Oddo Europe Mid Cap, Paris 94.8 3 Oddo Gestion Audac, Paris 59.6 3 ODDO OPPORTUNITES B, Paris 54.7 3 Oddo Proactif Europe, Paris 72.5 3 Oddo Quattro 2, Paris 98.7 3 Oddo Valeurs Rende, Paris 50.3 3 OJSC "Allianz Investments", Moscow 100.0 OJSC "My Clinic", Moscow 100.0 Omega Thai Investment Holding B.V., Amsterdam 100.0 Ontario Limited, Toronto, ON 100.0 OOO "IC Euler Hermes Ru" LLC, Moscow 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 98.2 Paramount Group Real Estate Special Situations Fund-A, L.P., New York, NY 100.0 Parc Eolien de Bonneuil SARL, Vincennes Cedex 100.0 Parc Eolien de Croquettes SAS, Paris 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, Paris 100.0 Parc Eolien des Barbes d´Or SAS, Paris 100.0 Parc Eolien des Joyeuses SAS, 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 LLC, Wilmington, DE 100.0 PGREF V 1301 Sixth Investors I LP, Wilmington, DE 100.0 Phenix Absolute Return, Paris 100.0 4 Phenix Alternative Holdings, Paris 61.5 3 Phenix Sécurité L S.A., Paris 73.9 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, ON 100.0 PIMCO Europe Ltd., London 100.0 PIMCO Funds Ireland plc, Dublin 100.0 4 PIMCO Global Advisors (Ireland) Ltd., Dublin 100.0 PIMCO Global Advisors (Resources) Ltd., George Town 100.0 PIMCO Global Advisors LLC, Dover, DE 100.0 PIMCO Global Holdings LLC, Dover, DE 100.0 PIMCO Investments LLC, Dover, DE 100.0 PIMCO Japan Ltd., Road Town, Tortola 100.0 PIMCO Latin America Administradora de Carteiras Ltda., São Paulo 100.0 Pimco Luxembourg IV S.A., Luxembourg 100.0 Primacy Underwriting Agency Pty Ltd., Milson's Point 70.0 Prism Re (Bermuda) Ltd., Hamilton 99.0 Progress-Med OOO, Moscow 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 Q 207 GP S.à r.l., Luxembourg 100.0
Q207 S.C.S., Luxembourg 94.0 Quality 1 AG, Bubikon 100.0 Questar Agency Inc., Minneapolis, MN 100.0 Questar Agency of Alabama Inc., Ann Arbor, MI 100.0 Questar Agency of Colorado Inc., Denver, CO 100.0 Questar Agency of New Mexico Inc., Santa Fe, NM 100.0 Questar Agency of Ohio Inc., Cleveland, OH 100.0 Questar Agency of Texas Inc., Houston, TX 100.0 Questar Asset Management Inc., Ann Arbor, MI 100.0 Questar Capital Corporation, Minneapolis, MN 100.0 Quintet Properties Ltd., Dublin 100.0 RAS Antares, Milan 100.0 4 Ras Private Bank (Suisse) S.A., Lugano 100.0 RB Fiduciaria 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 Retail Vending Ltd., Birmingham 100.0
Rhea SA, Luxembourg 100.0 Risikomanagement und Softwareentwicklung GmbH, Vienna 100.0 Roland Print B.V., Amsterdam 100.0 Rosno MS, Moscow 100.0 Roster Financial LLC, Voorhees, NJ 100.0 Roxbury Investments Sp. z o.o., Warsaw 87.5 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 SARL, 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 SAS Societe d'Exploitation du Parc Eolien de Nelausa, Paris 100.0 Saudi Nextcare LLC, Al Khobar 52.0 SC Tour Michelet, Paris 100.0 SCI 46 Desmoulins, Paris 100.0 SCI Allianz Chateaudun, Paris 