The RSU granted to a plan participant obligate the Allianz Group to pay in cash the average closing price of an Allianz SE share on the last day of the vesting period and the prior nine trading days, or to convert one RSU into one Allianz SE share. The payout is capped at a 200 % share price growth above the grant price.
The following table provides the assumptions used in calculating the fair value of the RSUs at grant date: assumPtions of aei Plans 1 The RSUs 2017 are deemed to have been granted to participants as part of their 2016 remuneration. Consequently, the assumptions for RSU grants delivered in March 2017 are based on best estimation.
As of 31 December 2016, the Allianz Group recorded provisions of € 405 Mn (2015: € 470 Mn) for these RSUs in Other liabilities.
PIMCO LLC CLASS M-UNIT PLAN In 2008, AllianzGI L.P. launched a new management share-based payment incentive plan for certain senior level executives and affiliates of PIMCO LLC. Participants in the plan are granted options to acquire a new class of equity instruments (M-units), which vest in one-third increments on approximately the third, fourth and fifth anniversary of the option grant date. Upon vesting, options will automatically be exercised in a cashless trans action, but only if they are in the money. Participants may elect to defer the receipt of M-units through the M-unit Deferral Plan until termination of their service at the latest. With the M-unit Plan, participants can directly participate in PIMCO’S performance. Class M-units are non-voting common equity with limited information rights. They bear quarterly distributions equal to a pro-rata share of PIMCO’S net distributable income. Deferred M-units have a right to receive a quarterly cash compensation equal to and in lieu of quarterly dividend payments.
A maximum of 250,000 M-units are authorized for issuance under the M-unit Plan.
1 For further details regarding the description and the conditions of the PImCO LLC Class B­Unit Purchase Plan, please refer to the Annual Report 2015, note 49 Share­based compensation plans.
Weighted-average fair value of options granted € 259.64 – Assumptions: Expected term (years) 3.84 – Expected volatility % 24.8 – Expected dividend yield % 14.9 – Risk free rate of return % 1.3 –
The number and weighted-average exercise price of the M-unit options outstanding and exercisable are as follows: Reconciliation of outstanDing m-unit oPtions
The aggregate intrinsic value of share options outstanding was € – Mn for the years ended 31 December 2016 and 2015, respectively.
The share options settled by delivery of PIMCO LLC shares are accounted for as equity-settled plans by PIMCO LLC. Therefore, PIMCO LLC measures the total compensation expense to be recognized for the equity-settled shares based on their fair value as of the grant date. The total compensation expense is recognized over the vesting period.
EMPLOYEE STOCK PURCHASE PLANS The Allianz Group offers Allianz SE shares in 20 countries to entitled employees at favorable conditions. The shares have a minimum holding period of one to five years. During the year ended 31 December 2016, the number of shares sold to employees under these plans was 617,084 (2015: 575,584). During the year ended 31 December 2016, the Allianz Group recognized the difference between the issue price charged to the subsidiaries of the Allianz Group and the discounted price of the shares purchased by employees, amounting to € 20 Mn (2015: € 18 Mn) as compensation expenses.
42 – Earnings per share Earnings per share are calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding (excluding treasury shares of 2,300,630 for 2016 (2015: 2,632,723)). For the calculation of diluted earnings per share, nominator and denominator are adjusted for the effects of potentially dilutive common shares. These effects arise from various share-based compensation plans of the Allianz Group.
Weighted average number of common shares outstanding – basic 454,699,370 454,367,277 Potentially dilutive common shares 2,743,620 61,755 Weighted average number of common shares outstanding – diluted 457,442,990 454,429,033
Basic earnings per share (€) 15.14 14.56 Diluted earnings per share (€) 15.00 14.55 43 – Other information NUMBER OF EMPLOYEES As of 31 December 2016, the Allianz Group employed 140,253 (2015: 142,459) people, thereof in Germany 40,167 (2015: 40,600). The average total number of employees for the year ended 31 December 2016 was 142,066.
The Declaration of Compliance of the publicly traded group company Oldenburgische Landesbank AG was issued in December 2016 and has been made available to shareholders on a permanent basis.
Furthermore, in January 2017 Allianz SE issued a subordinated bond in the amount of € 1.0 bn with a scheduled maturity in July 2047, but with ordinary call rights of Allianz beginning in July 2027. The coupon of 3.099 % is fixed until July 2027.
Also in January 2017, Allianz SE issued a subordinated bond in the amount of USD 0.6 bn with a scheduled maturity in January 2049, but with ordinary call rights of Allianz beginning in January 2029. The coupon of 5.1 % is fixed until January 2029.
SHARE BUY-BACK PROGRAM AND CAPITAL MANAGEMENT On 16 February 2017, Allianz SE has decided to launch a share buy-back program with a volume of up to € 3 bn and to simplify capital management to make it more flexible. For further details, please refer to the section “Expected dividend development” of the chapter Outlook 2017 within the Group Management Report.
The equity-related remuneration is comprised in 2016 of 66,6941 (2015: 79,6722) Restricted Stock Units (RSU).
