The excellent results are due, above all, to our more than 142,000 highly motivated employees, who have put all their energy into making 2015 a successful year for Allianz. I would like to extend to them my warmest thanks for their loyalty and hard work.
I am proud of this team. Allianz is a different company today from the one I joined in 2008. Besides being more profitable, we have become more versatile, more efficient and more responsive. This is the lasting legacy of Michael Diekmann, my predecessor as Chairman of the Board of Management. In twelve years, many of which were plagued by crisis, he took your company to new levels of performance and secured Allianz a place in the league of the most reputable financial service companies worldwide. I believe I speak in your name when I express my sincere thanks to Mr. Diekmann for his outstanding services.
Group CapitaL CoMMittee Michael Diekmann (Chairman) until 6 May 2015, Oliver Bäte (Chairman) from 7 May 2015, Dr. Dieter Wemmer, Dr. Maximilian Zimmerer
4. Retirement age According to the Supervisory Board’s Rules of Procedure, its members may not, in general, be older than 70 years of age.
Since the establishment of Allianz se as a Societas Europaea (European Company), Allianz employees from different Member States of the eu are considered in the distribution of Supervisory Board seats for employee representatives, according to the Agreement concerning the Participation of Employees in Allianz se dated 3 July 2014.
1. All recommendations of the German Corporate Governance Code (GcGc) in the version of May 5, 2015 are currently complied with and will be complied with in the future.
B Corporate Governance 27 Corporate Governance Report 32 Statement on Corporate Management pursuant to § 289a of the hgb 34 Takeover-related Statements and Explanations 37 Remuneration Report
Base salary Base salary is the fixed remuneration component, expressed as an annual cash sum and paid in twelve monthly installments.
6 Oliver Bäte’s base salary and his target for the annual bonus, the MTB tranche, and equity-related compensation are disclosed based on his pro-rated base salary of € 750 THOU until 6 May 2015 and his pro-rated base salary of € 1,125 THOU from 7 May 2015. The different pro-rated amounts for base salary and target amounts result from different pro-rating methodologies, which are generally applied.
2014 – – – – – – – – – – –
Whereby the annual compensation: 1. is calculated on the basis of the previous year’s annual base salary plus 50 % of the target variable remuneration (annual bonus, accrued MTB and equity-related remuneration: For a Board member with a fixed base salary of € 750 THOU, the annual compensation would amount to € 1,875 THOU. Hence, he/she would receive a maximum severance payment of € 3,750 THOU) and 2. shall not exceed the latest year’s actual total compensation.
90 Corporate and Other 91 Earnings summary 91 Operating earnings summaries by reportable segment
Your Allianz 53 Business Operations and Markets 58 Strategy and Steering 61 Progress in Sustainable Development managed: insurance activities, asset management activities, and corporate and other activities. Due to differences in the nature of products, risks, and capital allocation, insurance activities are further divided into property-casualty and life/health categories. In accordance with the responsibilities of the Board of Management, each of the insurance categories is grouped into regional reportable segments. Corporate and other activities are divided into three different reportable segments in order to differentiate between the respective products, risks, and capital allocation. In 2015, the Allianz Group had 16 reportable segments.
Our life and annuity business primarily underwrites fixed-index and variable annuities and fixed-index universal life insurance products – all of which are sold through independent distribution channels, as well as large financial institutions such as banks and wire houses.
Building on our strong heritage, we will move forward with this ambitious program to reinforce Allianz’s leadership position for the years to come.
Besides performance steering, we also have a risk steering process in place, which is described in the Risk and Opportunity Report starting on page 112.
Sustainability management and governance The responsibilities of our Group-level sustainability management include managing the strategic framework for Group-wide sustainability activities, developing and introducing relevant policies, and supporting operating entities in integrating the Group’s strategic approach and policies.
