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Allianz Annual Report 2012

Annual Report 2012    Allianz Group The Annual bonus award depends on the achievement of quantitative and qualitative targets for the respective ­financial year. These targets are set in order to achieve an appropriate return on capital, as approved by the Super­ visory Board. The Supervisory Board may adjust the award to reflect overall business results and individual perfor- mance achievements. The Three-year bonus reflects the achievement of the annual target by accruing an amount identical to the Annual ­bonus.Torecognizesustainability,thefinalawardissubject to a subsequent (retrospective) assessment of the portfolio development by the Supervisory Board. It considers both growth and return on capital to ensure that the final award not only depends on accounting profits but also profitable growth over the three-year period. This is supported by a review of qualitative criteria and may lead to an adjust- ment of the award within the range of 0 % to 165 %. TARGET CATEGORIES FOR VARIABLE SHORT AND MID TERM REMUNERATION in 2012 B 007 Business division/Function Corporate Center Functions ANNUAL BONUS (short-term) Quantitative targets 75 % Group targets 50 % Equal split between – Annual operating profit – Annual net income attributable to shareholders Targets of the business divisions/ Corporate center functions 25 % Operating profit of the respective business division Controlling, reporting, risk – Solvency I ratio – Dividend capability Finance – Investment performance – Cash flow generation Operations – Efficiency – Operating profit of Travel/Assistance1 Qualitative targets 25 % Specific individual priorities for 2012 per member of the Board of Management out of the five categories that are essential to the 2010 – 2012 Group strategy – “Partner of Choice” for stakeholders (customers, employees, investors, general public) – Profitable growth – Strengthening of competitiveness – Development of market management (e.g. sales channels, customer segments and profitable customer base growth) – Protection of shareholders’ equity The performance achievement of the Chairman is determined by the average target achievement of the other Board of Management members and can be adjusted by the Supervisory Board based on the Chairman’s personal performance. THREE-YEAR BONUS (mid-term) Portfolio development Group level – 2010 – 2012 average growth – 2012 return on capital Business division level – 2010 – 2012 average growth – 2012 return on capital Sustainability assessment qualitative criteria – Actual growth versus expectations – Profitability development – Comparison with peers – Extraordinary events – Capital situation against internal risk capital model – Additional sustainability criteria (e.g. customer/employee satisfaction) 1 Operating profit targets were set for Dr. Christof Mascher for overseeing ­Allianz Global Assistance. B Corporate Governance 63 Corporate Governance Report 69 Statement on Corporate Management pursuant to § 289a of the HGB 71 Takeover-related Statements and Explanations 74 Remuneration Report 77