100.0 SCI Allianz Messine, Paris 100.0 SCI AVIP La Templerie, Courbevoie 100.0 SCI AVIP SCPI Selection, Courbevoie 100.0 SCI ESQ, Paris 75.0 SCI Prelloyd, Paris 100.0 SCI Stratus, Courbevoie 100.0 SCI Volnay, Paris 100.0 Select Multi. Ger. Croissance, Paris 62.6 3 Selecta A/S, Rodovre 100.0 Selecta AB, Stockholm 100.0 Selecta AG, Muntelier 100.0 Selecta AS, Oslo 100.0 Selecta B.V., Waardenburg 100.0 Selecta Betriebsverpflegungs GmbH, Vienna 100.0 Selecta Eesti Osauhing OÜ, Tallinn 100.0 Selecta Group B.V., Amsterdam 98.7 Selecta Holding AB, Stockholm 100.0
Viveole SAS, Paris 100.0 Volta, Paris 98.1 3 Windpark Les Cent Jalois SAS, Paris 100.0 Wm. H McGee & Co. (Bermuda) Ltd., Hamilton 100.0 Wm. H McGee & Co. Inc., New York, NY 100.0 Wm. H McGee & Co. of Puerto Rico Inc., San Juan 100.0 World Access Europe Ltd., Croydon Surrey 100.0 YAO Investment S.à r.l., Luxembourg 100.0 Yorktown Financial Companies Inc., Minneapolis, MN 100.0
Associated Entities 21 Gestion Active, Paris 24.4 3 ABS Credit Plus, Paris 24.4 3 AGF Peh Eur. IV FCPR, Paris 51.4 3,8 AGF Peh France IV C, Paris 36.2 3 AGIF RCM European Equity Dividend AT/IT, Luxembourg 24.7 3 Allianz Actions Euro MidCap, Paris 36.7 3
Allianz EFU Health Insurance Ltd., Karachi 49.0 Allianz Euro Emprunts d'Etat, Paris 49.8 3 Allianz Euro Oblig Court Terme ISR, Paris 48.8 3 Allianz Euro Tactique, Paris 44.2 3 Allianz Europe Convertible, Paris 49.4 3 Allianz Fóndika S.A. de C.V., Mexico City 26.8 Allianz Global Sustainability, Luxembourg 24.2 3 Allianz Invest Cash, Vienna 37.2 3 Allianz Invest Eurorent Liquid, Vienna 44.9 3 Allianz Invest Osteuropa, Vienna 44.0 3 Allianz Invest Vorsorgefonds, Vienna 37.4 3 Allianz Multi Top Croissance, Paris 48.1 3 Allianz Multi Top Harmonie, Paris 25.9 3 Allianz PIMCO Euro Bond Total Return, Senningerberg 20.6 3 Allianz Saudi Fransi Cooperative Insurance Company, Riyadh 32.5 Allianz Securicash SRI, Paris 18.6 3,8 Altaprofits, Paris 20.0 APEH France Investissement 2 FCPR, Paris 44.9 3 Archstone Multifamily Partners AC JV LP, Engelwood, CO 40.0 Archstone Multifamily Partners AC LP, Wilmington, DE 28.6 ARCM GB EM MK EQ, Dublin 27.5 3 Areim Fastigheter 2 AB, Stockholm 28.4 Ariel, Paris 38.2 3 Assurcard S.A., Haasrode 25.0 Autoelektro tehnicki pregledi d.o.o., Vojni´c 49.0 Bajaj Allianz General Insurance Company Ltd., Pune 26.0 Bajaj Allianz Life Insurance Company Ltd., Pune 26.0 Berkshire Hathaway Services India Private Limited, New Delhi 20.0 Berkshire India Private Limited, New Delhi 20.0 Biosphere A, Paris 38.2 3 BMM Audace, Marseille 39.1 3 BMM France Croissance, Marseille 29.7 3 BMM Long Terme (D), Marseille 48.5 3 BMM Obligations (D), Marseille 20.9 3 BMM Obliplus, Marseille 37.2 3 Broker on-line de productores de seguros S.A., Buenos Aires 30.0 Brunei National Insurance Company Berhad Ltd., Bandar Seri Begawan 25.0 Capimmovalor, Paris 33.6 Chicago Parking Meters LLC, Wilmington, DE 49.9 Citylife S.r.l., Milan 33.0 