We are a signatory to the Principles for Sustainable Insurance (PSI) of the United Nations Environment Programme Finance Initiative. As a signatory to the PSI, Allianz is required to make an annual disclosure on progress. In 2015, as part of a PSI project, our subsidiary 2 Agriculture, animal testing, animal welfare, betting and gambling, clinical trials, defense, human rights, hydro-electric power, infrastructure, mining, nuclear energy, oil and gas, and the sex industry.
As an institutional investor, we can play a key role in building a low-carbon economy. By investing our proprietary assets in energyefficient real estate and renewable energy, we help reduce climate emissions and create economic growth. Allianz Capital Partners (ACP) is our in-house investment platform for alternative investments, with a growing portfolio of wind energy and solar power. Its total investment in renewable energy by the end of 2015 was over € 2.5 BN (compared to € 2.0 BN in 2014), covering 60 wind farms and 7 solar parks in France, Germany, Italy, Sweden, and – new in 2015 – Austria, Finland, and the United States. ACP’s wind and solar portfolio generates sufficient renewable energy to supply over 800,000 households.
1 Weapons in scope of the following international conventions: – Ottawa Convention (anti-personnel landmines), – Convention on Cluster Munitions (cluster ammunition/bomb; Oslo Process), – Biological and Toxin Weapons Convention (biological weapons), – Chemical Weapons Convention (chemical weapons).
cuStOmEr BaSE The overall number of customers insured by Allianz worldwide grew from 85 million in 2014 to 85.4 million in 2015.
With our collective financial and business skills, we assist charitable organizations through employee volunteering. This helps to build skills and motivation that can be brought back into the workplace. In 2015, we launched ACT!, an online marketplace for employee volunteering, starting with a pilot in Germany. The marketplace features Allianz projects and moreover, employees can promote their own volunteering activities.
1 From a formalistic perspective, the German Supervisory Authority deems our model to be ‘partial’ because it does not cover all of our operations: some of our smaller operations report under the standard model and others under the deduction and aggregation approach.
Gross premiums written 51,597 48,322 Operating profit 5,603 5,382 Net income 4,124 3,448 Loss ratio in % 66.2 66.0 Expense ratio in % 28.4 28.3 Combined ratio in % 94.6 94.3
2 Based on the average exchange rates in 2015 compared to 2014.
Analyzing internal premium growth in terms of price and volume, we use four clusters based on 2015 internal growth over 2014: Cluster 1: Overall growth – both price and volume effects are positive.
At Allianz Worldwide Partners, gross premiums went up to € 3,975 MN. The internal growth of 10.8 % was due to positive contributions from all our lines of business, but particularly due to higher volume impacts at Worldwide Care and our U.S. travel business.
In the United Kingdom, gross premiums stood at € 3,055 MN, an increase of 2.6 % on an internal basis. This was due to favorable price effects in our commercial motor and pet insurance businesses.
Underwriting result 2,281 2,251 Operating investment income (net) 3,120 3,066 Other result1 202 66 Operating profit 5,603 5,382 1 Consists of fee and commission income/expenses, other income/expenses and restructuring charges.
Operating profit increased by € 221 MN to € 5,603 MN, which includes a net gain of € 0.2 BN from the sale of the Fireman’s Fund personal insurance business to ACE Limited in the second quarter. This was partly offset by restructuring charges of € 0.1 BN for the Fireman’s Fund reorganization. Both operating investment income and underwriting result contributed positively.
The following operation contributed positively to the development of our accident year loss ratio: Allianz Worldwide Partners: 0.3 percentage points. The accident year loss ratio for our B2B2C business improved driven by Global Assistance.
2 Refers to policyholder participation, mainly from APR (accident insurance with premium refunds) business, and consists of the investment-related part of “change in reserves for insurance and investment contracts (net)”. For further information, please refer to note 34 to the consolidated financial statements.
Net income Net income increased by € 676 MN to € 4,124 MN compared to 2014. We recorded lower one-off expenses from pension revaluation and higher non-operating realized gains.
