Königinstrasse i s.à r.l., luxembourg 100.0 7 lA rurAle, paris 99.8 l'Assicuratrice italiana vita s.p.A., milan 100.0 le profil des profils, paris 68.1 3 les vignoBles de lArose, saint laurent médoc 100.0 life sales llC, novato, CA 100.0 llC "Allianz eurasia Healthcare", saint petersburg 100.0 llC "Allianz life and finance rus", moscow 100.0 lloyd Adriatico Holding s.p.A., trieste 99.9 logiCA softWAre srl, reggio emilia 100.0 london verzekeringen n.v., rotterdam 100.0 lYXor Höchststandgar. 2023, puteaux 100.0 3 lYXor HÖCHststAndsgArAnt. 2018, puteaux 100.0 3 lYXor HÖCHststAndsgArAnt. 2021, puteaux 100.0 3 lYXor Höchststandsgarantie 2020, puteaux 100.0 3 lYXor Höchststandsgarantie 2022, puteaux 98.0 3 lYXor HÖCHststAndsgArAntief. 2019, puteaux 100.0 3 magdeburger sigorta A.s., istanbul 100.0 managed insurance operations B.v., rotterdam 100.0 martin maurel vie, la défense 100.0 medexpress, saint petersburg 99.8 medibroker s.r.o., Bratislava 100.0 medisalud Compania Colombiana de medicina prepagada s.A., Bogota d.C. 100.0 metAllrente fonds portfolio, luxembourg 74.9 3 mondial A. servis Hizmetleri, istanbul 97.0 mondial Assistance (thailand) Co ltd., Bangkok 97.6 mondial Assistance Agent de Asigurare srl, Bucharest 100.0 mondial Assistance Asia pacific ltd., singapore 100.0 mondial Assistance Australia Holding, pty, toowong 100.0 mondial Assistance Beijing services Co. ltd., Beijing 100.0 mondial Assistance B.v., Amsterdam 100.0 mondial Assistance france, paris 100.0 mondial Assistance france sAs, paris 95.0 mondiAl AssistAnCe gmbH, vienna 100.0 mondial Assistance indian ocean, mauritius 100.0 mondiAl AssistAnCe irelAnd limited, dublin 100.0 mondial Assistance oblig euro, paris 100.0 10 mondial Assistance ooo, moscow 100.0 mondial Assistance portugal servicos de Assistência ldA, lisbon 100.0 mondial Assistance réunion s.A., paris 100.0 mondial Assistance sp. z o.o., Warsaw 100.0 mondial Assistance s.r.o, prague 100.0 mondial Assistance service Chile limitada, las Condes 100.0 mondiAl AssistAnCe serviCes HellAs s.A., Athens 51.0 mondial Assistance sigorta Aracilik Hizmetleri limited sirketi, ls, istanbul 100.0 mondial Assistance united Kingdom ltd (mAuK), Croydon surrey 100.0 mondial Contact Center italia srl., taurisano 70.0 mondial mexico s.A. de C.v., mexico City 100.0 mondial protection Corretora de seguros ltda., sao paulo 100.0 mondiAl serviCe ArgentinA, s.A., Buenos Aires 100.0 mondial service- Belgium s.A., Brussels 100.0 mondial service italia s.r.l, milan 100.0 mondial service switzerland Ag, Bern 100.0 mondiAl serviCios ltda, sao paulo 100.0 mondial servicios s.A. de C.v., mexico City 100.0 monéger, dakar 100.0 national surety Corporation, Chicago, il 100.0 nem insurance ireland limited, dublin 100.0 nemian life & pensions s.A., senningerberg 100.0 neoasistencia manoteras s.l., madrid 100.0 nextcare egypt, Cairo 100.0 nextcare Holding, lC, manama 75.0 neXtCAre lebanon sAl, Beirut 100.0 nfJ investment group llC, dover, de 100.0 north American london underwriters ltd., Hamilton 100.0 oddo europe mid Cap, paris 97.9 3 oddo gestion Audac, paris 57.2 3 oddo proactif europe, paris 74.2 3 oddo Quattro 2, paris 100.0 3 oJsC "my Clinic", moscow 100.0 omega thai investment Holding, Amsterdam 100.0 ontario limited, toronto 100.0 ooo euler Hermes Credit management, moscow 100.0 open Joint stock Company insurance Company Allianz, moscow 100.0 oppenheimer group inc., dover, de 100.0 orione pv s.r.l., milan 100.0 orsa maggiore pv s.r.l., milan 100.0 orsa minore pv s.r.l., milan 100.0 oY selecta AB, Helsinki 100.0 pacific investment management Company llC, dover, de 98.0 paramount group real estate special situations fund-A, l.p., new