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Allianz Annual Report 2012

Annual Report 2012    Allianz Group credit spreads development in 2012 C 060 Spread Europe “A” % Spread U.S. “A” % 3.0 2.5 2.0 1.5 1.0 0.5 0 1Q 2Q 3Q 4Q 3.0 2.5 2.0 1.5 1.0 0.5 0 1Q 2Q 3Q 4Q 1.0 0.5 0.6 0.3 (0.2) 0.2 (0.1) 0.1 2.4 1.8 2.3 1.8 1.5 2.0 1.3 1.5  High/low    Spread at end of period Structure of investments – portfolio overview The ­­Allianz Group’s investment portfolio is mainly deter- mined by our core business of insurance. The following portfolio overview covers the insurance segments as well as the non-banking assets of the Corporate and Other seg- ment. Asset allocation  C 061 Investment portfolio as of 31 December 2012: € 507.5 BN [as of 31 December 2011: € 461.1 BN] in % Cash/Other 1 [2] Debt instruments 91 [90] Equities 6 [6] Real estate 2 [2] As of 31 December 2012 our investment portfolio increased by € 46.4  bn, or 10.1 % to € 507.5  bn, primarily due to the ­investment performance of our Life/Health business. Our asset allocation remained stable. Our gross exposure to equities rose to € 29.6  bn (31 Decem- ber 2011: € 28.8  bn), mainly driven by positive market develop­ ments and only partially offset by realizations. Nevertheless, our equity gearing – a ratio of our equity holdings allocated to the shareholder after policyholder participation and hedges to shareholders’ equity plus off-balance sheet re- serves less goodwill – dropped 8 percentage points from 31 % to 23 %, predominantly due to the growth in shareholders’ equity. As of 31 December 2012, our investments in debt instru- ments, which accounted for 91% of the ­Allianz Group’s invest­ ment portfolio, increased by € 44.3  bn, or 10.6 % to € 460.8  bn. This growth was fueled by reinvested interest flows and positive market effects driven by lower interest rates. Over- all, we have a well diversified exposure in this asset class including 61 % government and covered bonds. In line with our operating business profile, 62 % of our fixed income portfolio was invested in Eurozone bonds and loans. About 95 % of our portfolio of debt instruments 1 was invested in investment-grade bonds and loans. Our exposure to real estate held for investment increased to € 9.7  bn (31 December 2011: € 8.7  bn). 1 Excluding self-originated German private retail mortgage loans. For 2 %, no ratings were available. 168

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