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Allianz Annual Report 2012

Annual Report 2012    Allianz Group The growth of € 614  mn to € 20,598  mn in interest and similar income (net)1 mainly resulted from the increased asset base in our Life/Health segment. The loss in our income from financial assets and liabilities carried at fair value through income (net) was reduced by € 776  mn to € 511  mn – driven by the favorable equity market development and a positive trading result (plus € 560  mn). € 496  mn of the increase in our trading result came from positive valuation effects on The Hartford warrants, which were sold in April 2012. Negative valuation results on debt securities had a partially offsetting effect. Financial deriva- tives are used to protect against equity and foreign currency fluctuations as well as to manage duration and other inter- est rate-related exposures. Realized gains and losses (net) increased 26.0 % to € 4,327 mn. This was primarily due to realizations on debt securities. Higher realized gains on equities were offset by lower results on real estate. Impairments (net) fell € 2,727  mn to € 934  mn. Thereof, im- pairments on equities amounted to € 827  mn (31 December 2011: € 2,515  mn), which mainly stemmed from our invest- ments in the financial sector. Impairments on debt securi- ties totaled € 89  mn (31 December 2011: € 1,125  mn). In 2011, we recorded impairments on Greek sovereign bonds of € 1,023  mn. Investment expenses (net) remained almost stable at € 876  mn (31 December 2011: € 852  mn). 1 Net of interest expenses (excluding interest expenses from external debt). Assets and liabilities of the Property- Casualty segment Property-Casualty assets As of 31 December 2012, our Property-Casualty asset base grew by € 7.1  bn to € 105.3  bn, mainly due to market effects and reinvested interest inflows. Composition of asset base – fair values1 C 065 € bn as of 31 December 2012 2011 Financial assets and liabilities carried at fair value through income Equities 0.3 0.2 Debt securities 0.2 0.9 Other 2 – – Subtotal 0.5 1.1 Investments 3 Equities 3.9 4.9 Debt securities 69.8 63.2 Cash and cash pool assets 4 5.1 4.1 Other 7.7 7.1 Subtotal 86.5 79.3 Loans and advances to banks and customers 18.3 17.8 Property-Casualty asset base 105.3 98.2 1 Loans and advances to banks and customers, held-to-maturity investments and real estate held for investment are stated at amortized cost. Investments in associates and joint ventures are stated at either amortized cost or equity, depending on – among other factors – our ownership percentage. 2 This comprises assets of € 0.1  bn and € 0.1  bn and liabilities of € (0.1)  bn and € (0.1)  bn as of 31 December 2012 and 31 December 2011, respectively. 3 These do not include affiliates of € 8.8  bn and € 9.1  bn as of 31 December 2012 and 31 Decem- ber 2011, respectively. 4 Including cash and cash equivalents, as stated in our segment balance sheet of € 2.7  bn and € 2.4  bn and receivables from cash pooling amounting to € 2.8  bn and € 2.1  bn, net of liabilities from securities lending and derivatives of € (0.2)  bn and € (0.3)  bn, as well as liabili- ties from cash pooling of € (0.2)  bn and € (0.1)  bn as of 31 December 2012 and 31 Decem- ber 2011, respectively. As of 1 January 2012, the definition of cash and cash pool assets has changed. Now, they also include liabilities from cash pooling. Therefore the previous year’s figures have been adjusted accordingly. As of 31 December 2012, ABS of € 3.8  bn represented 3.6 % of the segment’s asset base. 170

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