York, nY 100.0 parc eolien de Bonneuil, vincennes Cedex 100.0 parc eolien de forge sAs, paris 100.0 parc eolien de la sole du Bois sAs, paris 100.0 parc eolien des Barbes d’or, paris 100.0 parc eolien des Joyeuses, paris 100.0 parc eolien des mistandines sAs, paris 100.0 parc eolien du Bois guillaume sAs, paris 100.0 personalized Brokerage service llC, topeka, Ks 100.0 pet plan ltd., guildford 100.0 pfp Holdings inc., dover, de 100.0 pgref v 1301 sixth investors i l.l.C., Wilmington, de 100.0 pgref v 1301 siXtH investors i lp, Wilmington, de 100.0 pHeniX ABsolut return, paris 100.010 phenix Alternative Holding, s.A., paris 65.4 3 phenix sécurité l, s.A., paris 53.5 3 pimco (switzerland) s.à r.l., zurich 100.0 pimCo Asia ltd., Hong Kong 100.0 pimCo Asia pte ltd., singapore 100.0 pimCo Australia pty ltd., sydney 100.0 pimCo Canada Corp., toronto 100.0 pimCo Canada Holding llC, dover, de 100.0 pimCo europe ltd., london 100.0 pimCo gl inv.-euriBorplus fund, dublin 71.5 3 pimCo global Advisors (ireland) ltd., dublin 100.0 pimCo global Advisors (resources) ltd., Cayman islands 100.0 pimCo global Advisors llC, dover, de 100.0 pimCo investments llC, dover, de 100.0 pimCo Japan ltd., road town, tortola 100.0 pimco luxembourg iv s.A., luxembourg 100.0 popular gestión sgiiC, s.A., madrid 100.0 primacy underwriting Agency pty ltd., milson's point 70.0 prism re, Hamilton 99.0 progress, moscow 100.0 progress-med, moscow 100.0 pronto lloyd s.r.l., trieste 100.0 protexia france s.A., paris 66.0 pt Asuransi Allianz life indonesia p.l.c., Jakarta 99.8 pt Asuransi Allianz utama indonesia ltd., Jakarta 75.0 pte Allianz polska s.A., Warsaw 100.0
Quintet properties ltd., dublin 100.0 rAs AntAres, milan 100.0 10 ras private Bank (suisse) s.A., lugano 100.0 rB fiduciaria s.p.A, milan 100.0 rB vita s.p.A., milan 100.0 rCm (uK) ltd., london 100.0 rCm Asia pacific ltd., Hong Kong 100.0 rCm Capital management llC, Wilmington, de 100.0 rCm Capital management pty ltd., sydney 100.0 rCm Japan Co. ltd., tokyo 100.0 rCm us Holdings llC, Wilmington, de 100.0 real faubourg Haussmann sAs, paris 100.0 real fr Haussmann sAs, paris 100.0 redoma s.à r.l., luxembourg 100.0 resurs-stimul-universal, moscow 100.0 retail vending ltd., Birmingham 100.0 rHeA, s.A., luxembourg 100.0 risikomanagement und softwareentwicklung gmbH, vienna 100.0 riskon Aktiengesellschaft geschlossenen typs, Aozt/zAo, moscow 100.0 roland print B.v., Amsterdam 100.0 rosno ms, moscow 100.0 roster financial llC, voorhees, nJ 100.0 s.C. Asit serviCes s.r.l., Bucharest 100.0 s.i.B.i., s.A., paris 100.0 sA CArene AssurAnCe, paris 100.0 saint-Barth Assurances s.à r.l., st. Barts 100.0 san francisco reinsurance Company, Corp., novato, CA 100.0 sAs 20 pompidou, paris 100.0 sAs Allianz Colisée, paris 100.0 sAs Allianz forum seine, paris 100.0 sAs Allianz rivoli, paris 100.0 sAs Allianz serbie, paris 100.0 sAs madeleine opéra, paris 100.0 sAs pAssAge des prinCes, paris 100.0 saudi nextcare, Al Khobar 52.0 sC tour michelet, paris 100.0 sCApi, Courbevoie 100.0 sCi Allianz messine, paris 100.0 sCi Avip la templerie, la défense 100.0 sCi Avip sCpi selection, la défense 100.0 sCi esQ, paris 75.0 sCi prelloYd, paris 100.0 sCi r enfAnCe, strasbourg 100.03 sCi stratus, la défense 100.0 sCi volnay, paris 100.0 selecta A/s, rodovre 100.0 selecta AB, stockholm 100.0 selecta Ag, muntelier 100.0 selecta As, oslo 100.0 selecta Betriebsverpflegungs gmbH, vienna 100.0 selecta eesti osauhing, tallinn 100.0 selecta group B.v., Amsterdam 98.7 selecta Holding AB, stockholm 100.0 selecta Holding B.v., Amsterdam 100.0 selecta Holding ltd., london 100.0 selecta Holding sAs, paris 100.0 selecta Hungary Automataüzemeltetö Kft, Budapest 