In 2016, remuneration and other benefits totaling € 7 Mn (2015: € 7 Mn) were paid to former members of the Board of Management and dependents, while reserves for current pension obligations and accrued pension rights totaled € 126 Mn (2015: € 122 Mn).
The total remuneration for all Supervisory Board members, including attendance fees, amounted to € 2.0 Mn (2015: € 2.0 Mn).
Board of Management and Supervisory Board compensation by individual is included in the Remuneration Report. The information provided there is considered part of these consolidated financial statements.
2 The disclosure in the Annual Report 2015 was based on a best estimate of the RSU grants. The figure shown here for 2015 now includes the actual fair value as of the grant date (4 March 2016). The value therefore differs from the amount disclosed last year.
Allianz Re Asia, Frankfurt am Main 100.0 3 Allianz Real Estate Germany GmbH, Stuttgart 100.0 Allianz Real Estate GmbH, Munich 100.0 Allianz Rechtsschutz-Service GmbH, Munich 100.0 Allianz Renewable Energy Management GmbH, Sehestedt 100.0 Allianz Renewable Energy Subholding GmbH & Co. KG, Sehestedt 100.0 Allianz RFG Fonds, Frankfurt am Main 100.0 3 Allianz Risk Consulting GmbH, Munich 100.0 Allianz SDR Fonds, Frankfurt am Main 100.0 3 Allianz SE-PD Fonds, Frankfurt am Main 100.0 3 Allianz Service Center GmbH, Munich 100.0 Allianz SOA Fonds, Frankfurt am Main 100.0 3 Allianz Stromversorgungs-GmbH, Munich 100.0 Allianz Taunusanlage GbR, Stuttgart 99.5 Allianz Treuhand GmbH, Stuttgart 100.0 Allianz UGD 1 Fonds, Frankfurt am Main 100.0 3 Allianz VAE Fonds, Frankfurt am Main 100.0 3 Allianz Venture Partners Beteiligungs GmbH, Munich 100.0 Allianz Versicherungs-Aktiengesellschaft, Munich 100.0 Allianz VGI 1 Fonds, Frankfurt am Main 100.0 3 Allianz VGL Fonds, Frankfurt am Main 100.0 3 Allianz VKA Fonds, Frankfurt am Main 100.0 3 Allianz VKRD Fonds, Frankfurt am Main 100.0 3 Allianz V-PD Fonds, Frankfurt am Main 100.0 3 Allianz VSR Fonds, Frankfurt am Main 100.0 3 Allianz VW AV Fonds, Frankfurt am Main 100.0 3 Allianz Warranty GmbH, Unterföhring 100.0 Allianz X GmbH, Munich 100.0 AllianzGI-Fonds APF Renten, Frankfurt am Main 36.8 2,5 AllSecur Deutschland AG, Munich 100.0 APK Infrastrukturfonds GmbH, Munich 100.0 APK-Argos 75 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 APKV Direkt Infrastruktur GmbH, Munich 100.0 APKV Infrastrukturfonds GmbH, Munich 100.0 APKV Private Equity Fonds GmbH, Munich 100.0 APKV-Argos 74 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 ARE Brep Acht Vermögensbeteiligungsgesellschaft mbH & Co. KG, Munich 100.0 Atropos Vermögensverwaltungsgesellschaft mbH, Munich 100.0 Auros GmbH, Munich 100.0 Auros II GmbH, Munich 100.0 AWP Service Deutschland GmbH, Aschheim 100.0 AZ-Arges Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AZ-Argos 14 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AZ-Argos 41 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AZ-Argos 44 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 50 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 51 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 57 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 58 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 61 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 64 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 69 Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AZ-Argos 70 Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZ-Argos 71 Vermögensverwaltungsgesellschaft mbH & Co.KG, Munich 100.0 AZ-GARI Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 AZL AI Nr. 1 GmbH, Munich 100.0 AZL PE Nr. 1 GmbH, Munich 100.0 AZL-Argos 73 Vermögensverwaltungs- gesellschaft mbH, Munich 100.0 AZRE AZD P&C Master Fund, Munich 100.0 3 AZS-Arges Vermögensverwaltungsgesellschaft mbH, Munich 100.0 AZ-SGD Direkt Infrastruktur GmbH, Munich 100.0 AZ-SGD Infrastrukturfonds GmbH, Munich 100.0
