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Allianz Annual Report 2013

Annual Report 2013    Allianz Group134 Notes to the Consolidated Financial Statements General Information 1 – Nature of operations and basis of presentation Nature of operations ­Allianz SE and its subsidiaries (the ­Allianz Group) maintain Property- Casualty insurance, Life/Health insurance and Asset Management operations in over 70 countries, with the largest of its operations in Europe. The ­Allianz Group’s headquarters and ­Allianz SE as its parent company are located in Munich, Germany. ­Allianz SE is recorded in the Commercial Register of the municipal court in Munich under its registered address at Koeniginstraße 28, 80802 Munich. ­Allianz SE is a stock corporation in the form of a European Com- pany (Societas Europaea). ­Allianz SE shares are listed on all German stock exchanges and ­Allianz SE American Depositary Receipts (ADRs) are traded in the U.S. over the counter on OTCQX. The consolidated financial statements of the ­Allianz Group for the year ended 31 December 2013 were authorized for issue by the Board of Management on 24 February 2014. Basis of presentation The consolidated financial statements of the ­Allianz Group have been prepared in conformity with International Financial Reporting Standards (IFRS), as adopted under European Union (E.U.) regula- tions in accordance with § 315a of the German Commercial Code (HGB). Within these consolidated financial statements, the ­Allianz Group has applied all standards and interpretations issued by the IASB and endorsed by the E.U. that are compulsory as of 31 December 2013. IFRS comprise International Financial Reporting Standards (IFRS), International Accounting Standards (IAS) and interpretations developed by the IFRS Interpretations Committee (formerly called the IFRIC) or the former Standing Interpretations Committee (SIC). IFRS do not provide specific guidance concerning all aspects of the recognition and measurement of insurance contracts, reinsur- ance contracts and investment contracts with discretionary partici- pation features. Therefore, as envisioned in IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, to those aspects where specific guidance is not provided by IFRS 4, Insurance Contracts, the provisions embodied under accounting principles generally accepted in the United States of America (US GAAP) as at first-time adoption of IFRS 4 on 1 January 2005 have been applied. The accounting policies adopted are consistent with those of the previous financial year, except for recently adopted IFRS effective 1 January 2013. The consolidated financial statements are prepared as of and for the year ended 31 December and presented in millions of Euro (€), unless otherwise stated. 2 – Summary of significant accounting policies PRINCIPLES OF CONSOLIDATION Scope of consolidation In line with IAS 27 and SIC 12, the consolidated financial statements of the ­Allianz Group comprise the financial statements of ­Allianz SE, its subsidiaries and certain investment funds and special purpose entities (SPEs). Subsidiaries, investment funds and SPEs, hereafter “subsidiaries”, which are directly or indirectly controlled by the ­Allianz Group, are consolidated. Control exists when the ­Allianz Group has the power to govern the financial and operating policies of the sub- sidiary generally either when the ­Allianz Group owns directly or indi- rectly more than half of the voting rights of the subsidiary or when control can be legally evidenced otherwise because of an agreement with other investors or of a specific corporate charter. In order to determine whether control exists, potential voting rights that are cur- rently exercisable or convertible are taken into consideration. If no control exists from a legal perspective, it is assessed whether control exists from an economic perspective, as in the case of SPEs. Subsidiaries are consolidated as from the date on which control is obtained by the ­Allianz Group. Subsidiaries are consolidated up to the date on which the ­Allianz Group no longer maintains control. Accounting policies of subsidiaries have been adjusted where neces- sary to ensure consistency with the accounting policies adopted by the ­Allianz Group. The effects of intra-Allianz Group transactions have been eliminated. Third-party assets held in an agency or fiduciary capacity are not assets of the ­Allianz Group and are not presented in these consoli- dated financial statements. Business combinations including acquisitions and disposals of non-controlling interests Business combinations are accounted for using the acquisition method. Non-controlling interests in the acquiree can be measured either at the acquisition date fair value or at the non-controlling interest’s proportionate share of the acquired’s identifiable net assets. This option is exercised on a case-by-case basis.

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