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Allianz Annual Report 2012

Net cash outflow used in financing activities amounted to € 0.9  bn in 2012, compared to a net cash inflow of € 2.0  bn in 2011. Contributing to this development were lower net cash inflows from policyholders’ deposits and withdrawals – espe­ cially driven by our Life/Health businesses in the United States, Germany and Italy. Additionally we recorded lower net cash inflows from our refinancing activities1 and net cash outflows from liabilities to banks and customers – mainly attributable to ­Allianz SE and our Banking opera­ tion in Italy. Cash and cash equivalents increased by € 1.9  bn to € 12.4  bn as of 31 December 2012, mainly stemming from ­Allianz SE and our Banking operation in Italy. Cash and cash equivalents C 079 € mn as of 31 December 2012 2011 Balances with banks payable on demand 7,295 7,498 Balances with central banks 2,277 389 Cash on hand 223 263 Treasury bills, discounted treasury notes, similar treasury securities, bills of exchange and checks  2,642 2,342 Total cash and cash equivalents 12,437 10,492 1 Refers to cash flows from certificated liabilities, participation certificates and subordinated liabilities. 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 181

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