Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Allianz Annual Report 2012

Tax fees KPMG fees for professional services, rendered for tax advice and tax compliance, amounted to € 2.3 mn (2011: € 1.8 mn) and resulted primarily from tax advice. All other fees KPMG invoiced the ­­Allianz Group an aggregate of € 2.2 mn (2011: € 2.4 mn) for other products and services, which con- sisted primarily of services under the guidance of ­­Allianz Group management and general consulting services. All services provided by KPMG to ­­Allianz Group companies must be approved by the Audit Committee of the ­­Allianz SE Supervisory Board. Services other than audit services must be pre-approved by the Audit Committee. The Audit Committee pre-approval process is based on the use of a “Positive List” of activities decided by the Audit Committee and, in addition, a “Guiding Principles and User Test” is ap- plied. Group Compliance and KPMG report to the Audit Committee periodically with respect to services performed. KPMG is the main auditing firm for the ­­Allianz Group and assigned in more than 75 % of all audit-related tasks. Audit- ing firms other than KPMG billed the ­­Allianz Group an ag- gregate of € 14.6 mn (2011: € 11.6 mn). Remuneration for the Board of Management As of 31 December 2012, the Board of Management is com- prised of 11 members. The following values reflect the full Board of Management active in the respective year. The sum of total remuneration of ­Allianz SE Board of Man- agement for 2012, including the payment of the Three-year bonus, amounts to € 53 mn (2011 excluding the notional ac- cruals for the Three-year bonus: € 22 mn 1). The Equity-related remuneration is comprised in 2012 of 119,6712 (2011: 71,5983) Restricted Stock Units (RSU). 1 According to his contract, Dr. Paul Achleitner receives a transition payment of € 1,027.5 THOU- SAND after leaving the ­Allianz SE Board of Management. This amount is included in the Total for 2011. 2 The relevant share price used to determine the final number of RSU granted is only available after sign-off by the external auditors, thus numbers are based on a best estimate. 3 The disclosure in the Annual Report 2011 was based on a best estimate of the RSU grants. The figures shown here for 2011 now include the actual fair value as of the grant date (8 March 2012). These values therefore differ from those disclosed last year. RSU with a total fair value of € 10.5 mn (2011: € 6.4 mn) were granted to the Board of Management for the year ended 31 December 2012. In 2012, remuneration and other benefits totaling € 7 mn (2011: € 6 mn) were paid to retired members of the Board of Management and dependents. Reserves for current pen- sions and accrued pension rights totaled € 105 mn (2011: € 73 mn). The total remuneration for all Supervisory Board members, including attendance fees, amounted to € 2.1 mn (2011: € 2.0 mn). Board of Management and Supervisory Board compensa- tion by individual is included in the “Remuneration Re- port”. The information provided there is considered part of these consolidated financial statements. 52 – Subsequent events ­Allianz Bank ceases business On 24 January 2013, it was announced that ­Allianz Bank is settoceasebusinessoperationson30June2013.Thebank’s business activities for employees and agents, as ­Allianz Bank customers, will be continued by Oldenburgische Landesbank AG. As of today, the ­Allianz Group expects that closure-related expenses could approximate € 100 mn. life insurance distribution agreement in turkey On 28 January 2013, ­Allianz SE and HSBC Bank plc agreed to a 10-year exclusive bancassurance distribution agreement for life insurance in Turkey. ­Allianz life insurance and pen- sion products will be distributed by HSBC in Turkey. The upfront cash consideration by ­Allianz amounts to € 23 mn. This local bancassurance agreement, which is subject to regulatory approval, is expected to be completed in the first half of 2013. 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 355