Gross premiums written1 51,597 48,322 Ceded premiums written (4,933) (3,961) Change in unearned premiums (234) (602) Premiums earned (net) 46,430 43,759 Interest and similar income 3,601 3,595 Operating income from financial assets and liabilities carried at fair value through income (net) (25) 6 Operating realized gains/losses (net) 252 186 Fee and commission income 1,474 1,260 Other income 279 60 Operating revenues 52,010 48,867
Premiums earned (net) Premiums earned (net) were down by € 300 MN to € 24,215 MN. This was mainly due to lower business from traditional life products in Germany. Favorable foreign currency translation effects from some of the major currencies partly compensated for the decrease.
Loadings from premiums 3,751 3,566 Loadings from reserves 1,143 1,091 Unit-linked management fees 772 628 Loadings and fees 5,667 5,285
Capitalization of Dac 1,741 1,904 Amortization, unlocking and true-up of Dac (2,073) (1,516) Impact of change in DAC (332) 388
The operating profit increase in the guaranteed savings & annuities line of business was largely driven by a higher investment margin in Germany and a higher investment spread margin in the United States. Operating profit in the protection & health line of business declined, mainly because of loss recognition in South Korea. Operating profit in the unit-linked without guarantee line of business rose, primarily due to higher fees in Italy.
The overall three-year rolling investment performance of our Asset Management business decreased, but remained on a high level, with 69 % of third-party assets outperforming their respective benchmarks (31 December 2014: 84 %). The decrease was mainly driven by PImCO’s rolling investment performance, which was impacted by strong quarters of 2012 rolling off and more challenging quarters of 2015 rolling in. 69 % of PImCO third-party assets outperformed their respective benchmarks. AllianzGI improved significantly with 70 % of third-party assets outperforming their respective benchmarks.
Operating revenues Our operating revenues increased by € 92 mn – or 1.4 % – to € 6,479 mn. Before the positive effect from foreign currency translation, which was mainly driven by the sharp depreciation of the Euro against the U.S. Dollar, operating revenues decreased by 11.4 % on an internal basis1.
Our income from financial assets and liabilities carried at fair value through income (net) dropped by € 12 mn, mainly because of foreign currency translation and valuation effects.
Selective profitable growth. Property-Casualty with continued sound risk selection and selective external growth, Life/Health with growing asset base and solid new business margins, but Asset Management with net outflows.
Operating profit between € 3.0 Bn and € 3.6 Bn. Operating profit of € 3.8 Bn – above target range – driven by higher level of net harvesting from our portfolio de-risking actions and favorable foreign currency effects, mainly from u.s. Dollar appreciation. This more than compensated for the loss recognition in South Korea.
Decrease of total AuM by 2.1 % driven by net outflows at pimCo of € 132.3 Bn (2014: € 229.2 Bn). Third-party net outflows at pimCo were receding quarter by quarter, amounting to € 11.4 Bn in the fourth quarter of 2015. Overall negative market return also contributed to this development. However, it was partially compensated for by positive foreign currency impact and net inflows at AllianzGi.
Insurance industry outlook 2016 is set to become another challenging year for the insurance industry. The big picture – characterized by only modest premium growth, low interest rates, volatile financial markets, new regulatory burdens and digital transformation – will not change. As a consequence, industry profitability will remain under pressure and restructuring will gather pace.
In 2016 we will focus on the new business mix as well as in-force management in order to address customer needs in light of the prolonged low yield environment and improve shareholder returns. We will continue to move our new business mix towards unit-linked, capital-efficient and protection products and will work on product and distribution actions. We will actively manage in-force business and work on expense management, asset/liability management, and crediting strategies in order to mitigate the impacts of the difficult market conditions, particularly low interest rates.
Total investment income (net) 25,042 21,586 3,456 1 Net of interest expenses (excluding interest expenses from external debt).