100.0 selecta italia s.p.A., milan 100.0 selecta luxembourg s.A., leudelange 100.0 selecta management Ag, zug 100.0 selecta nordic Holding AB, stockholm 100.0 selecta olland B.v., Waardenburg 100.0 selecta purchasing Ag, zug 100.0 selecta refreshments ltd., dublin 100.0 selecta s.A., zaventem 100.0 selecta s.A., paris 99.9 selecta tmp Ag, zug 100.0 selecta uK ltd., Birmingham 100.0 selection multi-gerant emerg, paris 65.0 3 selection multi-gerants value, paris 54.2 3 semaphore, paris 98.9 3 si 173-175 Boulevard Haussmann sAs, paris 100.0 siA Baltic payment systems, riga 100.0 siA selecta, riga 100.0 siac services srl, rome 100.0 silex gas management As, oslo 100.0 sistemi informativi Allianz s.p.c.A., milan 100.0 slC "Allianz life ukraine", Kiev 100.0 smg Asie emergente, paris 62.2 3 snC Agf Clearing, paris 99.9 soCiedAd mundiAl de AsistenCiA s.A., madrid 100.0 società Agricola san felice s.p.A., milan 100.0 société de production d'électricité d'harcourt moulaine sAs, paris 100.0 société d'energie eolien Cambon sAs, paris 100.0 soCiete europeenne de proteCt. et de serviCes d'Assist. A domiCile "s.e.p.s.A.d." s.A., paris 56.0 société nationale foncière s.A.l., Beirut 66.0 sofiholding s.A., Brussels 100.0 south City office Broodthaers s.A., Brussels 100.0
Co ns ol id at ed fi na nc ia l s ta te m en ts spACeCo, paris 100.0 standard general Agency inc., dallas, tX 100.0 stocksplus management inc., dover, de 100.0 synergie select ev, paris 60.5 3 teleserviCes et seCurite "tel2s", s.à r.l., Chatillon 99.9 tfi AlliAnz polsKA s.A., Warsaw 100.0 the American insurance Company, Corp., Cincinnati, oH 100.0 the Annuity store financial & insurance services llC, sacramento, CA 100.0 the export Credit Clearing House limited, london 100.0 the mi group limited, guildford 99.4 three pillars Business solutions limited, guildford 100.0 tihama investments B.v., Amsterdam 100.0 top Assistance service gmbH, vienna 100.0 top versicherungsservice gmbH, vienna 100.0 top vorsorge-management gmbH, vienna 75.0 towarzystwo ubezpieczen euler Hermes s.A., Warsaw 100.0 trade indemnity Credit Corporation limited, london 100.0 trafalgar insurance public limited Company, guildford 100.0 travel Care inc., richmond, vA 100.0 tu Allianz polska s.A., Warsaw 100.0 tu Allianz zycie polska s.A., Warsaw 100.0 uAB selecta, vilnius 100.0 vendcare (Holdings) limited, Birmingham 100.0 vendcare services ltd., Birmingham 100.0 vertBois s.à r.l., luxembourg 100.0 via pierre 1, paris 100.0 villa la pagliaia s.r.l., Castelnuovo Berardenga (siena) 100.0 viveole sAs, paris 100.0
Yorktown financial Companies inc., minneapolis, mn 100.0 non-ConsolidAted AffiliAted entities A. diffusion, la défense 99.9
Blikman & sartorius B.v., Amsterdam 100.0 business lounge gmbH, vienna 100.0
KnigHtsBridge AlliAnz lp, Bartlesville, oK 99.5 3 manroland (China) ltd., Hong Kong 100.0 5 manroland (india) pvt. ltd., new delhi 100.0 manroland (Korea) ltd., seoul 100.0 manroland (taiwan) ltd., taipei 100.0 manroland Australasia ptY limited, regents park 100.0 manroland Baltics siA, riga 100.0 manroland Benelux n.v., Wemmel 100.0 manroland Bulgaria-eood, sofia 100.0 manroland Canada inc., toronto 100.0 manroland Cee Ag, vienna 100.0 manroland Ceská republika spol. s.r.o., prague 100.0 manroland Co. ltd., tokyo 100.0 manroland d.o.o., ljubljana 100.0 manroland danmark A/s, vaerloese 100.0 manroland do Brasil servicios ltda., sao paulo 100.0 manroland finland oy, vantaa 100.0 manroland france sAs, paris 100.0 manroland great Britain ltd., mitcham 100.0 manroland Hrvatska d.o.o., novaki-sv. nedjelja 100.0 manroland iberica sistemas s.A., Cascais 74.0 manroland iberica sistemas s.l., madrid 100.0 manroland