Operations 58 Life/Health Insurance Operations 64 Banking Operations 66 Asset Management Operations 70 Corporate Activities 72 Discontinued Operations of
Changes 126 Major Disposals 126 Major Acquisitions 126 Reorganization 128 Other Information
– Net income from continuing operations of � 3,967 million in spite of net capital losses.
The resiliency tests developed as a result of that approach together with our disciplined risk management and our conservative investment policies have proven their value. We kept our promises to customers. Although the net loss is very high, it must be viewed in consideration of the fact that this period also saw the completion of the sale of Dresdner Bank. Our operating business remains stable. No longer carrying Dresdner Bank on our books, we generated an operating profit of � 7.4 billion and achieved income of � 4 billion. I am pleased to report that we passed the difficult test of 2008 exactly because we were able to rely on the hard work, loyalty and dedication of our close on 153,000 employees (without Dresdner Bank) as well as our cooperation partners. I am proud of their commitment and the results they have produced. I am grateful for their efforts.
Commerzbank we found a solution that was fair to all the institutions involved. Commerzbank and Dresdner Bank have much greater prospects for future growth working together. The Allianz balance sheet is now free of banking risks dependent on the capital markets. We strengthened our Asset Management operations, which under normal conditions are an engine for growth in the financial services sector, through the takeover of the Commerzbank fund provider cominvest.
The topic of the extraordinary meeting on August 31, 2008 was the further development of Dresdner Bank and the existing alternative courses of action. In particular, we discussed with the Board of Management continuation of
for issue of employee shares and granting loans to managers and Directors.
The Personnel Committee met on three occasions. The meetings dealt with staffing matters as well as the structure and amount of Board of Management remuneration. The
Allianz SE and Allianz Group annual financial statements, the management reports, the auditor’s reports and the U.S.
II). We reviewed the particular risk-related statements in the annual accounts and consolidated financial statements as well as in the management reports, and reported to the
European Company with registered office in Germany, please refer to our website under www.allianz.com/se.
Approval is also required for acquiring companies and holdings in companies as well as divestments of equity stakes in a Group company, whenever such divestment results in the company leaving the Group. In these instances approval is required if it does not involve a financial equity investment and if in a particular case the market value or, in the absence of the market value, the book value of the acquired or divested investment amounts to at least 10.0 % of the equity in the most recent consolidated balance sheet. Pursuant to the Supervisory Board’s rules of procedure, the appointment of the member of the Board of Management responsible for employment and social welfare by the Board of Management also requires the approval of the
September 20, 2006 with representatives of European Allianz employees. This agreement can be found on our website under www.allianz.com/se.
Supervisory Board is responsible for appointing the members of the Board of Management, and reviewing Allianz SE’s and Allianz Group’s annual financial statements. The Supervisory Board takes all decisions based on a simple majority. The special decision requirements for the appointment of members to the Board of Management contained in the German Co-Determination Act and the requirement for a Conciliation Committee no longer apply to an SE. In the event of a tied vote, the casting vote lies with the chairman of the Supervisory Board. Under Art. 42 of the SE Regulation, the chairman of the Supervisory Board of Allianz SE may only be a shareholder representative. In the event of a tied vote, if the chairman of the Supervisory Board is not present, the casting vote lies with the deputy chairperson from the shareholder side. Another deputy chairperson is elected on the proposal of the employee representatives, but he has no casting vote.
Standards (IFRS) as published by the International Accounting Standards Board (IASB). As the Allianz share is quoted on the New York Stock Exchange (NYSE), we are obliged to file an annual report on Form 20-F with the U.S. Securities and Exchange Commission (SEC), in accordance with the
M-DAX around 92 % and in the S-DAX about 87 % of the recommendations had been followed by the companies.
For the Board of Management: signed Michael Diekmann signed Dr. Paul Achleitner
EU. A summary of these differences is available on our website under www.allianz.com/corporate-governance.
Michael Diekmann bought 12,500 Allianz shares at a price of � 59.99 each, on December 16, 2008 further 800 Allianz shares at a price of � 69.576 each. On December 5, 2008
This Remuneration Report outlines the structure, basic principles and level of remuneration for the Board of Management of Allianz SE. It also sets out the structure and level of remuneration for the members of the Supervisory Board.
