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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 149 Assets under management As of 31 December 2012, total assets under management reached€ 1,852 BNconsistingofthird-partyassetsof€ 1,438 BN and € 414 BN of ­Allianz Group assets. We show the develop- ment of total assets under management based on asset classes as they are relevant for the segment’s business devel­ opment. Net inflows of total assets under management amounted to € 115 BN. Of this, € 114 BN related to third-party net inflows and € 1 BN to ­Allianz Group assets. This positive develop- ment was due to fixed income with net inflows of € 119 BN. Equities recorded net outflows of € 4 BN. We experienced strong net inflows in all regions, especially in the United States and Europe. In addition, favorable market effects contributed a further € 156 BN with € 137 BN coming from fixed income – and € 19 BN from equities. These positive effects were partly offset by the reclassification from “assets under management” to “assets under administration” of € 57 BN which had no impact on our revenue base. Unfavorable foreign currency trans­ lation effects accounted for € 19 BN, primarily due to the depreciation of the U.S. Dollar against the Euro. 1 1 Based on the closing rate on the respective balance sheet date. In the following section, we focus on the development of third-party assets under management. Third-party assets under management by Business Unit C 049 as of 31 December 2012 1 in % Other 2.0 AllianzGI 12.4 PIMCO 85.6 1 Retrospective figures as of 31 December 2011 are not provided since the composition of total assets under management is impacted by the new structure for Asset Management which did not exist prior to 1 January 2012. Development of total assets under management C 048 € BN 5000 1,000 2,0001,500 1,491 164 +115 1,657 2 Market effects Net inflows Consolidation, deconsoli- dation and other effects F/X effects Total AuM (as of 12/31/2012) Total AuM (as of 12/31/2011) 1,681 169 2 +156 (19) 1,852 (57)   Fixed income   Equities   Other   Changes C Group Management Report Management Discussion and Analysis 122 Business Environment 124 Executive Summary of 2012 Results 132 Property-Casualty Insurance Operations 140 Life/Health Insurance Operations 148 Asset Management 152 Corporate and Other 154 Outlook 2013 and 2014 166 Balance Sheet Review 175 Liquidity and Funding Resources 182 Reconciliations