Financial assets are pledged as collateral as part of sales and repurchases, securities borrowing, and transactions with derivatives, under terms that are usual and customary for such activities. In addition, as part of these transactions, the Allianz Group has received collateral that it is permitted to sell or repledge in the absence of default.
NATURE, PURPOSE AND ROLE OF THE ALLIANZ GROUP IN STRUCTURED ENTITIES Under IFRS 12, a structured entity is defined as an entity that has been designed so that voting rights or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only and the relevant activities are directed by means of contractual arrangements.
Securitization vehicles invested in by the Allianz Group have been set up by third parties. Furthermore, the Allianz Group has neither transferred any assets to these vehicles nor has it provided any further credit enhancements to them.
Within the asset management business, the Allianz Group acts as asset manager for some securitization vehicles. The assets under management of these vehicles amounted to € 1,597 mn as of 31 December 2016 (2015: € 1,753 mn). Some of the affected vehicles have been set up by the Allianz Group whereas others have been set up by third parties. In this respect, the role of the Allianz Group is limited to asset management. The Allianz Group has not invested in these vehicles being managed.
With regard to investment activities, income mainly includes distributions from the funds as well as realized gains and losses from disposals.
Investment funds launched by group-internal asset managers can be considered to be sponsored by the Allianz Group. As a sponsor, the Allianz Group through its asset management subsidiaries is involved in the legal set-up and marketing of internally managed investment funds. This may include providing seed capital to the funds and providing administrative services to ensure the investment funds’ operation. Investment funds managed by group-internal asset managers can be reasonably associated with the Allianz Group. The use of the Allianz name for investment funds is another indicator that the Allianz Group has acted as a sponsor for the respective funds. Information on the management fees generated in the asset management business are disclosed in note 25 Fee and commission income of this Annual Report.
Credit card – 284 – 284 129Annual Report 2016 Allianz Group
carrying amounts of abs anD mbs investments by rating € mn as of 31 December
investments in investment funDs by asset class € mn as of 31 December
Private equity funds 7 7,326 7,333 Property funds – 3,330 3,330
Private equity funds 1 6,360 6,361 Property funds – 2,633 2,633
As of the reporting date, the Allianz Group has receivables from unconsolidated investment funds, which are mainly due in return for asset management services, amounting to € 803 mn (2015: € 723 mn). Furthermore, the Allianz Group has commitments to invest in private equity funds and similar financial instruments totaling € 9,640 mn as of 31 December 2016 (2015: € 5,460 mn).
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 provision.
In September 2015 and in January 2017, two separate putative class action complaints were filed against Allianz Life Insurance Company of North America (Allianz Life) making allegations similar to those made in prior class actions regarding the sale of Allianz Life’s annuity products, including allegations of breach of contract and violation of California unfair competition law. The ultimate outcome of the cases cannot yet be determined.
As of 31 December 2016, the financial guarantees amount to € 437 mn (2015: € 454 mn), € 376 mn of which are due within one year. The collateral held amounts to € 44 mn (2015: € 57 mn). Nearly all customers of the letters of credit have no external credit rating.
As of 31 December 2016, the performance guarantees amount to € 74 mn (2014: € 31 mn), € 44 mn of which are due within one year. The collateral held amounts to € 25 mn (2015: € 31 mn).
LOAN COMMITMENTS The Allianz Group engages in various lending commitments to meet the financing needs of its customers. They consist of advances, standby facilities, guarantee credits, mortgage loans and public-sector loans. As of 31 December 2016, the total of loan commitments amounts to € 1,229 mn (2015: € 1,045 mn) and represents the amounts at risk in the event that customers draw fully on all facilities and then default, excluding the effect of any collateral. Since the majority of these commitments may expire without being drawn upon, these loan commitments are not representative of actual liquidity requirements for such commitments.
For the year ended 31 December 2016, rental expenses totaled € 352 mn (2015: € 347 mn), net of sublease rental income received of € 11 mn.
future minimum lease payments – finance lease € mn as of 31 December 2016
As of 31 December 2016, the net carrying amount of the finance lease obligation, which is included in other liabilities, amounted to € 150 mn (2015: € 111 mn). Gross minimum lease payments were reduced by imputed interest in the amount of € 901 mn (2015: € 890 mn) to receive the present value of minimum lease payments. The underlying contract expires as of 31 December 2111.
Mortgage loans and multi-tranche loans 4,855 4,133 Investment in private equity funds and similar instruments 9,640 5,460 Investment in real estate and infrastructure 3,979 1,958 Maintenance, iT-services, sponsoring and other obligations 2,413 2,762
Other contingencies In accordance with § 5 (10) of the Statutes of the Joint Fund for Securing Customer Deposits (“Einlagensicherungsfonds”), Allianz SE has undertaken to indemnify the Federal Association of German Banks (“Bundesverband deutscher Banken e.V.”) for any losses it may incur by reason of supporting measures taken in favor of Oldenburgische Landesbank AG (OLb) and Münsterländische Bank Thie & Co. KG. With respect to Münsterländische Bank Thie & Co. KG, the declaration has been withdrawn in January 2016.
Allianz and HT1 Funding GmbH have signed a Contingent Indemnity Agreement in July 2006, pursuant to which Allianz may, in certain circumstances, be obliged to make payments to HT1 Funding GmbH.
HT1 Funding GmbH issued nominal € 1,000 mn Tier 1 Capital Securities with an annual coupon of 6.352 % (as of 30 June 2017, the coupon will be 12-month EURIbOR plus a margin of 2.0 % p.a.). The contingent payment obligation of the Allianz Group was reduced in 2012 following a reduction of the nominal amount of the Tier 1 Capital Securities from € 1,000 mn to € 416 mn. The securities have no scheduled maturity and the security holders have no right to call for their redemption. The securities may be redeemed annually on 30 June at the option of the issuer, starting on 30 June 2017. It has been communicated that the securities will not be redeemed in June 2017. The expected obligations for Allianz SE for the foreseeable future have been recognized in other provisions. However, it is not possible for the Allianz Group to predict the ultimate payment obligations at this point in time.
Other commitments Pursuant to §§ 221 ff. of the German Insurance Supervision Act (“Versicherungsaufsichtsgesetz ” – VAG), mandatory insurance guarantee schemes (“Sicherungsfonds”) for life insurers as well as for health insurers are implemented in Germany, which are financed through their member undertakings.
Typically associated with defined benefit plans are biometric risks like longevity, disability and death as well as economic risks like interest rates, inflation and compensation increases. New plans are primarily based on contributions and may include, in some cases, guarantees such as the preservation of contributions or minimum interest rates.
