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Allianz Annual Report 2012

Funding in other currencies than the Euro enables us to diversify our investor base or to take advantage of favorable funding costs in those markets. Funds raised in non-Euro currencies are incorporated in our general hedging strategy. As of 31 December 2012, approximately 13.4 % (2011: 9.5 %) of long-term debt was issued or guaranteed by ­Allianz SE in currencies other than the Euro. Currency allocation of ­Allianz Se’s senior and subordinated bonds C 075 nominal value in € MN as of 31 December 2012 2011 Euro Non-Euro Total Euro Non-Euro Total Senior and subordinated bonds 14,700 2,276 16,976 14,600 1,541 16,141 Short-term debt funding Short-term funding sources available are the Medium- Term Note Program and the Commercial Paper Program. As of31 December 2012,­AllianzSEhadmoneymarketsecurities outstanding with a carrying value of € 1,180  MN: a € 61 MN increase in the use of commercial paper compared to the previous year-end. Interest expenses on money market secu­ rities decreased to € 11.4 MN (2011: € 13.0 MN) due to a lower level of short-term interest rates on average in 2012. money market securities of ­Allianz se C 076 as of 31 December 2012 2011 Carrying value Interest expense Average interest rate Carrying value Interest expense Average interest rate € MN € MN % € MN € MN % Money market securities 1,180 11.4 1.0 1,119 13.0 1.2 The Group maintained its A-1+/Prime-1 ratings for short- term issues. Thus we can continue funding our liquidity under the Euro Commercial Paper Program at an average rate below Euribor and under the U.S. Dollar Commercial Paper Program at an average rate below U.S. Libor. Further potential sources of short-term funding allowing the ­Allianz Group to fine-tune its capital structure are letter of credit facilities and bank credit lines. Annual Report 2012    Allianz Group178

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