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Allianz Annual Report 2012

investments in ­­Allianz Group companies, for which no de- ferred tax assets are recognized as it is not probable that they will reverse in the foreseeable future, amount to € 185 mn (2011: € 102 mn). Tax losses carried forward Taxlossescarriedforwardat31December2012of€ 10,894 mn (2011: € 11,551 mn) resulted in recognition of deferred tax assets to the extent that there is sufficient certainty that the unused tax losses will be utilized. € 9,779  mn (2011: € 10,518 mn) of the tax losses carried forward can be used without time limitation. Tax losses carried forward are scheduled according to their expiry periods as follows: Tax losses carried forward D 117 € mn 2012 2013 154 2014 62 2015 73 2016 189 2017 154 2018 61 2019 93 2020 17 2021 8 2022 20 >10 years 284 Unlimited 9,779 Total 10,894 Deferred tax assets on losses carried forward are recog- nized to the extent to which it is more likely than not that sufficient future taxable profits will be available for realiza- tion. Entities which suffered a tax loss in either the current or the preceding period recognized deferred tax assets in excess of deferred tax liabilities amounting to € 332 mn (2011: € 846 mn). Deferred tax assets and liabilities Deferred tax assets and liabilities D 116 € mn as of 31 December 2012 2011 Deferred tax assets Financial assets carried at fair value through income 34 103 Investments 2,871 3,597 Deferred acquisition costs 1,984 1,449 Other assets 1,184 923 Intangible assets 156 136 Tax losses carried forward 2,548 2,834 Insurance reserves 3,935 3,824 Pensions and similar obligations 149 171 Other liabilities 992 810 Total deferred tax assets 13,853 13,847 Non-recognition or valuation allowance for deferred tax assets on tax losses carried forward (714) (753) Effect of netting (11,869) (10,773) Net deferred tax assets 1,270 2,321 Deferred tax liabilities Financial assets carried at fair value through income 91 78 Investments 7,884 5,934 Deferred acquisition costs 4,371 4,428 Other assets 592 620 Intangible assets 381 368 Insurance reserves 2,420 2,375 Pensions and similar obligations 417 218 Other liabilities 882 633 Total deferred tax liabilities 17,038 14,654 Effect of netting (11,869) (10,773) Net deferred tax liabilities 5,169 3,881 Net deferred tax assets/(liabilities) (3,899) (1,560) Taxable temporary differences associated with invest- ments in ­­­Allianz Group companies, for which no deferred tax liabilities are recognized as the ­­Allianz Group is able to control the timing of their reversal and which will not re- verse in the foreseeable future, amount to € 520 mn (2011: € 596 mn). Deductible temporary differences arising from 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 323

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