GERMANY Most active German employees participate in contribution-based plans using different vehicles to cover the base salary both below and above the German social security ceiling (GSSC). Since 1 January 2015, Allianz Group contributes for new entrants and for the majority of contribution-based pension plan beneficiaries above the GSSC to the low-risk pension plan “My Allianz Pension”, where only contributions are preserved. For salary above the GSSC, the Allianz Group decides each year whether and to which extent a budget for the contributionbased pension plans is provided. Independently of this decision, an additional risk premium is paid to cover death and disability. Generally the accruals of the contribution-based pension plans are wholly funded, whereas the grandfathered plans are funded to a minor extent. On retirement, the accumulated capital is paid as a lump sum or converted to a lifetime annuity.
Employees who entered Allianz before 1 January 2015 participate in the Allianz Versorgungskasse VVaG (AVK), financed through employee contributions, and the Allianz Pensionsverein e.V. (APV), financed by the employer. Both pension funds provide pension benefits for the base salary up to the GSSC and are wholly funded along local regulatory requirements and were closed for new entrants, effective 31 December 2014. AVK and APV are legally separate administered pension funds with trustee boards being responsible for the investment of the assets and the risk management. AVK is subject to German insurance regulation. The assets of the contribution-based pension plans are allocated to a trust (Methusalem Trust e.V.) and managed by a board of trustees. For the AVK the annual minimum interest rate guaranteed is 1.75 % – 3.50 %, depending on the date of joining the Allianz Group, and for the closed part of the contributionbased pension plan it is 2.75 %.
The Fund is a defined benefit pension scheme. From 1 July 2015, the Fund closed to future accrual and no more defined benefit benefits are accrued beyond that date. A new Group Personal Pension Plan (GPPP) outside of the Fund was established in 2015 and all future accrual of benefits has been via the GPPP from 1 July 2015. The Fund provides pension increases broadly linked to U.K. inflation. Since 1 July 2015, contributions to the Fund are made only by the employer in respect of the deficit of the Fund.
DEFINED BENEFIT PLANS The following table sets out the changes in the defined benefit obligation, in the fair value of plan assets, in the effect of the asset ceiling as well as in the net defined benefit balance for the various Allianz Group defined benefit plans: Reconciliation of DefineD Benefit oBligation, faiR Value of Plan assets, effect of asset ceiling anD net DefineD Benefit Balance € mn
Defined benefit obligation Fair value of plan assets Effect of asset ceiling1 Net defined benefit balance
Return on plan assets greater/(less) than interest income on plan assets – – 657 28 – – (657) (28) Change in effect of asset ceiling in excess of interest – – – – (37) (2) (37) (2) Remeasurements recognized in the consolidated statements of comprehensive income (before deferred taxes) 1,268 (691) 657 28 (37) (2) 574 (722)
Changes in the consolidated subsidiaries of the Allianz Group5 1 (200) – (178) – – 1 (23)
3 Relates to the reclassification of the assets and liabilities of Oldenburgische Landesbank AG as held for sale.
During the year ended 31 December 2016, the defined benefit costs related to post-retirement health benefits amounted to € 1 Mn (2015: gain € 1 Mn).
The calculations are based on current actuarially calculated mortality tables, projected turnover depending on age and length of service and internal Allianz Group retirement projections. Although this represents the best estimate as of today, considering a further increase in life expectancy could be reasonable. The weighted average life expectancy of a currently 65-year-old plan participant is about 89.2 years for women and 86.8 years for men. An increase in life expectancy by one year would lead to an increase of the defined benefit obligation by € 739 Mn.
Discount rate 1.9 2.4 This includes the following rates: Germany – long duration 1.8 2.3 – short duration 1.4 2.0
Rate of compensation increase 1.8 2.1 Rate of pension increase 1.5 1.8 Rate of medical cost trend 1.3 1.0
The discount rate assumption is the most significant risk for the defined benefit obligation. It reflects market yields at the balance sheet date of high-quality fixed income investments corresponding to the currency and duration of the liabilities. In the Eurozone, the decision for the discount rate is based on AA-rated financial and corporate bonds, provided by Allianz Investment Data Services (IDS), and a standardized cash flow profile for a mixed population. The Internal Controls Over Financial Reporting (ICOFR) certified Allianz Global Risk Parameters (GRIPS) methodology is an internal development of the Nelson-Siegel model and consistently used by Group Risk, Group Audit, AIM and PIMCO.
An increase of pre-retirement benefit assumptions (e.g. salary increase) of 25 basis points would have an effect of € 71 Mn on the defined benefit obligation. However, the increase of post-retirement assumptions (e.g. inflation-linked increases of pension payments) of 25 basis points would affect the defined benefit obligation by € 550 Mn.
Due to a well-diversified portfolio of 136,000 plan parti cipants, there is no reasonable uncertainty of future cash flows to be expected that could have an impact on the liquidity of the Allianz Group. The chart below shows the asset allocation: asset allocation of Plan assets € mn as of 31 December 2016 2015
Real estate 657 632 Annuity contracts 3,121 2,980 Life insurance investment products 868 728
The bulk of the plan assets are held by Allianz Versorgungskasse VVaG, Munich, which is not part of the Allianz Group. Plan assets do not include any real estate used by the Allianz Group and include only € 8.9 Mn of own transferable financial instruments.
CONTRIBUTIONS For the year ending 31 December 2017, the Allianz Group expects to contribute € 278 Mn to its defined benefit plans and to pay € 301 Mn directly to participants in its defined benefit plans.
During the year ended 31 December 2016, the Allianz Group recognized expenses for defined contribution plans of € 316 Mn (2015: € 242 Mn). Additionally, the Allianz Group paid contributions for state pension schemes of € 335 Mn (2015: € 385 Mn).
41 – Share­based compensation plans GROUP EQUITY INCENTIVE PLANS The Group Equity Incentive plans (GEI plans) of the Allianz Group help senior management, in particular the Board of Management, focus on the long-term increase in the value of the Allianz Group. Until 2010, the GEI plans included grants of stock appreciation rights (SARs). Since 2011, the Allianz Equity Incentive plan (AEI plan) has replaced the GEI plans.
Upon the expiration date, any unexercised SARs will be exercised automatically if the above market conditions have been attained. The SARs are forfeited if the plan participant ceases to be employed by the Allianz Group or if the exercise conditions are not attained by the expiration date.
The fair value of the SARs at grant date is measured using a CoxRoss -Rubinstein binomial tree option pricing model. Volatility was derived from observed historical market prices. In the absence of historical information regarding employee stock appreciation exercise patterns, the expected life has been estimated to equal the term to maturity of the SARs.
