The main focus of the meeting on 7 October 2016 was the strategy of the Allianz Group, in particular the portfolio strategy and its integration into the Renewal Agenda, the risk strategy, and capital management. In addition, the Supervisory Board dealt with the Group’s ambitions in the health insurance business. In its report on the results, the Board of Management also addressed the divestment process for Oldenburgische Landesbank AG. Other topics discussed in the meeting included amendments to the schedule of responsibilities of the Board of Management as well as the report of the Nomination Committee in the plenary session on the proposed candidates for election to the Supervisory Board as shareholder representatives by the 2017 AGM.
Employee representation within Allianz sE, as provided for by the sE Agreement concerning the Participation of Employees dated 3 July 2014, contributes to diversity of work experience and cultural background. Pursuant to § 6 (2) sentence 2 of the Act on the Participation of Employees in a European Company (sEBG), the number of women and men appointed as German employee representatives should be proportional to the number of women and men working in the German companies. However, the Supervisory Board does not have the right to select the employee representatives.
The following requirements and objectives apply to the composition of Allianz sE’s Supervisory Board:1
3. Diversity and appropriate representation of women The members of the Supervisory Board shall complement one another regarding their background, professional experience and specialist knowledge, in order to provide the Supervisory Board with the most diverse sources of experience and specialist knowledge possible.
The listed Group company Oldenburgische Landesbank AG issued its own Declaration of Conformity in December 2016, which states that Oldenburgische Landesbank AG complies with all of the recommendations of the Code in the version of 5 May 2015.
The Supervisory Board adopted a resolution in August 2015 setting the target for the percentage of women on Allianz SE’s Board of Management at 11 %. However, the Supervisory Board of Allianz SE had additionally declared its intention to increase the percentage of women on the Board of Management of Allianz SE to at least 20 % by the end of 2018. With the appointment of Ms. Jacqueline Hunt as of 1 July 2016 the share of women in the Board of Management is currently 22 %. As a result, this broader aim has already been achieved as well. The target quotas for the boards of management of the other Allianz companies in Germany that are either listed or subject to codetermination have been set at 18 % on average.
dividend payments during the vesting period. The expected dividend stream is discounted with the respective swap rates as of the valuation day. Following the end of the four-year vesting period, the company makes a cash payment based on the number of RSus granted and the ten-day average Xetra closing price of the Allianz stock following the annual financial press conference in the year of expiry of the respective RSu plan. The RSu payout is capped at 200 % above grant price to avoid extreme payouts2. Outstanding RSu holdings are forfeited should a Board member leave at his/her own request or be terminated for cause.
3. Special terms, also compliant with the German Corporate Governance Code, apply if service is ended as a result of a “change of control”. This requires that a shareholder of Allianz SE, acting alone or together with other shareholders, holds more than 50 % of voting rights in Allianz SE.
2 Plan participants contribute 3 % of their relevant salary to the AVK. For the AVK the minimum guaranteed interest rate is 2.75 % – 3.50 % depending on the date of joining Allianz. In general, the company funds the balance required via the APV. Before Allianz’s founding of the APV in 1998, both Allianz and the plan participants were contributing to the AVK.
Personnel Committee, Standing Committee, Risk Committee 40 20 Audit Committee 80 40
REMUNERATION FOR MANDATES IN OTHER ALLIANZ COMPANIES AND FOR OTHER FUNCTIONS As remuneration for her membership in the Supervisory Board of Allianz Deutschland AG Ms. Gabriele Burkhardt-Berg received € 20.9 THou for the financial year 2016. Mr. Jürgen Lawrenz did not receive a separate remuneration for his membership in the Supervisory Board of Allianz Managed Operations & Services SE. All current employee representatives of the Supervisory Board except for Ms. Martina Grundler (until 31 March 2016 Ms. Ira Gloe-Semler) are employed by Allianz Group companies and receive a market-aligned remuneration for their services.
BANKING Our banking operations, which place a primary focus on retail clients, support our insurance business and complement the products we offer in Germany, Italy, France, the Netherlands, and Bulgaria.
– Asset Management – Holding & Treasury – Banking – Alternative Investments
Social inclusion: supporting the social inclusion of children and youth through our Future Generations program; developing solutions for customers in emerging markets; promoting diversity and wellbeing among our employees.
