The preparation of the IFRS consolidated financial statements requires that management make discretionary assessments and specify assumptions concerning future developments which could have a material effect on the recognition and value of assets and liabilities, the disclosure of other obligations on the balance sheet reporting date, and the reporting of income and expenses during the financial year. There is a not insignificant risk that the following items could lead to a material adjustment of assets and liabilities in the next financial year:

  • Underwriting provisions
  • Pension provisions and similar obligations
  • Other non-underwriting provisions
  • Fair values of investments not based on stock market values or other market prices
  • Goodwill
  • Allowances for receivables and other (accumulated) impairment losses
  • Deferred tax assets from the capitalisation of tax loss carryforwards
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