The SARs are accounted for as cash-settled plans by the Allianz Group. Therefore, the Allianz Group accrues the fair value of the SARs as a compensation expense over the vesting period. Upon vesting, any changes in the fair value of the unexercised SARs are recognized as a compensation expense. During the year ended 31 December 2016, the Allianz Group recognized compensation expenses related to the unexercised SARs of € (3) Mn (2015: € 18 Mn).
As of 31 December 2016, the Allianz Group recorded provisions of € 13 Mn (2015: € 26 Mn) in Other liabilities for the unexercised SARs.
The RSUs are subject to a vesting period of four years and will be released on the last day of the vesting period. The Allianz Group can choose the settlement method for each unit.
The RSUs 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 RSUs as a compensation expense over the service period of one year and afterwards over the vesting period. During the year ended 31 December 2016, the Allianz Group recognized compensation expenses related to the AEI plans of € 113 Mn (2015: € 238 Mn).
PIMCO LLC CLASS B-UNIT PURCHASE PLAN1 During the year ended 31 December 2016, the Allianz Group called the remaining 473 Class B equity units to terminate the Class B-Unit Purchase plan. The total amount paid related to the call of these Class B equity units was € 14 Mn. For 2015, the Allianz Group recorded a liability for the outstanding Class B equity units of € 15 Mn in Other liabilities.
The following table provides the assumptions used in calculating the fair value of the M-unit options at grant date: assumPtions of class m-unit Plan
As of 31 December 2016, the M-unit options outstanding have an exercise price of between € 10,731.45 and € 22,765.58 and a weightedaverage remaining contractual life of 2.75 years.
During the year ended 31 December 2016, the Allianz Group recorded compensation expenses of € 21 Mn (2015: € 31 Mn) related to these share options.
Net income attributable to shareholders – basic 6,883 6,616 Effect of potentially dilutive common shares (22) (5) Net income used attributable to shareholders – diluted 6,861 6,611
Salaries and wages 9,197 9,589 Social security contributions and employee assistance 1,351 1,376 Expenses for pensions and other post-retirement benefits 1,187 1,402
OTHER SHARE OPTION AND SHAREHOLDING PLANS The Allianz Group has other local share-based compensation plans, including share option and employee share purchase plans, none of which, individually or in the aggregate, are material to the consoli- dated financial statements. During the year ended 31 December 2016, the total expenses recorded for these plans were € 4 Mn (2015: € 3 Mn).
ISSUANCE OF THE DECLARATION OF COMPLIANCE WITH THE GERMAN CORPORATE GOVERNANCE CODE ACCORDING TO § 161 AKTG On 15 December 2016, the Board of Management and the Supervisory Board of Allianz SE issued the Declaration of Compliance according to § 161 AktG, which has been made permanently available to shareholders on the company’s website.
For services rendered by KPMG AG and the worldwide member firms of KPMG International (KPMG), the following fees were recognized as an expense in the fiscal year: KPmg fees € mn
REMUNERATION FOR THE BOARD OF MANAGEMENT AND THE SUPERVISORY BOARD As of 31 December 2016, the Board of Management is comprised of 9 members. The following values reflect the full Board of Management active in the respective year.
44 – Subsequent events CHANGES IN SUBORDINATED BONDS In January 2017, Allianz Finance II b.V. called for redemption a € 1.4 bn 4.375 % subordinated bond. The bond has been redeemed on 17 February 2017 in accordance with the terms and conditions of the bond.
1 The relevant share price used to determine the final number of RSUs granted is only available after sign­off of the Annual Report by the external auditors, thus numbers are based on a best estimate.
Germany Consolidated affiliates ACP GmbH & Co. Beteiligungen KG, Munich 0.0 2 ACP GmbH & Co. Beteiligungen KG II, Munich 0.0 2 ACP Vermögensverwaltung GmbH & Co. KG Nr. 4, Munich 100.0 ACP Vermögensverwaltung GmbH & Co. KG Nr. 4a, Munich 100.0 ACP Vermögensverwaltung GmbH & Co. KG Nr. 4c, Munich 100.0 ACP Vermögensverwaltung GmbH & Co. KG Nr. 4d, Munich 100.0 ACP Vermögensverwaltung GmbH Nr. 4 d. 1, Munich 99.3 ADEUS Aktienregister-Service-GmbH, Munich 79.6 AGCS Infrastrukturfonds GmbH, Munich 100.0 AGCS Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AGCS-Argos 76 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Alida Grundstücksgesellschaft mbH & Co. KG, Hamburg 94.8 Allianz AADB Fonds, Frankfurt am Main 100.0 3 Allianz ABS Fonds, Frankfurt am Main 100.0 3 Allianz AKR Fonds, Frankfurt am Main 100.0 3 Allianz ALD Fonds, Frankfurt am Main 100.0 3 Allianz ALIK Fonds, Frankfurt am Main 100.0 3 Allianz APAV Fonds, Frankfurt am Main 100.0 3 Allianz Asset Management AG, Munich 100.0 Allianz AZL Vermögensverwaltung GmbH & Co. KG, Munich 100.0 Allianz Beratungs- und Vertriebs-AG, Munich 100.0 Allianz Capital Partners GmbH, Munich 100.0 4 Allianz Capital Partners Verwaltungs GmbH, Munich 100.0 