inc., Westmont, il 100.0 manroland ireland ltd., dublin 99.7 manroland italia spA, segrate, milan 99.3 manroland latina Argentina, Buenos Aires 100.0 manroland latina Colombia, Bogota d.C. 100.0 manroland latina peru, lima 100.0 manroland latina s.A., santiago de Chile 100.0 manroland latina s.A. de C.v., mexico City 100.0 manroland magyarorszag Kft., Budapest 100.0 manroland malaysia sdn. Bhd., Kuala lumpur 100.0 manroland mexico servicios s.A. de C.v., mexico City 100.0 manroland norge As, lörenskog 100.0 manroland poland sp. z o.o., nadarzyn 100.0 manroland polska sp. z o.o., nadarzyn 100.0 manroland printing equipment (shanghai) ltd., shanghai 100.0 manroland printing equipment (shenzhen) Co. ltd., shenzhen 100.0 manroland romania s.r.l., Bucharest 100.0 manroland singapore pte.ltd., singapore 100.0 manroland southern Africa (pty) ltd., Cape town 100.0 manroland sverige AB, trollhättan 100.0 manroland swiss Ag, Kirchberg 100.0 manroland thailand ltd., Bangkok 100.0 manroland Western europe group B.v., Amsterdam 100.0 organizacion g.o.a. s.A., lima 100.0 oseCA, dakar 99.6 ppi media us inc., Westmont, il 100.0 press services Centre limited, mitcham, uK, mitcham 100.0 printcom (Asia) limited, Hong Kong 100.0 pt manroland indonesia, Jakarta 100.0 re-AA, Abidjan 97.5 sA immobilière de l'Avenue du roule, la défense 100.0 sCi Avip des pivolles, la défense 100.0 sCi champ laurent, la défense 100.0 sCi de lA pAillere, paris 99.0 sCi J.t., la défense 100.0 sCi la Balandrane, la défense 100.0 sCi la rize, la défense 100.0 sCi paris X, la défense 100.0 sCi vilaje, la défense 100.0 sifCom Assurances, Abidjan 60.0 société foncière européenne, Amsterdam 100.0 top versicherungs-vermittler service gmbH, vienna 100.0 votra s.A., lausanne 100.0
AssurCArd, nv/sA, Haasrode 33.3 Autoelektro tehnicki pregledi drustvo s ogranicenom odgovornoscu za trgovinu i usluge, vojnić 49.0
Berkshire Hathaway services india private limited, new delhi 20.0 berkshire india private limited, new delhi 20.0
CYril Convertibles, paris 26.7 3 data Quest sAl, Beirut 36.0 digitAl fds stAr eur, luxembourg 21.0 3 douglas emmett partnership X, lp, santa monica, CA 28.6 dr. ignaz fiala gmbH, vienna 33.3 dsB Blackrock india investment fund, mauritius 25.2 3 dynamic fixed income fund - p - eur, senningerberg 47.0 3 euro media télévision s.A., Bry-sur-marne 21.4 fondika s.A. de Cv sociedad distribuidora integral de aciones de sociedades de inversion, mexico City 26.8 gAp 1 An, paris 63.5 3,6 gAp 1 An Canton, paris 33.0 3 gAp euros Canton, paris 37.7 3 gmAC versicherungsservice gmbH, vienna 40.0 graydon Holding n.v., Amsterdam 27.5 guotai Jun' an Allianz fund management Company, shanghai 49.0 iCg Conv rendemt, paris 23.1 3 iCiC, tel Aviv 33.3 interpolis Kreditverzekeringen, Hertogenbosch 45.0 invesc multi plus e, paris 33.1 3 ipe tAnK rAil invest A 1 sca, luxembourg 48.8
KgH fd licorne red eur Cl, nassau 47.6 3 le Cottage, paris 37.5 3 medCentrestrakh, moscow 30.0 medgulf Allianz takaful, Bahrain 25.0 mm Composition Amerique, marseille 41.3 3 mmgi euromiX ACtion, marseille 25.4 3 natinium 2007-1, plc, dublin 48.4 3 norA, lC, maroua 20.0 oddo Avenir (d), paris 21.6 3 oddo Court terme, paris 51.1 3 oddo et Cie, sCA, paris 20.0 oddo euro index AC, paris 42.3 3
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 consoli­ dated statement of changes in equity, the consolidated statement of cash flows and the notes, together with the group management report for the business year from January 1 to december 31, 2011. 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 § 315 a para. 1 German Commercial Code (“handelsgesetzbuch – 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.
