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Allianz Annual Report 2012

Annual Report 2012    Allianz Group The total consideration paid in cash amounted to € 160 mn. Acquisition-related costs in the amount of € 20 mn are in- cluded in administrative expenses. The following table summarizes the fair values of identifi- able assets acquired and liabilities assumed as of 1October 2012 by major classes, the recognized goodwill and the con- sideration paid: gan eurocourtage – major classes of assets acquired and liabilities assumed D 014 € mn Fair value Cash and cash equivalents 130 Investments 1,313 Reinsurance assets 190 Deferred tax assets 20 Other assets 319 Intangible assets 34 Total assets 2,006 Reserves for loss and loss adjustment expenses 1,633 Reserves for insurance and investment contracts 1 Deferred tax liabilities 35 Other liabilities 244 Total liabilities 1,913 Total identifiable net assets 93 Goodwill 67 Consideration paid in cash 160 The goodwill of € 67 mn arising from the acquisition reflects mainly the market position and growth potential of the ac- quired business and the French property-casualty insur- ance market. The goodwill is expected to be deductible for tax purposes in case of impairment or disposal of the ac- quired business. The impact of the brokerage portfolio-related activities of Gan Eurocourtage on the ­Allianz Group’s total revenues and net income since the acquisition was € 152 mn and € 4 mn, respectively. The gross premiums written, total revenues and net in- come of the combined entity (­Allianz Group including the Property-Casualty brokerage portfolio-related activities of Gan Eurocourtage) for the year ended 31 December 2012, would have been € 72,756 mn, € 107,053 mn and € 5,476 mn, respectively, if the acquisition date was 1 January 2012. The impact of the insurance activities acquired from Men- sura CCA, including Mensura Assurances SA, on the ­Allianz Group’s total revenues and net income since the acquisi- tion was € 32 mn and € 21 mn, respectively. In the fourth quarter of 2012, Mensura Assurances SA has been merged into ­Allianz Belgium. The merger was com- pleted retrospectively with an effective date as of 1 August 2012. The gross premiums written, total revenues and net in- come of the combined entity (­­Allianz Group including the insurance activities acquired from Mensura CCA) for the year ended 31 December 2012 would have been € 72,223 mn, € 106,520 mn and € 5,513 mn, respectively, if the acquisition date was 1 January 2012. The impact of the insurance activities acquired from Men- sura CCA, net of cash acquired, on the consolidated state- ment of cashflows for the year ended 31 December 2012, was: mensura – Impact on the consolidated statement of cash flows D 013 € mn Investments (918) Reinsurance assets (30) Deferred acquisition costs (2) Deferred tax assets (5) Other assets (80) Financial liabilities carried at fair value through income 4 Unearned premiums 26 Reserves for loss and loss adjustment expenses 992 Other liabilities 32 Total equity 3 Acquisition, net of cash acquired 22 Brokerage portfolio-related activities of Gan Euro- courtage, Paris Effective as of 1 October 2012, ­Allianz France acquired the Property-Casualty brokerage portfolio-related activities (excluding transport)of Gan Eurocourtage, a wholly owned subsidiary of Groupama SA, after having received the for- mal approvals from the European anti-trust authorities and from the French regulatory authority, Autorité de Con- trôle Prudentiel (ACP). Gan Eurocourtage is a leading Prop- ertyandCasualtyfranchiseintheFrenchbrokeragemarket. This acquisition will create one of the largest brokerage franchises in France. 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 253

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