AZ-SGD Private Equity Fonds 2 GmbH, Munich 100.0 AZ-SGD Private Equity Fonds GmbH, Munich 100.0 AZT Automotive GmbH, Ismaning 100.0 AZV-Argos 72 Vermögensverwaltungs- gesellschaft mbH, Munich 100.0 BrahmsQ Objekt GmbH & Co. KG, Stuttgart 94.8 dbi-Fonds Ammerland, Frankfurt am Main 100.0 3 dbi-Fonds DAV, Frankfurt am Main 100.0 3 dbi-Fonds WE, Frankfurt am Main 100.0 3 Deutsche Lebensversicherungs-Aktiengesellschaft, Berlin 100.0 Donator Beratungs GmbH, Munich 100.0 Donator Beteiligungsverwaltung GmbH, Munich 100.0 Euler Hermes Aktiengesellschaft, Hamburg 100.0 Euler Hermes Collections GmbH, Potsdam 100.0 Euler Hermes Rating Deutschland GmbH, Hamburg 95.0 GA Global Automotive Versicherungsservice GmbH, Halle (Saale) 100.0 InnoSolutas GmbH, Bad Friedrichshall 100.0 Kaiser X Labs GmbH, Munich 100.0 KomfortDynamik Sondervermögen, Frankfurt am Main 95.1 5 KVM ServicePlus - Kunden- und Vertriebsmanagement GmbH, Halle (Saale) 100.0 Lola Vermögensverwaltungsgesellschaft mbH & Co. KG, Munich 100.0 META Finanz-Informationssysteme GmbH, Munich 100.0 MileBox UG (haftungsbeschränkt), Munich 100.0 Mondial Kundenservice GmbH, Nuremberg 100.0 Münchener und Magdeburger Agrarversicherung Aktiengesellschaft, Munich 100.0 My Finance Coach Stiftung GmbH, Munich 100.0 Oldenburgische Landesbank Aktiengesellschaft, Oldenburg 90.2 PIMCO Deutschland GmbH, Munich 100.0 4 REC Frankfurt Objekt GmbH & Co. KG, Hamburg 80.0 REC Frankfurt zweite Objektverwaltungsgesellschaft mbH, Hamburg 60.0 RehaCare GmbH, Munich 100.0 risklab GmbH, Munich 100.0 Roland Holding GmbH, Munich 75.6 Seine GmbH, Munich 100.0 Signa 12 Verwaltungs GmbH, Düsseldorf 94.9 Spherion Beteiligungs GmbH & Co. KG, Stuttgart 94.9 Spherion Objekt GmbH & Co. KG, Stuttgart 100.0 UfS Beteiligungs-GmbH, Munich 100.0 VLS Versicherungslogistik GmbH, Berlin 100.0 Volkswagen Autoversicherung AG, Braunschweig 100.0 Volkswagen Autoversicherung Holding GmbH, Braunschweig 49.0 2 Windpark Aller-Leine-Tal GmbH & Co. KG, Sehestedt 100.0 Windpark Berge-Kleeste GmbH & Co. KG, Sehestedt 100.0 Windpark Büttel GmbH & Co. KG, Sehestedt 100.0 Windpark Calau GmbH & Co. KG, Sehestedt 100.0 Windpark Cottbuser See GmbH & Co. KG, Sehestedt 100.0 Windpark Dahme GmbH & Co. KG, Sehestedt 100.0 Windpark Eckolstädt GmbH & Co. KG, Sehestedt 100.0 Windpark Emmendorf GmbH & Co. KG, Sehestedt 100.0 Windpark Freyenstein-Halenbeck GmbH & Co. KG, Sehestedt 100.0 Windpark Kesfeld-Heckhuscheid GmbH & Co. KG, Sehestedt 100.0 Windpark Kirf GmbH & Co. KG, Sehestedt 100.0 Windpark Kittlitz GmbH & Co. KG, Sehestedt 100.0 Windpark Pröttlin GmbH & Co. KG, Sehestedt 100.0 Windpark Quitzow GmbH & Co. KG, Sehestedt 100.0 Windpark Redekin-Genthin GmbH & Co. KG, Sehestedt 100.0 Windpark Schönwalde GmbH & Co. KG, Sehestedt 100.0 Windpark Waltersdorf GmbH & Co. KG Renditefonds, Sehestedt 100.0 Windpark Werder Zinndorf GmbH & Co. KG, Sehestedt 100.0
Grundstücksgesellschaft der Vereinten Versicherungen mbH, Munich 100.0 IDS GmbH - Analysis and Reporting Services, Munich 100.0 Infrastruktur Putlitz Ost GmbH & Co. KG, Husum 70.8 manroland AG, Offenbach am Main 100.0 6,7 manroland Vertrieb und Service GmbH, Mühlheim am Main 100.0 7 OLB-Immobiliendienst-GmbH, Oldenburg 100.0 OLB-Service GmbH, Oldenburg 100.0
Allianz Africa S.A., Paris la Défense 100.0 Allianz Africa Services SA, Abidjan 100.0 Allianz Air France IFC, Paris 100.0 5 Allianz Alapkezelõ Zrt., Budapest 100.0 Allianz Amerika Aandelen Fonds, Rotterdam 91.9 5 Allianz Annuity Company of Missouri, Clayton, MO 100.0 Allianz Argentina Compañía de Seguros Generales S.A., Buenos Aires 100.0 Allianz Argentina RE S.A., Buenos Aires 100.0 Allianz Asac Actions, Paris 100.0 3 Allianz Asset Management of America Holdings Inc., Dover, DE 100.0 Allianz Asset Management of America L.P., Dover, DE 100.0 Allianz Asset Management of America LLC, Dover, DE 100.0 Allianz Asset Management