The SAR have a vesting period of two years and subject to the performance conditions mentioned below, they may be exercised during the following five years, as set out in the plan conditions. They lapse unconditionally at the end of the seven-year term. To align the interests of management with those of shareholders the Supervisory Board has established two performance conditions for the exercise of the
Group, 50.0 % of the compensation received is normally paid to Allianz SE. The compensation paid by companies outside the Allianz Group is shown in the Annual Reports of the companies concerned.
Board of Management, service contracts do not contain any special rules.
Supervisory Board member amounts to � 98,000 per fiscal year. This maximum amount is reached when the previous year’s earnings-per-share have risen by 16.0 % and when this indicator has further improved by a total of 40.0 % or more over the last three years. If there has been no improvement in the Allianz Group’s earnings-per-share during the relevant period (i.e. the past fiscal year or the past three years), no performance-based remuneration will be awarded.
– Operating profitability: We will continue to strengthen our profitability by resolutely pursuing operational excellence in every element of our value chain. In addition to the continuous improvement of our operating processes, our focus is now primarily on distribution and on our new market management functions.
As a result of the major drop in our share price in 2008, the longer-term performance of Allianz shares is no longer positive either. Our share price has shown a performance similar to that of the insurance sector as a whole for most comparison periods. To calculate the performance of your own investment in Allianz shares, you can use the share performance calculator available online at www.allianz.com/share.
2) Compound annual growth rate (CAGR) is the year-over-year growth rate over a multiple-year period.
Dresdner Bank’s net loss until the change in ownership (2.1) Impairment charge (1.4) Net loss from discontinued operations 1/1/2008 – 9/30/2008 (3.5)
Income (loss) from continuing operations before income taxes and minority interests in earnings 5,936 673 (161) 633 (1,344) (264) 5,473
For further information please refer to “Outlook” and Note 52 to the consolidated financial statements.
The difficulties on the capital markets and, in particular, the low interest rates could increase pricing discipline among providers.
Hermes, we observed an increase in payment delays, which are the industry’s lead indicator for future defaults. In addition, the number of insolvencies – such as the large retailer 2) After elimination of transactions between Allianz Group companies in different geographic regions and different segments. Gross premiums written from our specialty lines have been allocated to the respective geographic regions.
Non-operating income from financial assets and liabilities carried at fair value through income (net) 3) 42 (59) 83 Non-operating realized gains/losses (net) 4) 2,349 1,433 1,746 Non-operating impairments of investments (net) 5) (2,012) (276) (175) Amortization of intangible assets (17) (14) (1)
4) The total of these items equals realized gains/losses (net) in the segment income statement included in Note 6 to the consolidated financial statements. 5) The total of these items equals impairments of investments (net) in the segment income statement included in Note 6 to the consolidated financial statements. 6) Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 7) Represents acquisition and administrative expenses (net) divided by premiums earned (net).
an ag em en t R ep or t 6) Effective 1Q 2007, life business in Mexico is shown within the Life/Health segment. Prior year balances have not been adjusted. 7) Effective February 21, 2007, Russian People’s Insurance Society “Rosno” was consolidated following the acquisition of approximately 49.2 % of the shares in ROSNO by the Allianz
Group, increasing our holding to approximately 97 %. Effective May 21, 2007, we consolidated Progress Garant for the first time. 8) Contains income and expense items from a management holding. 9) Represents elimination of transactions between Allianz Group companies in different geographic regions.
Net changes in reserves for insurance and investment contracts halved, amounting to � 5,122 million. This was mainly driven by lower provisions for premium refunds due to negative market impacts.
Interest and similar income 13,772 13,417 12,972 Operating income from financial assets and liabilities carried at fair value through income (net) 3) (235) (945) (361) Operating realized gains/losses (net) 4) 874 3,579 3,087 Fee and commission income 571 701 630
Italy 5,996 9,765 8,555 5,952 9,765 930 1,006 1,098 Spain 843 738 629 843 738 394 399 400 Portugal 130 115 98 130 115 80 73 66 Greece 109 105 98 109 105 72 65 62 South America 190 78 147 199 61 183 40 42 Turkey 4) 18 — — — — 17 — —
Shareholders’ equity 33,684 47,753 Minority interests 3,564 3,628 Total equity 37,248 51,381
The following information focuses on SPEs that are controlled by Allianz by means other than a majority voting interest. It excludes consolidated SPEs where Allianz Group consolidates the SPEs under IFRS and holds the majority of the voting rights.