Claresco Europe, Paris 20.2 3 Cofitem Cofimur S.A., Paris 22.1 Data Quest SAL, Beirut 36.0 Digital Fds-Stars Europe, Luxembourg 22.3 3 Douglas Emmett Partnership X LP, Santa Monica, CA 28.6 Dr. Ignaz Fiala GmbH, Vienna 33.3 DSB BlackRock India Investment Fund, Mauritius 23.7 3 Euro Media Group S.A., Bry-sur-Marne 21.5 Fondo Vesta, Rome 25.5 3 Four Oaks Place LP, Wilmington, DE 49.0 GAP 1 AN Canton, Paris 33.0 3 GAP Euros Canton, Paris 37.7 3 Gestion Produits Dyn, Puteaux 46.2 3 Graydon Holding N.V., Amsterdam 27.5 Guotai Jun' an Allianz Fund Management Company Ltd., Shanghai 49.0 Henderson UK Outlet Mall Partnership LP, Edinburgh 19.5 8 ICG Convertibles-Rendement 33.8 3 ICIC, Tel Aviv 33.3
Other Participations between 5 and 20 % of voting rights Al Nisr Al Arabi, Amman 18.0 Banco BPI S.A., Porto 8.8 Zagrebacka banka d.d., Zagreb 11.7
To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group.
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 statement of cash flows and the notes, together with the group management report for the business year from 1 January to 31 December 2012. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs, as adopted by the E.U., and the additional requirements of German commercial law pursuant to § 315a para. 1 HGB [Handelsgesetzbuch “German Commercial Code”] 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 environment of the Group and expectations as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures 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.
Johannes Pastor Dr. Frank Pfaffenzeller Wirtschaftsprüfer Wirtschaftsprüfer (Independent Auditor) (Independent Auditor)
369 Joint advisory Council of the allianz Companies 370 international advisory Board 371 mandates of the members of the Supervisory Board 372 mandates of the members of the Board of management 374 Glossary 379 indexes
Dr. Henning ScHulte-noelle until 9 May, 2012 Chairman Former Chairman of the Supervisory Board Allianz SE
Franz FeHrenBacH Managing Partner Robert Bosch Industrietreuhand KG Chairman of the Supervisory Board Robert Bosch GmbH
ProF. Dr. BernD gottScHalK until 31 December, 2012 Former Member of the Board of Management Mercedes-Benz AG
Dr. rüDiger gruBe Chairman of the Board and CEO Deutsche Bahn AG
Dr. Jürgen HeraeuS Chairman of the Supervisory Board Heraeus Holding GmbH
ProF. Dr.-ing. Dr.-ing. e.H. HanS-Peter Keitel President of BDI-Federation of German Industries until 31 December, 2012 Vice-President of BDI-Federation of German Industries since 1 January, 2013
Dr. nicola leiBinger-Kammüller Chief Executive Officer Trumpf GmbH + Co. KG
Dr. BernD PiScHetSrieDer until 31 December, 2012 Advisor to the Board Volkswagen AG
Dr.-ing. Dr.-ing. e.H. norBert reitHoFer Chairman of the Board of Management BMW AG
International Advisory Board Dr. Paul acHleitner until July 2012 Chairman of the Supervisory Board Deutsche Bank AG
Belmiro De azeveDo until June 2012 Chairman of Sonae SGPS, S.A.
