no longer recorded	0
Unrecorded, proportional loss, cumulative, if shares of loss are no longer recorded	0

8 | Fixed interest securities, held to maturity

	Book values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Corporate bonds of domestic financial institutions	340,000	0
Other securities	108,957	0
Total	448,957	0

For the issue of Rasperia Trading Ltd. shown under other securities, UNIQA was pledged 6,815,218 shares in STRABAG SE as collateral.

	Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Corporate bonds of domestic financial institutions	340,000	0
Other securities	110,000	0
Total	450,000	0

Contractual remaining term	Book values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Up to 1 year	108,957	0
More than 1 year up to 5 years	340,000	0
Total	448,957	0

Contractual remaining term	Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Up to 1 year	110,000	0
More than 1 year up to 5 years	340,000	0
Total	450,000	0

9 | Securities available for sale

Type of investment	Acquisition costs		Fluctuation in value not affecting income		Accumulated value adjustments		Foreign currency differences affecting income		Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Shares in affiliated companies	20,480	20,044	0	0	0	0	0	0	20,480	20,044
Shares	643,486	869,012	170,795	26,810	–185,297	–29,449	0	0	628,984	866,373
Equity funds	232,785	825,940	–15,611	–28,623	–28,767	–7,869	0	0	188,408	789,449
Debenture bonds not capital-guaranteed	381,800	648,635	6,011	35,675	–67,964	0	–11,529	–38,612	308,318	645,699
Other variable-yield securities	1,062,174	1,139,130	–142,860	–40,257	0	0	5,574	0	924,888	1,098,873
Participating interests and other investments	170,857	249,205	21,944	316,570	–20,724	–16,700	0	0	172,078	549,075
Fixed-interest securities	8,455,630	10,765,259	–181,654	–325,920	–372,951	–235,797	–140,753	–130,926	7,760,272	10,072,617
Total	10,967,213	14,517,225	–141,374	–15,745	–675,702	–289,815	–146,708	–169,538	10,003,428	14,042,129

The market values listed for participating interests contain participat- ing interest valuations, resulting in an appreciation in the amount of €117,877,000 in 2007. In 2008, it was decided to sell this participating interest (shares of Raiffeisen Zentralbank AG) and a recategorisation to the Shares category was therefore carried out. The effect of the internal valuation results in a value reduction not affecting income in the amount of €133,311,000 in 2008.

Type of investment	Accumulated value adjustments		of which accumulated from previous years		of which from current year
	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Shares in affiliated companies	0	0	0	0	0	0
Shares	–185,297	–29,449	30,019	4,534	–215,316	–33,982
Equity funds	–28,767	–7,869	7,486	–2,442	–36,252	–5,427
Debenture bonds not capital-guaranteed	–67,964	0	0	0	–67,964	0
Other variable-yield securities	0	0	0	–2,254	0	2,254
Participating interests and other investments	–20,724	–16,700	–16,483	–13,023	–4,241	–3,677
Fixed-interest securities	–372,951	–235,797	–215,425	–95,785	–157,526	–140,012
Total	–675,702	–289,815	–194,404	–108,970	–481,298	–180,844

Type of investment	Change in value adjustment current year	of which write-down/ write-up affecting income	of which changes due to disposal	Write-up of equity
	31 Dec. 2008 € 000	31 Dec. 2008 € 000	31 Dec. 2008 € 000	31 Dec. 2008 € 000
Shares in affiliated companies	0	0	0	0
Shares	–155,849	–215,316	59,467	0
Equity funds	–20,898	–36,252	15,354	0
Debenture bonds not capital-guaranteed	–67,964	–67,964	0	0
Other variable-yield securities	0	0	0	0
Participating interests and other investments	–4,023	–4,241	217	0
Fixed-interest securities	–137,154	–157,526	20,372	0
Total	–385,888	–481,298	95,410	0

Remaining contractual term	Acquisition costs		Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Infinite	33,595	24,002	31,819	24,637
Up to 1 year	1,720,797	2,702,664	1,492,853	2,499,159
More than 1 year up to 5 years	3,277,055	3,185,270	3,110,079	3,090,701
More than 5 years up to 10 years	3,102,648	4,554,791	2,857,533	4,389,110
More than 10 years	1,765,507	2,086,297	1,501,195	1,813,582
Total	9,899,603	12,553,024	8,993,478	11,817,188

The remaining maturities stipulated by contract refer to fixed-interest securities, other variable yield securities and bonds without capital guarantee.