3 These do not include affiliates of € 8.9 bn and € 8.9 bn as of 31 December 2015 and 31 December 2014, respectively.
Valuation assumption: replicating portfolios Since efficient valuation and complex, timely analysis is required, we replicate the liabilities of our Life/Health insurance business as well as for our internal pension obligations. This technique enables us to represent all options and guarantees, both contractual and discretionary, by means of standard financial instruments. In the risk calculation we use the replicating portfolio to determine and revalue these liabilities under all potentially adverse Monte Carlo scenarios.
The change in model scope to reflect our risk profile according to the Solvency II capital requirements was the most significant driver for changes in the modeling of our risk capital. Thereof, the change to include AZ Life on the basis of third-country equivalence treatment was the main contributor, with the main impact on market and credit risks. In addition, Allianz Benelux and Allianz Compania de Seguros were switched from the partial internal model to the standard model. Finally, we included some smaller entities (Turkey, Taiwan and Brazil) based on their standard model figures while they had previously been taken into account by book value deduction.
The setting of country and obligor exposure limits from the 1 For further information about the risk concentration in the Life/Health business segment, please refer to note 20 to the consolidated financial statements.
We manage interest rate risk from a comprehensive corporate perspective: While the potential payments related to our liabilities in the Property-Casualty business segment are typically shorter in maturity than the financial assets backing them, the opposite usually holds true for our Life/Health business segment due to the longterm life insurance contracts. In part, this provides us with a natural hedge on an economic basis at the Group level.
Throughout 2015 the credit environment was mostly stable. There were limited rating actions, as the economic situation and outlook were already reflected in current rating levels, compared to the economic disruptions of previous years. The credit risk for the Group increased, mainly due to reduced loss-absorbing capacity of technical provisions in the traditional life business, which increased the credit risk after policyholder participation. Additionally, for the purpose of asset/liability management under the low-yield environment the amount of long-duration assets has grown, which further contributed to the increase of credit risk, particularly in the Life/Health business segment.
We face the risk that underwriting profitability is lower than expected. The volatility of the underwriting profitability measured over one year defines our premium risk for the Allianz Group.
Risk and Opportunity Report and Financial Control 112 Risk and Opportunity Report 131 Controls over Financial Reporting and Risk Capital responsible for risk oversight through the analysis and communication of risk management-related information and by facilitating the communication and implementation of committee decisions. For example, Group Risk is operationally responsible for monitoring the limits and accumulation of specific types of risks across business lines, such as natural disasters and exposures to financial markets and counterparties.
In addition, many of the world’s industrialized nations are reliant on infrastructure that is 30 to 50 years old, and yet public-sector investments in this area have been declining across the board. In order to upgrade this aging infrastructure, billions of Euros are required per year – figures that most governments are not able to cover, especially considering the increase in social security spending due to demographic effects. At the same time, the current workforce is faced first and foremost with the need to accumulate adequate funds for retirement, which is proving very difficult in the sustained low interest rate environment. We are at the forefront of bringing 1 For further information on the Cautionary note regarding forward-looking statements, please refer to Outlook 2016 from page 92.
Claims and insurance benefits incurred (gross) (54,472) (52,140) Claims and insurance benefits incurred (ceded) 2,770 2,490 Claims and insurance benefits incurred (net) 33 (51,702) (49,650) Change in reserves for insurance and investment contracts (net) 34 (14,065) (13,929)
Notes to the Consolidated Financial Statements General InformatIon 1 – Nature of operations and basis of presentation
Translation from the functional currency to the presentation currency For the purposes of the consolidated financial statements, the results and financial position of each of the Allianz Group’s subsidiaries are expressed in Euro, the presentation currency of the Allianz Group. Assets and liabilities of subsidiaries not reporting in Euro are translated at the closing rate on the balance sheet date and income and expenses are translated at the quarterly average exchange rate. Any foreign currency translation differences, including those arising from the equity method, are recorded in other comprehensive income.
For Life/Health and for Property-Casualty, the central oversight process includes the following key components: Group-wide standards and guidelines: They define the reserving practices that must be conducted by each subsidiary, including aspects of assumptions and estimates. This includes organization and structure, data, methods and reporting. The Allianz Group Actuarial Department monitors compliance with these standards and guidelines.