Financial market developments in 2016 continued to be characterized by very low interest rates, a strong U.S. Dollar, and relatively low stock-market volatility – the latter despite high political uncertainty. In the United States, the Federal Reserve raised the target federal funds rate to 0.50 % – 0.75 % in December; this was its second move since ending the zero-interest policy in late 2015. By contrast, the European Central Bank continued to ease its monetary policy stance with a bundle of measures, including the extension of the bond purchasing program at least until the end of 2017. Yields on 10-year German government bonds reached 0.2 % at year-end 2016, a decrease of 40 basis points compared to the previous year. Major stock-market indices, following a negative start, registered gains in the course of 2016. The Euro lost further ground against the U.S. Dollar, closing the year at 1.05 U.S. Dollar to Euro – almost 4 % below the level seen at the beginning of 2016. The diverging monetary policies of the Federal Reserve and the European Central Bank were a key factor behind this downward correction. In terms of portfolio flows, emerging markets 1 At the date of the publication of this report, not all general market data for the year 2016 used in the chapter Business Environment was final. Furthermore, the information provided in this chapter is based on our own estimates.
6 Risk capital figures are group diversified at 99.5 % confidence level. Allianz Life US included based on third country equivalence with 150 % of RBC CAL since 30 September 2015. 7 Represents the ratio of net income attributable to shareholders to the average shareholders’ equity, excluding unrealized gains/losses on bonds, net of shadow accounting, at the beginning of the year and at the end of the year.
4 Represents the total of acquisition and administrative expenses (net), excluding one-off effects from pension revaluation, and claims and insurance benefits incurred (net) divided by premiums earned (net). 5 We comment on the development of our gross premiums written on an internal basis, which means figures have been adjusted for foreign currency translation and (de-)consolidation effects in order to provide more comparable information.
Our operating investment income (net) declined, mainly due to lower interest and similar income, essentially driven by debt securities as a result of the low yield environment.
In France, statutory premiums fell to € 7,956 mN, a slight decrease of 1.2 % on an internal basis, largely due to a decline in our individual life business.
4 Represents the ratio of net income to the average total equity, excluding unrealized gains/losses on bonds, net of shadow accounting, at the beginning of the year and at the end of the year.
Acquisition expenses and commissions (4,927) (4,754) (173) Administrative and other expenses (1,760) (1,636) (124)
As for the regional allocation of third-party AuM6, shares did not shift remarkably: America 55.3 %, Europe 32.8 % and the Asia-Pacific region 11.9 % (31 December 2015: 56.0 %, 32.7 % and 11.3 %). All three regions contributed to the increase in third-party AuM. However, primarily due to positive effects in Japan as well as third-party AuM net outflows in the United States and the United Kingdom, the regional allocation shifted slightly in favor of the Asia-Pacific region.
Banking’s operating result decreased. The year was burdened by a further tightening of interest rate spreads, which led to lower net interest results in almost all our banking units. A reduction in our loan loss provisions could not fully offset this development.
1 Represents the ratio of net income to the average total equity, excluding unrealized gains/losses on bonds, net of shadow accounting, at the beginning of the year and at the end of the year.
To sum up: In 2017, the industry’s top line will continue to grow modestly – though some lines of business such as trade-dependent marine and rate-sensitive savings might struggle – while the bottom line remains under pressure from weak investment income and the need to build new, digital business models.
We will remain focused on shifting our new business mix towards capital-efficient, unit-linked, and protection products – thereby addressing customer needs in light of the prolonged lowyield environment – while maintaining strong shareholder returns, and building on our strong track record of product innovation. Further more, we will continue to actively manage both our new and in-force business through continuous repricing, expense management, asset/liability management, and crediting strategies in order to mitigate the impacts of difficult market conditions, particularly the low interest rates, and maintain our profitability targets.
In 2017, we expect a cost-income ratio of well below 65 % (2016: 63.4 %), supported by our focus on expense discipline and opera tional excellence. Mid-term we expect our cost-income ratio to be at 60 %.
1 Includes effects of exchange rate changes on cash and cash equivalents of € 52 mn and € 548 mn in 2016 and 2015, respectively.
Amortization, unlocking and true-up of DAC (3,142) (3,432) Commissions and profit received on reinsurance business ceded 77 115 Acquisition costs4 (4,782) (5,215)
Group Actuarial contributes towards assessing and managing risks in line with regulatory requirements. These risks stem from the risk-taking/mitigating activities involving professional actuarial experience. The range of tasks includes, among others, the calculation and monitoring of technical provisions, technical actuarial assistance in business planning, reporting and monitoring the results, and supporting the effective implementation of the risk management system.
