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Allianz Annual Report 2012

General Information 1 – Nature of operations and basis of presentation Nature of operations ­AllianzSEanditssubsidiaries(the­AllianzGroup)maintain Property-Casualty insurance, Life/Health insurance and As- set Management operations in over 70 countries, with the largestofitsoperationsinEurope.The­AllianzGroup’shead- quartersand­AllianzSEasitsparentcompanyarelocatedin Munich,Germany.­AllianzSEisrecordedintheCommercial Register of the municipal court in Munich under its regis- tered address at Koeniginstraße 28, 80802 Munich. ­Allianz SE is a stock corporation in the form of a European Company (Societas Europaea). ­Allianz SE shares are listed on all German stock exchanges and ­Allianz SE American Depositary Receipts (ADRs) are traded in the U.S. over the counter on OTCQX. The consolidated financial statements of the ­Allianz Group for the year ended 31 December 2012 were authorized for issue by the Board of Management on 18 February 2013. Basis of presentation The consolidated financial statements of the ­Allianz Group have been prepared in conformity with International Fi- nancial Reporting Standards (IFRS), as adopted under Euro- pean Union (E.U.) regulations in accordance with § 315a of the German Commercial Code (HGB). Within these con- solidated financial statements, the ­Allianz Group has ap- plied all standards and interpretations issued by the IASB and endorsed by the E.U., that are compulsory as of 31 De- cember 2012. IFRS comprise International Financial Report- ing Standards (IFRS), International Accounting Standards (IAS) and interpretations developed by the IFRS Interpreta- tions Committee (formerly called the IFRIC) or the former Standing Interpretations Committee (SIC). Notes to the Consolidated Financial Statements IFRS does not provide specific guidance concerning all as- pects of the recognition and measurement of insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. Therefore, as en- visioned in IAS 8, Accounting Policies, Changes in Account- ing Estimates and Errors, to those aspects where specific guidance is not provided by IFRS4, Insurance Contracts, the provisions embodied under accounting principles gener- ally accepted in the United States of America (US GAAP) as at first-time adoption of IFRS 4 on 1 January 2005, have been applied. The accounting policies adopted are consistent with those of the previous financial year, except for recently adopted IFRS effective 1 January 2012. The consolidated financial statements are prepared as of and for the year ended 31 December and presented in mil- lions of Euro (€), unless otherwise stated. 2 – Summary of significant accounting policies Principles of consolidation Scope of consolidation The consolidated financial statements of the ­Allianz Group comprise the financial statements of ­Allianz SE, its subsid- iaries and certain investment funds and Special Purpose Entities (SPEs). Subsidiaries, investment funds and SPEs, hereafter “subsidiaries”, which are directly or indirectly controlled by the ­Allianz Group, are consolidated. Control exists when the ­Allianz Group has the power to govern the financial and operating policies of the subsidiary generally either when the ­Allianz Group owns directly or indirectly more than half of the voting rights of the subsidiary or when control can be legally evidenced otherwise because of an agreement with other investors or of a specific corpo- rate charter. In order to determine whether control exists, potential voting rights that are currently exercisable or convertible are taken into consideration. If no control ex- ists from a legal perspective, it is assessed whether control exists from an economic perspective, as in the case of SPEs. Annual Report 2012    Allianz Group226