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Allianz Annual Report 2013

While the U.S. A & E claims still represent a majority of the total A & E claims reported to the ­Allianz Group, the insurance industry is facing an increased prominence in exposures to A & E claims on a globalbasis.The­AllianzGroupcontinuestomonitortheseA & Eexpo- sures. During 2013, claim payments of € 282  mn and changes from claims development and foreign exchange of € 73  mn reduced A & E liabilities from € 3,066  mn to € 2,711  mn. The following table summarizes the gross and net loss and LAE reserves for A & E claims. Gross and net Reserves for loss and LAE for A & E claims € mn as of 31 December 2013 2012 A & E net reserves 2,303 2,537 A & E gross reserves 2,711 3,066 As percentage of the ­Allianz Group’s Property-Casualty gross reserves 4.8 % 4.9 % The following table shows total A & E loss activity for the years ended 31 December 2013 and 2012. Change in a & E gross reserves for loss and loss adjustment expenses € mn 2013 2012 Reserves for loss and LAE as of 1 January 3,066 3,124 Loss and LAE payments (282) (188) Change in reserves for loss and LAE (73) 130 Reserves for loss and LAE as of 31 December 2,711 3,066 20 – Reserves for insurance and investment contracts Reserves for insurance and investment contracts € mn as of 31 December 2013 2012 Aggregate policy reserves 365,519 350,244 Reserves for premium refunds 37,772 40,031 Other insurance reserves 781 710 Total 404,072 390,985 Aggregate policy reserves Changes in aggregate policy reserves € mn 2013 2012 As of 1 January 350,244 338,318 Foreign currency translation adjustments (3,441) (189) Changes in the consolidated subsidiaries of the ­Allianz Group 168 – Changes recorded in the consolidated income statement 4,827 4,613 Premiums collected 18,833 17,467 Separation of embedded derivatives 960 171 Interest credited 4,163 4,790 Dividends allocated to policyholders 1,360 1,506 Releases upon death, surrender and withdrawal (13,527) (15,334) Policyholder charges (1,292) (1,464) Portfolio acquisitions and disposals (383) (91) Other changes 400 457 Reclassification of discounted loss reserves 1 3,207 – As of 31 December 365,519 350,244 1 Effective 1 January 2013, the ­Allianz Group changed its presentation of discounted loss reserves in the consolidated balance sheet from the line item “Reserves for loss and loss adjustment expenses” to the line item “Reserves for insurance and investment contracts”. For further information please see note 4. As of 31 December 2013, participating life business represented approximately 56 % (2012: 56 %) of the ­Allianz Group’s gross insurance in force. During the year ended 31 December 2013, participating poli- cies represented approximately 65 % (2012: 65 %) of gross statutory premiums written and 64 % (2012: 63 %) of life premiums earned. Discounting of reserves for loss and Loss adjustment expenses As of 31 December 2013 and 2012, the ­Allianz Group’s consolidated Property-Casualtyreservesincludeddiscountedreservesof€ 3,207 mn and € 3,197  mn, respectively. In general, reserves for loss and loss adjustment expenses are not discounted, except when payment amounts are fixed and timing is reasonably determinable. The following table shows, by line of business, the carrying amounts of reserves for loss and LAE that have been discounted, and the interest rates used for discounting for the years ended 31 Decem- ber 2013 and 2012. 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 187

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