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Allianz Annual Report 2012

Headcount reduction within this program will occur through employee turnover, the transfer of employees to other positions within the ­Allianz Group and by agree- ments in mutual consent with the employees (partial re- tirement, early retirement and severance payments). Fur- thermore, a program was offered to the employees to reduce their weekly working hours with the result that working capacity will be decreased. As of 31 December 2012, the ­Allianz Germany Group record- ed a restructuring provision for this program of € 72 mn. During the year ended 31 December 2012, restructuring charges of € 84 mn were recorded. ­­Allianz Global Investors’s restructuring Plan (­AllianzGI) Following the creation of a new organizational structure of Asset Management business in the ­Allianz Group, ­AllianzGI has announced a global restructuring plan concerning all respective regions (Europe, United States, Asia). The re- structuring program commenced in March 2012 and will be completed in 2014. ­AllianzGI aims to create a globally integrated investment business, with one global leadership team, one global product strategy and an alignment of investment capabili- ties. This significant change to the organization and the business activities will enable ­AllianzGI to improve effi- ciency and positioning for growth. In particular, measures to be taken will include a funda- mental change and simplification of legal entity structure accompanied by an estimated headcount reduction of up to 320 employees. The reduction of staff within this pro- gram comprises mainly terminations in mutual consent with the employees and vacant positions not being refilled. As of 31 December 2012, ­AllianzGI restructuring provision for this plan was € 41 mn. During the year ended 31 Decem- ber 2012, ­AllianzGI recorded restructuring charges of € 62 mn related to this plan. ­Allianz Managed Operations and Services’s restructuring Plan (AMOS) AMOS is further aligning its delivery model to provide IT and other shared services to ­Allianz entities globally. This ne- cessitates a change from locally focused delivery structures and processes to global delivery centers and globally stan- dardized processes. ­Allianz beratungs- und vertriebs- ag’s restructuring plan (abv ag) In 2012, the ABV AG initiated a restructuring program for its bancassurance distribution channel in order to align the sales capacities with the changed business environment. The program includes the reduction of approximately 360 full time equivalents (FTE). In addition, the ABV AG plans to reduce about 70 FTE in the local offices. The reduction of staff will occur through employee turnover, the transfer of employees to other positions within the ­Allianz Group and by agreements in mutual consent with the employees (ear- ly retirement and severance payments). In 2012, negotia- tions with the central works council were conducted and initial agreements were reached. As of 31 December 2012, the ABV AG restructuring provision for these programs was € 14 mn. During the year ended 31 December 2012, the ABV AG recorded restructuring charg- es of € 44 mn. Restructuring provisions of previous restructuring plans of ABV AG are included in other restructuring plans (€ 5 mn). ­Allianz germany group’s restructuring plan The ­Allianz Germany Group launched the restructuring program “Zukunftsprogramm Sachversicherung“ in order to generate further growth impulses. The program is ex- pected to be completed with the objective of cost savings and higher growth of revenue improving competitiveness and profitability of ­Allianz Germany’s future property and casualty business. The project “Optimierung Stäbe” as part of the restructur- ing program “Zukunftsprogramm Sachversicherung” was implemented in order to reduce personnel and operating expenses by increasing efficiency in the ­Allianz Germany Group’s head office. By the end of 2014, headcount shall be reduced by about 380 full time equivalents (FTE). Negotia- tions with the works councils regarding the implementa- tion of the project started in 2012, resulting in advance agreements (“Vorfeldvereinbarungen”) that were signed at the end of 2012. In addition, clearly defined activities in the area of opera- tional functions will be transferred to newly founded ser- vice companies with own employees. The project will there- fore result in a reduction of approximately 200 FTE. Agreements with the works councils were reached in 2012. 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 351

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