The Audit Committee held five meetings in 2013. In the presence of the auditors, it discussed the annual financial statements of Allianz SE and the consolidated financial statements of the Allianz Group, the management reports and auditor’s reports. In addition, the committee reviewed the half-yearly and quarterly financial reports and, together with the auditors, went through the details of the auditor’s review of these financial statements. After carrying out these reviews, the Audit Committee saw no reason to raise any objections. The committee also reviewed the auditor’s engagement and established priorities for the annual audit. In addition, assignments to the auditors for services not connected to the audit itself were discussed. An upper limit for “non-audit services” by KPMG was agreed upon, requiring approval from the Audit Committee if it is to be exceeded. The committee also dealt with the compliance system, the internal auditing system as well the accounting process and internal financial reporting control mechanisms, including the appropriateness of the respective systems and processes. The committee received regular reports from the Head of Group Audit, from the General Counsel and from the Chief Compliance Officer on material audit results and their status as well as on legal and compliance issues. The committee approved the audit plan by Group Audit for 2014.
4 Total dividend based on total amount of shares. Actual dividend payment will be reduced by the dividend amount attributable to treasury shares.
Our employees are key to our success. We promote their development intensively and help them expand their knowledge and gain new experiences on a continual basis. This enables us to consistently improve our performance and minimize the business risks facing our community.
Regular Board of Management meetings are led by the Chairman. Each member of the Board may request a meeting, providing notification of the proposed resolution. The Board takes decisions by ordinary resolution of participating members. In the event of a tie, the Chairman casts the deciding vote. The Chairman can also veto decisions but cannot impose any decisions against the majority vote on the Board of Management.
The Board of Management reports regularly and comprehensively to the Supervisory Board on business development, the financial position and earnings, budgeting and achievement of objectives, business strategy and risk exposure.
34 Takeover-related Statements and Explanations 37 Remuneration Report supervisory Board CoMMittees Part of the Supervisory Board’s work is carried out by its committees. The composition of committees and the tasks assigned to them are regulated by the Supervisory Board’s Rules of Procedure. The Supervisory Board receives regular reports on the activities of its committees.
COMPLIANCE PROGRAM The sustained success of the Allianz Group is based on the responsible behavior of all Group employees, who embody trust, respect and integrity. By means of the global compliance program coordinated by its independent central compliance department, Allianz supports and follows internationally and nationally recognized guidelines and standards for rules-compliant and value-based corporate governance. These include the principles of the United Nations (UN) Global Compact, the Guidelines of the Organization for Economic Co-operation and Development (OECD) for Multinational Enterprises, and European and international standards on combating corruption and bribery, combating money laundering and terrorism financing, data protection, consumer protection, and economic and financial sanctions. Allianz counteracts the risks that might arise from noncompliance with legal regulations and provisions (compliance risk) through its support for and acceptance of these standards. The central compliance department is responsible, in close cooperation with local compliance departments, for ensuring the effective implementation and monitoring of the compliance program within the Allianz Group as well as for the investigation of potential compliance infringements.
interests in the share Capital exCeeding 10 % of the voting rights No direct or indirect interests in the share capital of Allianz SE that exceed 10 % of the voting rights have been reported to Allianz SE; nor are we otherwise aware of any such interests.
Each year, the Supervisory Board agrees on performance targets for the variable remuneration with the members of the Board of Man­ agement. These are documented for the upcoming financial year. Every three years the MTB sustainability criteria are set for the follow­ ing mid­term period.
performance reached the 165 % cap: base salary € 700 THou + 165 % of € 2,100 THou (= total of the three variable compensation components at target).
GRANTS, OUTSTANDING HOLDINGS AND EqUITY COMPENSATION ExPENSE UNDER THE ALLIANz EqUITY PROGRAM1
4 Grants of equity-related remuneration are accounted for as cash settled awards. The fair value of the granted RSUs and SARs is remeasured at each reporting date and accrued as a compensation expense proportionately over the vesting and service period. Upon vesting, any subsequent changes in the fair value of the unexercised SARs are also recognized as a compensation expense.
(2012: USD 17 THOU). There is no DBO as both plans are DC plans.