In order to adapt to a continually changing environment, the Global Issues Forum (GIF) supports the Group in the assessment of long-term trend changes in the risk landscape on a timely basis.
MARKET RISK With respect to investments, top-down indicators such as strategic asset allocations are defined and closely monitored to ensure balanced investment portfolios. Furthermore, we have a limit system in place which is defined at Group level – separately for the Life/Health and the Property-Casualty business segments – as well as at operating entity level. The limits comprise economic limits, in particular financial Value-at-Risk (VaR) and credit VaR as derived from the internal risk capital framework, complemented by stand-alone interest rate and equity sensitivity limits as well as by limits on foreign exchange exposures.
In order to further limit the impact of any financial market changes and to ensure that assets adequately back policyholder liabilities, we have additional measures in place. One of these is asset/ liability management, linked to the internal risk capital framework, which incorporates risks as well as return aspects stemming from our insurance obligations. In addition, we are using derivatives mostly to either hedge our portfolio against adverse market movements or reduce our reinvestment risk – for example, by using forwards or swaptions. In addition, guidelines are derived by the Group center for certain investments – for example, concerning the use of derivatives – and compliance with the guidelines is controlled by the respective risk and controlling functions.
We also monitor concentrations and accumulation of non-market risks on a stand-alone basis (i.e. before diversification effects) within a global limit framework in order to avoid substantial losses from single events such as natural catastrophes and from man-made catastrophes such as terror or large industrial accumulations.
LIQUIDITY RISK The main goal of planning and managing Allianz SE’S liquidity position is to ensure that we are always able to meet payment obligations. To comply with this objective, the liquidity position of Allianz SE is monitored and forecast on a daily basis. Strategic liquidity planning over time horizons of 12 months and three years is reported to the Board of Management regularly.
With the support of Group Communications and Corporate Responsibility (GCORE), Group Compliance, and the ESG Office1, Group Risk defines sensitive business areas and applicable risk guidelines which are mandatory for all operating entities in the Allianz Group. All Group and operating entity functions affected cooperate in the identification of reputational risk. GCORE is responsible for risk assessment based on a group-wide methodology. Since 2015, Allianz has embedded conduct risk triggers for fair products and services into the reputational risk management process.
The identification and assessment of reputational risks are part of a yearly Top Risk Assessment, during which senior management also decides on a risk management strategy and related actions. This is supplemented by quarterly updates. In addition, reputational risk is managed on a case-by-case basis. Single cases with a potential impact on other operating entities or the Group have to be reported to the Allianz Group for pre-approval.
The following table summarizes our Solvency II regulatory capitalization ratios as disclosed over the course of the year 2016.
With the exception of the Asset Management business segment, all business segments are exposed to the full range of risk categories stated. By contrast, the Asset Management business segment is mainly exposed to operational and market risk and to a lesser extent to credit risk. The group-diversified risk is broken down as follows: AlliAnz Group: AllocAted riSk AccordinG to the riSk profile (totAl portfolio before non-controllinG intereStS) € mn
The top five perils contributing to the natural catastrophe risk as of 31 December 2016 were: a windstorm in Europe, a flood in Germany, a hurricane in the U.S., a hailstorm in Germany, and an earthquake in Australia.
In the Life/Health business segment, policyholder behavior risks are risks related to the unpredictability and adverse behavior of policy holders in exercising their different contractual options: early termination of contracts, surrenders, partial withdrawals, renewals, and annuity take-up options. Assumptions on policyholder behavior are set in line with accepted actuarial methods and are based on our own historical data, to the extent available. If data is not available, assumptions are based on industry data or expert judgment.
Subsidiaries within the scope of our control system are individually responsible for adhering to the Group’s internal governance and control policy and for creating local Disclosure Committees that are similar to the Group-level committee. The entities’ CEOs and CFOs provide periodic sign-offs to the management of Allianz SE, certifying the effectiveness of their local system of internal controls as well as the completeness, accuracy, and reliability of financial data reported to the Holding.
Reserves for loss and loss adjustment expenses 15 72,373 72,003 Reserves for insurance and investment contracts 16 505,460 486,222 Financial liabilities for unit-linked contracts 17 111,325 105,873 Deferred tax liabilities 34 4,822 4,003
The Allianz Group has completed an initial assessment of the potential impact of the adoption of IFRS 15 on its consolidated financial statements and does not expect that there will be a significant impact. The Group plans to adopt IFRS 15 on the required effective date by recognizing the cumulative effect of initially applying IFRS 15 as an adjustment to the opening balance of retained earnings in accordance with the cumulative effect approach.