U.S. Holding II LLC, Dover, DE 100.0 Allianz Australia Advantage Ltd., Sydney 100.0 Allianz Australia Claim Services Pty Limited, Sydney 100.0 Allianz Australia Employee Share Plan Pty Ltd., Sydney 100.0 Allianz Australia Insurance Limited, Sydney 100.0 Allianz Australia Life Insurance Limited, Sydney 100.0 Allianz Australia Limited, Sydney 100.0 Allianz Australia Partnership Services Pty Limited, Sydney 100.0 Allianz Australia Services Pty Limited, Sydney 100.0 Allianz Australia Workers Compensation (NSW) Limited, Sydney 100.0 Allianz Australia Workers Compensation (Victoria) Limited, Melbourne 100.0 Allianz Australian Real Estate Trust, Sydney 100.0 3 Allianz Aviation Managers LLC, Burbank, CA 100.0 Allianz Ayudhya Assurance Public Company Limited, Bangkok 62.6 Allianz Bank Bulgaria AD, Sofia 99.9 Allianz Bank Financial Advisors S.p.A., Milan 100.0 Allianz Banque S.A., Puteaux 100.0 Allianz Benelux S.A., Brussels 100.0 Allianz Bénin Assurances SA, Cotonou 83.5 Allianz Bonds Diversified Euro, Paris 100.0 3 Allianz Bonds Euro High Yield, Paris 100.0 3 Allianz Bulgaria Holding AD, Sofia 66.2 Allianz Burkina Assurances SA, Ouagadougou 60.3 Allianz Burkina Assurances Vie SA, Ouagadougou 71.8 Allianz Business Services Limited, Lancaster 100.0 Allianz business services s.r.o., Bratislava 100.0 Allianz C.P. General Insurance Co. Ltd., Bangkok 100.0 Allianz Cameroun Assurances SA, Douala 75.4 Allianz Cameroun Assurances Vie SA, Douala 75.8 Allianz Capital Partners of America Inc., New York, NY 100.0 Allianz Carbon Investments B.V., Amsterdam 100.0 Allianz Cash SAS, Paris la Défense 100.0 Allianz Centrafrique Assurances SA, Bangui 88.3 Allianz Chicago Private Reit LP, Wilmington, DE 100.0 Allianz China General Insurance Company Ltd., Guangzhou 100.0 Allianz China Life Insurance Co. Ltd., Shanghai 51.0 Allianz Colombia S.A., Bogotá D.C. 100.0 Allianz Combinatie Fonds, Rotterdam 94.2 5 Allianz Compañía de Seguros y Reaseguros S.A., Barcelona 99.9 Allianz Congo Assurances SA, Brazzaville 100.0 Allianz Cornhill Information Services Private Ltd., Trivandrum 100.0 Allianz Côte d'Ivoire Assurances SA, Abidjan 74.1 Allianz Côte d'Ivoire Assurances Vie SA, Abidjan 71.0 Allianz Creactions 1, Paris 100.0 3 Allianz Creactions 2, Paris 100.0 3 Allianz Crowdfunding Fund I FPCI, Paris 100.0 5 Allianz Defensief Mix Fonds, Rotterdam 100.0 5 Allianz Digital Corporate Ventures S.à r.l., Luxembourg 100.0 Allianz Discovery Asia Strategy, Senningerberg 54.0 5 Allianz do Brasil Participações Ltda., São Paulo 100.0 Allianz Duurzaam Wereld Aandelen Fonds, Rotterdam 49.2 2,5 Allianz Edukacja S.A., Warsaw 100.0 Allianz Egypt for Financial Investments Company S.A.E., New Cairo 100.0 Allianz Elementar Lebensversicherungs-Aktiengesellschaft, Vienna 100.0 Allianz Elementar Versicherungs-Aktiengesellschaft, Vienna 100.0 Allianz EM Loans S.C.S., Luxembourg 100.0 Allianz Emerging Markets Flexible Bond, Senningerberg 90.0 5 Allianz Engineering Inspection Services Limited, Guildford 100.0 Allianz Equity Emerging Markets 1, Paris 100.0 3 Allianz Equity Investments Ltd., Guildford 100.0
Allianz Multi Croissance, Paris 100.0 5 Allianz Multi Dynamisme, Paris 94.5 5 Allianz Multi Equilibre, Paris 98.2 5 Allianz Multi Horizon 2021-2023, Paris 48.4 2,5 Allianz Multi Horizon 2024-2026, Paris 58.8 5 Allianz Multi Horizon 2027-2029, Paris 63.2 5 Allianz Multi Horizon 2030-2032, Paris 100.0 5 Allianz Multi Horizon 2033-2035, Paris 100.0 5 Allianz Multi Horizon 2036-2038, Paris 100.0 5 Allianz Multi Horizon 2039-2041, Paris 100.0 5 Allianz Multi Horizon Court Terme, Paris 75.3 5 Allianz Multi Horizon Long Terme, Paris 74.5 5 Allianz Multi Opportunités, Paris 99.3 5 Allianz Multi Rendement Premium (R), Paris 91.2 5 Allianz Multi Rendement Réel, Paris 89.1 5 Allianz Multi Sérénité, Paris 99.8 5 Allianz Mutual Funds Management Company S.A., Athens 100.0 Allianz Nederland Asset Management