Business Operations and Markets Allianz offers a comprehensive range of insurance and asset management products and services and has more than 83 million insured customers.
bAnkinG operAtions Our banking operations support our insurance business and complement the products we offer in Germany, Italy, France, the Netherlands and Bulgaria. As a division of Allianz Deutschland AG, Oldenburgische Landesbank AG (OLb) is Allianz’s main own banking product and service provider in Germany. OLb, Germany’s largest private regional bank, covers the northwest of Germany and focuses on retail and corporate clients.
In our commercial lines, we serve our customers with group life insurance and provide companies with services and solutions in connection with defined benefit pension arrangements and defined contribution plans.
Looking ahead, we aim to further gain market share in the property-casualty business despite the challenging market conditions, and to preserve our combined ratio advantage by accelerating our digital transformation. In our life business, we strive to further rebalance our portfolio by improving our new business mix.
trust And trAnsPArenCy One of the aftereffects of the banking and European sovereign debt crisis is that the insurance industry has been confronted with an increasing degree of regulation. All-time low interest rates and market insecurity and volatility remain critical factors for our business and particularly for our customers. Our main goal when interacting with governments is to contribute solutions to socio-political issues and create a stable political and economic landscape that will benefit our customers and us over the long term. For example, we are engaging in discussions on the impact of low interest rates on savings and old-age provisions and facilitating investments in a low-carbon economy.
Non-operating realized gains and losses (net) dropped from € 1,112 mn to € 952 mn. This was mainly due to lower realizations on equities.
Non-operating impairments of investments (net) decreased by € 200 mn to € 313 mn in 2013. This was mainly due to lower equity impairments, driven by favorable equity market developments. Lower impairments on debt securities in 2013 further contributed to the improvement.
Our Property-Casualty operating profit went up by € 654 mn, or 14.2 %, to € 5,268 mn. The underwriting result increased by € 728 mn to € 2,170 mn, largely driven by an improvement in our loss ratio. Reflecting the low interest environment, however, our operating investment income (net) decreased by € 181 mn to € 3,048 mn.
The Life/Health operating profit decreased by € 234 mn to € 2,709 mn, mainly as a result of the decline in the operating investment result, which was burdened by the net of adverse foreign currency and financial derivatives impacts.
There were no changes to the Board of Management in 2013. For further information on the current composition of the Board of Management, please refer to pagE 58.
In Allianz Global Assistance gross premiums increased to € 1,972 MN. Our internal growth of 10.0 % stemmed from higher volumes mainly in our Brazilian, French, U.S., Spanish, and German business, as well as price increases primarily in our Australian and U.S. subsidiaries.
In Germany gross premiums totaled € 9,261 MN. The internal growth of 1.6 % was due to price increases mainly in motor, property and liability lines. It was partly offset by negative volume effects, particularly in our accident and motor business.
– particularly in our direct channel – resulting in a slightly positive volume effect.
Claims and insurance benefits incurred (net) (27,713) (28,491) Change in reserves for insurance and investment contracts (net) (384) (430) Interest expenses (52) (47) Operating impairments of investments (net) (11) (17) Investment expenses (315) (307) Acquisition and administrative expenses (net) (11,942) (11,634) Fee and commission expenses (1,141) (1,088) Restructuring charges (61) (146) Other expenses (21) (23) Operating expenses (41,640) (42,183)
Income taxes (1,746) (1,437) Net income 3,818 3,505 1 For the Property-Casualty business segment, total revenues are measured based upon gross premiums written.
5 On 12 July 2013, Allianz Turkey acquired Yapı Kredi Bank’s shareholding in the Turkish property-casualty insurance company Yapı Kredi Sigorta.
In Asia-Pacific, we recorded premiums of € 5,092 mn. The growth of 3.9 % was largely driven by the increase in unit-linked premiums in Taiwan through the bancassurance channel. This more than compensated for the decrease of single premium investment-oriented business in South Korea, where we stopped selling one of our major products in the third quarter of 2012.