Interest expense � 84.3 mn 4.375 % bond issued by Allianz Finance II B. V., Amsterdam Volume � 1.4 bn Year of issue 2005 Maturity date Perpetual Bond
– Manage risks proactively within Group policies and limits – Report risk exposures to Group Risk
Assessment Committee is responsible for early recognition of new risks and opportunities and evaluating long-term trends that may have a significant impact on the Allianz
(“confidence level”). More specifically, we calculate the net fair asset value of each of our covered businesses based on values (i) under current best estimate conditions and (ii)
While meeting rating agencies’ capital requirements forms a strategic business objective of the Allianz Group, capital requirements imposed by regulators constitute a binding constraint. Regulators and rating agencies impose minimum capital rules on the level of both the Allianz Group’s operating entities and on the Allianz Group as a whole.
(“EAD”) and loss given default (“LGD”). These measurements are all estimated using statistical analysis and professional judgment. Our aggregation methodology is comparable to approaches widely used in the industry known as “structural model”. In a structural model, a counterparty is deemed to have defaulted when the value of its total assets is lower than its total liabilities. Since changes in the asset value of a company determine whether it defaults or migrates from one credit class to another, the correlation between different firms’ asset values determines the correlation between the firms’ defaults and migrations. Estimating these parameters
Group Management Report Allianz Group Annual Report 2008 allows us to aggregate credit risk across individual obligors using Monte-Carlo simulations to obtain the loss profile of a given portfolio – i.e., its loss probability distribution. The loss profile is the basis of our internal credit risk capital model.
(such as through the use of reinsurance) also helps limit our liquidity risk related to such events. Extreme adverse changes in business assumptions such as lapse or renewal rates or costs may cause liquidity risk as well. However, these effects are covered by our internal risk capital model.
In the Asset Management segment, we limit liquidity risk by continually reconciling the cash flows from our operating business with our commitments to pay liabilities. Forecasting and managing liquidity is a regular process, designed to meet both regulatory requirements and Allianz Group standards.
We conduct business in almost every European country, with Germany, Italy and France being our most important markets. We also run operations in the United States and in Central and Eastern Europe as well as in Asia-Pacific. Our operations continue to be expanded worldwide. In 2008, for example, we developed our business operations in the
Founded in 1890 and with over 100 years of experience in the financial services industry, the Allianz Group is committed to providing financial security to a broad base of customers ranging from private individuals to large multinational corporations. Beyond the quality of our financial performance a number of other activities and factors are important to the sustainable growth of our competitive strength and company value. These include, but are not limited to, our diversified business model, the reduction of organizational complexity, our value-based management approach, the monitoring of our non-financial performance and of crucial importance, our employees.
Italy and the United States) are highly competitive. In recent years, we have also experienced increasing competition in emerging markets, as large insurance companies and other financial service providers from more developed countries have entered these markets to participate in their high growth potential. In addition, local institutions have become more experienced and have established strategic relationships, alliances or mergers with our competitors.
In the asset management business, competition comes from all major international financial institutions and peer insurance companies that also offer asset management products and services, competing for retail and institutional clients.
As a global financial services provider we base our human resources strategy and activities on the following principles: – We strive to be the first choice for the best talent globally.
Our commitment to continuously improve a high performance culture remains a very important aspect of the transformation of Allianz in order to achieve sustained success and excellence. In the current volatile market conditions, it is even more vital that we effectively set and cas1 ) Only training sessions with a minimum duration of three hours were counted.
The Group Equity Incentives Program is a key element of our performance-related pay for executives. The program, through its direct link to the performance of the Allianz SE
Allianz to provide innovative financial products that are as safe as they promise to be; at the same time, there is also a desire for information on risk management and engagement in key areas of society. We are meeting these expectations and developing new kinds of solutions that link economic success to social responsibility.
For example, Fireman’s Fund and Allianz Life, our U.S. insurers, operate major social projects that are closely connected to the stories of the founding of the respective companies: support for local fire stations and aid for organizations who have signed up to prevention. Fireman’s
– Allianz China Life has been granted a preliminary license to set up a branch in Shandong province.
We conduct our life/health operations in this region primarily through Allianz Suisse Lebensversicherungs-Gesellschaft and Phénix Vie. In aggregate, these operating entities represent the sixth largest life insurance provider in Switzerland based on statutory premiums in 2007 1). In the life/
The most important line of business in property-casualty is motor. We also have a strong presence in fire, general liability and personal accident insurance. In 2008, pricing in the motor market was under heavy pressure while distribution costs have increased considerably on account of recent regulatory changes (the so-called Bersani law). The negative impact of market developments has been mitigated by the savings, generated by the integration of the previously independent legal entities.