Risk of default rating		31 Dec. 2008 € 000
Fixed-interest securities
	Rating AAA	3,047,365
	Rating AA	1,530,123
	Rating A	2,312,366
	Rating BBB	1,126,691
	Rating	764,584
	Not assigned	212,349
Rating total of fixed-interest securities		8,993,478
Issuer countries
Share securities
	IE, NL, UK, US	216,489
	AT, BE, CH, DE, DK, FR, IT	530,725
	ES, FI, NO, SE	3,724
	Remaining EU	44,254
	Other countries	127,257
Issuer countries total of share securities		922,449
Other shareholdings		67,021
Total variable-yield securities		989,470

10 | Derivative financial instruments

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Market values
Share risk	8,428	14,793
Interest rate change risk	1,083	536
Currency risk	–23,134	38,847
Structured risk	25,613	–6,289
Total	11,990	47,887
Structured risk – of which:
Share risk	–13,552	6,903
Interest rate change risk	16,808	–15,612
Currency risk	22,357	2,420
Credit risk	0	0
Balance sheet values
Investments	19,077	60,228
Financial liabilities	–7,087	–12,342

11 | Loans

	Book values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Loans to affiliated companies	491	14,495
Loans to participating interests	552	552
Mortgage loans	140,563	172,784
Loans and advance payments on policies	13,670	14,274
Other loans	641,551	529,874
Registered bonds	302,285	250,500
Reclassified bonds	2,102,704	0
Total	3,201,817	982,480

On 1 July 2008, securities previously available for sale were reclassified according to IAS 39/50E as other loans. Overall, fixed-interest securities with a book value of €2,129,552,000 were reclassified. The corresponding revaluation reserve as at 30 June 2008 was €–98,208,000. The current market value as at 31 December 2008 is €1,889,108,000, which corresponds to a change in market value of €213,596,000 since 1 July 2008. In addition, an amortisation expense of €61,000 was posted in the income statement.

Remaining contractual term	Book values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Infinite	1,474	1,683
Up to 1 year	1,110,926	61,906
More than 1 year up to 5 years	740,557	224,772
More than 5 years up to 10 years	1,015,364	476,410
More than 10 years	333,495	217,709
Total	3,201,817	982,480

	Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Loans to affiliated companies	491	14,495
Loans to participating interests	552	552
Mortgage loans	140,563	172,784
Loans and advance payments on policies	13,670	14,274
Other loans	642,216	522,624
Registered bonds	302,285	250,500
Reclassified bonds	1,889,108	0
Total	2,988,886	975,230

Remaining contractual term	Market values
	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Infinite	1,474	1,683
Up to 1 year	979,700	61,733
More than 1 year up to 5 years	744,552	225,566
More than 5 years up to 10 years	933,883	470,536
More than 10 years	329,277	215,713
Total	2,988,886	975,230

12 | Other investments

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Deposits with credit institutions	1,457,298	649,313
Deposits with ceding companies	129,405	118,908
Total	1,586,702	768,221

13 | Receivables incl. receivables under insurance business

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
I. Reinsurance receivables
1. Accounts receivable under reinsurance        operations	46,766	67,795
	46,766	67,795
II. Other receivables
Receivables under the insurance business
1. from policyholders	277,514	219,145
2. from intermediaries	72,864	62,285
3. from insurance companies	4,985	6,828
	355,363	288,258
Other receivables
Accrued interest and rent	239,538	205,764
Other tax refund claims	41,551	42,126
Receivables due from employees	3,552	3,614
Other receivables	195,117	155,437
	479,756	406,940
Total other receivables	835,119	695,198
Subtotal	881,885	762,993
of which receivables with a remaining term of
up to 1 year	862,485	746,927
more than 1 year	19,376	16,067
	881,861	762,993
of which receivables with values not yet adjusted
up to 3 months overdue	57,021	48,590
more than 3 months overdue	9,692	5,961
III. Other assets
Accruals	50,432	43,383
	50,432	43,383
Total receivables incl. receivables under insurance business	932,317	806,377

14 | Receivables from income tax

	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Receivables from income tax	54,077	51,253
of which receivables with a remaining term of
up to 1 year	41,113	38,533
more than 1 year	12,964	12,720

15 | Deferred tax assets

Cause of origin	31 Dec. 2008 € 000	31 Dec. 2007 € 000
Actuarial items	2,986	9,158
Social capital	32,228	45,901
Investments	1,276	2,636
Loss carried forward	6,986	3,514
Other	25,621	15,846
Total	69,096	77,055