Paulo De azeveDo since January 2013 CEO of Sonae SGPS, S.A.
alFonSo cortina De alcocer Vicechairman Rothschild Europe BV, Senior Advisor at Texas Pacific Group amBaSSaDor roBert m. Kimmitt since January 2013 Senior International Counsel, WilmerHale
DR. HEnning ScHULTE-noELLE until 9 May 2012 Chairman Former Chairman of the Board of Management of Allianz AG Membership in other statutory supervisory boards and SE administrative boards in Germany E.ON AG
DR. WULf BERnoTaT Vice Chairman (since 15 August 2012) Former Chairman of the Board of Management of E.ON AG Membership in other statutory supervisory boards and SE administrative boards in Germany Bertelsmann Management SE Bertelsmann SE & Co. KGaA Deutsche Telekom AG METRO AG
gaBRiELE BURKHaRDT-BERg since 9 May 2012 Chairwoman of the Group Works Council of Allianz SE Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Deutschland AG (Vice Chairwoman)
iRa gLoE-SEMLER since 9 May 2012 Chairwoman of the federal insurance group of ver.di Germany goDfREY RoBERT HaYWaRD until 9 May 2012 Employee of Allianz Insurance plc fRanZ HEiSS Employee of Allianz Beratungs- und Vertriebs-AG Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Deutschland AG until 9 May 2012
igoR LanDaU Member of the Board of Directors of Sanofi S.A. Membership in other statutory supervisory boards and SE administrative boards in Germany adidas AG (Chairman) Membership in comparable 1 supervisory bodies Sanofi S.A.
JöRg REinBREcHT until 9 May 2012 Union Secretary of ver.di Bezirk Hannover Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Deutschland AG
Mandates of the Members of the Board of Management MicHaEL DiEKMann Chairman of the Board of Management Membership in other statutory supervisory boards and SE administrative boards in Germany BASF SE (Vice Chairman) Linde AG (Vice Chairman) Siemens AG Membership in Group bodies Allianz Asset Management AG (Chairman) Allianz Deutschland AG Membership in comparable 1 supervisory bodies Membership in Group bodies Allianz France S.A. (Vice Chairman) Allianz S.p.A.
since 1 January 2013 Allianz Hayat ve Emeklilik A.S. (Vice Chairman) since 1 January 2013 Allianz Sigorta A.S. (Vice Chairman) since 1 January 2013 Allianz S.p.A. (Vice Chairman) since 1 January 2013
gaRY BHoJWani Insurance USA Membership in comparable 1 supervisory bodies Allina Hospitals & Clinics Membership in Group bodies Allianz Life Insurance Company of North America (Chairman) Allianz of America, Inc. (Chairman) AZOA Services Corp. (formerly: Allianz of America Corp.) (Chairman since 16 February 2012) Fireman’s Fund Insurance Company (Chairman since 15 February 2012)
DR. cHRiSTof MaScHER Operations Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Managed Operations and Services SE (Chairman) Membership in comparable 1 supervisory bodies Membership in Group bodies Allianz Global Assistance SAS (Chairman)
JaY RaLPH Asset Management Worldwide Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Global Corporate & Specialty AG until 31 December 2012 Membership in comparable 1 supervisory bodies Membership in Group bodies Allianz of America Corp. (Chairman) until 16 February 2012 Allianz of America, Inc.
DR. WERnER ZEDELiUS 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 (Vice Chairman since 18 December 2012) Allianz Suisse Versicherungs-Gesellschaft AG (Vice Chairman since 18 December 2012)
business combinAtion 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.
cAsh flow stAtement – Statement showing movements of cash and cash equivalents during an accounting period, classified by three types of activity: – operating activities – investing activities – financing activities certificAted liAbilities Certificated liabilities comprise debentures and other liabilities for which transferable certificates have been issued.
cfo forum The European Insurance cfo Forum is a high-level discussion group formed and attended by the Chief Financial Officers of major European listed insurance companies. Its aim is to influence the development of financial reporting, value based reporting, and related regulatory developments for insurance enterprises on behalf of its members, who represent a significant part of the European insurance industry.
collAterAlized debt obligAtion (cdo) A way of packaging credit risk. Several classes of securities (known as tranches) are created from a portfolio of bonds and there are rules for determining how the cost of defaults are allocated to classes.
corridor ApproAch With defined benefit plans, differences come about between the actuarial gains and losses which, when the corridor approach is applied, are not immediately recognized as income or expenses as they occur. Only when the cumulative actuarial gains or losses fall outside the corridor is recognition made from the following year onwards. The corridor is 10 % of the present value of the pension rights accrued or of the market value of the pension fund assets, if this is higher.
