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Allianz Annual Report 2012

36 – Loan loss provisions loan loss provisions D 107 € mn 2012 2011 2010 Additions to allowances including direct impairments (207) (186) (123) Amounts released 77 47 53 Recoveries on loans previously impaired 19 18 20 Total (111) (121) (50) 35 – Interest expenses interest expenses D 106 € mn 2012 2011 2010 Liabilities to banks and customers (339) (389) (379) Deposits retained on reinsurance ceded (51) (47) (74) Certificated liabilities (341) (300) (300) Participation certificates and subordinated liabilities (649) (658) (557) Other (97) (97) (101) Total (1,477) (1,491) (1,411) 37 – Impairments of investments (net) Impairments of investments (net) D 108 MN € 2012 2011 2010 Impairments Available-for-sale investments Equity securities (804) (2,487) (531) Debt securities (87) (1,109) (142) Subtotal (891) (3,596) (673) Held-to-maturity investments – (33) (1) Investments in associates and joint ventures (23) – – Real estate held for investment (48) (52) (106) Loans and advances to banks and customers (58) (26) (28) Non-current assets and assets and liabilities of disposal groups classified as held for sale (3) (33) (82) Subtotal (1,023) (3,740) (890) Reversals of impairments Available-for-sale investments Debt securities 17 11 10 Real estate held for investment 33 35 35 Loans and advances to banks and customers 39 33 1 Subtotal 89 79 46 Total (934) (3,661) (844) impairments of greek sovereign bond portfolio In 2011, Greek sovereign bonds were impaired and conse- quently written down to the current market value in accor- dance with IFRS impairment rules for available-for-sale debt securities. 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 319

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