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Allianz Annual Report 2013

Yapı Kredi Sigorta A.Ş. and Yapı Kredi Emeklilik A.Ş. – CONSIDERATION TRANSFERRED AND IDENTIFIABLE ASSETS AND LIABILITIES € mn Fair value Consideration transferred Cash paid for 93.94 % Yapı Kredi Sigorta shares 714 Cash received for sale of 19.93 % Yapı Kredi Emeklilik stake (75) Total consideration transferred 639 Identifiable assets acquired and liabilities assumed Cash and cash equivalents (excluding 19.93 % Yapı Kredi Emeklilik sale) 334 Investments 247 Loans and advances to banks and customers 7 Financial assets for unit-linked contracts 1,612 Reinsurance assets 133 Deferred acquisition costs (pvfp) 214 Other assets 197 Intangible assets 232 Unearned premiums (264) Reserves for loss and loss adjustment expenses (174) Reserves for insurance and investment contracts (193) Financial liabilities for unit-linked contracts (1,612) Deferred tax liabilities (82) Other liabilities (127) Total net identifiable assets 524 Yapı Kredi Sigorta A.Ş. and Yapı Kredi Emeklilik A.Ş. – Determination of goodwill € mn Fair value Goodwill recognition Total consideration transferred 639 Total net identifiable assets 524 Non-controlling interests 1 (107) Goodwill 222 1 Based on their proportionate interest in the recognized amounts of the assets and liabilities of the acquiree. Goodwill from the transaction amounted to € 222 MN and primarily reflects anticipated growth opportunities in the Turkish insurance market. The impact of Yapı Kredi Sigorta and Yapı Kredi Emeklilik on the ­Allianz Group’s total revenues and net income since the acquisi- tion was € 475 MN and € 3 MN, respectively. The gross premiums writ- ten, total revenues and net income of the combined entity (­Allianz Group including Yapı Kredi Sigorta and Yapı Kredi Emeklilik) for the year ended 31 December 2013 would have been € 72,433 MN, € 111,575 MN and € 6,369 MN, respectively, if the acquisition date was 1 January 2013. As a result of the purchase of shares representing 93.94 % of the share capital of Yapı Kredi Sigorta on 12 July 2013, after confirmation by the Turkish Capital Market Board, ­Allianz SE made a mandatory tender offer of TrY 18.8114 per share for the remaining shares of Yapı Kredi Sigorta. On 14 October 2013, ­Allianz SE started the purchases. Until the end of the mandatory tender offer on 18 November 2013, ­Allianz SE has purchased shares in the amount of € 41 MN and increased its ownership in Yapı Kredi Sigorta to 99.78 %. Additional shares could be acquired during an additional mandatory tender offer in the context of the planned delisting of the company. Terms of this offer are subject to requested regulatory approval. Business portfolios of Pastor Vida S.A. de Seguros y Reaseguros On 31 December 2013, the ­Allianz Group acquired the assets and assumed the liabilities related to a life-risk insurance business and to the pension-funds management business from Pastor Vida S.A. de Seguros y Reaseguros, Madrid, which is a subsidiary of Banco Popular Espanol S.A., Madrid. The acquisition of the life and pension business from Pastor Vida represents an opportunity for the ­Allianz Group to expand its existing market presence in Spain and to realize further scale benefits. For the year ended 31 December 2013, acquisition- related expenses in the amount of approximately € 1 MN were included in administrative expenses. The following table summarizes the consideration transferred and the recognized amounts of assets acquired and liabilities assumed: Business portfolios from Pastor vida – CONSIDERATION TRANSFERRED AND IDENTIFIABLE ASSETS AND LIABILITIES € mn Fair value Consideration transferred Cash consideration transferred 50 Total consideration transferred 50 Identifiable assets acquired and liabilities assumed Cash and cash equivalents 14 Reinsurance assets 1 Deferred acquisition costs (pvfp) 25 Other assets 1 Intangible assets 20 Unearned premiums (6) Reserves for loss and loss adjustment expenses (4) Deferred tax liabilities (1) Total net identifiable assets 50 Annual Report 2013    Allianz Group152

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