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Allianz Annual Report 2013

5 – Consolidation Scope of consolidation In addition to ­Allianz SE, the consolidated financial statements for the period ended 31 December 2013 generally include all German and foreign operating companies in which ­Allianz SE directly or indirectly holds a majority of voting rights, or whose activities it can in some other way control. The companies are consolidated from the date on which ­Allianz SE is able to exercise control. The companies listed in the table below are consolidated in addition to the parent company ­Allianz SE. Scope of consolidation 2013 2012 Number of fully consolidated companies (subsidiaries) 1 Germany 130 130 Other countries 689 701 Subtotal 819 831 Number of fully consolidated investment funds Germany 38 40 Other countries 38 34 Subtotal 76 74 Number of fully consolidated special purpose entities (SPEs) 7 7 Total number of fully consolidated entities 902 912 Number of joint ventures valued at equity 23 17 Number of associates valued at equity 108 125 1 Includes 4 (2012: 5) subsidiaries, in which the ­Allianz Group owns less than the majority of the voting power, namely CreditRas Vita S.p.A., CreditRas Assicurazioni S.p.A. (CreditRas), Antoniana Veneta Popolare Vita S.p.A. (Antoniana) and BAWAG ­Allianz Vorsorgekasse AG. The ­Allianz Group controls these entities on the basis of distinctive rights stipulated by shareholder agreements between the ­Allianz Group sub- sidiary owning 50.0 % of each such entity and the other shareholders. Pursuant to the shareholder agree- ment of CreditRas, the ­Allianz Group has the power to appoint the majority of the members of the board of directors, which is the relevant body that governs the financial and operating policies of CreditRas. Pursuant to the shareholder agreement of ­Antoniana, the ­Allianz Group has the power to appoint half of the members of the board of directors, including the chairman, who is vested with a casting vote. The board of directors is the relevant body that governs the financial and operating policies of Antoniana. Pursuant to the shareholder agreement of BAWAG ­Allianz Vorsorgekasse AG, the ­Allianz Group is entitled toappointthemajorityofthemembersofthesupervisoryboard,whoareentitledtovoteforthemembers of the management board. The management board is the relevant body that governs the financial and operating policies of BAWAG ­Allianz Vorsorgekasse AG. All subsidiaries, joint ventures and associates are individually listed in the list of participations of the ­Allianz Group from    page 233  of this Annual Report onwards. Annual Report 2013    Allianz Group150

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