In general, the subsidiaries assume responsibility for assessing fair values and hierarchies of assets and liabilities. This is consistent with the decentralized organizational structure of the Allianz Group and reflects local managers’ market insights. Estimates and assumptions are particularly significant when determining the fair value of financial instruments for which at least one significant input is not based on observable market data (classified within level 3 of the fair value hierarchy). The availability of market information is determined by the relative trading levels of identical or similar instruments in the market, with emphasis placed on information that represents actual market activity or binding quotations from brokers or dealers.
− € 2,448 mn related to the business segment Property-Casualty, − € 2,087 mn related to the business segment Life/Health, and − € 7,566 mn related to the business segment Asset Management.
D Consolidated Financial Statements 135 Consolidated Balance Sheets 136 Consolidated Income Statements 137 Consolidated Statements of Comprehensive Income 138 Consolidated Statements of Changes in Equity 139 Consolidated Statements of Cash Flows 141 Notes ifrs 15, Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15, Revenue from Contracts with Customers. IFRS 15 supersedes IAS 18, Revenue, IAS 11, Construction Contracts, and a number of revenue-related interpretations. With the introduction of IFRS 15, the IASB pursued the objective of developing a single revenue standard containing comprehensive principles for recognizing revenue.
Property-Casualty insurance business of the Territory Insurance Office (tio), Darwin –
Loans and advances to banks and customers 13,781 14,963 95,138 91,411 99 72 15,591 17,547 (6,980) (6,917) 117,630 117,075 Financial assets for unit-linked contracts – – 105,873 94,564 – – – – – – 105,873 94,564
Income (loss) before income taxes 5,784 4,976 3,790 3,316 2,266 2,588 (1,377) (1,013) (267) (1,020) 10,196 8,848
Debt securities Government and agency mortgage-backed securities (residential and commercial) 3,860 143 (10) 3,993 3,548 192 (2) 3,738 Corporate mortgage-backed securities (residential and commercial) 12,879 243 (128) 12,994 13,685 546 (44) 14,186
Foreign currency translation adjustments 743 892 Changes in shadow accounting 1,895 (1,832)
Münsterländische Bank Thie & Co. kg, Münster – 102 Bürgel Wirtschaftsinformationen, Hamburg 15 – Allianz Life & Annuity Company, Minneapolis 3 –
Real estate held for own use classified as held for sale had comprised, as of 31 December 2014, several office buildings allocated to the reportable segment Global Insurance Lines & Anglo Markets (Property-Casualty), which were sold during the third quarter of 2015, as expected.
4 Include primarily customer relationships from acquired parts of the insurance business of UnipolSai Assicurazioni S.p.A. of € 76 mN (2014: € 100 mN) and from the acquisition of Selecta of € – mN (2014: € 85 mN), Assurances Médicales s.a. of € 16 mN (2014: € 18 mN) and Yapı Kredi Sigorta a.s. of € 6 mN (2014: € 8 mN).
18 – Unearned premiums unearned premiums € mn as of 31 December 2015 2014
asbestos and environmental (a & e) loss reserves There are significant uncertainties in estimating A & E reserves for loss and LAE. Reserves for asbestos-related illnesses and environmental clean-up losses cannot be estimated using traditional actuarial techniques due to the long latency period and changes in the legal, socio-economic and regulatory environment.
capital requirements The Allianz Group’s capital requirements are primarily dependent on the type of business that it underwrites, the industry and geographic locations in which it operates and the allocation of the Allianz Group’s investments. During the Allianz Group’s annual planning dialogues with its operating entities, internal capital requirements are determined through business plans regarding the levels and timing of capital expenditures and investments. Internal capital requirements are determined by explicitly taking stress resilience into account. Regulators impose minimum capital requirements at the level of the Allianz Group’s operating entities and the Allianz Group as a whole.
2 From a formalistic perspective, the German Supervisory Authority deems the model to be ‘partial’ because it does not cover all of the operations: some of the smaller operations report under the standard model and others under the deduction & aggregation approach.
