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Allianz Annual Report 2012

Financial assets carried at fair value through income Financial assets carried at fair value through in- come include financial assets held for trading and financial assets designated at fair value through income. Financial liabilities carried at fair value through income Financial liabilities carried at fair value through income include financial liabilities held for trading and financial liabilities designated at fair value through income. Financial VAR Financial Value at Risk (VaR) is the diversified aggregation of market risk and credit risk. Forwards The parties to this type of transaction agree to buy or sell at a specified future date. The price of the underlying assets is fixed when the deal is struck. Functional currency The functional currency is the prevailing currency in the primary economic environment where the subsidiary conducts its ordinary activities. Funds held by/for others under reinsurance contracts Funds held by others are funds to which the rein- surer is entitled but which the ceding insurer re- tains as collateral for future obligations of the rein- surer. The ceding insurer shows these amounts as “funds held under reinsurance business ceded.” Futures Standardized contracts for delivery on a future date, traded on an exchange. Normally, rather than actually delivering the underlying asset on that date, the difference between closing market value and the exercise price is paid. G Goodwill Difference between the cost of acquisition and the fair value of the net assets acquired. Gross/Net In insurance terminology the terms gross and net mean before and after deduction of reinsurance, respectively. In the investment terminology the term “net” is used where the relevant expenses (e. g. depreciations and losses on the disposal of assets) have already been deducted. Group share (%) The Group share is the total of all interests held by affiliated enterprises and joint ventures in affili- ated enterprises, joint ventures, and associated enterprises. H Hedging The use of special financial contracts, especially derivative financial instruments, to reduce losses which may arise as a result of unfavorable move- ments in rates or prices. Held for sale A non-current asset is classified as held for sale if its carrying amount will be recovered principally through sale rather than though continuing use. On the date a non-current asset meets the criteria as held for sale, it is measured at the lower of its carrying amount and fair value less costs to sell. Held-to-maturity investments Held-to-maturity investments comprise debt se- curities held with the intent and ability that they will be held-to-maturity. They are valued at amor- tized cost. I IAS International Accounting Standards. IFRS International Financial Reporting Standards. Since 2002, the designation IFRS applies to the overall framework of all standards approved by the Inter- national Accounting Standards Board. Already approved standards will continue to be cited as International Accounting Standards (IAS). IFRS Framework The framework for International Financial Report- ing Standards (IFRS) which sets out the concepts that underlie the preparation and presentation of financial statements for external users. Income from financial assets and liabilities carried at fair value through income (net) Income from financial assets and liabilities carried at fair value through income (net) includes all realized and unrealized gains and losses including interest and dividend income from financial assets and financial liabilities carried at fair value through income, the income (net) from financial liabilities for puttable equity instruments and the foreign currency gains and losses (net). Issued capital and capital reserves This heading comprises the capital stock, the premium received on the issue of shares, and amounts allocated when option rights are exercised. J Joint venture An enterprise which is managed jointly by an enterprise in the Group and one or more enter- prises not included in the consolidation. The ex- tent of joint management control is more than the significant influence exercised over associated enterprises and less than the control exercised over affiliated enterprises. Annual Report 2012    Allianz Group376

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