B.V., Rotterdam 100.0 Allianz Nederland Groep N.V., Rotterdam 100.0 Allianz Nederland Levensverzekering N.V., Rotterdam 100.0 Allianz New Europe Holding GmbH, Vienna 100.0 Allianz New Zealand Limited, Auckland 100.0 Allianz of America Inc., Wilmington, DE 100.0 Allianz Offensief Mix Fonds, Rotterdam 100.0 5 Allianz One Beacon GP LLC, Wilmington, DE 100.0 Allianz One Beacon LP, Wilmington, DE 100.0 Allianz Opéra, Paris 100.0 3 Allianz Osmea 4, Paris 100.0 5 Allianz p.l.c., Dublin 100.0 Allianz Pacific Aandelen Fonds, Rotterdam 91.4 5 Allianz Pension Fund Trustees Ltd., Guildford 100.0 Allianz Pensionskasse Aktiengesellschaft, Vienna 100.0 Allianz penzijní spolecnost a.s., Prague 100.0 Allianz Pimco Corporate, Vienna 81.8 5 Allianz Pimco Mortgage, Vienna 97.3 5 Allianz PNB Life Insurance Inc., Makati City 51.0 Allianz pojistovna a.s., Prague 100.0 Allianz Polska Services Sp. z o.o., Warsaw 100.0 Allianz Popular Asset Management SGIIC S.A., Madrid 100.0 Allianz Popular Pensiones EGFP S.A., Madrid 100.0 Allianz Popular S.L., Madrid 60.0 Allianz Popular Vida Compañía de Seguros y Reaseguros S.A., Madrid 100.0 Allianz Potential, Paris 100.0 5 Allianz Presse US REIT GP LLC, Wilmington, DE 100.0 Allianz Presse US REIT LP, Wilmington, DE 100.0 Allianz Private Equity Partners Europa I, Milan 86.8 3 Allianz Private Equity Partners Europa II, Milan 92.0 3 Allianz Private Equity Partners Europa III, Milan 99.6 3 Allianz Private Equity Partners IV, Milan 100.0 3 Allianz Private Equity Partners V, Milan 100.0 3 Allianz Private Equity UK Holdings Limited, London 100.0 Allianz Properties Limited, Guildford 100.0 Allianz Prudence, Paris 99.8 5 Allianz Re Dublin dac, Dublin 100.0 Allianz Real Estate France SAS, Paris 100.0 Allianz Real Estate of America LLC, New York, NY 100.0 Allianz Renewable Energy Fund Management 1 Ltd., London 100.0 Allianz Renewable Energy Management AT GmbH, Pottenbrunn 100.0 Allianz Renewable Energy Management AT II GmbH, Pottenbrunn 100.0 Allianz Renewable Energy Partners I LP, London 100.0 Allianz Renewable Energy Partners II Limited, London 100.0 Allianz Renewable Energy Partners III LP, London 98.8 Allianz Renewable Energy Partners IV Limited, London 98.8 Allianz Renewable Energy Partners of America LLC, Wilmington, DE 100.0 Allianz Renewable Energy Partners V plc., London 100.0 Allianz Renewable Energy Partners VI Limited, London 100.0 Allianz Renewable Energy Partners VII LP, London 100.0 Allianz Renewable Energy Partners VIII Limited, London 100.0 Allianz Risk Consultants Inc., Los Angeles, CA 100.0 Allianz Risk Transfer (Bermuda) Ltd., Hamilton 100.0 Allianz Risk Transfer (UK) Limited, London 100.0 Allianz Risk Transfer AG, Schaan 100.0 Allianz Risk Transfer Inc., New York, NY 100.0 Allianz Risk Transfer N.V., Amsterdam 100.0 Allianz S.A. de C.V., Mexico City 100.0 Allianz S.p.A., Trieste 100.0 Allianz Saint Marc CL, Paris 100.0 5
AMOS of America Inc., Wilmington, DE 100.0 Ann Arbor Annuity Exchange Inc., Ann Arbor, MI 100.0 APEH Europe VI, Paris 99.6 3 APK US Investment GP LLC, Wilmington, DE 100.0 APK US Investment LP, Wilmington, DE 100.0 APKV US Private REIT GP LLC, Wilmington, DE 100.0 APKV US Private REIT LP, Wilmington, DE 100.0 APP Broker S.r.l., Trieste 100.0 Arab Gulf Health Services LLC, Dubai 100.0 Arcalis Retraite S.A., Paris la Défense 100.0 Arcalis UN, Paris 100.0 5 Arges Investments I N.V., Amsterdam 100.0 Arges Investments II N.V., Amsterdam 100.0 Asit Services S.R.L., Bucharest 100.0 Assistance Courtage d'Assurance et de Réassurance S.A., Courbevoie 100.0 Associated Indemnity Corporation, Los Angeles, CA 100.0 Assurances Médicales SA, Metz 100.0 Avip Actions 100, Paris 100.0 5 Avip Actions 60, Paris 100.0 5 Avip Top Croissance, Paris 99.0 5 Avip Top Defensif, Paris 98.8 5 Avip Top Harmonie, Paris 96.9 5 AWP Contact Center Italia S.r.l., Milan 100.0 AWP France SAS, Saint-Ouen 95.0 AWP Health & Life S.A., Paris la Défense 100.0 AWP Indian Ocean LLC, Ebene 100.0 AWP Mexico S.A. de C.V., Mexico City 100.0 AWP P&C S.A., Saint-Ouen 100.0 AWP Réunion SAS, Saint-Denis 100.0 AWP Romania S.A., Bucharest 100.0 AWP Services Singapore Pte. Ltd., Singapore 100.0 AWP Servicios Mexico S.A. de C.V., Mexico City 100.0 AWP Solutions CR a SR s.r.o., Prague 100.0 AWP USA Inc., Richmond, VA 100.0 AZ Euro Investments II S.