The life market has been declining since 2006, particularly in the bancassurance by far the predominant channel.
We expect the Turkish insurance market to return to its growth path in the near future. We will seek to increase our distribution base and to provide innovative insurance solutions to our customers.
health products for both individuals and corporate customers, including property, injury and liability insurance as well as short-term investment and savings products, are distributed primarily through a network of tied agents, brokers, partnership channels and a salaried salesforce. We also market our products through AGF Banque. We plan to start our direct insurance business in France in 2009.
We announced the merger of the respective complementary marine operations of Fireman’s Fund and AGCS to form a comprehensive world leader in this line of business. At the same time, we brought our commercial and specialty operations under one umbrella in order to increase efficiency.
Throughout Ireland we offer a wide variety of propertycasualty products, for both commercial and private customers. The products are distributed predominantly through brokers and banks as well as telephone and internet-based direct sales channels. In 2008, two new direct products were introduced, equine insurance and taxi insurance.
Through the combination of our international corporate and specialty business within Allianz Global Corporate &
SNA is among the top four companies in Lebanon in both
Throughout the region, more than 250,000 agents distribute our products. Furthermore, we sell products via banks. In property-casualty we also distribute via brokers and dealers, who are a vital part of our distribution force. In India we see the direct channel growing in importance. We intend to further strengthen our distribution capabilities and use the hub-and-spoke approach in order to increase operational effectiveness.
January 8, 2009, Allianz announced to subscribe to a silent participation of � 750 million in Dresdner Bank after closing alongside a new equity tranche granted to Commerzbank by the Special Fund Financial Market Stabilization (SoFFin).
Hartford shares and junior subordinated debentures with a nominal value of U.S. Dollar 1.75 billion and a 10 % interest coupon. Effective January 9, 2009, the preferred stock has been converted into common stock.
List” of activities decided by the Audit Committee and, in addition, a “Guiding Principles and User Test” is applied.
Payments for the purchase or origination of: Financial assets designated at fair value through income (4,107) (6,393) (6,559) Available-for-sale investments (114,041) (129,060) (131,290) Held-to-maturity investments (720) (301) (280) Investments in associates and joint ventures (610) (1,509) (491) Non-current assets and assets of disposal groups classified as held for sale (97) (1,073) — Real estate held for investment (395) (430) (860) Loans and advances to banks and customers (purchased loans) (9,631) (12,286) (10,598) Property and equipment (953) (832) (1,588)
Banking and Asset Management operations in more than 70 countries, with the largest of its operations in Europe. The
For purposes of the consolidated financial statements, the results and financial position of each of the Allianz Group’s subsidiaries are expressed in Euro, the functional currency of the Allianz Group. Assets and liabilities of subsidiaries not reporting in Euro are translated at the closing rate on the balance sheet date and income and expenses are translated at the quarterly average exchange rate. Any foreign currency translation differences, including those arising from the equity method, are recorded directly in shareholders’
The subsequent measurement of financial instruments depends on their classification as follows: Financial assets and liabilities carried at fair value through income
Financial assets and liabilities carried at fair value through income include financial assets and liabilities held for trading and financial assets and liabilities designated at fair value through income.
Financial assets and liabilities held for trading are measured at fair value. Changes in fair value are recognized directly in the consolidated income statement. The recognized net gains and losses include dividends and interest of the underlying financial instruments.
Allianz Group for cash or another financial asset (“puttable instrument”). These liabilities are required to be recorded at redemption amount with changes recognized in income.
Once a financial instrument has been classified into a particular category at initial recognition, transfers into or out of that category from or to another category are impossible for some categories and are rarely done in all other circumstances. Please refer to Note 3 for amendments to IAS 39 with regard to reclassifications.
The classes of financial instruments within Allianz Group are mainly in line with the categories according to IAS 39.
– Financial liabilities for puttable equity instruments Redemption amount — Certificated liabilities Amortized cost Other liabilities - at amortized cost Participation certificates and subordinated liabilities Amortized cost Other liabilities - at amortized cost
For short duration contracts, a premium deficiency is recognized if the sum of expected claim costs and claim adjustment expenses, expected dividends to policyholders, unamortized acquisition costs, and maintenance expenses exceeds related unearned premiums while considering anticipated investment income. For long duration contracts, if actual experience regarding investment yields, mortality, morbidity, terminations or expense indicate that existing contract liabilities, along with the present value of future gross premiums, will not be sufficient to cover the present value of future benefits and to recover deferred policy acquisition costs, then a premium deficiency is recognized.
