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Allianz Annual Report 2013

Annual Report 2013    Allianz Group164 Reportable segments – Asset Management Reportable segments – Asset Management € mn 2013 2012 Net fee and commission income 1 7,127 6,731 Net interest income 2 12 24 Income from financial assets and liabilities carried at fair value through income (net) 13 16 Other income 10 15 Operating revenues 7,162 6,786 Administrative expenses (net), excluding acquisition-related expenses (3,995) (3,770) Restructuring charges (6) (63) Operating expenses (4,001) (3,833) Operating profit 3,161 2,953 Realized gains/losses (net) 2 26 Impairments of investments (net) – (1) Acquisition-related expenses (31) (94) Amortization of intangible assets (26) (45) Non-operating items (55) (114) Income before income taxes 3,106 2,839 Income taxes (1,181) (1,029) Net income 1,925 1,810 Net income attributable to: Non-controlling interests 93 51 Shareholders 1,832 1,759 Cost-income ratio 3 in % 55.9 56.5 1 Represents fee and commission income less fee and commission expenses. 2 Represents interest and similar income less interest expenses. 3 Represents operating expenses divided by operating revenues.

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