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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Assets and liabilities of the Asset Management segment Asset Management assets The Asset Management segment’s results are derived pri- marily from third-party asset management. In this section, we refer only to the segment’s own assets.1 The main components of the segment’s asset base were cash and cash pool assets and debt securities. Overall, the Asset Management asset base decreased by € 0.7  bn to € 3.8  bn, as of year-end 2012. Thereof, cash and cash pool assets amounted to € 1.6  bn (31 December 2011: € 1.3  bn). Loans and advances declined by € 1.1 bn to € 0.4  bn, driven by a reduction in Group internal financing. Asset Management liabilities Liabilities in our Asset Management segment decreased by € 1.3  bn to € 4.3  bn, mainly due to a decrease in provisions and the reduction in Group internal financing. 1 For further information on the development of these third-party assets, please refer to the Asset Management chapter. Assets and liabilities of the Corporate and Other segment Corporate and Other assets As of 31 December 2012, our Corporate and Other asset base amounted to € 42.0  bn. The increase of € 6.2  bn was mainly attributable to debt securities, cash and cash pool assets and loans and advances. Composition of asset base – fair values C 070 € bn as of 31 December 2012 2011 Financial assets and liabilities carried at fair value through income Equities – 0.1 Debt securities – – Other 1 (0.2) (0.3) Subtotal (0.2) (0.2) Investments 2 Equities 1.7 1.9 Debt securities 23.8 18.1 Cash and cash pool assets 3 (0.4) (1.9) Other 0.2 0.2 Subtotal 25.3 18.3 Loans and advances to banks and customers 16.9 17.7 Corporate and Other asset base 42.0 35.8 1 This comprises assets of € 0.2  bn and € 0.2  bn and liabilities of € (0.4)  bn and € (0.5)  bn as of 31 December 2012 and 31 December 2011, respectively. 2 These do not include affiliates of € 74.3  bn and € 73.4  bn as of 31 December 2012 and 31 De- cember 2011, respectively. 3 Including cash and cash equivalents, as stated in our segment balance sheet, of € 4.2  bn and € 1.8  bn and receivables from cash pooling amounting to € 0.2  bn and € 0.5  bn, net of liabilities from ­securities lending and derivatives of € (0.1)  bn and € 0.0  bn, as well as liabili- ties from cash pooling of € (4.7)  bn and € (4.2)  bn as of 31 December 2012 and 31 December 2011, respectively. As of 31 December 2012, ABS amounted to € 0.4  bn, repre- senting 0.9 % of its asset base. Corporate and Other liabilities Otherliabilitiesincreasedby€ 2.2  bnto€ 18.0  bn.Thegrowth in certificated liabilities from € 13.8  bn to € 14.7  bn was pri- marily driven by a senior bond of € 1.5  bn issued in February 2012. Participation certificates and subordinated liabilities increased by € 0.2  bn as the effect from the redemption of­ a subordinated bond of € 2.0  bn in May 2012 was offset by the issuance of subordinated bonds in October and Novem- ber 2012.2 2 For further information on ­­­­Allianz SE debt as of 31 December 2012, please refer to notes 23 and 24 to the consolidated financial statements. 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 173

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