9 Intangible assets
Changes in intangible assets
| Value of business acquired | Goodwill | Software | Other | Total | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | |
| Opening balance | 2,641 | 2,986 | 305 | 173 | 377 | 408 | 199 | 94 | 3,522 | 3,661 |
| Additions (bought) | 93 | 107 | 2,040 | 169 | 215 | 194 | 170 | 59 | 2,518 | 529 |
| Capitalised expenses | 124 | 124 | ||||||||
| Amortisation | –229 | –175 | –221 | –200 | –18 | –8 | –468 | –383 | ||
| Impairments | –14 | –10 | –1 | –15 | –10 | |||||
| Effect of unrealised revaluations in equity | 32 | 18 | 32 | 18 | ||||||
| Changes in the composition of the group | 25 | –5 | –28 | –21 | 9 | –6 | 390 | 61 | 396 | 29 |
| Exchange rate differences | –261 | –290 | –71 | –10 | –5 | –9 | –18 | –7 | –355 | –316 |
| Disposals | –1 | –6 | –13 | –14 | –6 | |||||
| Closing balance | 2,301 | 2,641 | 2,245 | 305 | 472 | 377 | 722 | 199 | 5,740 | 3,522 |
| Gross carrying amount as at 31 December | 2,946 | 3,057 | 2,245 | 305 | 1,379 | 1,049 | 766 | 224 | 7,336 | 4,635 |
| Accumulated amortisation as at 31 December | –645 | –416 | –878 | –657 | –43 | –25 | –1,566 | –1,098 | ||
| Accumulated impairments as at 31 December | –29 | –15 | –1 | –30 | –15 | |||||
| Net book value | 2,301 | 2,641 | 2,245 | 305 | 472 | 377 | 722 | 199 | 5,740 | 3,522 |
Amortisation of software and other intangible assets is included in the profit and loss account in Other operating expenses. Amortisation of VOBA is included in Underwriting expenditure.
Additions to goodwill in 2007 include mainly EUR 1,818 million related to the acquisition of Landmark, Latin American Pension business of Santander, Oyak Bank and Sharebuilder Corporation. The increase in Other intangibles in 2007 includes mainly EUR 390 million related to the acquisition of Latin American Pension business of Santander and Oyak Bank. Reference is made to Note 29 ‘Companies acquired and companies disposed’.
