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Allianz Annual Report 2013

Annual Report 2013    Allianz Group100 Capital authorizations of ­Allianz se Capital authorization Nominal Amount Expiry date of the authorization Authorized Capital 2010/I € 550,000,000 (214,843,750 shares) 4 May 2015 Authorized Capital 2010/II € 8,344,000 (3,259,375 shares) 4 May 2015 Authorization to issue bonds carrying conversion and/or option rights € 9,500,000,000 (nominal bond value) 4 May 2015 (issuance of bonds) Conditional Capital 2010 € 250,000,000 (97,656,250 shares) No expiry date for Conditional Capital 2010 (issuance in case option or conversion rights are exercised) Please refer to    page 35  regarding authorizations to issue and repur- chase shares. Maturity structure of ­Allianz SE’s senior and subordinated bonds as of 31 December 2013 nominal value in € BN 2014 2015 2016 2017 2018 2019 2020 2021 perpetual2022 2023 2024 2025 2026 2027 2028 2041 20432042 5 4 3 2 1 1.51 1.5 0.5 1.5 1.5 1.5 0.9 4.4 2.5 0.751.0   Senior bonds    Subordinated bonds 1 € 1.5  bn subordinated bond called for redemption effective January 15, 2014. Long-term debt funding As of 31 December 2013, ­Allianz SE had senior and subordinated bonds in a variety of maturities outstanding reflecting our focus on long-term financing. As the cost and availability of external funding maybenegativelyaffectedbygeneralmarketconditionsorbymatters specific to the financial services industry or the ­Allianz Group, we seek to reduce refinancing risk by actively steering the maturity profile of our funding structure. Interest expenses on senior bonds decreased to € 261.1  MN (2012: € 306.8  MN). This was primarily driven by lower funding costs on new issuances compared to the bonds that matured in 2013. For subordi- nated bonds, interest expenses declined to € 610.0  MN (2012: € 614.1  MN). This was mainly due to the redemption of a U.S. Dollar bond with a high coupon and the issuance of a new Euro bond with a lower coupon in 2013. Equity funding As of 31 December 2013, the issued capital registered at the Commer- cial Register was € 1,168,640,000. This was divided into 456,500,000 reg- istered shares with restricted transferability. As of 31 December 2013, ­Allianz SE held 2,761,795 (2012: 2,777,438) own shares. ­Allianz SE has the option to increase its equity capital base according to authorizations provided by our shareholders. The follow- ing table outlines ­Allianz SE’s capital authorizations as of 31 Decem- ber 2013:

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