We conducted our audit of the consolidated financial statements in accordance with § 317 hGb and German generally accepted standards for the audit of financial statements promulgated by the institut der Wirtschaftsprüfer [institute of public auditors in Germany] (idW). those standards require that we plan and perform the audit such that misstatements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assurance. Knowledge of the business activities and the economic and legal environ­ ment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. the effectiveness of the accounting­related internal control system and the evidence supporting the dis­ closures in the consolidated financial statements and the group management report are examined primarily on a test basis within the framework of the audit. the audit includes assessing the annual financial statements of those entities included in consolidation, the determination of entities to be included in consolidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements and group management report. We believe that our audit provides a reasonable basis for our opinion.
328 Joint advisory Council and International advisory Board 330 mandates 333 Glossary 337 Index 1934: Whether travelling by train, steamship, bus or hackney carriage, some 66 million increasingly mobile Germans were in a position to take out lifelong travel insurance with allianz. 2011: From vintage car insurance to model aeroplane and kite third-party liability insurance, from motorbike insurance to road user’s legal expenses insurance, allianz offers individual motor insurance cover in about 40 countries around the globe.
F r A n z F e h r e n B A C h Chief executive officer, robert Bosch gmbh managing partner, AutoValue gmbh
D r . B e r n D p i S C h e t S r i e D e r Advisor to the Board, Volkswagen Ag
Chairman of the Board of management, BmW Ag h A r r y r o e l S
K A S p e r r o r S t e D Chairman of the Board of management, henkel Ag & Co. KgaA
D r . m A n F r e D S C h n e i D e r Chairman of the Supervisory Board, Bayer Ag president of the Kiel institute for the World economy h o l g e r S t r A i t managing partner, J. g. niederegger gmbh & Co. Kg
B e l m i r o D e A z e V e D o Chairman, Sonae S.g.p.S. S.A.
F r A n z h u m e r Chairman of the Board of Directors, roche holding ltd.
r A h m i K o ç honorary Chairman of the Board of Directors, Koç holding A.Ş. until December 31, 2011 i A i n l o r D V A l l A n C e o F t u m m e l m i n o r u m A K i h A r A Senior Corporate Advisor, mitsubishi Corporation
C h r i S t o p h e D e m A r g e r i e Chairman and Ceo, total S.A.
D r . g i A n F e l i C e r o C C A Chairman, techint group
A n t h o n y S A l i m president and Ceo, Salim group Wisma indocement l o u i S S C h W e i t z e r honorary Chairman, renault S.A.
D r . m A r C o t r o n C h e t t i p r o V e r A Chairman, pirelli & Co. S.p.A.
D r . W u l F B e r n o t A t Former chairman of the Board of management, e.on Ag membership in other statutory supervisory boards and Se administrative boards in germany Bertelsmann Ag Deutsche telekom Ag metro Ag
D r . g e r h A r D c r o m m e Vice chairman chairman of the Supervisory Board, thyssenKrupp Ag membership in other statutory supervisory boards and Se administrative boards in germany Axel Springer Ag Siemens Ag (chairman) thyssenKrupp Ag (chairman)
g o D F r e y r o B e r t h A y W A r D employee, Allianz insurance plc
F r A n z h e i S S employee, Allianz Beratungs- und Vertriebs-Ag membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz Deutschland Ag
Director, institut für Demoskopie Allensbach membership in other statutory supervisory boards and Se administrative boards in germany BmW Ag infineon technologies Ag robert-Bosch gmbh | from march 30, 2012 p e t e r K o S S u B e K employee, Allianz Deutschland Ag i g o r l A n D A u member of the Administrative Board, Sanofi-Aventis S.A. membership in other statutory supervisory boards and Se administrative boards in germany adidas Ag (chairman)
J ö r g r e i n B r e c h t union Secretary, ver.di Bezirk hannover membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz Deutschland Ag p e t e r S u t h e r l A n D chairman, goldman Sachs international membership in comparable 1 supervisory bodies BW group ltd. goldman Sachs international (chairman) Koç holding A.Ş.
r o l F z i m m e r m A n n Vice chairman employee, Allianz Deutschland Ag 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.
