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

Allianz Annual Report 2013

Annual Report 2013    Allianz Group96 Impairments (net) decreased by more than one third to € 611  mn as the previous year had a high burden of impairments on our equity investments in the financial sector. Realized gains and losses (net) remained almost stable at € 4,285  mn as lower realizations on equities and real estate were almost offset by higher realizations on debt securities. Investment expenses increased by € 29  mn to € 905  mn, driven by new real estate investments. Assets and liabilities of the Property-Casualty BUSINESS segment Property-Casualty assets Compared to year-end 2012, our asset base in Property-Casualty decreased by € 4.3  bn to € 101.0  bn. This decrease, which primarily affected debt securities and loans and advances to banks and cus- tomers, was driven almost equally by net flows, market and foreign currency effects. Composition of asset base – fair values1 € bn as of 31 December 2013 2012 Financial assets and liabilities carried at fair value through income Equities 0.4 0.3 Debt securities 0.1 0.2 Other 2 – – Subtotal 0.5 0.5 Investments 3 Equities 5.0 3.9 Debt securities 67.0 69.8 Cash and cash pool assets 4 4.9 5.1 Other 7.5 7.7 Subtotal 84.4 86.5 Loans and advances to banks and customers 16.1 18.3 Property-Casualty asset base 101.0 105.3 1 Loans and advances to banks and customers, held-to-maturity investments and real estate held for investment are stated at amortized cost. Investments in associates and joint ventures are stated at either amortized cost or equity, depending on – among other factors – our ownership percentage. 2 This comprises assets of € 0.1  bn and € 0.1  bn and liabilities of € (0.1)  bn and € (0.1)  bn as of 31 December 2013 and 31 December 2012, respectively. 3 These do not include affiliates of € 8.9  bn and € 8.8  bn as of 31 December 2013 and 31 December 2012, respectively. 4 Including cash and cash equivalents, as stated in our business segment balance sheet of € 2.8  bn and € 2.7  bn and receivables from cash pooling amounting to € 3.4  bn and € 2.8  bn, net of liabilities from securi- ties lending and derivatives of € (0.3)  bn and € (0.2)  bn, as well as liabilities from cash pooling of € (1.0)  bn and € (0.2) bn as of 31 December 2013 and 31 December 2012, respectively. The business segment’s asset base comprised ABS of € 3.7  bn, repre- senting 3.7 % as of 31 December 2013. Property-Casualty liabilities Development of reserves for loss and loss adjustment expenses1 € BN 100250 50 75 55.8 6.9 (13.5) 62.7 b a c d 12/31/2013 12/31/2012 50.5 6.1 (1.7) +13.9 56.6 (4.0) a ­Loss and loss adjustment expenses paid in current year relating to previous years b  Loss and loss adjustment expenses incurred in previous years c Foreign currency translation adjustments and other changes, changes in the consolidated subsidiaries of the ­Allianz Group and reclassifications d  Reserves for loss and loss adjustment expenses in current year   Reserves net    Reserves ceded    Changes (net) 1 After business segment consolidation. For further information about changes in the reserves for loss and loss adjustment expenses for the Property-Casualty business segment, please refer to note 19 to the consolidated financial statements. Compared to year-end 2012, the gross reserves for loss and loss adjustment expenses for our Property-Casualty business decreased by € 6.1  bn to € 56.6  bn. On a net basis, our reserves were down from € 55.8  bn to € 50.5  bn over the same period. Effective from 1 January 2013, the ­Allianz Group changed its presentation of discounted loss reserves in the consolidated balance sheet from the line item “Reserves for loss and loss adjustment expenses” to the line item “Reserves for insurance and investment contracts”, which led to a reclassification effect of € (2.9)  bn.1 Foreign currency translation adjustments and other changes amounted to € (1.2)  bn. Excluding both effects, the net reserves decreased by € 1.2 bn. 1 For further information on changes in presentation, please refer to note 4 to the consolidated financial statements.

Pages Overview