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Allianz Annual Report 2012

Annual Report 2012    Allianz Group128 Income taxes Income taxes increased by € 1,098  mn to € 3,140  mn and the effective tax rate amounted to 36.4 % (2011: 42.1 %). With a decrease of 5.7 percentage points, the effective tax rate ­returned closer to the expected level. In 2011, the higher ­effective tax rate was a result of high non tax-effective losses on equities and natural catastrophe related losses in juris- dictions with below average tax rates which did not occur in 2012. Net income Net income C 027 � mn 2010 2011 2012 6,000 5,000 4,000 3,000 2,000 1,000 5,209 2,804 (46.2) % 5,491 +95.8% Net income nearly doubled from € 2,804 mn to € 5,491  mn due to our strong operational performance and the recovery of our non-operating investment result versus the previous year. 2011 was heavily impacted by the European sovereign debt crisis, the subsequent financial market turmoil and high natural catastrophes. Net income attributable to shareholders and non-controlling interests was € 5,169  mn (2011: € 2,545  mn) and € 322 mn (2011: € 259 mn), respectively. Ourlargestnon-controllinginterestrelatestoEulerHermes, accounting for € 94 mn. Earnings per share1 C 028 � 2010 2011 2012 12 10 8 6 4 2 11.12 11.4211.20 5.63 5.48 11.34   Basic earnings per share    Diluted earnings per share 1 For further information, please refer to note 50 to the consolidated financial statements.

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