Software, which includes software purchased from third parties or developed internally, is initially recorded at cost and is amortized on a straight-line basis over the estimated useful service lives or contractual terms, generally over 3 to 5 years.
In July 2007, IFRIC issued IFRIC 14, IAS 19 – The Limit on a
Consolidated and Separate Financial Statements. The revised version of IFRS 3 and the amended version of IAS 27 include the following changes: – The scope of IFRS 3 has been extended and applies now also to combinations of mutual entities and to combinations achieved by contract alone.
Allianz Group is currently evaluating the potential impact that the adoption of the standards will have on the Group’s financial statements.
11 and IAS 18 and provides guidance on how to account for revenue when the agreement for the construction of real estate falls within the scope of IAS 18. The main expected change is a shift from recognition of revenue using the percentage of completion method to recognition of revenue at a single time (eg at completion, upon or after delivery).
On August 31, 2008, Allianz SE (“Allianz“) and Commerzbank AG (“Commerzbank”) agreed on the sale of Dresdner
Loan loss provisions (327) 131 (31) Impairments of investments (net) (102) (87) (215)
Moscow (“ROSNO”) at a purchase price of � 572 mn. ROSNO is the second largest insurance company in Russia which offers products in the business segments Property-Casualty,
The revenues of the combined entity (Allianz Group including Selecta AG) for the year ended December 31, 2007 would have been � 102,978 mn if the acquisition date had been on
The business activities of the Allianz Group are first segregated by product and type of service: insurance activities, banking activities, asset management activities and corporate activities. Due to differences in the nature of products, risks and capital allocation, insurance activities are further divided between property-casualty and life/health categories.
In the Life/Health segment a comprehensive range of life and health insurance products on both individual and group basis is offered, including annuity, endowment and term insurance, unit-linked and investment-oriented products as well as full private health and supplemental health and care insurance. The core markets are Germany, France,
After the classification of Dresdner Bank as discontinued operation, the banking segment consists of the banking activites in Germany, France, Italy and Central and Eastern
Expenses from fully consolidated private equity investments (3) — — (20) — — — — — Reclassification of tax benefits — — — — — — — — —
Reclassification of tax benefits — — — — — — — — —
� mn � mn � mn � mn � mn � mn � mn � mn � mn � mn � mn � mn
1) Since 2008, health business in Belgium and France is shown within Life/Health segment. Prior year balances have not been adjusted. 2) For the Life/Health segment, total revenues are measured based upon statutory premiums. Statutory premiums are gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction.
Income from financial assets and liabilities designated at fair value through income (net) 3) — — —
These pay-through/pass-through securities are serviced by cash flows from pools of underlying loans to mostly private debtors. The unrealized losses of these mortgage-backed securities were partly caused by interest rate increases between purchase date of the individual securities and the balance sheet date. Also in various instances, price decreases were caused by increased prepayment risk for individual loan pools that were originated in a significantly higher interest rate environment. Because the decline in fair value is attributable to changes in interest rates and, to a lesser extent, instances of insignificant deterioration of credit quality and without immediate intent to sell the securities, the Allianz Group does not consider these investments to be impaired at December 31, 2008.
Total unrealized losses amounted to � 1,027 mn at December 31, 2008. The Allianz Group holds a large variety of government bonds, mostly of OECD countries (Organization of Economic Cooperation and Development). Given the fact that the issuers of these bonds are backed by the fiscal capacity of the issuers and the issuers typically hold an
Allianz Group does not consider these investments to be impaired at December 31, 2008.
Short-term investments and certificates of deposit 9,622 — 9,622 10,316 — 10,316
Collateral paid for securities borrowing transactions — — — 6,415 33,963 40,378
Group monitors the financial condition of its reinsurers on an ongoing basis and reviews its reinsurance arrangements periodically in order to evaluate the reinsurer’s ability to fulfill its obligations to the Allianz Group under existing and planned reinsurance contracts. The Allianz Group’s evaluation criteria, which includes the credit risk claims-paying and debt ratings, capital and surplus levels, and marketplace reputation of its reinsurers, are such that the Allianz
Development of the reserves for loss and loss adjustment expenses for the Property-Casualty segment
A majority of the Allianz Group’s Life/Health segment operations is conducted in Western Europe. Insurance laws and regulations in Western Europe have historically been characterized by legal or contractual minimum participation of contract holders in the profits of the insurance company issuing the contract. In particular, Germany, Switzerland and Austria, which comprise approximately 48 % and 47 %, of the Allianz Group’s reserves for insurance and investment contracts as of December 31, 2008 and 2007, respectively, include a substantial level of policyholder participation in all sources of profit including mortality/morbidity, investment and expense. As a result of this policyholder participation, the Allianz Group’s exposure to insurance, investment and expense risk is mitigated.
