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

Allianz Annual Report 2012

Group Management Report Your ­Allianz  93 Business Operations and Markets  93 Insurance operations  94 Asset Management  94 Corporate and Other  95 Worldwide presence and business divisions  96 Our insurance markets 106 Our Strategy 108 Our steering 109 Our Progress in Sustainable Development 109 Sustainable business 110 Economic 116 Environment 118 Social 118 Our employees 120 Governance Management Discussion and Analysis 122 Business Environment 122 Economic environment 2012 122 Business environment 2012: insurance and asset management industry 124 Executive Summary of 2012 Results 125 Earnings summary 126 Total revenues 126 Operating profit 127 Non-operating result 128 Income taxes 128 Net income 130 Proposal for appropriation of profit 130 Events after the balance sheet date 131 Changes in segment structure, presentation and accounting policies 131 Other parts of the Group Management Report 132 Property-Casualty Insurance Operations 133 Gross premiums written 134 Operating profit 138 Property-Casualty insurance operations by business divisions 140 Life/Health Insurance Operations 141 Statutory premiums 143 Operating profit 146 Life/Health insurance operations by business divisions 148 Asset Management 149 Assets under management 150 Operating revenues 151 Operating profit 152 Corporate and Other 153 Earnings summaries by operations 154 Outlook 2013 and 2014 154 Overview: 2012 results versus previous year outlook 155 Economic outlook 155 Insurance industry outlook 156 Asset management industry outlook 156 Outlook for the ­Allianz Group 157 Overview: outlook and assumptions 2013 158 Management’s assessment of expected revenues and earnings for 2013 160 Financing and liquidity development and capitalization 161 Expected dividend development 161 Management’s assessment of expected earnings for 2014 161 Management’s views on future challenges and opportunities 163 Opportunity management and strategic investments 165 Management’s overall assessment of the current economic situation of the ­Allianz Group 166 Balance Sheet Review 166 Shareholders’ equity 166 Regulatory capital adequacy 167 Total assets and total liabilities 174 Off-balance sheet arrangements 175 Liquidity and Funding Resources 175 Organization 175 Liquidity management of our operating entities 175 Liquidity management and funding of ­Allianz SE 180 Allianz Group consolidated cash flows 182 Reconciliations 182 Composition of total revenues 183 Composition of total revenue growth Risk Report and Financial Control 184 Risk Report 184 Allianz risk profile and management assessment 185 Capitalization 189 Internal risk capital framework 195 Internal risk assessment 210 Risk governance 213 Risk management priorities for 2013 214 Controls and Procedures 214 Internal controls over financial reporting 215 Risk capital controls Annual Report 2012   Allianz Group92

Pages