The Allianz Group is currently performing a detailed assessment of the fee and commission income, primarily related to asset management fees, to determine the impact resulting from the application of IFRS 15.
The Allianz Group currently plans to apply IFRS 16 initially on 1 January 2019. The Allianz Group has not yet determined which transition approach to apply and has not yet quantified the impact on its reported assets and liabilities of adoption of IFRS 16. The quantitative effect will depend on, inter alia, the transition method chosen, the extent to which the Allianz Group uses the practical expedients and recognition exemptions, and any additional leases that the Allianz Group enters into.
To determine control for investment funds managed by Allianz Group internal asset managers, management considers in particular the remuneration to which the asset manager is entitled, the exposure to variability of returns from these investments, and the rights held by other parties. When the exposure to variability of returns is within a certain range, significant judgment is required for the determination of the appropriate inclusion method of these investment funds.
SIGNIFICANT CHANGES IN NON-CONTROLLING INTERESTS During 2016 and 2015, no significant changes in non-controlling interests occurred.
Oldenburgische Landesbank AG, Oldenburg 13,282 – Other disposal groups 8 18
LIFE/HEALTH In the business segment Life/Health, reportable segments offer a comprehensive range of life and health insurance products on both an individual and a group basis, including annuities, endowment and term insurance, unit-linked and investment-oriented products, as well as full private health, supplemental health and long-term care insurance.
LIABILITIES AnD EQUITY Financial liabilities carried at fair value through income 129 112 10,394 8,834 – – 615 750 (400) (489) 10,737 9,207 Liabilities to banks and customers 864 901 5,551 5,807 174 174 8,424 21,777 (1,974) (3,127) 13,038 25,531
Global Insurance Lines & Anglo Markets 22,113 21,931 15,725 15,994 1,846 1,846 1,560 1,512
DEBT SECURITIES Total unrealized losses amounted to € 3,558 mn as of 31 December 2016. The Allianz Group holds a large variety of government bonds and corporate bonds, mostly of or domiciled in OECD countries.
loans and advances to banKs and customers € mn as of 31 December 2016 2015
Changes in aggregate policy reserves ceded to reinsurers are as follows: changes In aggregate polIcy reserves ceded to reInsurers € mn
Czech Republic, Hungary, Poland, Romania and Slovakia, − Global Insurance Lines & Anglo Markets, including Australia,
ISIn Year of Issue Currency Notional amount Coupon in % Maturity date
Non-controlling interests 3,052 2,955 1 As of 31 December 2016, include € (157) MN (2015: € (159) MN) related to treasury shares. 2 As of 31 December 2016, include € 297 MN (2015: € 239 MN) related to cash flow hedges. 3 For further information, please refer to the consolidated statements of changes in equity, note 2 Accounting policies and new accounting pronouncements and note 7 Investments.
TREASURY SHARES As of 31 December 2016, Allianz SE held 1,931,677 (2015: 2,175,776) treasury shares. Of these, 905,648 (2015: 1,522,732) were held for covering future subscriptions by employees in Germany and abroad in the context of Employee Stock Purchase Plans, whereas 1,026,029 (2015: 653,044) were held as a hedge for obligations from the Allianz Equity Incentive Program (former Group Equity Incentive Program).
Dividends from available-for-sale investments 1,816 1,895 Interest from available-for-sale investments 14,020 14,276 Interest from loans to banks and customers 4,550 4,731 Rent from real estate held for investment 890 896 23 – 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) € mn
For the year ended 31 December 2016, the Allianz Group recognized for fair value hedges a net loss of € – mn (2015: net gain of € 3 mn) on the hedging instruments and a net gain of € 1 mn (2015: net loss of € 9 mn) on the hedged items attributable to the hedged risk.
The valuation techniques for these debt securities are similar. For level 2 and level 3, the fair value is determined using the market and the income approach. Primary inputs for the market approach are quoted prices for identical or comparable assets in active markets where the comparability between security and benchmark defines the fair value level. The income approach in most cases means that a present value technique is applied where either the cash flow or the discount curve is adjusted to reflect credit risk and liquidity risk. Depending on the observability of these risk parameters in the market, the security is classified as level 2 or level 3.