Allianz Climate Solutions GmbH, Munich 100.0 Allianz Deutschland AG, Munich 100.0 Allianz DLVR Fonds, Frankfurt am Main 100.0 3 Allianz EEE Fonds, Frankfurt am Main 100.0 3 Allianz Esa cargo & logistics GmbH, Bad Friedrichshall 100.0 Allianz Esa EuroShip GmbH, Bad Friedrichshall 51.0 Allianz FAD Fonds, Frankfurt am Main 100.0 3 Allianz Finanzbeteiligungs GmbH, Munich 100.0 Allianz Global Corporate & Specialty SE, Munich 100.0 Allianz Global Investors GmbH, Frankfurt am Main 100.0 Allianz GLR Fonds, Frankfurt am Main 100.0 3 Allianz GLRS Fonds, Frankfurt am Main 100.0 3 Allianz GLU Fonds, Frankfurt am Main 100.0 3 Allianz GRGB Fonds, Frankfurt am Main 100.0 3 Allianz Handwerker Services GmbH, Aschheim 100.0 Allianz Investment Management SE, Munich 100.0 4 Allianz LAD Fonds, Frankfurt am Main 100.0 3 Allianz Leben Direkt Infrastruktur GmbH, Munich 100.0 Allianz Leben Infrastrukturfonds GmbH, Munich 100.0 Allianz Leben Private Equity Fonds 1998 GmbH, Munich 100.0 Allianz Leben Private Equity Fonds 2001 GmbH, Munich 100.0 Allianz Leben Private Equity Fonds 2008 GmbH, Munich 100.0 Allianz Leben Private Equity Fonds Plus GmbH, Munich 100.0 Allianz Lebensversicherungs-Aktiengesellschaft, Stuttgart 100.0 Allianz LFE Fonds, Frankfurt am Main 100.0 3 Allianz L-PD Fonds, Frankfurt am Main 100.0 3 Allianz Managed Operations & Services SE, Munich 100.0 Allianz of Asia-Pacific and Africa GmbH, Munich 100.0 Allianz Pension Direkt Infrastruktur GmbH, Munich 100.0 Allianz Pension Partners GmbH, Munich 100.0 Allianz Pension Service GmbH, Munich 100.0 Allianz Pensionsfonds Aktiengesellschaft, Stuttgart 100.0 Allianz Pensionskasse Aktiengesellschaft, Stuttgart 100.0 Allianz PK-PD Fonds, Frankfurt am Main 100.0 3 Allianz PKV-PD Fonds, Frankfurt am Main 100.0 3 Allianz Private Equity GmbH, Munich 100.0 Allianz Private Equity Partners Verwaltungs GmbH, Munich 100.0 Allianz Private Krankenversicherungs-Aktiengesellschaft, Munich 100.0 Allianz ProzessFinanz GmbH, Munich 100.0 Allianz PV 1 Fonds, Frankfurt am Main 100.0 3 Allianz PV WS Fonds, Frankfurt am Main 100.0 3 Allianz PV-RD Fonds, Frankfurt am Main 100.0 3
Non-consolidated affiliates AERS Consortio Aktiengesellschaft, Stuttgart 55.3 Allianz Global Benefits GmbH, Stuttgart 100.0 Allianz Objektbeteiligungs-GmbH, Stuttgart 100.0 Allianz Pension Consult GmbH, Stuttgart 100.0 AZ Beteiligungs-Management GmbH, Munich 100.0 AZ-Argos 56 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 139Annual Report 2016 Allianz Group
Joint ventures BEG Weser-Ems Baugrund- und Erschließungsgesellschaft mbH & Co. OHG, Oldenburg 50.0 Dealis Fund Operations GmbH, Frankfurt am Main 50.0 PNE WIND Infrastruktur Calau II GmbH, Cuxhaven 50.0 PNE WIND Park III GmbH & Co. KG, Cuxhaven 50.0 SPN Service Partner Netzwerk GmbH, Munich 30.0 8
Associates AV Packaging GmbH, Munich 51.0 9 DCSO Deutsche Cyber-Sicherheitsorganisation GmbH, Berlin 25.0 esa EuroShip GmbH & Co. KG Underwriting for Shipping, Bad Friedrichshall 40.0 Mühl Product & Service und Thüringer Baustoffhandel Beteiligungs- und Verwaltungs GmbH, Kranichfeld 25.0 Reisegarant GmbH, Hamburg 24.0 T&R GP Management GmbH, Bonn 25.0 T&R Investment GmbH & Co. KG, Bonn 25.0 T&R MLP GmbH, Bonn 25.0 T&R Real Estate GmbH, Bonn 25.0 Umspannwerk Putlitz GmbH & Co. KG, Oldenburg 25.4 Windkraft Kirf Infrastruktur GmbH, Neumagen-Dhron 50.0 9
Other participations between 5 and 20 % of voting rights EXTREMUS Versicherungs-Aktiengesellschaft, Cologne 16.0 FC Bayern München AG, Munich 8.3 MLP AG, Wiesloch 8.8 Protektor Lebensversicherungs-AG, Berlin 10.0 Sana Kliniken AG, Ismaning 14.3
ForeiGn entities Consolidated affiliates 114 Venture LP, Wilmington, DE 99.0 3 Mentors Inc., Suwanee, GA 100.0 490 Fulton JV LP, Wilmington, DE 96.5 490 Fulton REIT LP, Wilmington, DE 100.0 490 Lower Unit GP LLC, Wilmington, DE 100.0 490 Lower Unit LP, Wilmington, DE 100.0 Advanz Fundo de Investimento Renda Fixa Crédito Privado, São Paulo 100.0 3 Aero-Fonte S.r.l., Catania 100.0 AGA Alarmcentrale NL B.V., Amsterdam 100.0 AGA Assistance (India) Private Limited, Gurgaon 100.0 AGA Assistance Australia Pty Ltd., Toowong 100.0 AGA Assistance Beijing Services Co. Ltd., Beijing 100.0 AGA Assistance Japan Co. Ltd., Tokyo 80.1 AGA Insurance Broker (Thailand) Co. Ltd., Bangkok 100.0 AGA Service Company Corp., Richmond, VA 100.0 AGA Service Italia S.c.a.r.l., Milan 100.0 AGA Services (India) Private Limited, Gurgaon 100.0 AGA Services (Thailand) Co. Ltd., Bangkok 97.6 AGA Servis Hizmetleri A.S., Istanbul 97.0 AGA Sigorta Aracilik Hizmetleri LS, Istanbul 100.0 AGCS International Holding B.V., Amsterdam 100.0 AGCS Marine Insurance Company, Chicago, IL 100.0 AGCS Resseguros Brasil S.A., São Paulo 100.0 AGF Benelux S.A., Luxembourg 100.0 AGF FCR, Paris 100.0 5 AGF Holdings (UK) Limited, Guildford 100.0 AGF Inversiones S.A., Buenos Aires 100.0 AIM Equity Europe Cantons, Paris 100.0 3 AIM Equity Europe PG Vie, Paris 100.0 3 AIM Equity US, Paris 100.0 3 AIM Singapore Pte Ltd., Singapore 100.0 AIM Underwriting Limited, Toronto, ON 100.0 Allianz (UK) Limited, Guildford 100.0 Allianz Actio France, Paris 82.1 5 Allianz Actions Aéquitas, Paris 67.7 5 Allianz Actions Emergentes, Paris 93.8 5 Allianz Actions Euro, Paris 81.9 5 Allianz Actions Euro Convictions, Paris 91.7 5 Allianz Actions Euro MidCap, Paris 67.5 5 Allianz Actions France, Paris 75.4 5