equity consolidAtion The relevant proportion of cost for the investment in a subsidiary is set off against the relevant proportion of the shareholders’ equity of the subsidiary.
equity method 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.
fAir vAlue The amount for which an asset could be exchanged between knowledgeable, willing parties in an arm’s length transaction.
forwArds 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.
futures 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.
goodwill Difference between the cost of acquisition and the fair value of the net assets acquired.
group shAre (%) The Group share is the total of all interests held by affiliated enterprises and joint ventures in affiliated enterprises, joint ventures, and associated enterprises.
income from finAnciAl Assets And liAbilities cArried At fAir vAlue through income (net) Income from financial assets and liabilities carried at fair value through income (net) includes all realized and unrealized gains and losses including interest and dividend income from financial assets and financial liabilities carried at fair value through income, the income (net) from financial liabilities for puttable equity instruments and the foreign currency gains and losses (net).
issued cApitAl And cApitAl reserves This heading comprises the capital stock, the premium received on the issue of shares, and amounts allocated when option rights are exercised.
mArket vAlue The amount obtainable from the sale of an investment in an active market.
non-controlling interests Those parts of the equity of affiliated enterprises which are not owned by companies in the Group.
net income AttributAble to non-controlling interests That part of net income for the year which is not attributable to the share holders of the Allianz Group but to other third parties who hold shares in affiliated enterprises.
otc derivAtives Derivative financial instruments which are not standardized and not traded on an exchange but are traded directly between two counter parties via over-the-counter (otc) transactions.
pension And similAr obligAtions 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.
replicAting portfolio Representation of the liabilities of our Life/Health insurance business via standard financial instruments. This form of representation mimics the behavior of these liabilities under different market conditions and allows for efficient risk calculations on the basis of Monte Carlo simulations.
repurchAse And reverse repurchAse Agreements A repurchase (repo) transaction involves the sale of securities by the Group to a counterparty, subject to the simultaneous agreement to repurchase these securities at a certain later date, at an agreed price. The securities concerned are retained in the Group’s balance sheet for the entire lifetime of the transaction, and are valued in accordance with the accounting principles for financial assets carried at fair value through income or investment securities, respectively. The proceeds of the sale are reported in liabilities to banks or to customers, as appropriate. A reverse repo transaction involves the purchase of securities with the simultaneous obligation to sell these securities at a future date, at an agreed price. Such transactions are reported in loans and advances to banks, or loans and advances to customers, respectively. Interest income from reverse repos and interest expenses from repos are accrued evenly over the lifetime of the transactions and reported under interest and similar income or interest expenses.
reserve for premium refunds That part of the operating surplus which will be distributed to policy holders in the future. This refund of premiums is made on the basis of statutory, contractual, or company by-law obligations, or voluntary undertaking.
retAined eArnings In addition to the reserve required by law in the financial statements of the Group parent company, this item consists mainly of the undistributed profits of Group enterprises and amounts transferred from consolidated net income.
risk Appetite The level of risk that an organization is prepared to accept, before action is deemed necessary to reduce it. We define risk appetite therefore clearly and comprehensively by using target and minimum risk indicators, (quantitative) limit systems, or adequate policies, standards and guidelines to determine the “boundaries” of the Group’s business operations.
subordinAted liAbilities Liabilities which, in the event of liquidation or bankruptcy, are not settled until after all other liabilities.
swAps 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).
yield curve extrApolAtion We apply the same methodology to determine the risk free yield curve for discounting assets and liabilities as provided by the European Insurance and Occupational Pensions Authority (eiopA) in the fifth quantitative impact study (qis 5) – except for the Euro yield curve where we follow their latest guidance on Solvency ii.