à r.l., Luxembourg 100.0 AZ Euro Investments S.à r.l., Luxembourg 100.0 AZ Jupiter 10 B.V., Amsterdam 100.0 AZ Jupiter 4 B.V., Amsterdam 100.0 AZ Jupiter 8 B.V., Amsterdam 100.0 AZ Jupiter 9 B.V., Amsterdam 100.0 AZ Real Estate GP LLC, New York, NY 100.0 AZ Servisni centar d.o.o., Zagreb 100.0 AZ Vers US Private REIT GP LLC, Wilmington, DE 100.0 AZ Vers US Private REIT LP, Wilmington, DE 100.0 AZGA Insurance Agency Canada Ltd., Kitchener, ON 100.0 AZGA Service Canada Inc., Kitchener, ON 55.0 AZL PF Investments Inc., Minneapolis, MN 100.0 AZOA C.V., Amsterdam 100.0 AZOA Services Corporation, New York, NY 100.0 Beleggingsmaatschappij Willemsbruggen B.V., Rotterdam 100.0 Beykoz Gayrimenkul Yatirim Insaat Turizm Sanayi ve Ticaret A.S., Ankara 100.0 Bilan Services S.N.C., Nanterre 66.0 Biuro Informacji Gospodarczej Euler Hermes S.A., Warsaw 100.0 Borgo San Felice S.r.l., Castelnuovo Berardenga (Siena) 100.0 Botanic Building SPRL, Brussels 100.0 BPS Brindisi 211 S.r.l., Lecce 100.0 BPS Brindisi 213 S.r.l., Lecce 100.0 BPS Brindisi 222 S.r.l., Lecce 100.0 BPS Mesagne 214 S.r.l., Lecce 100.0 BPS Mesagne 215 S.r.l., Lecce 100.0 BPS Mesagne 216 S.r.l., Lecce 100.0 BPS Mesagne 223 S.r.l., Lecce 100.0 BPS Mesagne 224 S.r.l., Lecce 100.0 Brasil de Imóveis e Participações Ltda., São Paulo 100.0 Bravo II CIV LLC, Wilmington, DE 100.0 Bright Mission Berhad Ltd., Kuala Lumpur 100.0 British Reserve Insurance Co. Ltd., Guildford 100.0 Brobacken Nät AB, Stockholm 100.0 BSMC (Thailand) Limited, Bangkok 100.0 Bulgaria Net AD, Sofia 98.4 Bureau d'Expertises Despretz S.A., Brussels 100.0 Calobra Investments Sp. z o.o., Warsaw 100.0 Calypso S.A., Paris la Défense 100.0 CAP Rechtsschutz-Versicherungsgesellschaft AG, Wallisellen 100.0 Caroline Berlin S.C.S., Luxembourg 93.2 Central Shopping Center a.s., Bratislava 100.0 Centrale Photovoltaique de Saint Marcel sur aude SAS, Paris 100.0 Centrale Photovoltaique de Valensole SAS, Paris 100.0 CEPE de Bajouve S.à r.l., Versailles 100.0
PIMCO Emerging Markets Bond Fund III, George Town 41.6 2,5 PIMCO Euro Low Duration Investment Grade Corporate Fund, Dublin 100.0 3 PIMCO Europe Ltd., London 100.0 PIMCO GIS Global Libor Plus Bond Fund, Dublin 80.2 5 PIMCO Global Advisors (Ireland) Ltd., Dublin 100.0 PIMCO Global Advisors (Luxembourg) S.A., Luxembourg 100.0 PIMCO Global Advisors (Resources) LLC, Dover, DE 100.0 PIMCO Global Advisors LLC, Dover, DE 100.0 PIMCO Global Holdings LLC, Dover, DE 100.0 PIMCO GP I LLC, Wilmington, DE 100.0 PIMCO GP II S.à r.l., Luxembourg 100.0 PIMCO GP III LLC, Wilmington, DE 100.0 PIMCO GP IX LLC, Wilmington, DE 100.0 PIMCO GP S.à r.l., Luxembourg 100.0 PIMCO GP V LLC, Wilmington, DE 100.0 PIMCO GP VII LLC, Wilmington, DE 100.0 PIMCO GP X LLC, Wilmington, DE 100.0 PIMCO GP XI LLC, Wilmington, DE 100.0 PIMCO GP XII LLC, Wilmington, DE 100.0 PIMCO GP XIII LLC, Wilmington, DE 100.0 PIMCO GP XIV LLC, Wilmington, DE 100.0 PIMCO GP XIX LLC, Wilmington, DE 100.0 PIMCO GP XV LLC, Wilmington, DE 100.0 PIMCO GP XVI LLC, Wilmington, DE 100.0 PIMCO GP XVII LLC, Wilmington, DE 100.0 PIMCO GP XVIII LLC, Wilmington, DE 100.0 PIMCO GP XX LLC, Wilmington, DE 100.0 PIMCO Investments LLC, Dover, DE 100.0 PIMCO Japan Ltd., Road Town 100.0 PIMCO Latin America Administradora de Carteiras Ltda., Rio de Janeiro 100.0 PIMCO RAE Fundamental Emerging Markets Fund, Dublin 75.4 5 PIMCO RAE Fundamental Europe Fund, Dublin 71.2 5 PIMCO RAE Fundamental Global Developed Fund, Dublin 35.5 2,5 PIMCO RAE Fundamental Global