Allianz Equity Large Cap EMU, Paris 100.0 3 Allianz EURECO Equity, Paris 88.0 5 Allianz Euro Bond Plus, Paris 41.6 2,5 Allianz Euro Bond Strategy, Senningerberg 57.3 5 Allianz Euro Inflation-linked Bond, Senningerberg 37.6 2,5 Allianz Euro Tactique, Paris 35.4 2,5 Allianz Euroland Equity SRI, Senningerberg 48.8 2,5 Allianz Europa Aandelen Fonds, Rotterdam 78.6 5 Allianz Europa Obligatie Fonds, Rotterdam 86.0 5 Allianz Europe B.V., Amsterdam 100.0 Allianz Europe Conviction Equity, Senningerberg 99.4 5 Allianz Europe Income and Growth, Senningerberg 74.5 5 Allianz Europe Ltd., Amsterdam 100.0 Allianz European Equity Dividend, Senningerberg 50.6 5 Allianz Finance Corporation, Wilmington, DE 100.0 Allianz Finance II B.V., Amsterdam 100.0 Allianz Finance II Luxembourg S.à r.l., Luxembourg 100.0 Allianz Finance III B.V., Amsterdam 100.0 Allianz Finance IV Luxembourg S.à r.l., Luxembourg 100.0 Allianz Finance Pty Ltd., Sydney 100.0 Allianz Finance VII Luxembourg S.A., Luxembourg 100.0 Allianz Finance VIII Luxembourg S.A., Luxembourg 100.0 Allianz FinanzPlan 2055, Senningerberg 63.7 5 Allianz Fire and Marine Insurance Japan Ltd., Tokyo 100.0 Allianz Foglalkoztatói Nyugdíjszolgáltató Zrt., Budapest 100.0 Allianz Foncier, Paris 59.2 5 Allianz France Favart I, Paris 100.0 3 Allianz France Investissement OPCI, Paris la Défense 100.0 Allianz France Real Estate Invest SPPICAV, Paris la Défense 100.0 Allianz France Richelieu 1 S.A.S., Paris la Défense 100.0 Allianz France S.A., Paris la Défense 100.0 Allianz France US REIT GP LLC, Wilmington, DE 100.0 Allianz France US REIT LP, Wilmington, DE 100.0 Allianz Fund Administration and Management B.V., Rotterdam 100.0 Allianz Fund Investments 2 S.A. (Compartment), Luxembourg 100.0 Allianz Fund Investments Inc., Wilmington, DE 100.0 Allianz Fund Investments S.A., Luxembourg 100.0 Allianz Garantie Fonds 3%, Rotterdam 100.0 5 Allianz Garantie Fonds 4,75%, Rotterdam 99.5 5 Allianz Garantiefonds 3,35%, Rotterdam 100.0 5 Allianz Garantiefonds 5%, Rotterdam 100.0 5 Allianz Geldmarkt Fonds, Rotterdam 85.0 5 Allianz General Insurance Company (Malaysia) Berhad p.l.c., Kuala Lumpur 100.0 Allianz General Laos Ltd., Vientiane 51.0 Allianz Global Assistance New Zealand Limited, Auckland 100.0 Allianz Global Corporate & Specialty do Brasil Participações Ltda., Rio de Janeiro 100.0 Allianz Global Corporate & Specialty of Africa (Proprietary) Ltd., Johannesburg 100.0 Allianz Global Corporate & Specialty of Bermuda Ltd., Hamilton 100.0 Allianz Global Corporate & Specialty South Africa Ltd., Johannesburg 100.0 Allianz Global Credit, Senningerberg 100.0 5 Allianz Global Dynamic Multi Asset Income, Senningerberg 100.0 5 Allianz Global Emerging Markets Equity Dividend, Senningerberg 52.0 5 Allianz Global Investors (Shanghai) Limited, Shanghai 100.0 Allianz Global Investors Asia Pacific Ltd., Hong Kong 100.0 Allianz Global Investors Distributors LLC, Dover, DE 100.0 Allianz Global Investors Ireland Ltd., Dublin 100.0 Allianz Global Investors Japan Co. Ltd., Tokyo 100.0 Allianz Global Investors Korea Limited, Seoul 100.0 Allianz Global Investors Nominee Services Ltd., George Town 100.0 Allianz Global Investors Schweiz AG, Zurich 100.0 Allianz Global Investors Singapore Ltd., Singapore 100.0 Allianz Global Investors Taiwan Ltd., Taipei 100.0 Allianz Global Investors U.S. Holdings LLC, Dover, DE 100.0 Allianz Global Investors U.S. LLC, Dover, DE 100.0 Allianz Global Life dac, Dublin 100.0 Allianz Global Risks US Insurance Company Corp., Chicago, IL 100.0 Allianz Groen Rente Fonds, Rotterdam 100.0 5 Allianz Hayat ve Emeklilik A.S., Istanbul 89.0 Allianz Hellas Insurance Company S.A., Athens 100.0 Allianz Hold Co Real Estate S.à r.l., Luxembourg 100.0 Allianz Holding eins GmbH, Vienna 100.0 Allianz Holding France SAS, Paris la Défense 100.0 Allianz Holdings plc, Guildford 100.0 Allianz Hospitaliers Euro, Paris 100.0 3 140 Annual Report 2016 Allianz Group
Allianz Hospitaliers Valeurs Durables, Paris 100.0 3 Allianz Hungária Biztosító Zrt., Budapest 100.0 Allianz HY Investor GP LLC, Wilmington, DE 100.0 Allianz HY Investor LP, Wilmington, DE 100.0 Allianz IARD S.A., Paris la Défense 100.0 Allianz IARD Vintage, Paris 100.0 3 Allianz Immo, Paris 54.7 5 Allianz Individual Insurance Group LLC, Minneapolis, MN 100.0 Allianz Informatique G.I.E., Paris la Défense 100.0 Allianz Infrastructure Czech HoldCo I S.à r.l., Luxembourg 100.0 Allianz Infrastructure Czech HoldCo II S.à r.l., Luxembourg 100.0 Allianz Infrastructure Luxembourg Holdco I S.A., Luxembourg 100.0 Allianz Infrastructure Luxembourg Holdco II S.A., Luxembourg 100.0 Allianz Infrastructure Luxembourg I S.à r.l., Luxembourg 100.0 Allianz Infrastructure Norway Holdco I S.à r.l., Luxembourg 100.0 Allianz Infrastructure Spain Holdco I S.à r.l., Luxembourg 100.0 Allianz Infrastructure Spain Holdco II S.