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Allianz Annual Report 2012

Annual Report 2012    Allianz Group INDIVIDUAL PENSIONS: 2012 AND 2011 B 012 € thou Defined Benefit Pension Plan (frozen) 1 Current Pension Plan AVK/APV 2 Transition payment 3 Total Board members Assumed retirement age Annual pension payment4 SC5 DBO6 SC5 DBO6 SC5 DBO6 SC5 DBO6 SC5 DBO6 Michael Diekmann 2012 60 337 226 7,297 561 3,861 6 186 31 1,053 824 12,397 (Chairman) 2011 60 337 216 5,241 567 3,173 6 143 57 922 846 9,479 Dr. Paul Achleitner 7  2012 60 196 141 – 151 – 3 – – – 295 – 2011 60 344 321 3,933 359 1,896 6 75 650 1,0287 1,336 6,932 Oliver Bäte 2012 60 – – – 248 1,367 3 14 26 163 277 1,544 2011 60 – – – 262 1,068 3 10 26 103 291 1,181 Manuel Bauer 2012 60 57 43 1,216 223 970 6 160 – 1 272 2,347 2011 60 57 41 869 237 834 6 130 – 1 284 1,834 Gary Bhojwani 8 2012 65 2439 – 12810 21011 – – – – – 21011 12810 2011 – – – – – – – – – – – – Clement Booth 2012 60 – – – 315 2,101 2 17 77 594 394 2,712 2011 60 – – – 327 1,798 2 13 84 464 413 2,275 Dr. Helga Jung 2012 60 62 29 786 232 824 6 149 – – 267 1,759 2011 – – – – – – – – – – – – Dr. Christof Mascher  2012 60 – – – 249 1,619 3 17 34 283 286 1,919 2011 60 – – – 259 1,331 2 13 113 203 374 1,547 Jay Ralph 2012 60 – – – 231 765 3 8 – – 234 773 2011 60 – – – 259 511 3 5 – – 262 516 Dr. Dieter Wemmer 2012 60 – – – 204 245 – – 1 1 205 246 2011 – – – – – – – – – – – – Dr. Werner Zedelius 2012 60 225 119 4,041 344 2,287 6 189 16 500 485 7,017 2011 60 225 113 2,782 335 1,885 6 141 132 421 586 5,229 Dr. Maximilian Zimmerer 2012 60 161 48 2,704 103 1,511 4 184 102 476 257 4,875 2011 – – – – – – – – – – – – 1 For Gary Bhojwani the frozen ­Allianz Retirement Plan (ARP) and the frozen Supplemental Retirement Plan (SRP). 2 Following ­Allianz’s founding of the APV in 1998 the plan participants contribute 3 % of their relevant salary to the AVK. For the AVK the minimum guaranteed interest rate is 2.75 % - 3.50 % depending on the date of joining ­Allianz. In general, the company funds the balance required via the APV. Before 1998 both ­Allianz and the plan participants were contributing to the AVK. 3 For details on the transition payment see section Termination of Service. 4 Expectedannualpensionpaymentatassumedretirementage,excludingcurrentpensionplan. 5 SC = Current Service Cost. 6 DBO = Defined Benefit Obligation; end of year. 7 As Dr. Paul Achleitner has left ­Allianz on 31 May 2012 his employer-financed DBO of € 8,765 Thou (thereof € 5,619 Thou for the frozen DB-Pension Plan, € 2,101 Thou for the Current Pension Plan, € 89 Thou AVK/ APV and € 956  Thou for the transition payment) is covered under former Board members.  8 Gary Bhojwani only holds pension plans subject to his ­Allianz of America employment agreement, denominated in USD. All amounts in the table are EUR amounts derived by applying the contractually agreed USD/EUR exchange rate of 1.347910. The ­Allianz Retire- ment Plan (ARP) and the Supplemental Retirement Plan (SRP) are two completely frozen DB-plans, i.e. there are no future accruals in these plans. Current Pension Plans for Gary Bhojwani include the Deferred Compensation Plan (DCP) and the 401(k) plan. Both current plans are Defined Contribution plans. Their contributions are included in the table.  9 In the ARP he can choose between a lump sum payment or an annuity. The lump sum benefit amount projected with actual interest rates is USD 120  Thou and likely to change when he retires at age 65. In the SRP he will get three annual installments at age 65 of USD 69.4 Thou, which as we have shown in the table total USD 208  Thou. 10 The DBO for the ARP is USD  58  Thou and for the SRP USD 115  Thou. 11 The contribution to the DCP is USD 266  Thou and to the 401(k) plan USD 17  Thou. There is no DBO as both plans are DC plans. 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 pensions and accrued pension rights totaled € 105  mn (2011: € 73  mn). The increase is mainly caused by the retirement of Dr. Paul Achleitner and Dr. Joachim Faber as well as the decrease of the discount rate. 82

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