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Allianz Annual Report 2012

Long-term debt funding As of 31 December 2012, ­Allianz SE had senior and subordi­ nated bonds in a variety of maturities outstanding reflecting ourfocusonlong-termfinancing.Asthecostandavailability of external funding may be negatively affected by general market conditions or by matters specific to the financial services industry or the ­Allianz Group, we seek to reduce refinancing risk by actively steering the maturity profile of our funding structure. Interest expenses on senior bonds increased to € 306.8  MN (2011: € 262.5  MN) driven by additional volumes raised in 2012. For subordinated bonds interest expenses decreased amounting to € 614.1  MN (2011: € 624.2  MN) due to lower funding costs on new issuances in 2012 compared to the bonds redeemed in 2012. Senior and subordinated bonds issued or guaranteed by ­­Allianz SE 1 C 073 as of 31 December 2012 2011 Nominal value Carrying value Interest expense Weighted average interest rate2 Nominal value Carrying value Interest expense Weighted average interest rate2 € MN € MN € MN % € MN € MN € MN % Senior bonds 6,000 5,942 306.8 4.6 5,400 5,343 262.5 4.9 Subordinated bonds 10,976 10,895 614.1 6.2 10,741 10,456 624.2 6.5 Total 16,976 16,837 920.9 5.6 16,141 15,799 886.7 5.9 1 For further information on ­­Allianz SE debt (issued or guaranteed) as of 31 December 2012, please refer to notes 23 and 24 to the consolidated financial statements. 2 Based on nominal value. The table below details the long-term debt issuances and redemptions of ­Allianz SE during 2012 and 2011: issuances and redemptions of ­Allianz SE’S senior and subordinated bonds C 074 € mn as of 31 December 2012 2011 Issuances1 Redemptions1 Issuances net of redemptions Issuances 1 Redemptions1 Issuances net of redemptions Senior bonds 1,500 900 600 — — — Subordinated bonds 2,259 2,000 259 2,500 378 2,122 1 Based on nominal value. Annual Report 2012    Allianz Group 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 177

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