Operating income from financial assets and liabilities carried at fair value through income (net) decreased by € 1,102 mn to a loss of € 1,829 mn. This was mainly due to losses from the net of foreign currency effects and financial derivatives in Germany. The appreciation of the Euro against selective emerging markets currencies and the rise in interest rates were the main drivers. Derivatives are used to manage duration and other interest rate-related exposures as well as to protect against equity and foreign currency fluctuations.
alternative investments Our operating result remained stable at € 24 mn (2012: € 22 mn). Lower interest income and slightly increased investment and administrative expenses were more than compensated for by a € 14 mn rise in our net fee and commission income.
In 2013, our operating profit of € 2.7 BN was within our target range of € 2.5 BN to € 3.1 BN. For 2014, we expect operating profit in our Life/Health business segment to be between € 2.7 BN and € 3.3 BN, supported by growth in our underlying asset base along with the transfer of some small asset management entities from the Asset Management to the Life/Health business segment.
Our gross exposure to equities of € 35.5 bn (31 December 2012: € 29.7 bn) increased by one percentage point and accounted for 7 % of our investment portfolio. This increase was mainly attributable to positive equity market developments but also to new investments. In line with this growth, our equity gearing1 increased by one percentage point to 25 %.
Loans and advances to banks and customers 16.1 18.3 Property-Casualty asset base 101.0 105.3 1 Loans and advances to banks and customers, held-to-maturity investments and real estate held for investment are stated at amortized cost. Investments in associates and joint ventures are stated at either amortized cost or equity, depending on – among other factors – our ownership percentage.
Interest expenses € 62.6 mn 4. iSSuES mAturEd in 2013 5.0 % bond issued by Allianz Finance ii b.V., Amsterdam Volume € 1.5 bn Year of issue 2008 Maturity date 3/6/2013 iSin dE 000 A0t r7K 7 Interest expenses € 13.5 mn Sum of interest expenses 1 € 839.7 mn Interest expenses from external debt not presented in the table € 61.3 mn Total interest expenses from external debt € 901.0 mn 1 For further information on Allianz SE debt (issued or guaranteed) as of 31 December 2013, please refer to notes 23 and 24 to the consolidated financial statements.
Allianz risk profile and management assessment Risk PRofile Allianz is exposed to a variety of risks through its core insurance and asset management activities. These include financial market, credit, insurance, operational, business and strategic risks. The three largest risks in terms of their contribution to Allianz’s internal model risk capital results are: − Financial market risk, especially interest rate risk, due to the duration mismatch between assets and liabilities for long-term savings products; − Credit and credit spread risk, again driven by assets backing long-term savings products; − Property-casualty premium and reserve risk, resulting from natural and man-made catastrophes as well as accident year claims uncertainty.
However, Allianz continues to be exposed to two external forces which affect its risk profile and would not normally be associated with its core operating activities: the European sovereign debt crisis and regulatory developments – especially the European solvency directive, Solvency II.
− Our assets (including bonds, mortgages, investment funds, loans, equities and real estate) and liabilities (including the cash flow run-off profile of all technical reserves as well as deposits and issued securities).
We manage interest rate risk from a comprehensive corporate perspective: While the potential payments related to our liabilities in the Property-Casualty business segment are typically shorter in maturity than the financial assets backing them, the opposite usually holds true for our Life/Health business segment due to the long-term life insurance contracts. In part, this provides us with a natural hedge on an economic basis at Group level.
Credit risk The Allianz Group monitors and manages credit risk exposures and concentrations to ensure it is able to meet policyholder obligations when they are due and to maintain adequate capital and solvency positions for the operating entities and the Group as a whole. This objective is supported by the internal credit risk model and the CRisP as described in the section Concentration of risks. Group-wide credit data is collected following a centralized process and using standard obligor and obligor group mappings.
Credit risk is measured as the potential economic loss in the value of our portfolio due to changes in the credit quality of our counterparts (“migration risk”) or the inability or unwillingness of the counterparty to fulfill contractual obligations (“default risk”).
Operational risk remained mostly stable in the course of 2013. Small changes were driven by refinements in exposure coverage.