DERIVATIVE FINANCIAL INSTRUMENTS AND FIRM COMMITMENTS INCLUDED IN OTHER LIABILITIES For level 2, the fair value is mainly determined using the income approach. Primary inputs include interest rates and yield curves observable at commonly quoted intervals.
Available-for-sale investments – Equity securities Equity securities within available-for-sale investments classified as level 3 mainly comprise private equity fund investments as well as alternative investments of the Allianz Group, and in most cases are delivered as net asset values by the fund managers (€ 6.2 bn). The net asset values are calculated using material, non-public information about the respective private equity companies. The Allianz Group has only limited insight into the specific inputs used by the fund managers and hence a narrative sensitivity analysis is not applicable. The fund’s asset manager generally prices the underlying single portfolio companies in line with the International Private Equity and Venture Capital Valuation (IPEV) guidelines using discounted cash flow (income approach) or multiple methods (market approach). For 125Annual Report 2016 Allianz Group
INVESTMENTS IN ASSET-BACKED SECURITIES (ABS) AND MORTGAGE-BACKED SECURITIES (MBS) ISSUED BY SECURITIZATION VEHICLES The Allianz Group acts as investor in AbS- or mbS-issuing securitization vehicles which purchase pools of assets including commercial mortgage loans (CmbS), auto loans, credit card receivables and others. These securitization vehicles refinance the purchase of assets by issuing tranches of AbS or mbS, whose repayment is linked to the performance of the assets held by the vehicles.
thereof assets (102) (87) thereof liabilities 9,401 9,149 thereof alloted to: 1 The asset ceiling is determined by taking the reduction of future contributions into account. 2 Includes € 31 mn for the conversion rate decrease in Switzerland and for Ireland € 72 mn from the
4 For 2016, includes € 50 mn for the Enhanced Value Transfer program in Ireland; for 2015, € 225 mn for the plan restructuring in the U.K.
DEFINED CONTRIBUTION PLANS Defined contribution plans are funded through independent pension funds or similar organizations. Contributions fixed in advance (e.g. based on salary) are paid to these institutions and the beneficiary’s right to benefits exists against the pension fund. The employer has no obligation beyond payment of the contributions.
The fees for audit services primarily relate to services rendered for the audit of the Allianz Group’s consolidated financial statements and for the audit of the statutory financial statements of Allianz SE and its subsidiaries. Due to the initial application of IDW RS HFA 36 revised, the fees for the reviews of the consolidated interim financial statements are presented under audit services. Prior-year figures were adjusted accordingly.
RSU with a total fair value of € 8.9 Mn (2015: € 9.7 Mn) were granted to the Board of Management for the year ended 31 December 2016.