The method takes traded market data into account until the maturity where market quotes are expected to be deep and liquid. After this last liquid period we apply a macroeconomic extrapolation technique to construct the curve by making use of forward rate assumptions. This technique interpolates between the last observable liquid forward rate per currency and the currency-specific unconditional forward rate (ufr) for a later maturity. The ufr for each currency is based on estimates of the expected inflation as well as the long-term average of the short-term real rate. After reaching this ufr the forward yield remains constant over time. These derived forward rates are applied to calculate the final yield curve. Notably in eur we start extrapolating at 20 years, applying a ufr of 4.2 % which is kept constant after 60 years.
Allianz Worldwide Care 103 Alternative Investments 152ff. Analysts 54 Asia-Pacific 104ff., 134, 142 Asset Management 123, 125ff., 148ff., 160, 173 Audit Committee 45ff., 66
Banking 152ff. Basic earnings per share 56, 128 Belgium/Luxembourg 141 Board of Management 50ff., 63 Board of Management Remu - neration 74ff. Board of Management’s commit-
Brand 110ff. Business divisions 138ff., 146ff. Business environment 122 Business operations 93, 95
Corporate governance report 63ff. Corporate Social Responsibility 118 Cost-income ratio 148 Credit insurance 103, 134ff. Customers 96ff., 111ff.
Demographic change 162ff. Directors’ dealings 68 Distribution 96ff. Diversity 67, 118ff. Dividend 56, 161ff.
Insurance markets 96ff., 155f. Intangible assets 127 International Executive Committee 53 Investment result 127, 136, 169ff. Investments 113ff., 168ff. Investor Relations 58ff. Investors 54ff. Italy 98, 134ff., 169
Letter to the investor 35 Life/Health 125ff., 140, 159, 171ff. Liquidity 160, 175ff. Loss adjustment expenses 171 Low interest rate environment 125ff., 141ff., 155ff.
Statement on Corporate Management pursuant to § 289a of the German Commercial Code 69ff. Strategy 106ff. Subsequent events 130 Supervisory Board 40ff., 49 Sustainable development 109ff.
STOXX Europe 600 Insurance 55 A 005 Dividend per share and total dividend 56 A 006 Allianz share key indicators at a glance 56 A 007 Basic share information 56 A 008 Trading turnover in Allianz shares 2012
[2011] 57 A 009 Weighting of Allianz shares in major indices 57 A 010 Shareholder structure 58 A 011 Regional structure 58
German Corporate Governance Code 69 B 006 Value of annual offer in various performance achievement scenarios 75 B 007 Target categories for variable short and mid term remuneration in 2012 77 B 008 Illustration of the process and the underlying timeline of the three-year bonus cycle, from target setting to final performance assessment 78
B 009 Payout of variable remuneration 78 B 010 Individual remuneration –
B 011 Grants, outstanding holdings and equity compensation expense under the Allianz equity program 81
B 013 Termination of service – Details of the payment arrangements and illustrative examples 84
C 061 Asset allocation 168 C 062 Fixed income portfolio 169 C 063 Carrying values and unrealized gains/
C 064 Net investment income 169 C 065 Composition of asset base –
Fair values 170 C 066 Development of reserves for loss and loss adjustment expenses 171 C 067 Composition of asset base –
C 087 Internal risk capital model 191 C 088 Available capital and internal risk capital as of 31 December 2011 by comparison 193
C 091 Allocated internal market risk capital by business segment and source of risk (total portfolio before tax and noncontrolling interests) 197
C 092 Impact of standard financial scenarios on internal capital ratios (total portfolio before non-controlling interests and after tax and Group diversification) 197
C 093 Allocated internal credit risk capital by business segment, (total portfolio before tax and non-controlling interests) as of 31 December 2012 [31 December 2011] 200
C 100 Property-Casualty loss ratios for the past nine years 204
C 101 The five largest single accumulation scenarios: Loss potential net of reinsurance for individual events, measured at a probability level of one loss in 250 years (99.6 % confidence level) 205
C 102 Allocated internal business risk capital by business segment (total portfolio before tax and non-controlling interests) as of 31 December 2012 [31 December 2011] 206