1 The Allianz Environmental, Social, Governance (ESG) Board and ESG office are constituted as advisor to the Board of Management of Allianz SE and will further elevate environmental, social and governance aspects in corporate governance and decision-making processes of Allianz Group.
Our first priority is to continue to refine and improve our business steering frameworks in light of the lessons learned from the financial market uncertainty. This addresses in particular the European sovereign debt crisis and a sustained low interest rate environment.
Our second priority is to prepare for the Solvency II internal model application process. To this end, we will continue to actively participate in the pre-approval process for Solvency II with the relevant European supervisors. However, given the remaining uncertainty surrounding the final implementation measures and their interpretation, we will need to adapt our internal risk capital framework and risk processes as necessary to comply with the evolving Solvency II standards. In particular, we anticipate reviewing our transferability and fungibility restrictions, replacing the illiquidity premium with a so-called “volatility adjustment” for the valuation of life technical provisions, reviewing our credit and credit spread risk approach as well as our aggregation approach, each of which may have an impact on our internal model solvency ratio.
− Finally, we focus on ensuring that controls are appropriately designed and effectively executed. We have set consistent documentation requirements across the Allianz Group for elements such as processes, related key controls and their execution. We conduct an annual assessment of our control system to maintain and continuously enhance its effectiveness. Group Audit and local internal audit functions ensure that the overall quality of our control system is subjected to regular control-testing, to assure reasonable design and operating effectiveness. Internal Audit does so through a comprehensive risk-based approach, which holistically assesses the key controls of the company’s internal procedures and processes, including local and Group internal controls over financial reporting.
Translation from any foreign currency into functional currency The individual financial statements of each of the Allianz Group’s subsidiaries are prepared in the prevailing currency in the primary economic environment where the subsidiary conducts its ordinary activities (its functional currency). Transactions recorded in currencies other than the functional currency (foreign currencies) are recorded at the exchange rate prevailing on the date of the transaction.
For repurchase agreements, the proceeds received from the sale are reported under liabilities to banks or customers. Interest expenses from repo transactions are accrued over the duration of the agreements and reported in interest expenses. If for reverse repo transactions all of the risks and rewards of the securities remain substantially with the counterparty over the entire lifetime of the agreement of the transaction, the securities concerned are not recognized as assets. The amounts of cash disbursed are recorded under loans and advances to banks and customers. Interest income on reverse repo agreements is accrued over the duration of the agreements and is reported in interest and similar income.
Disclosures relating to financial assets The following table summarizes the relationship between the balance sheet positions and the classes of financial instruments according to IFRS 7. The balance sheet positions are the same as the IAS 39 categories except when noted in parentheses.
DeferreD taX assets The calculation of deferred tax assets is based on tax loss carry forwards, unused tax credits and on temporary differences between the Allianz Group’s carrying amounts of assets or liabilities in its consolidated balance sheet and their tax bases. The tax rates used for the calculation of deferred taxes are the local rates applicable in the countries concerned; changes to tax rates which have been substantively enacted prior to or as of the consolidated balance sheet date are taken into account. Deferred tax assets on losses carried forward are recognized only to the extent it is probable that sufficient future taxable income will be available for their realization.
The analysis and forecasting required in this process, and as a result the determination of the deferred tax assets, is performed for individual jurisdictions by qualified local tax and financial professionals. Given the potential significance surrounding the underlying estimates and assumptions, Group-wide policies and procedures have been designed to ensure consistency and reliability around the recoverability assessment process. Forecasted operating results are based upon approved business plans which are themselves subject to a welldefined process of control. As a matter of policy, especially strong evidence supporting the recognition of deferred tax assets is required if an entity has suffered a loss in either the current or preceding period.
The adoption of the amendments to IAS 19 on the consolidated income statement for the year ended 31 December 2012 led to an increase in income before income taxes of € 88 mn and an increase in income taxes of € 21 mn. This resulted in an increase in the earnings per share of 14 cents.