Equities Plus Fundo de Investimento Multimercado Investimento no Exterior, Rio de Janeiro 100.0 5 PIMCO RAE Fundamental US Fund, Dublin 54.4 5 PIMCO Real Return Limited Duration Fund, Boston, MA 80.0 5 PIMCO RealPath 2055 Fund, Boston, MA 71.1 5 PIMCO RealPath Blend 2020 Fund, Wilmington, DE 62.3 5 PIMCO RealPath Blend 2025 Fund, Wilmington, DE 76.6 5 PIMCO RealPath Blend 2030 Fund, Wilmington, DE 43.5 2,5 PIMCO RealPath Blend 2035 Fund, Wilmington, DE 48.2 2,5 PIMCO RealPath Blend 2040 Fund, Wilmington, DE 79.4 5 PIMCO RealPath Blend 2045 Fund, Wilmington, DE 82.2 5 PIMCO RealPath Blend 2050 Fund, Wilmington, DE 69.9 5 PIMCO RealPath Blend 2055 Fund, Wilmington, DE 85.2 5 PIMCO RealPath Blend Income Fund, Wilmington, DE 85.7 5 PIMCO REIT Management LLC, Wilmington, DE 100.0 PIMCO Select U.S. High Yield BB-B Bond Fund, Dublin 46.0 2,5 PIMCO-World Bank Gemloc Fund, Luxembourg 100.0 5 POD Allianz Bulgaria AD, Sofia 65.9 Primacy Underwriting Management Limited, Wellington 100.0 Primacy Underwriting Management Pty Ltd., Melbourne 100.0 Prosperaz Fundo de Investimento Renda Fixa Crédito Privado, São Paulo 100.0 3 Protexia France S.A., Paris la Défense 100.0 PT Asuransi Allianz Life Indonesia p.l.c., Jakarta 99.8 PT Asuransi Allianz Utama Indonesia Ltd., Jakarta 97.8 PT Blue Dot Services, Jakarta 100.0 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 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 3 Rävaberget Nät AB, Stockholm 100.0 RB Fiduciaria S.p.A., Milan 100.0 RCM Dynamic Multi-Asset Plus VIT, Boston, MA 56.9 5 Real Faubourg Haussmann SAS, Paris la Défense 100.0 Real FR Haussmann SAS, Paris la Défense 100.0 Redoma S.à r.l., Luxembourg 100.0 Rhea SA, Luxembourg 100.0 Risikomanagement und Softwareentwicklung GmbH, Vienna 100.0 Rivage Richelieu 1 FCP, Paris 100.0 3
Rogge Alternative Investment Company Ltd., London 100.0 Rogge Global Partners Asia Pte. Ltd., Singapore 100.0 Rogge Global Partners Inc., Wilmington, DE 100.0 Rogge Global Partners Ltd., London 100.0 SA Carène Assurance, Paris 100.0 Saarenkylä Tuulipuisto Oy, Oulu 100.0 Saint-Barth Assurances S.à r.l., St. Barts 100.0 San Francisco Reinsurance Company, Los Angeles, CA 100.0 SAS 20 pompidou, Paris la Défense 100.0 SAS Allianz Etoile, Paris la Défense 100.0 SAS Allianz Forum Seine, Paris la Défense 100.0 SAS Allianz Logistique, Paris la Défense 100.0 SAS Allianz Platine, Paris la Défense 100.0 SAS Allianz Rivoli, Paris la Défense 100.0 SAS Allianz Serbie, Paris la Défense 100.0 SAS Angel Shopping Centre, Paris la Défense 90.0 SAS Madeleine Opéra, Paris la Défense 100.0 SAS Passage des princes, Paris la Défense 100.0 SAS Société d'Exploitation du Parc Eolien de Nélausa, Paris 100.0 Sättravallen Wind Power AB, Strömstad 100.0 Saudi NEXtCARE LLC, Al Khobar 52.0 SC Tour Michelet, Paris la Défense 100.0 SCI 46 Desmoulins, Paris la Défense 100.0 SCI Allianz ARC de Seine, Paris la Défense 100.0 SCI Allianz Chateaudun, Paris la Défense 100.0 SCI Allianz Invest Pierre, Paris la Défense 100.0 SCI Allianz Messine, Paris la Défense 100.0 SCI AVIP SCPI Selection, Courbevoie 100.0 SCI ESQ, Paris la Défense 75.0 SCI Stratus, Courbevoie 100.0 SCI Via Pierre 1, Paris la Défense 100.0 SCI Volnay, Paris la Défense 100.0 SDIII Energy GmbH & Co. KG, Pottenbrunn 100.0 Silex Gas Management AS, Oslo 100.0 Silex Gas Norway AS, Oslo 100.0 Sion Hall Services Ltd., London 100.0 Sirius S.A., Luxembourg 94.8 SLC "Allianz Life Ukraine", Kiev 100.0 Società Agricola San Felice S.p.A., Milan 100.0 Société de Production D'électricité D'harcourt Moulaine SAS, Versailles 100.0 Société d'Energie Eolien Cambon SAS, Versailles 100.0 Société d'Exploitation du Parc Eolien d'Aussac Vadalle SAS, Paris 100.0 Société Européenne de Protection et de Services d'Assistance à Domicile S.A., Paris 56.0 Société Foncière Européenne B.V., Amsterdam 100.0 Société Nationale Foncière S.A.L., Beirut 66.0 SOFE One