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Allianz Annual Report 2012

During the year ended 31 December 2012, the ­­Allianz Group transferred certain corporate mortgage-backed securities from Level 3 into Level 2. This was due to the fact that the valuation techniques of these securities were modified and are no longer based on significant non-observable inputs. Reclassification of financial assets In January 2009, certain USD-denominated CDOs were re- classified from financial assets held for trading to loans and advances to banks and customers in accordance with IAS 39. As of 31 December 2011, the carrying amount and fair value of the CDOs was € 431  mn and € 428  mn, respectively. As of 31 December 2012, the carrying amount and fair value of the CDOs was € 370  mn and € 366  mn, respectively. For the twelve months ended 31 December 2012, the net profit related to the CDOs was not significant. Maturity of financial liabilities Tabular disclosure of contractual obligations The table sets forth the ­­Allianz Group’s contractual obliga- tions as of 31 December 2012. Contractual obligations do not include contingent liabilities or commitments. Only transactions with parties outside the ­­Allianz Group are considered. The table includes only liabilities that represent fixed and determinable amounts. The table excludes interest on floating rate long-term debt obligations and interest on money market securities, as the contractual interest rate on floating rate obligations is not fixed and determinable. The amount and timing of interest on money market secu- rities is not fixed and determinable since these instru- ments have a daily maturity. For further information, see notes 23 and 24 to the consolidated financial statements. As of 31 December 2012, the income tax obligations amounted to € 2,680 mn. The ­­Allianz Group expects to pay € 1,794 mn thereof within the twelve months after the bal- ance sheet date. For the remaining amount of € 886 mn, an estimate of the timing of cash outflows is not reasonably possible. The income tax obligations are not included in the table below. Contractual obligations D 125 € mn Contractual cash flows as of 31 December 2012 Due in 2013 Due in 2014 - 2017 Due after 2017 Total Financial liabilities Financial liabilities carried at fair value through income please refer to note 43 Liabilities to banks and customers 1 16,257 3,117 3,051 22,425 Derivative financial instruments and firm commitments included in other liabilities please refer to note 43 Financial liabilities for puttable equity instruments 2,601 – – 2,601 Certificated liabilities, participation certificates and subordinated liabilities 1 3,078 1,729 14,767 19,574 Insurance liabilities Future policy benefits 2 42,067 150,418 826,341 1,018,826 Reserves for loss and loss adjustment expenses 16,041 21,246 18,519 55,806 Other liabilities Operating lease obligations 3 343 1,204 1,369 2,916 Purchase obligations 4 602 1,286 169 2,057 1 For materiality reasons, the carrying amount is split up into the different contractual maturities. 2 Including investment contracts with policyholders and financial liabilities for unit-linked contracts. 3 The amount of € 2,916 mn is gross of € 121 mn related to subleases, which represent cash inflow to the ­­Allianz Group. 4 Purchase obligations only include transactions related to goods and services; purchase obli- gations for financial instruments are not included. Annual Report 2012    Allianz Group334

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