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Allianz Annual Report 2013

Annual Report 2013    Allianz Group98 Assets and liabilities of the Asset Management BUSINESS segment Asset Management assets The Asset Management business segment’s results are derived pri- marily from third-party asset management. In this section, we refer only to the business segment’s own assets.1 The main components of the business segment’s asset base were cash and cash pool assets and debt securities. Overall, the Asset Management asset base increased from € 3.8  bn to € 4.4  bn, entirely driven by higher cash and cash pool assets. Asset Management liabilities Liabilities in our Asset Management segment decreased by € 0.4  bn to € 4.0  bn. Assets and liabilities of the Corporate and Other BUSINESS segment Corporate and Other assets Our Corporate and Other asset base slightly decreased from € 42.0  bn to € 41.3  bn. An increase in debt securities and loans and advances to banks and customers was more than offset by a drop in cash and cash pool assets. Composition of asset base – fair values € bn as of 31 December 2013 2012 Financial assets and liabilities carried at fair value through income Equities – – Debt securities – – Other 1 (0.2) (0.2) Subtotal (0.2) (0.2) Investments 2 Equities 1.7 1.7 Debt securities 26.3 23.8 Cash and cash pool assets 3 (5.0) (0.4) Other 0.3 0.2 Subtotal 23.3 25.3 Loans and advances to banks and customers 18.2 16.9 Corporate and Other asset base 41.3 42.0 1 This comprises assets of € 0.3  bn and € 0.2  bn and liabilities of € (0.5)  bn and € (0.4)  bn as of 31 December 2013 and 31 December 2012, respectively. 2 These do not include affiliates of € 75.4  bn and € 74.3  bn as of 31 December 2013 and 31 December 2012, respectively. 3 Including cash and cash equivalents, as stated in our business segment balance sheet, of € 1.5 bn and € 4.2  bn and receivables from cash pooling amounting to € 0.7  bn and € 0.2  bn, net of liabilities from ­securities lending and derivatives of € (0.2)  bn and € (0.1)  bn, as well as liabilities from cash pooling of € (7.0)  bn and € (4.7) bn as of 31 December 2013 and 31 December 2012, respectively. 1 For further information on the development of these third-party assets, please refer to the Asset Manage- ment chapter. Within our Corporate and Other asset base ABS increased from € 0.4   bn to € 0.9  bn due to new investments. Accordingly, the ABS share of the business segment’s asset base increased from 0.9 % to 2.2 %. Corporate and Other liabilities As of 31 December 2013, subordinated liabilities remained almost unchangedat€ 11.5 bn(31 December2012:€ 11.6  bn)astherepayment of a subordinated bond with a nominal amount of U.S. Dollar 2.0 bn and a coupon of 8.375 % was approximately offset by the issuance of a perpetual subordinated bond with a nominal amount of € 1.5  bn and a coupon of 4.75 %. Other liabilities went up from € 21.8  bn to € 23.6  bn, whereas certificated liabilities decreased by € 1.5 bn to € 13.2 bn.2 Off-balance sheet arrangements In the normal course of business, the ­Allianz Group may enter into arrangements that do not lead to the recognition of assets and liabil- ities in the consolidated financial statements under IFRS. Since the ­Allianz Group does not rely on off-balance sheet arrangements as a significant source of revenue or financing, our off-balance sheet exposure to loss is immaterial relative to our financial position. The ­Allianz Group enters into various commitments including loan and leasing commitments, purchase obligations and other commitments. Please refer to note 46 to the consolidated financial statements for more details. The ­Allianz Group has also entered into contractual relation- ships with various types of special purpose vehicles. They have been designed in such a way that their relevant activities are directed by means of contractual arrangements instead of voting or similar rights. Typically, special purpose vehicles have been set up in connec- tion with asset backed financings, certain investment fund products, commercial mortgage loans and collateralized debt obligations. For more details on our collateralized debt obligations, please refer to note 44 to the consolidated financial statements. Please refer to the Risk and Opportunity Report from    page 105 onwards for a description of the main concentrations of risk and other relevant risk positions. 2 For further information on ­Allianz SE debt as of 31 December 2013, please refer to notes 22 and 23 to the consolidated financial statements.

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