Ltd., Bangkok 100.0 SOFE Two Ltd., Bangkok 100.0 Sofiholding S.A., Brussels 100.0 South City Office Broodthaers SA, Brussels 100.0 SpaceCo S.A., Paris 100.0 Standard General Agency Inc., Dallas, TX 100.0 StocksPLUS Management Inc., Dover, DE 100.0 Téléservices et Sécurité "TEL2S" SARL, 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 MI Group Limited, Guildford 99.4 Three Pillars Business Solutions Limited, Guildford 100.0 Ticket Guard Small Amount & Short Term Insurance Co. Ltd., Tokyo 100.0 Tihama Investments B.V., Amsterdam 100.0 Top Immo A GmbH & Co. KG, Vienna 100.0 Top Immo Besitzgesellschaft B GmbH & Co. KG, Vienna 100.0 Top Logistikwerkstatt Assistance 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 Trafalgar Insurance Public Limited Company, Guildford 100.0 TU Allianz Polska S.A., Warsaw 100.0 TU Allianz Zycie Polska S.A., Warsaw 100.0 UP 36 SA, Brussels 100.0 VertBois S.à r.l., Luxembourg 100.0 Vigny Depierre Conseils SAS, Archamps 100.0 Viveole SAS, Versailles 100.0 Volta, Paris 100.0 5 Vordere Zollamtsstraße 13 GmbH, Vienna 100.0 WFC Investments Sp. z o.o., Warsaw 87.5 Windpark AO GmbH, Pottenbrunn 100.0 143Annual Report 2016 Allianz Group
Triskelion Property Holding Designated Activity Company, Dublin 50.0 VGP European Logistics S.à r.l., Senningerberg 50.0 Waterford Blue Lagoon LP, Wilmington, DE 49.0 8
Group's consolidated financial statements. 5 Mutual, private equity or special fund. 6 Group share through indirect holder Roland Holding GmbH, 7 Insolvent.
We have audited the consolidated financial statements prepared by Allianz SE, Munich, comprising the consolidated balance sheets, the consolidated income statements, the consolidated statements of comprehensive income, the consolidated statements of changes in equity, the consolidated statements of cash flows and the notes, together with the group management report for the business year from 1 January to 31 December 2016. The preparation of the consolidated financial statements and the group management report in accordance with IFRSs, as adopted by the EU, and the additional requirements of German commercial law pursuant to § 315a para. 1 HGB [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.
In our opinion, based on the findings of our audit, the consolidated financial statements comply with IFRSs, as adopted by the EU, the additional requirements of German commercial law pursuant to § 315a para. 1 HGB and supplementary provisions of the articles of incorporation and give a true and fair view of the net assets, financial position and results of operations of the Group in accordance with these requirements. The group management report is consistent with the consolidated financial statements, complies with the German statutory requirements, and as a whole provides a suitable view of the Group’s position and suitably presents the opportunities and risks of future development.
The HR Fact Book is the official and most comprehensive report on key human resources facts and figures, highlighting major HR achievements over the past year and revealing the outlook for 2017. Date of publication: 27 March 2017.
Annual General Meeting ______________________________________________________________ 3 May 2017 Financial Results 1Q _________________________________________________________________ 12 May 2017 Financial Results 2Q/Interim Report 6M _________________________________________________ 4 August 2017 Financial Results 3Q ___________________________________________________________ 10 November 2017 Financial Results 2017 ____________________________________________________________ 16 February 2018 Annual Report 2017 ________________________________________________________________ 9 March 2018 Annual General Meeting ______________________________________________________________ 9 May 2018 www.allianz.com/financialcalendar www.allianz.com www.allianz.com/annualreport