Further amendments and interpretations In addition to the above-mentioned recently issued accounting pronouncements, the following amendments and revisions to standards and interpretations have been issued by the IASB but are not yet effective for or early adopted by the Allianz Group.
cHange oF consolidated Balance sHeet relating to cHange in presentation oF discounted loss reserVes € mn as of 31 December 2013 Before change in presentation Change in presentation As reported
The business activities of the Allianz Group are first organized by product and type of service: insurance activities, asset management activities and corporate and other activ ities. Due to differences in the nature of products, risks and capital allocation, insurance activities are further divided into the Property-Casualty and Life/Health cat egories. In accordance with the responsibilities of the Board of Management, each of the insurance categories is grouped into the following reportable segments: − German Speaking Countries, − Western & Southern Europe, − Iberia & Latin America, − USA, − Global Insurance Lines & Anglo Markets, − Growth Markets, − Allianz Worldwide Partners (Property-Casualty only).
Claims and insurance benefits incurred (net) (7,134) (6,704) (6,070) (5,642) (2,611) (2,533) (1,376) (2,683) (7,574) (8,186) (1,491) (1,438) (1,457) (1,305) – – (27,713) (28,491) Change in reserves for insurance and investment contracts (net) (322) (385) (40) – (4) (1) (8) (1) (10) (46) – 2 – 1 – – (384) (430)
Income (loss) before income taxes (1,680) (2,132) (69) (23) (88) (91) 27 85 (1,810) (2,161)
Deferred acquisition costs Property-Casualty 4,354 4,323 Life/Health 15,837 13,521 Asset Management 159 139
Fixed assets of alternative investments 1,304 1,225 1 As of 31 December 2013, includes prepaid benefit costs for defined benefit plans of € 94 MN (2012: € 59 MN).
As of 31 December 2013, other assets due within one year totaled € 27,547 mn (2012: € 27,367 mn), and those due in more than one year totaled € 7,085 mn (2012: € 7,829 mn).
Changes in the consolidated subsidiaries of the Allianz Group 6 (1)
Carrying amount as of 31 December 11,544 11,679 Accumulated impairments as of 31 December 990 894 Cost as of 31 December 12,534 12,573
Collateral received from securities lending transactions and derivatives 2,216 – 2,216 1,793 – 1,793 liabilities to banks and customers by contractual maturity liabilities to banks and customers by contractual maturity € mn as of 31 December 2013 Up to 3 months > 3 months up to 1 year > 1 year up to 3 years > 3 years up to 5 years Greater than 5 years Total
Annual Report 2013 Allianz Group 191 22 – Other liabilities other liabilities € mn as of 31 December 2013 2012
Other insurance reserves (5) (78) – (83) Expenses for premium refunds (292) (6,377) (9) (6,678)
Ceded Aggregate policy reserves 2 131 – 133 Other insurance reserves – 6 – 6 Expenses for premium refunds – 13 – 13
Corporate and other Service agreements (230) (247) Investment advisory and banking activities (263) (247)
Liabilities to banks and customers Level 1 consists mainly of highly liquid liabilities, e. g. payables on demand. The fair value for liabilities in level 2 and level 3 is mainly derived based on the income approach using future cash flows discounted with risk-specific interest rates. Main non-market observable inputs include credit spreads. In some cases, the carrying amount (amortized cost) is considered to be a reasonable estimate of the fair value.
Certificated liabilities and subordinated liabilities For level 2, the fair value is mainly determined based on the market approach using quoted market prices and the income approach using deterministic discounted cash flow models. For level 3, fair values are mainly derived based on the income approach using deterministic cash flows with credit spreads as primary non-market observable inputs. In some cases, the carrying amount (amortized cost) is considered to be a reasonable estimate for the fair value.
Litigation Allianz Group companies are involved in legal, regulatory, and arbitration proceedings in Germany and a number of foreign jurisdictions, including the United States. Such proceedings arise in the ordinary course of businesses, including, amongst others, their activities as insurance, banking and asset management companies, employers, investors and taxpayers. It is not feasible to predict or determine the ultimate outcome of the pending or threatened proceedings. Management does not believe that the outcome of these proceedings, including those discussed below, will have a material adverse effect on the financial position and the results of operations of the Allianz Group, after consideration of any applicable reserves.
