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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 5 – Consolidation Scope of consolidation In addition to ­Allianz SE, the consolidated financial state- ments for the period ended 31 December 2012 generally include all German and foreign operating companies in which ­Allianz SE directly or indirectly holds a majority of voting rights, or whose activities it can in some other way control. The companies are consolidated from the date on which ­Allianz SE is able to exercise control. The companies listed in the table below are consolidated in addition to the parent company ­­Allianz SE. Scope of consolidation D 010 2012 2011 2010 Number of fully consolidated companies (subsidiaries) 1 Germany 130 129 139 Other countries 701 699 775 Subtotal 831 828 914 Number of fully consolidated investment funds Germany 40 44 46 Other countries 34 29 22 Subtotal 74 73 68 Number of fully consolidated Special Purpose Entities (SPE) 7 7 4 Total number of fully consolidated entities 912 908 986 Number of joint ventures valued at equity 17 16 17 Number of associated entities valued at equity 125 112 125 1 Includes 5 (2011: 5; 2010: 6) subsidiaries, where the ­­­Allianz Group owns less than the major- ity of the voting power, including CreditRas Vita S.p.A. and CreditRas Assicurazioni S.p.A. (CreditRas) as well as Antoniana Veneta Popolare Vita S.p.A. and Antoniana Veneta Popolare Assicurazioni S.p.A. (Antoniana). The ­­Allianz Group controls these entities on the basis of shareholder agreements between the ­­Allianz Group subsidiary owning 50.0 % of each such entity and the other shareholders. Pursuant to these shareholder agreements, the ­­Allianz Group has the power to govern the financial and operating policies of these subsidiaries and the right to appoint the general manager, in the case of CreditRas, and the CEO, in the case of Antoniana, who have been given unilateral authority over all aspects of the financial and operating policies of these entities, including the hiring and termination of staff and the purchase and sale of assets. Furthermore, all management functions of these subsidiaries are performed by the employees of the ­­Allianz Group. The ­­Allianz Group also develops all insurance products written through these subsidiaries. Although the ­­Allianz Group and the other shareholders each have the right to appoint half of the directors of each subsidiary, the rights of the other shareholders are limited to matters specifically reserved to the board of directors and shareholders under Italian law, such as decisions concerning capital increases, amendments to articles and similar matters. In addition, in the case of Antoniana, the ­­Allianz Group has the right to appoint the Chairman. All subsidiaries, joint ventures and associated enterprises are individually listed in the list of participations of the ­­Allianz Group from page 357 of this Annual Report onwards. D Consolidated Financial Statements 221 Consolidated Balance Sheets 222 Consolidated Income Statements 223 Consolidated Statements of Comprehensive Income 224 Consolidated Statements of Changes in Equity 225 Consolidated Statements of Cash Flows 228 Notes to the Consolidated Financial Statements 251