Fu rth er in fo rm at io n m i c h A e l D i e K m A n n chairman of the Board of management membership in other statutory supervisory boards and Se administrative boards in germany BASF Se (Deputy chairman) linde Ag (Deputy chairman) Siemens Ag membership in group bodies Allianz Deutschland Ag Allianz Asset management Ag (chairman) (formerly: Allianz global investors Ag)
membership in comparable 1 supervisory bodies membership in group bodies Allianz France S.A. (Vice president) Allianz S.p.A.
o l i V e r B ä t e controlling, reporting, risk (and investor relations | as of June 1, 2012) membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz global corporate & Specialty Ag (Deputy chairman) Allianz Asset management Ag (formerly: Allianz global investors Ag) Allianz investment management Se (Deputy chairman)
g A r y B h o J W A n i | since January 1, 2012 insurance uSA membership in comparable 1 supervisory bodies Allina hospitals & clinics membership in group bodies Allianz life insurance company of north America ((chairman) | since January 1, 2012) Allianz of America, inc (chairman) | since January 1, 2012 Fireman’s Fund insurance company (chairman) since February 15, 2012 c l e m e n t B o o t h global insurance lines & Anglo markets membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz global corporate & Specialty Ag (chairman)
e n r i c o c u c c h i A n i | until December 21, 2011 insurance europe (& South America) membership in comparable 1 supervisory bodies pirelli & c. S.p.A. | until December 16, 2011 unicredit S.p.A. | until December 16, 2011 membership in group bodies Allianz compañía de Seguros y reaseguros S.A. Barcelona (Vice chairman) | until December 15, 2011 Allianz hayat ve emeklilik A.Ş. (Vice chairman) until December 15, 2011 Allianz Sigorta p&c A.Ş. (Vice chairman) | until December 15, 2011 Allianz S.p.A. (chairman) | until December 22, 2011 companhia de Seguros Allianz portugal S.A. | until December 15, 2011
insurance iberia & latin America , legal & compliance, m&A membership in comparable 1 supervisory bodies unicredit S.p.A. | since January 31, 2012
D r . c h r i S t o F m A S c h e r operations membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz managed operations and Services Se (chairman)
J A y r A l p h insurance nAFtA markets | until December 31, 2011 Asset management (Worldwide) | since January 1, 2012 membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz global corporate & Specialty Ag membership in comparable 1 supervisory bodies membership in group bodies Allianz life insurance company of north America (chairman) until December 31, 2011 Allianz of America corporation (chairman) | until February 16, 2012 Allianz of America, inc. | until February 16, 2012 ((chairman) | until December 31, 2011) Fireman’s Fund insurance company (chairman) until February 15, 2012 insurance Western & Southern europe membership in comparable 1 supervisory bodies membership in group bodies Allianz S.p.A.
D r . W e r n e r z e D e l i u S insurance german Speaking countries, human resources membership in other statutory supervisory boards and Se administrative boards in germany membership in group bodies Allianz Deutschland Ag (chairman)
membership in comparable 1 supervisory bodies membership in group bodies Allianz elementar lebensversicherungs-Ag (chairman) Allianz elementar Versicherungs-Ag (chairman) Allianz investmentbank Ag (Vice chairman) Allianz Suisse lebensversicherungs-gesellschaft Ag Allianz Suisse Versicherungs-gesellschaft Ag
a c q u I s I t I o n c o s t ◾ the amount of cash or cash equivalents paid or the fair value of other consideration given to acquire an asset at the time of its acquisition.
a F F I l I a t e d e n t e r p r I s e s ◾ the parent company of the group and all consolidated subsidiaries.
a g g r e g a t e p o l I c y r e s e r V e s ◾ policies in force – especially in life, health, and personal accident insurance – give rise to potential liabilities for which funds have to be set aside. the amount required is calculated actuarially.
a l l o w a n c e F o r l o a n l o s s e s ◾ the overall volume of provisions includes allowances for credit losses – deducted from the asset side of the balance sheet – and provisions for risks associated with contingencies, such as guarantees, loan commitments or other obligations, which are stated as liabilities.