à r.l., Luxembourg 100.0 Allianz Insurance Company of Ghana Limited, Accra 100.0 Allianz Insurance Company of Kenya Limited, Nairobi 100.0 Allianz Insurance Company-Egypt S.A.E., New Cairo 95.0 Allianz Insurance Lanka Limited, Colombo 100.0 Allianz Insurance plc, Guildford 100.0 Allianz International Ltd., Guildford 100.0 Allianz Inversiones S.A., Bogotá D.C. 100.0 Allianz Invest 10 Division S/U, Vienna 100.0 3 Allianz Invest 11 Division Leben/Kranken, Vienna 100.0 3 Allianz Invest 12 Division Leben/Kranken, Vienna 100.0 3 Allianz Invest 50, Vienna 100.0 5 Allianz Invest Alternativ, Vienna 100.0 5 Allianz Invest Cash, Vienna 84.9 5 Allianz Invest d.o.o., Zagreb 100.0 Allianz Invest Kapitalanlagegesellschaft mbH, Vienna 100.0 Allianz Invest Ostrent, Vienna 95.8 5 Allianz Invest Spezial 3, Vienna 100.0 3 Allianz Investment Management LLC, Minneapolis, MN 100.0 Allianz Investmentbank Aktiengesellschaft, Vienna 100.0 Allianz Investments I Luxembourg S.à r.l., Luxembourg 100.0 Allianz Investments II Luxembourg S.à r.l., Luxembourg 100.0 Allianz Investments III Luxembourg S.à r.l., Luxembourg 100.0 Allianz Irish Life Holdings p.l.c., Dublin 66.5 Allianz Jewel Fund ICAV, Dublin 100.0 3 Allianz kontakt s.r.o., Prague 100.0 Allianz Langlopend Obligatie Fonds, Rotterdam 100.0 5 Allianz Leasing Bulgaria AD, Sofia 51.0 Allianz Life & Annuity Company, Minneapolis, MN 100.0 Allianz Life (Bermuda) Ltd., Hamilton 100.0 Allianz Life Assurance Company-Egypt S.A.E., New Cairo 100.0 Allianz Life Financial Services LLC, Minneapolis, MN 100.0 Allianz Life Insurance Company Ltd., Moscow 100.0 Allianz Life Insurance Company of Ghana Limited, Accra 100.0 Allianz Life Insurance Company of Missouri, Clayton, MO 100.0 Allianz Life Insurance Company of New York, New York, NY 100.0 Allianz Life Insurance Company of North America, Minneapolis, MN 100.0 Allianz Life Insurance Japan Ltd., Tokyo 100.0 Allianz Life Insurance Lanka Ltd., Colombo 100.0 Allianz Life Insurance Malaysia Berhad p.l.c., Kuala Lumpur 100.0 Allianz Life Luxembourg S.A., Luxembourg 100.0 Allianz Madagascar Assurances SA, Antananarivo 100.0 Allianz Malaysia Berhad p.l.c., Kuala Lumpur 75.0 Allianz Mali Assurances SA, Bamako 77.0 Allianz Managed Operations & Services Netherlands B.V., Rotterdam 100.0 Allianz Managed Operations & Services Thailand Co. Ltd., Bangkok 100.0 Allianz Management Services Limited, Guildford 100.0 Allianz Marine & Transit Underwriting Agency Pty Ltd., Sydney 75.0 Allianz Marine (UK) Ltd., Ipswich 100.0 Allianz Maroc S.A., Casablanca 98.9 Allianz Mena Holding Bermuda Ltd., Beirut 99.9 Allianz México S.A. Compañía de Seguros, Mexico City 100.0 Allianz Mid Cap Loans FCT, Paris 100.0 3
CEPE de Haut Chemin S.à r.l., Versailles 100.0 CEPE de la Baume S.à r.l., Versailles 100.0 CEPE de la Forterre S.à r.l., Versailles 100.0 CEPE de Langres Sud S.à r.l., Versailles 100.0 CEPE de Mont Gimont S.à r.l., Versailles 100.0 CEPE de Sambres S.à r.l., Versailles 100.0 CEPE de Vieille Carrière S.à r.l., Versailles 100.0 CEPE des Portes de la Côte d'Or S.à r.l., Versailles 100.0 CEPE du Blaiseron S.à r.l., Versailles 100.0 CEPE du Bois de la Serre S.à r.l., Versailles 100.0 Château Larose Trintaudon S.A., Saint Laurent Médoc 100.0 Chicago Insurance Company Corp., Chicago, IL 100.0 CIC Allianz Insurance Ltd., Sydney 100.0 Climmolux Holding SA, Luxembourg 100.0 Club Marine Limited, Sydney 100.0 COF II CIV LLC, Wilmington, DE 100.0 Companhia de Seguros Allianz Portugal S.A., Lisbon 64.8 Compañía Colombiana de Servicio Automotriz S.A., Bogotá D.C. 100.0 Consultatio Renta Mixta F.C.I., Buenos Aires 100.0 3 Corn Investment Ltd., London 100.0 Corsetec Assessoria e Corretagem de Seguros Ltda., São Paulo 99.5 CPRN Thailand Ltd., Bangkok 100.0 Creactif Allocation, Paris 100.0 5 CreditRas Assicurazioni S.p.A., Milan 50.0 2 CreditRas Vita S.p.A., Milan 50.0 2 Darta Saving Life Assurance Ltd., Dublin 100.0 Deeside Investments Inc., Wilmington, DE 50.1 Delta Technical Services Ltd., London 100.0 Diamond Point a.s., Prague 100.0 Dresdner Kleinwort Pfandbriefe Investments II Inc., Minneapolis, MN 100.0 EF Solutions LLC, Wilmington, DE 100.0 Energie Eolienne Lusanger S.à r.l., Versailles 100.0 Eolica Erchie S.r.l., Lecce 100.0 EP Tactical GP LLC, Wilmington, DE 100.0 Etablissements J. Moneger SA, Dakar 100.0 Euler Hermes Acmar SA, Casablanca 55.0 Euler Hermes Acmar Services SARL, Casablanca 100.0 Euler Hermes Asset Management France S.A., Paris la Défense 100.0 Euler Hermes Australia Pty Limited, Sydney 100.0 Euler Hermes Canada Services Inc., Montreal, QC 100.0 Euler Hermes Collections North America Company, Owings Mills, MD 100.0 Euler Hermes Collections Sp. z o.o., Warsaw 100.0 Euler Hermes Consulting (Shanghai) Co. Ltd., Shanghai 100.0 Euler Hermes Crédit France S.A.S., Paris la Défense 100.0 Euler Hermes Emporiki Services Ltd., Athens 100.0 Euler Hermes Excess North America LLC, Owings Mills, MD 100.0 Euler Hermes Group SA, Paris la Défense 63.9 Euler Hermes Hellas Credit Insurance SA, Athens 100.0 Euler Hermes Hong Kong Service Limited, Hong Kong 100.0 Euler Hermes Japan Services Ltd., Tokyo 100.0 Euler Hermes Korea Non-life Broker Company Limited, Seoul 100.0 Euler Hermes Luxembourg Holding S.