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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Balance Sheet Review −− Shareholders’ equity increased by € 8.6  bn to € 53.6  bn. −− Strong solvency ratio up by 18 percentage points to 197 %.1 Shareholders’ equity 2 Shareholders’ equity C 057 € mn 12/31/2010 12/31/2011 12/31/2012 70,000 60,000 50,000 40,000 30,000 20,000 10,000 28,685 10,749 5,057 44,491 44,915 28,763 11,526 4,626 28,815 14,616 10,122 53,553 + 19.2 %  Paid-in-capital    Retained earnings (includes foreign currency effects)    Unrealized gains/losses (net) As of 31 December 2012, shareholders’ equity went up by 19.2 % (or € 8,638  mn) to € 53,553  mn3 after dividend payments of € 2,037  mn in May 2012. The growth mainly stemmed from our net income attributable to shareholders of € 5,169  mn andthe€ 5,496 mnincreaseinnetunrealizedgains.Thelatter was driven by our debt securities, mainly due to the decline in selected sovereign bond yields as well as lower interest rates. 1 Off-balance sheet reserves are accepted by the authorities as eligible capital only upon ­request. ­­­­Allianz SE has not submitted an application so far. Excluding off-balance sheet ­reserves, the solvency ratio as of 31 December 2012 would be 188 % (2011: 170 %, 2010: 164 %). 2 This does not include non-controlling interests of € 2,665  mn, € 2,338  mn and € 2,071  mn as of 31 December 2012, 31 December 2011 and 31 December 2010, respectively. For further information, please refer to note 25 to the consolidated financial statements. Retained earnings include foreign currency translation effects of € (2,073)  mn, € (1,996)  mn and € (2,339)  mn as of 31 December 2012, 2011 and 2010, respectively. 3 As of 1 January 2013 our shareholders’ equity decreased by approximately € 3.3  bn due to the amendments to IAS 19. For further details, please refer to note 4 to the consolidated financial statements. Regulatory capital adequacy The ­­Allianz Group is a financial conglomerate within the scope of the E.U. Financial Conglomerates Directive and the related German law in force since 2005. The law requires thatafinancialconglomeratecalculatesthecapitalavailable to meet its solvency requirements on a consolidated basis, which we refer to as “eligible capital”. Conglomerate solvency1 C 058 € bn 12/31/2010 12/31/2011 12/31/2012 50 40 30 20 10 39.6 22.9 42.6 173 % 23.8 48.4 24.6 179 % 197 % Solvency ratio    Eligible capital   Requirement  1 Off-balance sheet reserves are accepted by the authorities as eligible capital only upon request. ­­­­Allianz SE has not submitted an application so far. Excluding off-balance sheet ­reserves, the solvency ratio as of 31 December 2012 would be 188 % (2011: 170 %, 2010: 164 %). Compared to year-end 2011, our conglomerate solvency ratio strengthened further by 18 percentage points to 197 %. In line with the development of our shareholders’ equity, the Group’s eligible capital for solvency purposes rose to € 48.4  bn. This includes an off-balance sheet reserve of € 2.2  bn (31 December 2011: € 2.2  bn). The growth of € 5.8  bn was largely driven by our net income (net of proposed divi- dends)of€ 3.1  bnandtheplacementofsubordinatedbonds. The required funds went up by € 0.8  bn to € 24.6  bn, primarily due to higher aggregate policy reserves in our Life/Health business. Thus, we improved our already strong solvency position further with our eligible capital surpassing the minimum legally stipulated level by € 23.8  bn. 166

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