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Allianz Annual Report 2012

guarantee and a performance-at-maturity guarantee. Ad- ditionally, the performance-at-maturity guarantees are generally linked to the performance of an equity index or group of equity indexes. As of 31 December 2012, the maxi- mum potential amount of future payments of the market value and performance-at-maturity guarantees was € 945 mn (2011: € 983 mn), which represents the total value guaranteed under the respective agreements. The fair val- ue of the mutual funds related to the market guarantees as of 31 December 2012, was approximately € 853 mn (2011: € 948  mn). These funds have a remaining term of maturity of up to five years. Indemnification contracts Indemnification contracts are executed by the ­­­­Allianz Group with various counterparties under existing service, lease or acquisition transactions. Such contracts may also be used to indemnify counterparties under various contin- gencies, such as changes in laws and regulations or litiga- tion claims. In connection with the sale of various of the ­­­­Allianz Group’s former private equity investments, subsidiaries of the ­­­­Allianz Group provided indemnities to the respective buy- ers in the event that certain contractual warranties arise. The terms of the indemnity contracts cover ordinary con- tractual warranties, environmental costs and any potential tax liabilities the entity incurred while owned by the ­­­­Allianz Group. Performance guarantees Performance guarantees are given by the ­­Allianz Group to ensure third-party entitlements if certain performance ob- ligations of the guarantee recipient are not fulfilled. Credit derivatives Credit derivatives consist of credit default swaps, which require payment in the event of default of debt obligations, as well as of total return swaps, under which the perfor- mance of underlying assets is guaranteed. The notional principal amounts and fair values of the ­­­Allianz Group’s credit derivative positions as of 31 December 2012 are pro- vided in note 43. Assets pledged and collateral The carrying amounts of the assets pledged as collateral are as follows: Assets pledged as collateral D 129 € mn as of 31 December 2012 2011 Collaterals without right to resell or repledge Investments 1,452 320 Loans and advances to banks and customers 2,811 2,672 Subtotal 4,263 2,992 Collaterals with right to resell or repledge Financial assets carried at fair value through income – – Investments 2,460 2,541 Subtotal 2,460 2,541 Total 6,723 5,533 As of 31 December 2012, the ­­­­Allianz Group has received col- lateral, consisting of fixed income and equity securities, with a fair value of € 931 mn (2011: € 799 mn), which the ­­­­Allianz Group has the right to sell or repledge. For the years ended 31 December 2012 and 2011, no previously received collateral was sold or repledged by the ­­­Allianz Group. As of 31 December 2012, the ­Allianz Group took possession of cash collateral with a carrying amount of € 65 mn (2011: € – mn). Annual Report 2012    Allianz Group340

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