◾ where it is determined that a loan cannot be repaid, the uncollectable amount is written off against any existing specific loan loss allowance, or directly recognized as expense in the income statement. recoveries on loans previously written off are recognized in the income statement under net loan loss provisions.
a s s e t s u n d e r M a n a g e M e n t ◾ the total of all investments, valued at current market value, which the group has under management with responsibility for maintaining and improving their performance. In addition to the group’s own investments, they include investments held under management for third parties.
a s s o c I a t e d e n t e r p r I s e s ◾ all enterprises, other than affiliated enterprises or joint ventures, in which the group has an interest of between 20 % and 50 %, regardless of whether a significant influence is actually exercised or not.
◾ available-for-sale investments are securities which are neither held to maturity nor have been acquired for sale in the near term; availablefor -sale investments are carried at fair value in the balance sheet.
b u s I n e s s c o M b I n a t I o n ◾ a business combination is a transaction or event in which an acquirer obtains control of one or more businesses. business combinations are accounted for using the acquisition method.
c a s h F l o w s t a t e M e n t ◾ statement showing movements of cash and cash equivalents during an accounting period, classified by three types of activity: ◾ operating activities ◾ investing activities ◾ financing activities c e r t I F I c a t e d l I a b I l I t I e s ◾ certificated liabilities comprise debentures and other liabilities for which transferable certificates have been issued.
c o n t I n g e n t l I a b I l I t I e s ◾ Financial obligations not shown as liabilities on the balance sheet because the probability of a liability actually being incurred is low. example: guarantee obligations.
c r e d I t r I s k ◾ the risk that one party to a contract will fail to discharge its obligations and thereby cause the other party to incur financial loss.
c u r r e n t e M p l o y e r s e r V I c e c o s t ◾ net expense incurred in connection with a defined benefit plan less any contributions made by the beneficiary to a pension fund.
d e F e r r e d a c q u I s I t I o n c o s t s ◾ expenses of an insurance company which are incurred in connection with the acquisition of new insurance policies or the renewal of existing policies. they include commissions paid, underwriting expenses and policy issuance costs.
d e F I n e d c o n t r I b u t I o n p l a n s ◾ defined contribution plans are funded through independent pension funds or similar organizations. contributions fixed in advance (e. g. based on salary) are paid to these institutions and the beneficiary’s right to benefits exists against the pension fund. the employer has no obligation beyond payment of the contributions and is not participating in the investment success of the contributions.
◾ ratio calculated by dividing the net income for the year attributable to shareholders by the weighted average number of shares outstanding. For calculating diluted earnings per share the number of shares and the net income for the year attributable to shareholders are adjusted by the dilutive effects of any rights to subscribe for shares which have been or can still be exercised. subscription rights arise in connection with participation certificates and share based compensation plans.
e q u I t y M e t h o d ◾ Investments in joint ventures and associated companies are accounted for by this method. they are valued at the group’s proportionate share of the net assets of the companies concerned. In the case of investments in companies which prepare consolidated financial statements of their own, the valuation is based on the sub-group’s consolidated net assets. the valuation is subsequently adjusted to reflect the proportionate share of changes in the company’s net assets, a proportionate share of the company’s net earnings for the year being added to the group’s consolidated income.
e x p e n s e r a t I o ◾ represents acquisition and administrative expenses (net) divided by premiums earned (net).
F I n a n c I a l a s s e t s c a r r I e d a t F a I r V a l u e t h r o u g h I n c o M e ◾ Financial assets carried at fair value through income include financial assets held for trading and financial assets designated at fair value through income.
F o r w a r d s ◾ 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.
F u n d s h e l d b y / F o r o t h e r s u n d e r r e I n s u r a n c e c o n t r a c t s ◾ Funds held by others are funds to which the reinsurer is entitled but which the ceding insurer retains as collateral for future obligations of the reinsurer. the ceding insurer shows these amounts as “funds held under reinsurance business ceded.”
F u t u r e s ◾ standardized contracts for delivery on a future date, traded on an exchange. normally, rather than actually delivering the underlying asset on that date, the difference between closing market value and the exercise price is paid.
g r o s s / n e t ◾ In insurance terminology the terms gross and net mean before and after deduction of reinsurance, respectively. In the investment terminology the term “net” is used where the relevant expenses (e. g. depreciations and losses on the disposal of assets) have already been deducted.
◾ the group share is the total of all interests held by affiliated enterprises and joint ventures in affiliated enterprises, joint ventures, and associated enterprises.