In December 2002, Protektor Lebensversicherungs-Aktiengesellschaft (“Protektor”), a life insurance company whose role is to protect policyholders of all German life insurers, was founded. Allianz Lebens versicherungs-Aktiengesellschaft and some of its subsidiaries are obligated to provide additional funds either to the mandatory insurance guarantee scheme or to Protektor, in the event that the funds provided to the mandatory insurance guarantee scheme are not sufficient to handle an insolvency case. Such obligation amounts to a maximum of 1 % of the sum of the net underwriting reserve with deduction of payments already provided to the insurance guarantee scheme. As of 31 December 2013, and under inclusion of the contributions to the mandatory insurance scheme mentioned above, the aggregate out standing commitment of Allianz LebensversicherungsAktiengesellschaft and its subsidiaries to the insurance guarantee scheme and to Protektor is € 1,252 mn (2012: € 1,123 mn).
Market value guarantees Market value guarantees represent assurances given to investors in certain mutual funds and related to specific asset management agreements, under which initial investment values and/or minimum performance of such investments are guaranteed at levels as defined under the relevant agreements. The obligation to perform under a market value guarantee is triggered when the market value of the affected investments does not meet the guaranteed targets at predefined dates.
DefineD benefit plans IAS 19 revised in 2011 has to be applied retrospectively.1 Therefore all balance sheet and income statement items had to be restated as of 1 January 2013 and 1 January 2012. After the retrospective application the adapted amounts recognized in the Allianz Group’s consolidated balance sheets for defined benefit plans are as follows: reconciliation of DefineD benefit plans on the balance sheet € mn
Changes in demographic assumptions 40 44 Changes in financial assumptions (554) 3,084 Experience adjustments 35 (27)
The RSU are accounted for as cash settled plans as the Allianz Group intends to settle in cash. Therefore, the Allianz Group accrues the fair value of the RSU as a compensation expense over the vesting period. During the year ended 31 December 2013, the Allianz Group recognized a compensation expense related to the non-vested RSU of € 58 mn (2012: € 80 mn).
Allianz France share option plan Allianz France, formerly AGF, awarded options on its former Holding (AGF S.A.) quoted shares to eligible AGF Group executives, managers of subsidiaries, as well as to some of the employees, whose performance justified grants.
allianz italy’s restructuring plan In December 2013, Allianz Italy announced a restructuring plan, which will be completed within 2014. Allianz Italy aims to adapt its business model and significantly streamline its processes. A unified platform for all agencies including a digital agency will be implemented. The program will result in a reduction of complexity and higher automation of processes, in particular for underwriting activities. By implementing voluntary early retirement plans, headcount will be reduced by about 100 employees.
KPMG is the main auditing firm for the Allianz Group and assigned in more than 75 % of all audit­related tasks. Auditing firms other than KPMG billed the Allianz Group an aggregate of € 15.0 Mn (2012: € 14.6 Mn).
Euler Hermes Hong Kong Service Limited, Hong Kong 100.0 Euler Hermes Luxembourg Holding S.