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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Off-balance sheet arrangements In the normal course of business, the ­Allianz Group may enter into arrangements that do not lead to the recognition of assets and liabilities in the consolidated financial state- ments under IFRS. Since the ­Allianz Group does not rely on off-balance sheet arrangements as a significant source of revenue or financing, our off-balance sheet exposure to loss is immaterial relative to our financial position. The ­Allianz Group enters into various commitments in- cluding loan and leasing commitments, purchase obliga- tions and other commitments. Please refer to note 46 to the consolidated financial statements for more details. The ­Allianz Group has also entered into contractual rela- tionships with various types of special purpose vehicles. They have been designed in a way so that their relevant activities are directed by means of contractual arrange- ments instead of voting or similar rights. Typically, special purpose vehicles have been set up in connection with asset backed financings, certain investment fund products with guarantees, commercial mortgage loans and collateralized debt obligations. For more details on our collateralized debt obligations, please refer to note 44 to the consolidated financial statements. Please refer to the Risk Report from page 184 onwards for a description of the main concentrations of risk and other relevant risk positions.  184  Risk Report 174