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Allianz Annual Report 2013

C Group Management Report Management Discussion and Analysis 64 Business Environment 66 Executive Summary of 2013 Results 71 Property-Casualty Insurance Operations 78 Life/Health Insurance Operations 82 Asset Management 85 Corporate and Other 87 Outlook 2014 92 Balance Sheet Review 99 Liquidity and Funding Resources 104 Reconciliations Annual Report 2013    Allianz Group 101 Senior and subordinated bonds issued or guaranteed by ­Allianz SE 1 Nominal value Carrying value Interest expense Weighted average interest rate2 as of 31 December € MN € MN € MN % 2013 Senior bonds 6,651 6,581 261.1 4.0 Subordinated bonds 10,926 10,856 610.0 5.9 Total 17,577 17,437 871.1 5.2 2012 Senior bonds 6,000 5,942 306.8 4.6 Subordinated bonds 10,976 10,895 614.1 6.2 Total 16,976 16,837 920.9 5.6 1 For further information on ­Allianz SE debt (issued or guaranteed) as of 31 December 2013, please refer to notes 23 and 24 to the consolidated financial statements. 2 Based on nominal value. The table below details the long-term debt issuances and redemp- tions of ­Allianz SE during 2013 and 2012: issuances and redemptions of ­Allianz SE’S senior and subordinated bonds € mn as of 31 December Issuances 1 Redemptions1 Issuances net of redemptions 2013 Senior bonds 2,151 1,500 651 Subordinated bonds 1,500 1,517 (17) 2012 Senior bonds 1,500 900 600 Subordinated bonds 2,259 2,000 259 1 Based on nominal value. Funding in currencies other than the Euro enables us to diversify our investor base or to take advantage of favorable funding costs in those markets.Fundsraisedinnon-Eurocurrenciesareincorporatedinour general hedging strategy. As of 31 December 2013, approximately 9.3 % (2012: 13.4 %) of long-term debt was issued or guaranteed by ­Allianz SE in currencies other than the Euro. Currency allocation of ­Allianz Se’s senior and subordinated bonds nominal value in € MN as of 31 December Euro Non-Euro Total 2013 Senior and sub­ordinated bonds 15,950 1,627 17,577 2012 Senior and sub­ordinated bonds 14,700 2,276 16,976 Short-term debt funding Short-term funding sources available are the Medium-Term Note Pro- gram and the Commercial Paper Program. As of 31 December 2013, ­Allianz SE had money market securities outstanding with a carrying value of € 869  MN: a € 311  MN decrease in the use of commercial paper compared to the previous year-end. Interest expenses on money market secu­rities decreased to € 3.7  MN (2012: € 11.4  MN) due to a lower level of short-term interest rates on average in 2013. money market securities of ­Allianz se Carrying value Interest expense Average interest rate as of 31 December € MN € MN % 2013 Money market securities 869 3.7 0.4 2012 Money market securities 1,180 11.4 1.0 The Group maintained its A-1+/Prime-1 ratings for short-term issues. Thus we can continue funding our liquidity under the Euro Commer- cial Paper Program at an average rate below Euribor and under the U.S. Dollar Commercial Paper Program at an average rate below U.S. Libor. Further potential sources of short-term funding allowing the ­Allianz Group to fine-tune its capital structure are letter of credit facilities and bank credit lines.

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