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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 103 Moreover, we recorded lower net cash inflows from loans and advances to banks and customers especially in our Life/Health busi- ness in Germany. Net cash outflow used in financing activities amounted to € 1.4  bn in 2013, compared to € 2.0  bn in 2012. Contributing to this develop- ment were net cash inflows from liabilities to banks and customers (after net cash outflows in 2012), mainly attributable to our Banking operation in Italy. This increase was partially offset by lower net cash inflows from our refinancing activities 1. Cash and cash equivalents decreased by € 1.2  bn to € 11.2  bn as of 31 December 2013, mainly stemming from our Banking operation in Italy and ­Allianz SE. The decrease was partially offset by higher cash inflows at ­Allianz Life Insurance Company of North America due to maturities of investments. Cash and cash equivalents € mn as of 31 December 2013 2012 Balances with banks payable on demand 6,574 7,295 Balances with central banks 449 2,277 Cash on hand 202 223 Treasury bills, discounted treasury notes, similar treasury securities, bills of exchange and checks  3,982 2,642 Total cash and cash equivalents 11,207 12,437 1 Refers to cash flows from certificated liabilities and subordinated liabilities. ­Allianz Group consolidated cash flows Change in cash and cash equivalents for the years ended 31 December € mn Net cash flow provided by operating activities1 Net cash flow used in investing activities1 Net cash flow used in financing activities1 Change in cash and cash equivalents2 30,000 20,000 10,000 0 (10,000) (20,000) (30,000) 18,888 23,239 (14,860) (22,802) (2,036) (1,435) 1,945 (1,230)   2012    2013 1 The ­Allianz Group has changed the presentation of policyholders’ account deposits and withdrawals in its consolidated statements of cash flows from cash flow from financing activities to cash flow from operating activities. The change in presentation has been applied retrospectively. For further information please refer to note 4 to the consolidated financial statement. 2 Includes effect of exchange rate changes on cash and cash equivalents of € (232) Mn and € (47)  MN in 2013 and 2012, respectively. Net cash flow provided by operating activities amounted to € 23.2  bn, up by € 4.4  bn compared to the previous year. Net cash flow provided by operating activities is comprised of net income plus adjustments for non-cash charges, credits and other items included in net earn- ings and cash flows related to the net change in operating assets and liabilities.Netincomeafteraddingbacknon-cashchargesandsimilar items increased by € 0.2  bn to € 8.8  bn in 2013. Additionally, operating cash flows from net changes in operating assets and liabilities, including other items, grew by € 4.1  bn to € 14.4  bn. This was driven by higher reserves for insurance and investment contracts in our Life/ Health business, mainly in Germany and the United States. We also recorded net cash inflows from financial assets and liabilities held for trading as well as higher positive net changes from our operating receivables/payables. Lower reserves for losses and loss adjustment expenses in particular in our Property-Casualty business in the United States – as a result of the changed structure in our crop business – partially offset these effects. Net cash outflow used in investing activities increased by € 7.9  bn to € 22.8  bn in 2013. This rise was mainly attributable to higher net cash outflows for available-for-sale investments at our Banking busi- ness in Italy and our Life/Health operation in the United States.

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