D Consolidated Financial Statements 135 Consolidated Balance Sheets 136 Consolidated Income Statements 137 Consolidated Statements of Comprehensive Income 138 Consolidated Statements of Changes in Equity 139 Consolidated Statements of Cash Flows 141 Notes 30 – Fee and commission income fee and commission income € mn
Net Claims and insurance benefits paid (28,702) (20,571) 5 (49,268) Change in reserves for loss and loss adjustment expenses (175) (204) (2) (382)
The effective tax rate is determined on the basis of the effective income tax expenses on income before income taxes.
Other InfOrmatIOn 43 – Derivative financial instruments Derivative financial instruments € mn as of 31 December 2015 2014
fair value hierarchy as of 31 December 2015 (items carrieD at fair value)
Financial assets for unit-linked contracts For level 2, the fair value is determined using the market or the income approach. For the income approach, primary observable inputs include yield curves observable at commonly quoted intervals.
Quantification of significant non-market observable inputs The following table shows the quantitative description of the valuation technique(s) and input(s) used for the level 3 portfolios described above.
As of 31 December 2015, the Allianz Group received cash collateral with a carrying amount of € 212 mn (2014: € 15 mn).
Income derived from investments in securitization vehicles mainly includes interest income generated from AbS and mbS, as well as realized gains and losses from disposals of these securities.
46 – Related party transactions Information on the remuneration of Board members and transactions with these persons can be found in the Remuneration Report, starting on page 37.
The following table sets out the changes in the defined benefit obligation, in the fair value of plan assets and in the effect of the asset ceiling for the various Allianz Group defined benefit plans: reconciliation of DefineD benefit obligation, plan assets anD effect of asset ceiling € mn change in DefineD benefit obligation Defined benefit obligation as of 1 January 22,767 19,110 Current service costs 495 398 Interest expenses 492 663 Plan participants’ contributions 111 107 Actuarial (gains)/losses due to
Plan Assets/Asset Liability Management (alm) Based on the estimated future cash flows of € 715 mn for 2016, € 746 mn for 2017, € 769 mn for 2018, € 801 mn for 2019, € 808 mn for 2020 and € 4,475 mn for 2021 – 2025, the weighted duration of the defined benefit obligation is 17.6 years. The Allianz Group uses, based on the liability profiles of the defined benefit obligation and on the regulatory funding requirements, stochastic asset liability models to optimize the asset allocation from a risk-return perspective.
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 and € 65 mn for the years ended 31 December 2015 and 2014, respectively.
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 2015, the number of shares sold to employees under these plans was 575,584 (2014: 510,435). During the year ended 31 December 2015, 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 € 18 mn (2014: € 7 mn) as compensation expenses.