à r.l., Luxembourg 100.0 Euler Hermes Magyar Követeleskezelö Kft., Budapest 100.0 Euler Hermes North America Holding Inc., Owings Mills, MD 100.0 Euler Hermes North America Insurance Company Inc., Baltimore, MD 100.0 Euler Hermes Patrimonia SA, Brussels 100.0 Euler Hermes Ré SA, Senningerberg 100.0 Euler Hermes Real Estate SPPICAV, Paris 60.0 Euler Hermes Recouvrement France S.A.S., Paris 100.0 Euler Hermes Reinsurance AG, Zurich 100.0 Euler Hermes Risk Services UK Limited, London 100.0 Euler Hermes Risk Yönetimi A.S., Istanbul 100.0 Euler Hermes S.A., Paris 69.6 Euler Hermes Seguros de Crédito à Exportação S.A., São Paulo 100.0 Euler Hermes Seguros de Crédito S.A., São Paulo 100.0 Euler Hermes Service AB, Stockholm 100.0 Euler Hermes Services AG, Zurich 100.0 Euler Hermes Services B.V., Hertogenbosch 100.0 Euler Hermes Services Belgium S.A., Brussels 100.0 Euler Hermes Services India Privat Limited, Mumbai 100.0 Euler Hermes Services S.A.S., Paris 100.0 Euler Hermes Services South Africa Ltd., Johannesburg 100.0 Euler Hermes Services Sp. z o.o., Warsaw 100.0 Euler Hermes Services UK Limited, London 100.0 Euler Hermes Servicii Financiare S.R.L., Bucharest 100.0 Euler Hermes Serviços Ltda., São Paulo 100.0 Euler Hermes Servis s.r.o., Bratislava 100.0 Euler Hermes Sigorta A.S., Istanbul 100.0 Euler Hermes Singapore Services Pte. Ltd., Singapore 100.0 Euler Hermes South Express S.A., Brussels 100.0 Euler Hermes Tech SAS, Nanterre 100.0 Euler Hermes Trade Credit Limited, Auckland 100.0 Euler Hermes Trade Credit Underwriting Agents Pty Ltd., Sydney 100.0 Euler Hermes UMA, Louisville, KY 100.0 Euler Hermes World Agency SASU, Paris 100.0 Euler Hermes, Mierzejewska-Kancelaria Prawna Sp.k, Warsaw 100.0 Eurl 20/22 Le Peletier, Paris 100.0 Euro Garantie AG, Pfäffikon 100.0 Eurosol Invest S.r.l., Udine 100.0 Expositio Sp. z o.o., Warsaw 100.0 FAI Allianz Ltd., Sydney 100.0 FCP LBPAM IDR, Paris 100.0 3 FCPR Fregate, Paris 58.3 3 FCT CIMU 92, Pantin 100.0 4 FCT Rocade L2 Marseille, Marseille 100.0 4 Fenix Directo Compania de Seguros y Reaseguros S.A., Madrid 100.0 Ferme Eolienne de Villemur-sur-Tarn S.à r.l., Versailles 100.0 Ferme Eolienne des Jaladeaux S.à r.l., Versailles 100.0 Fiduciaria Colseguros S.A., Bogotá D.C. 100.0 Financière Aldebaran SAS, Paris 100.0 Financière Callisto SAS, Paris 100.0 Fireman's Fund County Mutual Insurance Company Corp., Dallas, TX 100.0 Fireman's Fund Financial Services LLC, Dallas, TX 100.0 Fireman's Fund Indemnity Corporation, Liberty Corner, NJ 100.0 Fireman's Fund Insurance Company Corp., Novato, CA 100.0 Fireman's Fund Insurance Company of Bermuda, Hamilton 100.0 Fireman's Fund Insurance Company of Hawaii Inc., Honolulu, HI 100.0 Fireman's Fund Insurance Company of Ohio Corp., Cincinnati, OH 100.0 Floralis, Paris 99.6 3 Fondo Chiuso Allianz Infrastructure Partners I, Milan 100.0 4 Fragonard Assurance S.A., Paris 100.0 Friederike MLP S.à r.l., Luxembourg 100.0 Fusion Brokerage Inc., Richmond, VA 100.0
We have audited the consolidated financial statements prepared by Allianz SE, Munich, comprising the consolidated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consolidated statements of cash flows and the notes, together with the group management report for the business year from 1 January to 31 December 2013. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs, as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315a para. 1 HGB and supplementary provisions of the articles of incorporation are the responsibility of the parent company’s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit.
e _ further information 245 Joint Advisory Council of the Allianz Companies 246 International Advisory Board 247 Mandates of the Members of the Supervisory Board 248 Mandates of the Members of the Board of Management 249 Glossary 253 Index
Peter terium since 1 March 2013 Chief Executive Officer RWE AG
cAsh flow stAtement Statement showing movements of cash and cash equi­ valents during a reporting period, classified by three types of activity; operating activities, investing activities and financing activities.
expense rAtio Represents acquisition and administrative expenses (net) divided by premiums earned (net).
ifrs International Financial Reporting Standards. Since 2002, the designation ifrs applies to the overall framework of all standards approved by the International Accounting Standards Board. Already approved standards will con­ tinue to be cited as International Accounting Standards (iAs).