à r.l., Luxembourg 100.0 Euler Hermes Magyar Követeleskezelö Kft., Budapest 100.0 Euler Hermes New Zealand Limited, Auckland 100.0 Euler Hermes North America Holding Inc., Owings Mills, MD 100.0 Euler Hermes North America Insurance Company Inc., Owings Mills, MD 100.0 Euler Hermes Patrimonia SA, Brussels 100.0 Euler Hermes Ré SA, Luxembourg 100.0 Euler Hermes Real Estate SPPICAV, Paris la Défense 60.0 Euler Hermes Recouvrement France S.A.S., Paris la Défense 100.0 Euler Hermes Reinsurance AG, Wallisellen 100.0 Euler Hermes Risk Yönetimi A.S., Istanbul 100.0 Euler Hermes S.A., Brussels 100.0 Euler Hermes Seguros de Crédito S.A., São Paulo 100.0 Euler Hermes Service AB, Stockholm 100.0 Euler Hermes Services B.V., 's-Hertogenbosch 100.0 Euler Hermes Services Belgium S.A., Brussels 100.0 Euler Hermes Services Bulgaria EOOD, Sofia 100.0 Euler Hermes Services Ceská republika s.r.o., Prague 100.0 Euler Hermes Services G.C.C. Limited, Dubai 100.0 Euler Hermes Services India Private Limited, Mumbai 100.0 Euler Hermes Services Ireland Limited, Dublin 100.0 Euler Hermes Services Italia S.r.l., Rome 100.0 Euler Hermes Services North America LLC, Owings Mills, MD 100.0 Euler Hermes Services Romania S.R.L., Bucharest 100.0
LCF IDR, Paris 100.0 5 Les Vignobles de Larose S.A.S., Saint Laurent Médoc 100.0 LLC "IC Euler Hermes Ru", Moscow 100.0 LLC "Medexpress-service", Saint Petersburg 100.0 LLC "Progress-Med", Moscow 100.0 LLC "Risk Audit", Moscow 100.0 Lloyd Adriatico Holding S.p.A., Trieste 99.9 Maevaara Vind 2 AB, Stockholm 100.0 Maevaara Vind AB, Stockholm 100.0 Magdeburger Sigorta A.S., Istanbul 100.0 Marofinac S.à r.l., Casablanca 100.0 Medi24 AG, Bern 100.0 Mombyasen Wind Farm AB, Halmstad 100.0 Mondial Assistance Australia Holding Pty Ltd., Toowong 100.0 Mondial Assistance France Services à la personne SAS, Saint-Ouen 100.0 Mondial Assistance GmbH, Vienna 100.0 Mondial Assistance Ireland Ltd., Dublin 100.0 Mondial Assistance Portugal Serviços de Assistência Lda., Lisbon 100.0 Mondial Assistance Service España S.A., Madrid 100.0 Mondial Assistance Services (Malaysia) Sdn. Bhd., Kuala Lumpur 100.0 Mondial Assistance Services Hellas A.E., Athens 51.0 Mondial Assistance Sp. z o.o., Warsaw 100.0 Mondial Assistance United Kingdom Ltd., Croydon Surrey 100.0 Mondial Protection Corretora de Seguros Ltda., São Bernardo do Campo 100.0 Mondial Service - Belgium S.A., Brussels 100.0 Mondial Service Argentina S.A., Buenos Aires 100.0 Mondial Service Colombia SAS, Bogotá D.C. 100.0 Mondial Serviços Ltda., São Bernardo do Campo 100.0 Morgan Stanley Italian Office Fund, Milan 100.0 3 National Surety Corporation, Chicago, IL 100.0 Neoasistencia Manoteras S.L., Madrid 100.0 Nextcare Bahrain Ancillary Services Company B.S.C., Manama 100.0 NEXtCARE Egypt LLC, New Cairo 100.0 NEXtCARE Holding WLL, Manama 75.0 NEXtCARE Lebanon SAL, Beirut 100.0 Nextcare Tunisia S.à r.l., Tunis 100.0 NFJ Investment Group LLC, Dover, DE 100.0 Northstar Mezzanine Partners VI U.S. Feeder II L.P., Dover, DE 100.0 3 OJSC "My Clinic", Moscow 100.0 Ontario Limited, Toronto, ON 100.0 OOO Euler Hermes Credit Management, Moscow 100.0 OOO Mondial Assistance, Moscow 100.0 OPCI Allianz France Angel, Paris la Défense 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 Pacific Investment Management Company LLC, Dover, DE 95.7 Parc Eolien de Bonneuil S.à r.l., Versailles 100.0 Parc Eolien de Bruyère Grande SAS, Versailles 100.0 Parc Eolien de Chaourse SAS, Versailles 100.0 Parc Eolien de Croquettes SAS, Versailles 100.0 Parc Eolien de Fontfroide SAS, Versailles 100.0 Parc Eolien de Forge SAS, Paris 100.0 Parc Eolien de la Sole du Bois SAS, Paris 100.0 Parc Eolien de Longchamps SAS, Versailles 100.0 Parc Eolien de Ly-Fontaine SAS, Versailles 100.0 Parc Eolien de Pliboux SAS, Versailles 100.0 Parc Eolien de Remigny SAS, Versailles 100.0 Parc Eolien des Barbes d´Or SAS, Versailles 100.0 Parc Eolien des Joyeuses SAS, Versailles 100.0 Parc Eolien des Mistandines SAS, Paris 100.0 Parc Eolien des Quatre Buissons SAS, Paris 100.0 Parc Eolien du Bois Guillaume SAS, Paris 100.0 Parc Eolien Les Treize 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 PGA Global Services LLC, Dover, DE 100.0 PGREF V 1301 Sixth Investors I LLC, Wilmington, DE 100.0 PGREF V 1301 Sixth Investors I LP, Wilmington, DE 100.0 PIMCO (Schweiz) GmbH, Zurich 100.0 PIMCO Asia Ltd., Hong Kong 100.0 PIMCO Asia Pte Ltd., Singapore 100.0 PIMCO Australia Management Limited, Sydney 100.0 PIMCO Australia Pty Ltd., Sydney 100.0 PIMCO Canada Corp., Toronto, ON 100.0 PIMCO COF II LLC, Wilmington, DE 100.0 PIMCO Covered Bond Source UCITS ETF, Dublin 40.4 2,5
Windpark GHW GmbH, Pottenbrunn 100.0 Windpark Ladendorf GmbH, Vienna 100.0 Windpark Les Cent Jalois SAS, Versailles 100.0 Windpark PL GmbH, Pottenbrunn 100.0 Windpark Scharndorf GmbH, Pottenbrunn 100.0 Windpark Zistersdorf GmbH, Pottenbrunn 100.0 Wm. H McGee & Co. (Bermuda) Ltd., Hamilton 100.0 Wm. H McGee & Co. Inc., New York, NY 100.0 YAO Investment S.à r.l., Luxembourg 100.0 Yorktown Financial Companies Inc., Minneapolis, MN 100.0 ZAD Allianz Bulgaria, Sofia 87.4 ZAD Allianz Bulgaria Zhivot, Sofia 99.0 ZAD Energia, Sofia 51.0 ZiOst Energy GmbH & Co. KG, Pottenbrunn 100.0
