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Allianz Annual Report 2012

Annual Report 2012    Allianz Group150 Third-party assets under management by region/country 1,2 C 050 as of 31 December 2012 [31 December 2011] in % Germany 7.7 [9.3] Rest of Europe 15.3 [15.6] United States 64.6 [63.2] Asia-Pacific 10.4 [9.9] Other 2.0 [2.0] 1 Based on the origin of assets by the asset management company. 2 “Other” consists of third-party assets managed by other ­Allianz Group companies (approxi- mately € 28 bn as of 31 December 2012 and € 26 bn as of 31 December 2011, respectively). The regional split of third-party assets under management shifted slightly. Supported by strong net inflows and positive market conditions, the United States increased its share by 1.4 percentage points to 64.6 %. Germany decreased by 1.6 per­ centage points to 7.7 %, primarily due to the reclassification from “assets under management” to “assets under admin- istration”. Overall, the share of third-party assets from fixed income and equities remained unchanged at 89 % and 11 %, respec- tively. Benefiting from strong net inflows from our retail clients, the share of third-party assets under management between retail and institutional clients shifted slightly with a two percentage point increase in our retail clients to 36 % versus 64 % for institutional clients. Three-year rolling investment performance of ­­PIMCO and ­AllianzGI1 C 051 % PIMCO AllianzGI 2010 2011 2012 2010 2011 2012 100 80 60 40 20 0 (20) 92 (8) 93 (7) 96 (4) 60 (40) 61 (39) 62 (38)   Outperforming assets under management    Underperforming assets under management 1 On1January2012,webroughtourPIMCOand­AllianzGlobalInvestors(AllianzGI)businessunits under the common governance of ­Allianz Asset Management Holding (AAM). Therefore, we show the rolling investment performance of PIMCO and ­AllianzGI versus their respective­ benchmarks.Inaddition,weenhancedourinvestmentperformancemeasurementmethod­­- ology. For comparability, the enhanced methodology is applied retrospectively. The invest- ment performance is based on ­Allianz Asset Management account-based, asset-weighted three-yearinvestmentperformanceofthird-partyassetsversustheprimarytargetincluding all accounts managed by portfolio managers of ­Allianz Asset Management. For some retail funds, the net of fee performance is compared to the median performance of the corresponding Morningstar peer group (first and second quartile mean outperformance). For all other retail funds and for all institutional accounts, the gross of fee perfor­mance (revaluated based on closing prices) is compared to the respective benchmark based on different metrics. The overall investment performance of our AAM business was outstanding, with 92 % outperforming their respective benchmarks (31 December 2011: 89 %). PIMCO recorded an excellent performance of 96 % versus its respective bench- marks, with ­AllianzGI outperforming 62 % of its benchmark. Operating revenues Our operating revenues grew by € 1,284 MN, or 23.3 % to € 6,786 MN. This reflected the growth in assets under manage­ ment and an increase in performance fees. On an internal basis, operating revenues rose by 15.4 %. Net fee and commission income increased by € 1,261  MN to € 6,731  MN. This was mainly due to higher management fees resulting from the higher asset base. Our performance fees went up € 311  MN to € 766  MN driven by private funds and separate accounts.