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Allianz Annual Report 2013

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 155 Reportable segments measure of profit or loss The ­Allianz Group uses operating profit to evaluate the ­performance of its reportable segments and the ­Allianz Group as a whole. Opera- ting profit highlights the portion of income before income taxes attri- butable to the ongoing core operations of the ­Allianz Group. The ­Allianz Group considers the presentation of operating profit to be useful and meaningful to investors because it enhances the under- standing of the ­Allianz Group’s underlying operating performance and the comparability of its operating performance over time. To better understand the ongoing operations of the business, the ­Allianz Group generally excludes the following non-operating effects: −− acquisition-related expenses and the amortization of intangible assets, as these relate to business combinations, −− interest expenses from external debt, as these relate to the capi- tal structure of the ­Allianz Group, −− income from fully consolidated private equity investments (net), as this represents income from industrial holdings, which is out- side the ­Allianz Group’s normal scope of operating business, −− income from financial assets and liabilities carried at fair value throughincome(net),asthisdoesnotreflectthe­AllianzGroup’s long-term performance, −− realized capital gains and losses (net) or impairments of invest- ments (net), as the timing of sales that would result in such real- ized gains or losses is largely at the discretion of the ­Allianz Group and impairments are largely dependent on market cycles or issuer-specific events over which the ­Allianz Group has little or no control and which can and do vary, sometimes materially, through time. Against this general rule, the following exceptions apply: −− In all reportable segments, income from financial assets and liabilities carried at fair value through income (net) is treated as operating profit if the income relates to operating business. −− For Life/Health insurance business and Property-Casualty insur- ance products with premium refunds, all items listed above are included in operating profit if the profit sources are shared with policyholders. This is also applicable to tax benefits, which are shared with policyholders. IFRS requires that the consolidated income statements present all tax benefits in the income taxes line item, even though these belong to policyholders. In the seg- ment reporting, the tax benefits are reclassified and shown within operating profit in order to adequately reflect the policy- holder participation in tax benefits. Operating profit should be viewed as complementary to, and not as a substitute for, income before income taxes or net income as deter- mined in accordance with IFRS. Effective 1 January 2013, all restructuring charges are presented within operating profit. This change does not impact recognition and measurement of the restructuring charges, shareholders’ equity and net income.

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