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Allianz Annual Report 2012

Asset Management The reportable segment Asset Management operates as a global provider of institutional and retail asset manage­ ment products and services to third-party investors and provides investment management services to the ­Allianz Group’s insurance operations. The products for retail and institutional customers include equity and fixed income funds as well as alternative products. The United States and Germany as well as France, Italy and the Asia-Pacific region represent the primary asset management markets. Corporate and Other The reportable segment Holding & Treasury includes the managementandsupportofthe ­AllianzGroup’sbusinesses through its strategy, risk, corporate finance, treasury, finan­ cial reporting, controlling, communication, legal, human resources and technology functions. The reportable seg­ ment Banking consists of the banking activities in Germany, France, Italy, the Netherlands and Bulgaria. The banks offer a wide range of products for corporate and retail clients with the main focus on the latter. The reportable segment Alternative Investments provides global alternative invest­ mentmanagementservicesintheprivateequity,realestate, renewable energy and infrastructure sectors, mainly on behalf of the ­­­Allianz Group’s insurance operations. The Alternative Investments reportable segment also includes a fully ­consolidated private equity investment. The income and expenses of this investment are included in the non- operating result. Prices for transactions between reportable segments are set on an arm’s length basis in a manner similar to transac­ tions with third parties. Transactions between reportable segments are eliminated in Consolidation. For the report­ able ­segment Asset Management, interest revenues are reported net of interest expenses. Reportable segments measure of profit or loss The ­Allianz Group uses operating profit to evaluate the per­ formance of its reportable segments and the ­Allianz Group as a whole. Operating profit highlights the portion of in­ come before income taxes attributable to the ongoing core operationsofthe­AllianzGroup.The­AllianzGroupconsiders the presentation of operating profit to be useful and mean­ ingful to investors because it enhances the understanding of the ­Allianz Group’s underlying operating performance and the comparability of its operating performance over time. 6 – Segment reporting Identification of reportable segments The business activities of the ­Allianz Group are first orga­ nized by product and type of service: insurance activities, asset management activities and corporate and other activ­ities. Due to differences in the nature of products, risks and capital allocation, insurance activities are further di­ vided into Property-Casualty and Life/Health cat­egories. In accordance with the responsibilities of the Board of Man­ agement, each of the insurance categories is grouped into the following reportable segments: −− German Speaking Countries −− Western & Southern Europe −− Iberia & Latin America −− USA −− Global Insurance Lines & Anglo Markets −− Growth Markets −− Global Assistance (Property-Casualty only) Asset management activities represent a separate report­ able segment. Due to differences in the nature of products, risks and capital allocation, corporate and other activities are divided into three reportable segments: Holding & Trea­ sury, Banking and Alternative Investments. In total, the ­­­Allianz Group has identified 17 reportable segments in ac­ cordance with IFRS 8, Operating Segments. The types of products and services from which reportable segments derive revenue are described below. Property-Casualty In the Property-Casualty category, reportable segments of­ fer a wide variety of insurance products to both private and corporate customers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance. Life/Health In the Life/Health category, reportable segments offer a comprehensive range of life and health insurance products­ on both an individual and a group basis, including annui­ ties, endowment and term insurance, unit-linked and in­ vestment-oriented products as well as full private health and supplemental health and long-term care insurance. Annual Report 2012    Allianz Group258