NewRe Annual Report 2021 27 The notes to the financial statements reflect the disclosure requirements in accordance with local laws and regulations Explanations on significant movements in balance sheet positions and income statement items are provided in the management report 1 General information New Reinsurance Company Ltd the Company is a limited company domiciled in Zurich Switzerland It is licensed by the Swiss Financial Market Supervisory Authority FINMA in Switzerland as a professional reinsurer The Company is a wholly owned subsidiary of Münchener Rückversicherungs Gesellschaft Aktiengesellschaft in München the ultimate parent company domiciled in Munich Germany 2 Summary of significant accounting policies Basis of presentation The Company s accounting principles are in line with those prescribed by the Swiss Code of Obligations OR and the Insurance Supervisory Ordinance AVO They are consistent with those applied in the previous year The accounting and valuation principles applied for the main balance sheet items are as follows Investments The Company owns an office building in Zurich Own use real estate is report ed under the balance sheet item Tangible assets Part of the office space is let to external tenants the rental income and associated expenses are record ed as investment income Third party use real estate is carried at the lower of acquisition cost including capitalised cost for improvements less depreciation or market value Amorti sation depreciation is recognised at a rate of 2 on a straight line basis Equity investments and investment funds are measured at the lower of cost or market value Fixed income securities are carried at amortised cost less impairment The annual amortisation amount is recognised within the investment result Notes to the financial statements NewRe Annual Report 2021 Inhalt indd 27 25 04 22 10 19

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