Allianz SAS S.A.S., Bogotá D.C. 100.0 Allianz Saúde S.A., São Paulo 100.0 Allianz Secteur Euro Immobilier, Paris 95.4 5 Allianz Secteur Europe Immobilier, Paris 89.5 5 Allianz Sécurité, Paris 100.0 5 Allianz Seguros de Vida S.A., Bogotá D.C. 100.0 Allianz Seguros S.A., São Paulo 100.0 Allianz Seguros S.A., Bogotá D.C. 100.0 Allianz Selectie Fonds, Rotterdam 85.9 5 Allianz Sénégal Assurances SA, Dakar 83.2 Allianz Sénégal Assurances Vie SA, Dakar 96.8 Allianz Services (UK) Limited, London 100.0 Allianz Short Duration Global Real Estate Bond, Senningerberg 100.0 5 Allianz Sigorta A.S., Istanbul 96.2 Allianz SNA s.a.l., Beirut 100.0 Allianz Sociedad Anónima A.S. Agencia de Seguros, Barcelona 100.0 Allianz Sociedade Gestora de Fundos de Pensões S.A., Lisbon 88.6 Allianz Société Financière S.à r.l., Luxembourg 100.0 Allianz South America Holding B.V., Amsterdam 100.0 Allianz Special Opportunities Alternative Fund, Milan 100.0 3 Allianz Specialised Investments Limited, London 100.0 Allianz Strategy Select 50, Senningerberg 59.0 5 Allianz Strategy Select 75, Senningerberg 100.0 5 Allianz Structured Alpha 250, Senningerberg 72.2 5 Allianz Structured Return, Senningerberg 55.9 5 Allianz Subalpina Holding S.p.A., Turin 98.1 Allianz Suisse Immobilien AG, Wallisellen 100.0 Allianz Suisse Lebensversicherungs-Gesellschaft AG, Wallisellen 100.0 Allianz Suisse Versicherungs-Gesellschaft AG, Wallisellen 100.0 Allianz Taiwan Life Insurance Co. Ltd., Taipei 99.7 Allianz Telematics S.p.A., Rome 100.0 Allianz Tiriac Asigurari SA, Bucharest 52.2 Allianz Tiriac Pensii Private Societate de administrare a fondurilor de pensii private S.A., Bucharest 100.0 Allianz Togo Assurances SA, Lome 97.9 Allianz UK Credit Fund, Paris 100.0 3 Allianz UK Infrastructure Debt GP Limited, London 100.0 Allianz Ukraine LLC, Kiev 100.0 Allianz Underwriters Insurance Company Corp., Burbank, CA 100.0 Allianz US Investment GP LLC, Wilmington, DE 100.0 Allianz US Investment LP, Wilmington, DE 100.0 Allianz US Private REIT GP LLC, Wilmington, DE 100.0 Allianz US Private REIT LP, Wilmington, DE 100.0 Allianz Valeurs Durables, Paris 50.3 5 Allianz Vermogen B.V., Rotterdam 100.0 Allianz Vie S.A., Paris la Défense 100.0 Allianz Vorsorgekasse AG, Vienna 100.0 Allianz Worldwide Care Services Ltd., Dublin 100.0 Allianz Worldwide Partners (Hong Kong) Ltd., Hong Kong 100.0 Allianz Worldwide Partners Chile Limitada, Santiago 100.0 Allianz Worldwide Partners S.A.S., Saint-Ouen 100.0 Allianz Yasam ve Emeklilik A.S., Istanbul 80.0 Allianz Zagreb d.d., Zagreb 83.2 Allianz ZB d.o.o. Company for the Management of Obligatory Pension Funds, Zagreb 51.0 Allianz ZB d.o.o. Company for the Management of Voluntary Pension Funds, Zagreb 51.0 AllianzGI Best Styles Emerging Markets Equity Fund, Boston, MA 90.4 5 AllianzGI China Equity Fund, Boston, MA 56.3 5 AllianzGI Discovery US Portfolio, Boston, MA 100.0 5 AllianzGI Emerging Markets Debt Fund, Boston, MA 41.6 2,5 AllianzGI Europe Equity Dividend, Boston, MA 47.1 2,5 AllianzGI Global Fundamental Strategy Fund, Boston, MA 94.6 5 AllianzGI Global Megatrends Fund, Boston, MA 97.8 5 AllianzGI Global Small-Cap Opportunity Portfolio, Boston, MA 100.0 5 AllianzGI Multi-Asset Real Return Fund, Boston, MA 67.5 5 AllianzGI U.S. Equity Hedged Fund, Boston, MA 37.1 2,5 AllianzGo S.r.l., Trieste 100.0 Allianz-Slovenská DSS a.s., Bratislava 100.0 Allianz-Slovenská poist'ovna a.s., Bratislava 99.6 American Automobile Insurance Company Corp., Earth City, MO 100.0 American Financial Marketing Inc., Minneapolis, MN 100.0 AMOS Austria GmbH, Vienna 100.0 AMOS European Services SAS, Paris 100.0 AMOS IberoLatAm S.L., Barcelona 100.0 AMOS International B.V., Amsterdam 100.0 AMOS IT Suisse AG, Wallisellen 100.0 AMOS Italy S.p.c.A., Milan 100.0 141Annual Report 2016 Allianz Group
