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Allianz Annual Report 2012

Actual maturities may deviate from the contractually de- fined maturities, because certain security issuers have the right to call or repay certain obligations ahead of schedule, with or without redemption or early repayment penalties. Investments that are not due at a single maturity date are, in general, not allocated over various maturity buckets, but are shown within their final contractual maturity dates. Equity investments carried at cost As of 31 December 2012, fair values could not be reliably measured for equity investments with carrying amounts totaling € 223 mn (2011: € 418 mn). These investments are primarily investments in privately held corporations and partnerships. During the year ended 31 December 2012, such investments with carrying amounts of € 99 mn (2011: € 96 mn) were sold leading to no gains or losses (2011: gains of € 1 mn and losses of € 1 mn). Investments in associates and joint ventures As of 31 December 2012, loans to associated enterprises and joint ventures and available-for-sale debt securities issued by associated enterprises and joint ventures held by the ­Allianz Group amounted to € 290 mn (2011: € 136 mn). As of 31 December 2012, the fair value of investments in associates and joint ventures was € 3,378 mn (2011: € 2,801 mn). Real estate held for investment Real estate held for investment D 040 € mn 2012 2011 2010 Cost as of 1 January 11,383 11,630 10,413 Accumulated depreciation as of 1 January (2,719) (2,958) (2,899) Carrying amount as of 1 January 8,664 8,672 7,514 Additions 978 666 1,041 Changes in the consolidated subsidiaries of the ­­­Allianz Group 317 1 544 Disposals (192) (393) (409) Reclassifications 84 110 (22) Reclassifications into non-current assets and assets of disposal groups classified as held for sale (20) (238) (46) Foreign currency translation adjustments 20 48 292 Depreciation (190) (185) (171) Impairments (48) (52) (106) Reversals of impairments 33 35 35 Carrying amount As of 31 December 9,646 8,664 8,672 Accumulated depreciation as of 31 December 2,797 2,719 2,958 Cost as of 31 December 12,443 11,383 11,630 in a decrease of the unrealized losses of € 3,676 MN. Based on a detailed analysis of the underlying securities, the ­Allianz Group did not consider these investments to be im- paired as of 31 December 2012. Corporate bonds Total unrealized losses amounted to € 955 mn as of 31 De- cember 2012. The ­Allianz Group holds a large variety of bonds issued by corporations mostly domiciled in OECD countries. For the vast majority of the ­Allianz Group’s cor- porate bonds, issuers and/or issues are of “investment grade”. The unrealized losses have decreased by € 3,360 mn, primarily due to the recovering bond market performance of the financial sector. Based on a detailed analysis of the underlying securities, the ­Allianz Group did not consider these investments to be impaired as of 31 December 2012. Equity securities As of 31 December 2012, unrealized losses from equity se- curities amounted to € 95 mn. These unrealized losses con- cern equity securities that did not meet the criteria of the ­­Allianz Group’s impairment policy for equity securities as described in note 2. Substantially all of the unrealized loss- es have been in a continuous loss position for less than 6 months. Contractual term to maturity The amortized cost and fair value of available-for-sale debt securities and held-to-maturity debt securities as of 31 De- cember2012,bycontractualtermtomaturity,areasfollows: Contractual term to maturity D 039 € mn as of 31 December 2012 Amortized Cost Fair Value Available-for-sale debt securities Due in 1 year or less 29,960 30,383 Due after 1 year and up to 5 years 93,455 98,507 Due after 5 years and up to 10 years 86,766 95,539 Due after 10 years 116,908 132,338 Total 327,089 356,767 Held-to-maturity debt securities Due in 1 year or less 252 248 Due after 1 year and up to 5 years 1,660 1,812 Due after 5 years and up to 10 years 886 997 Due after 10 years 1,523 1,662 Total 4,321 4,719 Annual Report 2012    Allianz Group D Consolidated Financial Statements 219 Consolidated Balance Sheets 220 Consolidated Income Statements 221 Consolidated Statements of Comprehensive Income 222 Consolidated Statements of Changes in Equity 223 Consolidated Statements of Cash Flows 226 Notes to the Consolidated Financial Statements 275

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