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Allianz Annual Report 2013

CHANGES IN THE PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS Change in presentation of discounted loss reserves in the business segment Property-Casualty Effective 1 January 2013, the ­Allianz Group prospectively changed its presentation of discounted loss reserves in the consolidated balance sheet from the line item “Reserves for loss and loss adjustment expenses” to the line item “Reserves for insurance and investment contracts”. In the consolidated income statement, the unwinding of the discounted loss reserves is now presented in “Change in reserves for insurance and investment contracts (net)”. The ­Allianz Group believes this change in presentationresultsin information that is more relevant to the economic decision-making needs of users of financial statements as it better reflects the nature of the reserves in the financial statements. In addition, the key per- formance indicator “combined ratio” reflects the net underwriting result. The following tables present the impacts of the change in pre- sentation of discounted loss reserves. CHANGE OF CONSOLIDATED BALANCE SHEET RELATING TO CHANGE IN PRESENTATION OF DISCOUNTED LOSS RESERVES € mn as of 31 December 2013 Before change in presentation Change in presentation As reported Reserves for loss and loss adjustment expenses 69,773 (3,207) 66,566 Reserves for insurance and investment contracts 400,865 3,207 404,072 Total liabilities 658,681 – 658,681 CHANGE OF consolidated income Statement RELATING TO CHANGE IN PRESENTATION OF DISCOUNTED LOSS RESERVES € mn 2013 Before change in presentation Change in presentation As reported Claims and insurance benefits incurred (net) (47,890) 88 (47,802) Change in reserves for insurance and investment contracts (net) (13,902) (88) (13,990) Net income 6,344 – 6,344 Loss ratio in % 66.1 (0.2) 65.9 Combined ratio in % 94.5 (0.2) 94.3 Change in presentation of consolidated statements of cash flows 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. The ­Allianz Group believes this change in presentation results in information that is more relevant to the economic decision-making needs of users of financial statements as those cash flows relate to the insurance activities of ­­the ­Allianz Group. The change in presenta- tion results in a consistent presentation of all cash flows from insur- ance activities as cash flows from operating activities. The following table presents the impact of the change in presen- tation of policyholders’ account deposits and withdrawals on the consolidated statements of cash flows. CHANGE OF CONSOLIDATED STATEMENT OF CASH FLOWS RELATING TO CHANGE IN PRESENTATION OF POLICYHOLDERS’ ACCOUNT DEPOSITS AND WITHDRAWALS € mn 2012 As previously reported Change in presentation As reported Net cash flow provided by operating activities 17,793 1,095 18,888 Net cash flow used in financing activities (941) (1,095) (2,036) Cash and cash equivalents at end of period 12,437 – 12,437 Other reclassifications Certain prior-period amounts have been reclassified to conform to the current period presentation. D Consolidated Financial Statements 127 Consolidated Balance Sheets 128 Consolidated Income Statements 129 Consolidated Statements of Comprehensive Income 130 Consolidated Statements of Changes in Equity 131 Consolidated Statements of Cash Flows 134 Notes to the Consolidated Financial Statements Annual Report 2013    Allianz Group 149

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