Euler Hermes Services S.A.S., Paris la Défense 100.0 Euler Hermes Services Schweiz AG, Wallisellen 100.0 Euler Hermes Services Slovensko s.r.o., Bratislava 100.0 Euler Hermes Services South Africa Ltd., Johannesburg 100.0 Euler Hermes Services Sp. z o.o., Warsaw 100.0 Euler Hermes Services Tunisia S.à r.l., Tunis 100.0 Euler Hermes Services UK Limited, London 100.0 Euler Hermes Serviços de Gestão de Riscos Ltda., São Paulo 100.0 Euler Hermes Sigorta A.S., Istanbul 100.0 Euler Hermes Singapore Services Pte Ltd., Singapore 100.0 Euler Hermes South Express S.A., Brussels 100.0 Euler Hermes Taiwan Services Limited, Taipei 100.0 Euler Hermes World Agency SASU, Paris la Défense 100.0 Euler Hermes, Mierzejewska-Kancelaria Prawna Sp.k, Warsaw 100.0 Eurl 20/22 Le Peletier, Paris la Défense 100.0 Euro Garantie AG, Pfäffikon 100.0 Eurosol Invest S.r.l., Udine 100.0 FAI Allianz Ltd., Sydney 100.0 FCP LBPAM IDR, Paris 100.0 5 FCT CIMU 92, Pantin 100.0 3 FCT Rocade L2 Marseille, Paris 100.0 3 Fénix Directo Compañía de Seguros y Reaseguros S.A., Madrid 100.0 Ferme Eolienne de Villemur-sur-Tarn S.à r.l., Versailles 100.0 Ferme Eolienne des Jaladeaux S.à r.l., Versailles 100.0 Financière Aldebaran SAS, Paris la Défense 100.0 Financière Callisto SAS, Paris la Défense 100.0 Fireman's Fund Financial Services LLC, Dallas, TX 100.0 Fireman's Fund Indemnity Corporation, Liberty Corner, NJ 100.0 Fireman's Fund Insurance Company Corp., Los Angeles, CA 100.0 Fireman's Fund Insurance Company of Hawaii Inc., Honolulu, HI 100.0 Fireman's Fund Insurance Company of Ohio Corp., Cincinnati, OH 100.0 Fondo Chiuso Allianz Infrastructure Partners I, Milan 100.0 3 Fragonard Assurance S.A., Paris 100.0 Friederike MLP S.à r.l., Luxembourg 100.0 Fu An Management Consulting Co. Ltd., Beijing 1.0 2 Fusion Brokerage Inc., Richmond, VA 100.0 Fusion Company Inc., Richmond, VA 100.0 Gaipare Action, Paris 100.0 5 GamePlan Financial Marketing LLC, Woodstock, GA 100.0 Generation Vie S.A., Courbevoie 52.5 Genialloyd S.p.A., Milan 100.0 Gestion de Téléassistance et de Services S.A., Chatillon 100.0 GIE Euler Hermes SFAC Services, Paris la Défense 100.0 Global Transport & Automotive Insurance Solutions Pty Limited, Sydney 81.0 Hauteville Insurance Company Limited, St Peter Port 100.0 Havelaar & van Stolk B.V., Rotterdam 100.0 Helviass Verzekeringen B.V., Rotterdam 100.0 Home & Legacy Insurance Services Limited, London 100.0 Hunter Premium Funding Ltd., Sydney 100.0 IEELV GP S.à r.l., Luxembourg 100.0 Immovalor Gestion S.A., Paris la Défense 100.0 ImWind GHW GmbH & Co. KG, Pottenbrunn 100.0 Inforce Solutions LLC, Woodstock, GA 100.0 InnovAllianz, Paris 99.6 3 Insurance CJSC "Medexpress", Saint Petersburg 100.0 Intermediass S.r.l., Milan 100.0 International Film Guarantors Limited, London 100.0 International Film Guarantors LLC, Santa Monica, CA 100.0 Interstate Fire & Casualty Company, Chicago, IL 100.0 Investitori Real Estate Fund, Milan 100.0 3 Investitori SGR S.p.A., Milan 100.0 Järvsö Sörby Vindkraft AB, Danderyd 100.0 JCR Intertrade Ltd., Bangkok 40.0 2 Jefferson Insurance Company Corp., New York, NY 100.0 Joukhaisselän Tuulipuisto Oy, Oulu 100.0 Jouttikallio Wind Oy, Kotka 100.0 JSC Insurance Company Allianz, Moscow 100.0 Kaishi Beijing Limited, Beijing 100.0 Kaishi Information Technology (Shanghai) Co. Ltd., Shanghai 100.0 Kaishi Pte. Ltd., Singapore 67.8 Ken Tame & Associates Pty Ltd., Sydney 100.0 Kiinteistö OY Eteläesplanadi 2, Helsinki 100.0 Königinstrasse I S.à r.l., Luxembourg 100.0 Kuolavaara-Keulakkopään Tuulipuisto Oy, Oulu 100.0 La Rurale SA, Courbevoie 99.9 LAD Energy GmbH & Co. KG, Pottenbrunn 100.0 142 Annual Report 2016 Allianz Group
Allianz SE The Board of Management 145Annual Report 2016 Allianz Group