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Allianz Annual Report 2012

The following table sets forth the changes in the defined benefit obligation, the changes in fair value of plan assets and the net amount recognized for the various ­­­Allianz Group defined benefit plans: Reconciliation Defined Benefit obligation and Plan Assets D 131 € mn 2012 2011 Change in defined benefit obligation Defined benefit obligation as of 1 January 15,619 15,320 Current service costs 323 327 Interest costs 699 678 Plan participants’ contributions 97 93 Amendments (1) (9) Actuarial (gains)/losses 3,107 177 Foreign currency translation adjustments 49 80 Benefits paid (635) (606) Changes in the consolidated subsidiaries of the ­­­­Allianz Group 1 30 (443) Divestitures  – – Settlements, curtailments, termination benefits (60) 2 Defined benefit obligation as of 31 December 2 19,228 15,619 Change in fair value of plan assets Fair value of plan assets as of 1 January 10,136 9,780 Expected return on plan assets 463 456 Actuarial gains/(losses) 478 (36) Employer contributions  372 322 Plan participants’ contributions 97 93 Foreign currency translation adjustments 36 71 Benefits paid 3 (357) (343) Changes in the consolidated subsidiaries of the ­­­­Allianz Group 4 4 (207) Divestitures – – Assets distributed on settlement (23) – Fair value of plan assets as of 31 December 11,206 10,136 Funded status as of 31 December 8,022 5,483 Unrecognized net actuarial gains/(losses) (4,724) (2,182) Unrecognized past service costs 9 11 Amount not recognized due to asset ceiling 55 57 Net amount recognized as of 31 December 3,362 3,369 1 For 2011, the amount mainly consists of the defined benefit obligation of the deconsolidated subsidiary manroland AG in the amount of € 411 mn. 2 As of 31 December 2012, € 6,841 mn (2011: € 5,415 mn) of the defined benefit obligation are wholly unfunded, while € 12,387 mn (2011: € 10,204 mn) are wholly or partly funded. 3 In addition, the ­­­­Allianz Group paid € 278 mn (2011: € 263 mn) directly to plan participants. 4 For 2011, the amount mainly consists of the plan assets of the deconsolidated subsidiary manroland AG in the amount of € 197 mn. As of 31 December 2012, post-retirement health benefits included in the defined benefit obligation and in the net amountrecognizedamountedto€ 15 mn(2011:€ 11 mn)and € 15 mn (2011: € 11 mn), respectively. The expense recognized in profit or loss related to defined benefit plans of the ­­­Allianz Group consists of the following components: Defined benefit plans – Expenses recognized D 132 € mn 2012 2011 2010 Current service costs 323 327 340 Interest costs 1 699 678 693 Expected return on plan assets 1 (463) (456) (454) Amortization of past service costs (4) (3) 3 Amortization of net actuarial (gains)/losses 99 84 124 Effect of asset ceiling (3) (10) (48) (Income)/expenses of plan curtailments or settlements (37) 2 – Expense recognized in the consolidated income statements 614 622 658 1 Interest costs on pension obligations less the expected return on plan assets are recognized as administrative expenses. During the year ended 31 December 2012, the expense rec- ognized in profit or loss includes expenses related to post- retirement health benefits of € 3 mn (2011: € 1 mn; 2010: € 1  mn). The actual return on plan assets during the year ended 31 December 2012, amounted to € 941 mn (2011: € 420 mn; 2010: € 507  mn). Annual Report 2012    Allianz Group342

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