a) Liabilities on guarantees given
Gerling-Konzern Versicherungs-Beteiligungs-AG has taken responsibil- ity for the retirement pensions of the employees and members of the Executive Board of the Company and is liable for fulfilling that responsibility. Our Company is coliable for promissory pensions, the extent of its liability at the end of the financial year amounting to € 40,459 thousand. This figure was calculated on the basis of the 1998 tables developed by Prof. Dr. Klaus Heubeck, applying an interest rate of 6%.
As a member of the pharmaceutical and nuclear plant insurance groups Pharma-Rückversicherungs-Gemeinschaft and Deutsche-Kern- reaktor-Versicherungsgemeinschaft, we are required to make up a quota-based share of the financial contribution of any pool member dropping out.
In connection with the sale of an insurance portfolio by one of our foreign subsidiaries, we have agreed to provide normal guarantees for part of the portfolio. These are for a limited period and subject to a ceiling of CAN 10.0 million.
We are also liable under a standard guarantee arrangement for other foreign subsidiaries’ liabilities. The extent of our liability here is unquantifiable.
The balance sheet value of the assets pledged, transferred or deposit- ed as security amounts to € 363.1 million (p.y. € 341.6 million). These are blocked deposits relating to reinsurance business.
f) For financial commitments due to hybrid capital, see the Management Report, pages 63 ff.
Miscellaneous financial commitments
Total miscellaneous financial commitments amount to € 47.9 million. These consist of rental, leasing and service agreements.
88 Notes to the Financial Statements