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Allianz Annual Report 2013

Corporate bonds Total unrealized losses amounted to € 1,405 mn as of 31 December 2013. The ­Allianz Group holds a large variety of bonds issued by cor- porations mostly domiciled in OECD countries. For the vast majority of the ­Allianz Group’s corporate bonds, issuers and/or issues are of “investment grade”. The increase in unrealized losses of € 450 mn is spread over almost all sectors, due to a rising interest environment. Based on a detailed analysis of the underlying securities, the ­Allianz Group did not consider these investments to be impaired as of 31 December 2013. Equity securities As of 31 December 2013, unrealized losses from equity securities amounted to € 146 mn. These unrealized losses concern equity securi- ties that did not meet the criteria of the ­Allianz Group’s impairment policy for equity securities as described in note 2. The major part of the unrealized losses have been in a continuous loss position for less than 6 months. Contractual term to maturity The amortized cost and fair value of available-for-sale debt securities and held-to-maturity debt securities as of 31 December 2013, by con- tractual term to maturity, are as follows: Contractual term to maturity € mn as of 31 December 2013 Amortized Cost Fair Value Available-for-sale debt securities Due in 1 year or less 32,793 31,467 Due after 1 year and up to 5 years 90,833 96,673 Due after 5 years and up to 10 years 94,354 96,402 Due after 10 years 124,730 135,184 Total 342,710 359,726 Held-to-maturity debt securities Due in 1 year or less 181 204 Due after 1 year and up to 5 years 1,661 1,751 Due after 5 years and up to 10 years 898 977 Due after 10 years 1,400 1,715 Total 4,140 4,647 Actual maturities may deviate from the contractually defined matur- ities because certain security issuers have the right to call or repay certain obligations ahead of schedule, with or without redemption or early repayment penalties. Investments that are not due at a single maturity date are, in general, not allocated over various maturity buckets, but are shown within their final contractual maturity dates. Investments in associates and joint ventures As of 31 December 2013, loans to associates and joint ventures and available-for-sale debt securities issued by associates and joint ven- tures held by the ­Allianz Group amounted to € 577  mn (2012: € 290  mn). Real estate held for investment Real estate held for investment € mn 2013 2012 Cost as of 1 January 12,443 11,383 Accumulated depreciation as of 1 January (2,797) (2,719) Carrying amount as of 1 January 9,646 8,664 Additions 706 978 Changes in the consolidated subsidiaries of the ­Allianz Group 807 317 Disposals (349) (192) Reclassifications 377 84 Reclassifications into non-current assets classified as held for sale (117) (20) Foreign currency translation adjustments (43) 20 Depreciation (211) (190) Impairments (55) (48) Reversals of impairments 22 33 Carrying amount as of 31 December 10,783 9,646 Accumulated depreciation as of 31 December 3,054 2,797 Cost as of 31 December 13,837 12,443 As of 31 December 2013, real estate held for investment pledged as security and other restrictions on title were € 36 mn (2012: € 37 mn). 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 171

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