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Allianz Annual Report 2012

The fair value of a financial instrument is defined as the amount for which a financial asset could be exchanged, or a financial liability settled, between knowledgeable, willing parties in an arm’s length transaction. The maximum ex- posure to credit risk of financial assets, without taking col- lateral into account, is represented by their carrying amount. Fair values and carrying amounts of financial instruments D 119 € mn as of 31 December 2012 2011 Carrying amount Fair value Carrying amount Fair value Financial assets Cash and cash equivalents 12,437 12,437 10,492 10,492 Financial assets held for trading 2,346 2,346 2,469 2,469 Financial assets designated at fair value through income 4,937 4,937 5,997 5,997 Available-for-sale investments 383,254 383,254 333,880 333,880 Held-to-maturity investments 4,321 4,719 4,220 4,422 Loans and advances to banks and customers 119,369 137,215 124,738 134,9161 Financial assets for unit-linked contracts 71,197 71,197 63,500 63,500 Derivative financial instruments and firm commitments included in other assets 129 129 430 430 Assets held in trust 3 372 372 266 266 Financial liabilities Financial liabilities held for trading 5,397 5,397 6,610 6,610 Liabilities to banks and customers 22,425 23,140 22,155 22,6472 Investment contracts with policyholders 145,413 145,413 140,022 140,022 Financial liabilities for unit-linked contracts 71,197 71,197 63,500 63,500 Derivative financial instruments and firm commitments included in other liabilities 462 462 237 237 Financial liabilities for puttable equity instruments 2,601 2,601 2,881 2,881 Certificated liabilities, participation certificates and subordinated liabilities 19,574 21,174 18,822 18,299 Liabilities held in trust 3 372 372 266 266 1 Includes a correction of the determination of the risk adjusted discount rate for a sub-port- folio (increases the fair value by € 857 MN). 2 Includes a correction of the determination of the risk adjusted discount rate for a sub-port- folio (decreases the fair value by € 383 MN). 3 Includes receivables and obligations of deferred compensation plans outsourced to a trust. 44 – Financial instruments Certain risk disclosure requirements of IFRS 7 are reflected in the following sections within the Risk Report in the Group Management Report: −− Internal Risk Capital Model including all subsections other than Assessment of assumptions, −− Limitations, −− Concentration of risks, −− Quantifiable risks including all subsections other than Business risk and Operational risk, −− Liquidity risk. Fair values and carrying amounts of finan- cial instruments The following table compares the carrying amount with the fair value of the ­­­­Allianz Group’s financial assets and financial liabilities. 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 327

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