Non-consolidated affiliates AGF Pension Trustees Ltd., Guildford 100.0 Allianz America Latina S.C. Ltda., Rio de Janeiro 100.0 Allianz Financial Services S.A., Athens 100.0 Allianz Global Corporate & Specialty SE Escritório de Representação no Brasil Ltda., Rio de Janeiro 100.0 Allianz Insurance Services Ltd., Athens 100.0 Allianz Northern Ireland Limited, Belfast 100.0 Assurance France Aviation S.A., Paris 100.0 business lounge GmbH, Vienna 100.0 COGAR S.à r.l., Paris 100.0 Gesellschaft für Vorsorgeberatung AG, Bern 100.0 ICC Evaluation SARL, Paris 100.0 Knightsbridge Allianz LP, Bartlesville, OK 99.5 5 Office Sénégalais de Conseils en Assurance SARL, Dakar 99.6 RE-AA SA, Abidjan 97.5 SCI AVIP de Camp Laurent, Courbevoie 100.0 SCI Vilaje, Courbevoie 100.0 SIFCOM Assur S.A., Abidjan 60.0 Société Immobilière de l'Avenue du Roule SAS, Courbevoie 100.0 Top Versicherungs-Vermittler Service GmbH, Vienna 100.0
Joint ventures A&A Centri Commerciali S.r.l., Milan 50.0 Allee-Center Kft., Budapest 50.0 AMLI-Allianz Investment LP, Wilmington, DE 75.0 8 Ancilyze Technologies LLC, Oakbrook Terrace, IL 50.0 AS Gasinfrastruktur Beteiligung GmbH, Vienna 60.0 8 Atenction Integral a la Dependencia S.L., Cordoba 50.0 AZ/JH Co-Investment Venture (DC) LP, Wilmington, DE 80.0 8 AZ/JH Co-Investment Venture (IL) LP, Wilmington, DE 80.0 8 Bajaj Allianz Financial Distributors Limited, Pune 50.0 Companhia de Seguro de Créditos S.A., Lisbon 50.0 CPPIC Euler Hermes Insurance Sales Co. Ltd., Shanghai 49.0 8 Dorcasia Ltd., Sydney 50.0 Dundrum Car Park GP Limited, Dublin 50.0 Dundrum Car Park Limited Partnership, Dublin 50.0 Dundrum Retail GP Designated Activity Company, Dublin 50.0 Dundrum Retail Limited Partnership, Dublin 50.0 Euromarkt Center d.o.o., Ljubljana 50.0 Europe Logistics Venture 1 FCP-FIS, Luxembourg 83.3 5,8 Fiumaranuova S.r.l., Genoa 50.1 8 Guotai Jun'an Allianz Fund Management Co. Ltd., Shanghai 49.0 8 International Shopping Centre Investment S.A., Luxembourg 50.0 Israel Credit Insurance Company Ltd., Tel Aviv 50.0 Italian Shopping Centre Investment S.r.l., Milan 50.0 LBA IV-PPI Venture LLC, Dover, DE 45.0 8 LBA IV-PPII-Office Venture LLC, Dover, DE 45.0 8 LBA IV-PPII-Retail Venture LLC, Dover, DE 45.0 8 Market Street Trust, Sydney 50.0 5 NET4GAS Holdings s.r.o., Prague 50.0 NRF (Finland) AB, Västeras 50.0 Podium Fund HY REIT Owner LP, Wilmington, DE 44.3 8 Porterbrook Holdings I Limited, London 30.0 8 Previndustria - Fiduciaria Previdenza Imprenditori S.p.A., Milan 50.0 Queenspoint S.L., Madrid 50.0 RMPA Holdings Limited, Colchester 56.0 8 SC Holding SAS, Paris 50.0 SES Shopping Center AT1 GmbH, Salzburg 50.0 SES Shopping Center FP 1 GmbH, Salzburg 50.0 Solunion Compañía Internacional de Seguros y Reaseguros SA, Madrid 50.0 The State-Whitehall Company LP, Dover, DE 49.9 8 Tokio Marine Rogge Asset Management Ltd., London 50.0 TopTorony Ingatlanhasznosító Zrt., Budapest 50.0
Other participations between 5 and 20 % of voting rights Al Nisr Al Arabi, Amman 18.0 Banco BPI S.A., Porto 8.5 Sri Ayudhya Capital Public Company Limited, Bangkok 16.8 Zagrebacka banka d.d., Zagreb 11.7 1 Percentage includes equity participations held by dependent entities in full, even if the Allianz Group’s share in the dependent entity is below 100 %.
2 Controlled by the Allianz Group. 3 Investment fund. 4 Releasing impact according to § 264 (3) HGB through the Allianz
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The Allianz Group Sustainability Report “Embracing the future” covers our contribution to the environment, society and economy. It provides full details of our sustainability strategy, approach and progress as well as an outlook for 2017. Date of publication: 5 April 2017. www.allianz.com/sustainability www.allianz.com/hrfactbook
GUIDELINE ON ALTERNATIVE PERFORMANCE MEASURES Further information on the definition of our Alternative Performance Measures and their components, as well as the basis of calculation adopted. www.allianz.com/results www.allianz.com/sustainability www.allianz.com/annualreport www.allianz.com/hrfactbook www.allianz.com/results
Allianz SE – Königinstrasse 28 – 80802 Munich – Germany – Phone +49 89 3800 0 – info@allianz.com – www.allianz.com Annual Report on the internet: www.allianz.com/annualreport – Front page design: hw.design GmbH – Date of publication: 10 March 2017 This is a translation of the German Annual Report of Allianz Group. In case of any divergences, the German original is legally binding.
1 The German Securities Trading Act (“Wertpapierhandelsgesetz”) obliges issuers to announce immediately any information which may have a substantial price impact. Therefore we cannot exclude that we have to announce key figures related to quarterly and fiscal year results ahead of the dates mentioned above. As we can never rule out changes of dates, we recommend checking them on the internet at www.allianz.com/ financialcalendar.