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Allianz Annual Report 2013

Present value of future profits Present value of future profits € mn 2013 2012 Cost as of 1 January 2,783 2,778 Accumulated amortization as of 1 January (1,838) (1,725) Carrying amount as of 1 January 945 1,053 Additions 40 – Changes in the consolidated subsidiaries of the ­Allianz Group 214 – Foreign currency translation adjustments (57) 5 Shadow accounting 20 (24) Amortization 1 (116) (89) Carrying amount as of 31 December 1,046 945 Accumulated amortization as of 31 December 1,908 1,838 Cost as of 31 December 2,954 2,783 1 During the year ended 31 December 2013, includes interest accrued on unamortized PVFP of € 50 mn (2012: € 59 mn). As of 31 December 2013, the percentage of PVFP that is expected to be amortized in 2014 is 16.58 % (11.21 % in 2015, 9.72 % in 2016, 8.70 % in 2017 and 8.02 % in 2018). Deferred sales inducements Deferred sales inducements € mn 2013 2012 Carrying amount as of 1 January 524 797 Additions 114 138 Foreign currency translation adjustments (47) (17) Shadow accounting 347 (253) Amortization (131) (141) Carrying amount as of 31 December 807 524 Annual Report 2013    Allianz Group174 13 – Other assets Other assets € mn as of 31 December 2013 2012 Receivables Policyholders 5,489 6,005 Agents 4,424 4,497 Reinsurers 1,844 2,421 Other 4,160 4,054 Less allowance for doubtful accounts (720) (730) Subtotal 15,197 16,247 Tax receivables Income taxes 2,159 1,363 Other taxes 1,215 1,278 Subtotal 3,374 2,641 Accrued dividends, interest and rent 7,706 7,780 Prepaid expenses Interest and rent 13 17 Other prepaid expenses 255 300 Subtotal 268 317 Derivative financial instruments used for hedging that meet the criteria for hedge accounting and firm commitments 75 129 Property and equipment Real estate held for own use 2,423 2,885 Software 1,832 1,590 Equipment 1,173 967 Fixed assets of alternative investments 1,304 1,225 Subtotal 6,732 6,667 Other assets 1 1,280 1,415 Total 34,632 35,196 1 Asof31 December2013,includesprepaidbenefitcostsfordefinedbenefitplansof€ 94 mn(2012:€ 59 mn). As of 31 December 2013, other assets due within one year totaled € 27,547 mn (2012: € 27,367 mn), and those due in more than one year totaled € 7,085 mn (2012: € 7,829 mn).

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