C 103 Allocated internal operational risk capital by business segment (total portfolio before tax and non-controlling interests) as of 31 December 2012 [31 December 2011] 207
D 015 Gan Eurocourtage – Impact on the consolidated statement of cash flows 254
D 020 Allianz Bank Polska – Impact on the consolidated statement of cash flows 256
D 021 Coparc – Impact on the consolidated statement of cash flows 256
D 028 Business segment information – Total revenues and reconciliation of Operating profit (loss) to Net income (loss) 262
D 030 Reportable segments – Life/Health 266 D 031 Reportable segments –
& Other 270 D 033 Cash and cash equivalents 272 D 034 Financial assets carried at fair value through income 272
D 039 Contractual term to maturity 275 D 040 Real estate held for investment 275 D 041 Loans and advances to banks and customers 276 D 042 Loans and advances to banks and customers by con-tractual maturity 276 D 043 Loans and advances to banks and customers by geographic region 277 D 044 Loans and advances to customers
D 074 Calendar year premiums earned and ultimate loss ratio for the individual accident years at the respective reporting date (net) 292
D 076 Composition of reserves for loss and LAE by line of business 295
D 077 Changes in reserves for loss and LAE during 2012 296
D 082 Aggregate policy reserves 299 D 083 Changes in aggregate policy reserves for participating life insurance contracts and traditional long-duration insurance contracts 299
D 084 Changes in aggregate policy reserves for universal life-type insurance contracts and non-unit-linked investment contracts 300
Life/Health segment 302 D 087 Weighted average guaranteed minimum interest rates 303 D 088 Financial liabilities for unit-linked contracts 304 D 089 Changes in financial liabilities for unit-linked insurance contracts and unit-linked investment contracts 304
D 090 Other liabilities 305 D 091 Certificated liabilities 306 D 092 Participation certificates and subordinated liabilities 307
D 095 Changes in treasury shares 309 D 096 Non-controlling interests 310 D 097 Premiums earned (net) 311 D 098 Interest and similar income 312 D 099 Income from financial assets and liabilities carried at fair value through income (net) 313
D 100 Realized gains/losses (net) 314 D 101 Fee and commission income 315 D 102 Other income 316 D 103 Income and expenses from fully consolidated private equity investments 316 D 104 Claims and insurance benefits incurred (net) 317 D 105 Change in reserves for insurance and investment contracts (net) 318 D 106 Interest expenses 319 D 107 Loan loss provisions 319 D 108 Impairments of investments (net) 319 D 109 Investment expenses 320 D 110 Acquisition and administrative expenses (net) 320 D 111 Fee and commission expenses 321 D 112 Other expenses 321 D 113 Income taxes 321 D 114 Income taxes relating to components of other comprehensive income 322 D 115 Effective tax rate 322 D 116 Deferred tax assets and liabilities 323 D 117 Tax losses carried forward 323 D 118 Derivative financial instruments 325 D 119 Fair values and carrying amounts of financial instruments 327 D 120 Fair value hierarchy 2012 329 D 121 Fair value hierarchy 2011 330 D 122 Transfers between Level 1 and
D 123 Reconciliation of Level 3 financial assets 332 D 124 Reconciliation of Level 3 financial liabilities 332 D 125 Contractual obligations 334 D 126 Loan commitments 337 D 127 Future minimum lease payments 337
D 129 Assets pledged as collateral 340 D 130 Reconciliation defined benefit plans balance sheet 341 D 131 Reconciliation defined benefit obligation and plan assets 342 D 132 Defined benefit plans – expenses recognized 342 D 133 Summary of amounts related to defined benefit plans 343 D 134 Assumptions for defined benefit plans 343 D 135 Long-term return on plan assets 344 D 136 Allocation of plan assets 344 D 137 Assumptions of SAR plans 345
Allianz SE options 349 D 143 Provisions for restructuring plans 350 D 144 Basic earnings per share 353 D 145 Diluted earnings per share 353 D 146 Number of employees 354 D 147 Personnel expenses 354 D 148 KPMG fees 354
1 The German Securities Trading Act (“Wertpapierhandelsgesetz”) obliges issuers to announce immediately any information which may have a substantial price impact, irrespective of the communicated schedules. 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.