Crédit Agricole S.A., Paris 752 2.3 42,659 3,059 12/31/2003 1) Market value Greater-Equal to ¤100 mn and percentage of shares owned Greater-Equal to 5%, or market value Greater-Equal to ¤500 mn, without trading portfolio of banking business. 2) Percentage includes equity participations held by dependent enerprises in full, even if the Group‘s share in this dependent enerprise is under 100% (including consolidated investment funds).
Equity investments held by asset management companies Interest of the Allianz Group in the Asset Management companies
OTHER SELECTED HOLDINGS IN LISTED COMPANIES1) Equity owned2) Group equity Net Profit Balance sheet
Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München, Munich 2,028 9.8 19,382 (468 ) 12/31/2003
The evidence supporting the amounts and disclosures in the consolidated financial statements are examined on a test basis within the framework of the audit. The audit includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion.
December 31, 2004, has not led to any reservations. In our opinion, on the whole, the group management report provides a suitable understanding of the Group’s position and suitably presents the risks of future development. In addition, we confirm that the consolidated financial statements and the group management report for the business year from January 1 to December 31, 2004, satisfy the conditions required for the Company’s exemption from its duty to prepare consolidated financial statements and the group management report in accordance with German law.
Franz Fehrenbach Chairman of the Board of Management Robert Bosch GmbH
Dr. Jürgen Heraeus Chairman of the Supervisory Board Heraeus Holding GmbH
Dr. Dieter Hundt Senator h. c., Managing Partner Allgaier Werke GmbH
Dr. Jürgen F. Kammer Chairman of the Supervisory Board Süd-Chemie AG
Dr. h. c. Bernd Pischetsrieder Chairman of the Board of Management Volkswagen AG
Holger Strait Managing Partner J. G. Niederegger GmbH & Co. KG
Dr. Franz B. Humer Chairman and CEO F. Hoffmann-La Roche Ltd.
Rahmi Koç Honorary Chairman Board of Directors Koç Holding A. S.
Compagnie Financière Richemont S. A., South African Coal, Oil and Gas
Management Kapitalanlagegesellschaft mbH (Chairman) (until December 31, 2004), DEGI Deutsche Gesellschaft für Immobilienfonds mbH
E.ON Energie AG, Schering AG, Steag AG (until December 31, 2004)
Lloyd Adriatico S. p. A., Riunione Adriatica di Sicurtà S. p. A.
Membership of Board of Management members in other corporate supervisory bodies
Deutsche Börse AG, TSV München von 1860 GmbH & Co. KG aA
Aggregate policy reserves Policies in force – especially in life, health, and personal accident insurance
– give rise to potential liabilities for which funds have to be set aside. The amount required is calculated actuarially.
General allowances for loan losses have been established, on the basis of historical loss data.
Group has under management with responsibility for maintaining and improving their performance. In addition to the Group’s own investments, they include investments held for variable annuity policyholders, bank loans and advances, and investments held under management for third parties.
Benefits (net) payable to policyholders The expense of policyholder benefits (less amounts ceded in reinsurance)
comprises loss and loss adjustment expenses, premium refunds, and the net change in insurance reserves.
Cash flow statement Statement showing movements of cash and cash equivalents during an accounting period, classified by three types of activity: _ normal operating activities
Certificated liabilities Certificated liabilities comprise debentures and other liabilities for which transferable certificates have been issued.
Consolidated interest ( %) The consolidated interest is the total of all interests held by affiliated enterprises and joint ventures in affiliated enterprises, joint ventures, and associated enterprises.
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 redemption 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.
Coverage ratio Represents ratio of total loan loss provisions to total risk elements according to SEC guide 3 (non-performing loans and potential problem loans).
Current employer service cost Net expense incurred in connection with a deferred benefit plan less any contributions made by the beneficiary to a pension fund.
Defined contribution plans Under retirement plans in the form of defined contribution plans, the enterprise pledges to pay the beneficiary benefits at a pre-defined level.
Derivative financial instruments (derivatives) Financial contracts, the values of which move in relationship to the price of an underlying asset. Derivative financial instruments can be classified in relation to their underlying assets (e.g. interest rates, share prices, exchange rates or prices of goods). Important examples of derivative financial instruments are options, futures, forwards and swaps.
Earnings from ordinary activities Pre-tax profit or loss from activities which an enterprise undertakes in the normal course of business. This does not include extraordinary items, i.e.
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 (= shareholders’ equity) 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
Expense ratio Underwriting costs (including change in deferred acquisition costs) as a percentage of premiums earned.
Gross/Net In insurance terminology the terms gross and net mean before and after deduction of reinsurance respectively. (Net is also referred to as “for own account”). In connection with income from interests in affiliated enterprises, joint ventures and associated enterprises, the term “net” is used where the relevant expenses (e.g. depreciations and losses on the disposal of assets) have already been deducted. In the context of investments the term “net” is used where the relevant expenses (e.g. for investment management or valuation writedowns) have already been deducted from the income. This means that investment income (net) from investments in affiliated enterprises, joint ventures and associated enterprises signifies the net result from these investments.
IFRS applies to the overall framework of all standards approved by the
International Accounting Standards Board. Already approved standards will continue to be cited as International Accounting Standards (IAS).
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 trading assets or investment securities, respectively. The proceeds of the sale are reported in liabilities to banks or to customers, as appropriate.
Revenue reserves 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.
Securities available-for-sale Securities available-for-sale are securities which are neither held with the intent that they will be held-to-maturity nor have been acquired for sale in the near term; securities available-for-sale are shown at their market value on the balance sheet date.
Segment reporting Financial information based on the consolidated financial statements, reported by business segments (life/health, property/casualty, banking business and asset management) and by regions and products.
Trading assets Trading assets are debt issues and stocks as other financing instruments
Trading income Trading income includes all realized and unrealized profits and losses from trading assets and trading liabilities. In addition, it includes commissions as well as any interest or dividend income from trading activities as well as refinancing costs.
Unearned premiums Premiums written attributable to income of future years. The amount is calculated separately for each policy and for every day that the premium still has to cover.
Unrecognized past service cost Present value of increases in pension benefits relating to previous years’
Belgium 67 BITES index linked convertible bond 31 BMW AG 31 Bond markets 37 Borrowing 31
G German Corporate Governance Code 14, 16 German Property-Casualty Group 45
L Leadership Values 4, 94 Life and Health Insurance 35, 60–69, 86, 89–90, 96–97, 99 Lloyd Adriatico 48, 65 Loans 36 Luxemburg 53
M Management Board Remuneration 14, 16–18 Mexico 54 MILES convertible bond 31 Mondial Assistance 59 Munich Re 31
S Sarbanes-Oxley Act (SOA) 15 Securities and Exchange Commission (SEC) 13, 15 Shareholders‘ equity 30 Siemens 31 Solvency 30
Miscellaneous 1) Items within the “Earnings” and “Balance sheet“ sections are Allianz Group consolidated numbers. 2) Total revenues comprise property-casualty segment´s gross premiums written, life/health segment´s statutory premiums, banking segment´s operating revenues, and asset management segment´s operating revenues. 3) Adjusted for capital measures (capital increase). 4) Excluding treasury shares.