Fu rth er In fo rm at io n h e d g I n g ◾ the use of special financial contracts, especially derivative financial instruments, to reduce losses which may arise as a result of unfavorable movements in rates or prices.
I F r s ◾ 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 continue to be cited as International accounting standards (Ias).
I F r s F r a M e w o r k ◾ the framework for International Financial reporting standards (IFrs)
J o I n t V e n t u r e ◾ an enterprise which is managed jointly by an enterprise in the group and one or more enterprises not included in the consolidation. the extent of joint management control is more than the significant influence exercised over associated enterprises and less than the control exercised over affiliated enterprises.
l o s s F r e q u e n c y ◾ number of losses in relation to the number of insured risks.
l o s s r a t I o ◾ represents claims and insurance benefits incurred (net) divided by premiums earned (net).
the participating certificates of allianz se carry distribution rights based on the dividends paid, and subscription rights when the capital stock is increased; but they carry no voting rights, no rights to participate in any proceeds of liquidation, and no rights to be converted into shares.
p e n s I o n a n d s I M I l a r o b l I g a t I o n s ◾ reserves for current and future post-employment benefits formed for the defined benefit plans of active and former employees. these also include reserves for health care benefits and processing payments.
p r e M I u M s w r I t t e n / e a r n e d ◾ premiums written represent all premium revenues in the year under review. premiums earned represent that part of the premiums written used to provide insurance coverage in that year. In the case of life insurance products where the policyholder carries the investment risk (e. g. variable annuities), only that part of the premiums used to cover the risk insured and costs involved is treated as premium income.
s e g M e n t r e p o r t I n g ◾ Financial information based on the consolidated financial statements, reported by business segments (property-casualty, life/health, asset Management and corporate and other) as well as by reportable segments.
s u b o r d I n a t e d l I a b I l I t I e s ◾ liabilities which, in the event of liquidation or bankruptcy, are not settled until after all other liabilities.
s w a p s ◾ agreements between two counterparties to exchange payment streams over a specified period of time. Important examples include currency swaps (in which payment streams and capital in different currencies are exchanged) and interest rate swaps (in which the parties agree to exchange normally fixed interest payments for variable interest payments in the same currency).
u n r e c o g n I z e d p a s t s e r V I c e c o s t ◾ present value of increases in pension benefits relating to previous years’ service, not yet recognized in the pension reserve.
u s g a a p ◾ generally accepted accounting principles in the united states of america.
Fu rth er In fo rm at io n a allianz Worldwide Care 66 alternative Investments 57, 119 analysts 17 assets and liabilities 90, 135 associated enterprises and joint ventures 191, 318 audit Committee 9, 27
Conglomerate solvency 132 Consolidation 214 Corporate and other 57, 118, 125 Corporate governance and declaration 8, 30 Corporate governance report 24 statement on Corporate Management pursuant to § 289 a of the german Commercial Code 30 Corporate social responsibility 73 Cost-income ratio 114, 117, 125
Customers 75 d demographic change 128 directors’ dealings 29 distribution 129 dividend 16 e economic environment 85 employee stock purchase plan 50, 268, 308 equity incentive plans 45, 304 executive remuneration below the Board of Management 47 executive remuneration principles 37 executive summary 87
Funding 141 global Insurance lines & anglo Markets 124 growth Markets 76
K Key figures Cover pages l letter to the investor 2 liquidity 140 loss adjustment expenses 136
Media expenses 75 Microinsurance 77 Mobile services 22 Multi-year review Cover pages n net Promoter score (nPs) 75 nomination Committee 9, 27 o off-balance sheet arrangements 139 opportunity management 129 outlook 120
P Personnel Committee 9, 27 Products and services 56, 73, 76
T Takeover-related statements and explanations 33 Talent management 80 Third-party assets under management 115 Total assets under management 115 Travel Insurance and assistance service 58
Allianz SE | Königinstrasse 28 | 80802 Munich | Germany | Telephone +49. 89. 3800 0 | Fax +49. 89. 3800 3425 | info@allianz.com | www.allianz.com Annual Report on the internet – www.allianz.com/annualreport | Design/Concept: Allianz SE – Group Management Reporting | Photo Story: Allianz SE – Group Management Reporting and Allianz Center for Corporate History | Photography (Board of Management, Supervisory Board, IEC): Andreas Pohlmann This is a translation of the German Annual Report of the Allianz Group. In case of any divergences, the German original is legally binding.
F InAnCIAl CAlEnDAR I m p o r t a n t d a t e s f o r s h a r e h o l d e r s a n d a n a l y s t s 1