(2007: � 38,151 mn) and those due after more than one year totaled � 8,164 mn (2007: � 9,880 mn).
Current interest rate — — — — — 5.60 % — —
The shares have no par value but a mathematical per share value of � 2.56 each as a proportion of the issued capital.
Realized gains from disposals of real estate held for own use 374 210 58 Other income from real estate held for own use 11 2 2
ot es 32 Income and expenses from fully consolidated private equity investments manroland AG
(2007: 26.38 %; 2006: 26.38 %, including corporate tax and solidarity surcharge in both prior periods). The German corporate tax reform in 2007 led to a decrease of corporate tax rate and an increase of trade tax rate. Due to the increased relative weight of trade tax and because trade tax ceased to be deductible for corporate tax purposes, trade tax has been included into the expected tax rate in reconciliations of the German Allianz companies.
For the vast majority of Allianz Group´s financial instruments carried at fair value in the consolidated balance sheet as of December 31, 2008, the fair value is determined using quoted prices in active markets for the identical instrument (Level I).
FFIC a resolution of all civil, criminal and administrative allegations in the form of an offer to settle. Discussions between FFIC and the U.S. Department of Justice are continuing and the outcome of this matter cannot be predicted at this stage.
� 10 mn, for the year ending December 31, 2008, was � 253 mn
Market value guarantees represent assurances given to customers of certain mutual funds and fund management agreements, under which initial investment values and/or minimum market performance of such investments are guaranteed at levels as defined under the relevant agreements.
The carrying amount of the assets pledged as collateral where the secured party does not have the right by contract or custom to sell or repledge the assets are as follows: As of December 31, 2008 2007 � mn � mn
The assumptions for the actuarial computation of the projected benefit obligation and the net periodic benefit cost depend on the circumstances in the particular country where the plan has been established.
The weighted average value of the assumptions used to determine net periodic benefit cost: Expected long-term return on plan assets 5.5 5.3 5.3 Rate of compensation in-
The determination of the expected long-term rate of return for the individual asset categories is based on capital market surveys.
Group to pay in cash the average market price of an Allianz
SE share in the ten trading days preceding the vesting date or issue one Allianz SE share, or other equivalent equity instrument, for each RSU granted. The RSUs vest after five years. The Allianz Group will exercise the RSUs on the first stock exchange day after their vesting date. On the exercise date, the Allianz Group can choose the settlement method for each RSU.
The fair value of these options at grant date was calculated using a Cox-Rubinstein binomial tree option pricing model.
On the effective date of the merger between Allianz SE and
For 2008, amongst others the following restructuring plans were reflected: Allianz S.p.A., Italy
In 2007, the Boards of RAS, Lloyd Adriatico and AZ Subalpina announced a restructuring program for the integration of these three companies into Allianz S.p.A effective since
Bank AG. The terms are identical to SoFFin’s silent participation in Commerzbank AG.
� 236 mn before taxes: – Storm “Klaus” in the Southwest of France and parts of Spain (� 163 mn),
◽ Allianz Elementar Lebensversicherungs-Aktiengesellschaft, Vienna 73 100.0 ◽ Allianz Elementar Versicherungs-Aktiengesellschaft, Vienna 368 100.0 ◽ Privatinvest Bank AG, Salzburg 7 74.0 Belgium
As of December 31, 2008 or (with members who resigned) day of resignation 1) We regard memberships in other supervisory bodies as “comparable” if the company is listed on a stock exchange or has more than 500 employees.
The parties to this type of transaction agree to buy or sell at a specified future date. The price of the underlying assets is fixed when the deal is struck.
Income from financial assets and liabilities carried at fair value through income (net)
The amount is calculated separately for each policy and for every day that the premium still has to cover.
S Sarbanes-Oxley Act 15 Share 33-37 Share price 33 Shareholder hotline 37 Shareholder structure 35 Shareholders’ equity 75 Societas Europaea 126 South America 53, 120 Spain 119 Standard & Poor’s 89 et sqq. Sustainability 114