Mondial Service - Belgium S.A., Brussels 100.0 Mondial Service Argentina S.A., Buenos Aires 100.0 Mondial Service Colombia SAS, Bogotá D.C. 100.0 Mondial Servicios S.A. de C.V., Mexico City 100.0 Mondial Serviços Ltda., São Bernardo do Campo 100.0 Morgan Stanley Italian Office Fund, Milan 100.0 3 National Surety Corporation, Chicago, IL 100.0 Neoasistencia Manoteras S.L., Madrid 100.0 Nextcare Bahrain Ancillary Services Company B.S.C., Manama 100.0 NEXtCARE Egypt LLC, Cairo 100.0 NEXtCARE Holding WLL, Manama 75.0 NEXtCARE Lebanon SAL, Beirut 100.0 Nextcare Tunisia S.à r.l., Tunis 100.0 NFJ Investment Group LLC, Dover, DE 100.0 Northstar Mezzanine Partners VI U.S. Feeder II L.P., Dover, DE 100.0 3 OJSC "My Clinic", Moscow 100.0 OJSC Insurance Company Allianz, Moscow 100.0 OJSC Insurance Company ROSNO-MS, Moscow 100.0 Ontario Limited, Toronto, ON 100.0 OOO "IC Euler Hermes Ru", Moscow 100.0 OOO Euler Hermes Credit Management, Moscow 100.0 OOO Mondial Assistance, Moscow 100.0 OPCI Allianz France Angel, Paris 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 Pacific Investment Management Company LLC, Dover, DE 95.6 Parc Eolien de Bonneuil S.à r.l., Versailles 100.0 Parc Eolien de Bruyère Grande SAS, Versailles 100.0 Parc Eolien de Chaourse SAS, Versailles 100.0 Parc Eolien de Croquettes SAS, Versailles 100.0 Parc Eolien de Fontfroide SAS, Versailles 100.0 Parc Eolien de Forge SAS, Paris 100.0 Parc Eolien de la Sole du Bois SAS, Paris 100.0 Parc Eolien de Longchamps SAS, Versailles 100.0 Parc Eolien de Ly-Fontaine SAS, Versailles 100.0 Parc Eolien de Remigny SAS, Versailles 100.0 Parc Eolien des Barbes d´Or SAS, Versailles 100.0 Parc Eolien des Joyeuses SAS, Versailles 100.0 Parc Eolien des Mistandines SAS, Paris 100.0 Parc Eolien des Quatre Buissons SAS, Paris 100.0 Parc Eolien du Bois Guillaume SAS, Paris 100.0 Parc Eolien Les Treize SAS, Paris 100.0 Personalized Brokerage Service LLC, Topeka, KS 100.0 Pet Plan Ltd., Guildford 100.0 PFP Holdings Inc., Dover, DE 100.0 PGA Global Services LLC, Dover, DE 100.0 PGREF V 1301 Sixth Investors I LLC, Wilmington, DE 100.0 PGREF V 1301 Sixth Investors I LP, Wilmington, DE 100.0 PIMCO (Schweiz) GmbH, Zurich 100.0 PIMCO Asia Ltd., Hong Kong 100.0 PIMCO Asia Pte Ltd., Singapore 100.0 PIMCO Australia Pty Ltd., Sydney 100.0 PIMCO Canada Corp., Toronto, ON 100.0 PIMCO Canada Credit Bond Trust, Toronto, ON 100.0 5 PIMCO Canada Credit Long Bond Trust, Toronto, ON 100.0 5 PIMCO Canadian Real Return Bond Fund, Toronto, ON 56.7 5 PIMCO Covered Bond Source UCITS ETF, Dublin 71.0 5 PIMCO Emerging Markets Bond Fund III, George Town 49.4 2,5 PIMCO Euro Low Duration Investment Grade Corporate Fund, Dublin 100.0 3 PIMCO Europe Ltd., London 100.0 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
Prof. Dr. Dieter HunDt, senator e.H. until 31 December 2015 Chairman of the Supervisory Board Allgaier Werke GmbH
DR. HELGa JUnG Insurance Iberia & Latin America, Legal & Compliance, Mergers & Acquisitions Membership in other statutory supervisory boards and SE administrative boards in Germany Membership in Group bodies Allianz Asset Management AG (Chairwoman) since 23 February 2015 Allianz Global Corporate & Specialty SE (Vice Chairwoman) Membership in comparable1 supervisory bodies Unicredit S.p.A.
DR. CHRiSTof MaSCHER Operations, Allianz Worldwide Partners Membership in other statutory supervisory boards and SE administrative boards in Germany Volkswagen Autoversicherung AG Membership in Group bodies Allianz Managed Operations and Services SE (Chairman) Membership in comparable1 supervisory bodies Membership in Group bodies Allianz Worldwide Partners SAS (Chairman until 1 December 2015)
Assets under mAnAgement Assets under management are assets or securities port­ folios, valued at current market value, for which Allianz Asset Management companies provide discretionary investment management decisions and have the port­ folio management responsibility. They are managed on behalf of third parties as well as on behalf of the Allianz Group.
replicAting portfolio Representation of the liabilities of the 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.