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Allianz Annual Report 2013

25 – Equity equity € mn as of 31 December 2013 2012 Shareholders’ equity Issued capital 1,169 1,167 Capital reserves 27,701 27,648 Retained earnings 1 17,785 13,524 Foreign currency translation adjustments (3,312) (2,073) Unrealized gains and losses (net) 2 6,741 10,122 Subtotal 50,084 50,388 Non-controlling interests 2,765 2,575 Total 52,849 52,963 1 As of 31 December 2013, includes € (220) mn (2012: € (218) mn) related to treasury shares. 2 As of 31 December 2013, includes € 203 mn (2012: € 256 mn) related to cash flow hedges. Issued capital Issued capital as of 31 December 2013 amounted to € 1,169  mn divided into 456,500,000 registered shares. The shares have no par value but a mathematical per share value of € 2.56 each as a proportion of the issued capital. Authorized capital As of 31 December 2013, ­Allianz SE had authorized capital for the issu- ance of 214,843,750 shares until 4 May 2015, with a notional amount of € 550  mn (Authorized Capital 2010/I). The shareholders’ subscrip- tion rights can be excluded for capital increases against contribution in kind. For a capital increase against contributions in cash, the share- holders’subscriptionrightscanbeexcluded:(i)forfractionalamounts, (ii) if the issue price is not significantly below the market price and the shares issued under exclusion of the subscription rights pur­ suant to § 186 (3) sentence 4 of the German Stock Corporation Law (Aktiengesetz) do not exceed 10 % of the share capital, (iii) to the extent necessary to grant a subscription right for new shares to the holders of bonds that carry conversion or option rights or provide for 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 193 24 – Subordinated liabilities Subordinated liabilities € mn 1 Contractual Maturity Date as of 31 December 2013 as of 31 December 20122014 2015 2016 2017 2018 Thereafter ­Allianz SE 2 Subordinated bonds 3 Fixed rate – – – – – 1,519 1,519 3,063 Contractual interest rate – – – – – 5.43 % – – Floating rate 1,5004 – – – – 7,837 9,337 7,833 Current interest rate 5.50 % – – – – 5.42 % – – Total ­Allianz SE 2 1,500 – – – – 9,356 10,856 10,896 Banking subsidiaries Subordinated bonds Fixed rate 48 – 15 83 20 88 254 274 Contractual interest rate 5.04 % – 5.61 % 4.27 % 4.35 % 4.60 % – – Total banking subsidiaries 48 – 15 83 20 88 254 274 All other subsidiaries Subordinated liabilities Fixed rate – – – – – 399 399 399 Contractual interest rate – – – – – 4.63 % – – Hybrid equity Floating rate – – – – – 45 45 45 Current interest rate – – – – – 1.74 % – – Total all other subsidiaries – – – – – 444 444 444 Total 1,548 – 15 83 20 9,888 11,554 11,614 1 Except for interest rates. Interest rates represent the weighted average. 2 Includes subordinated bonds issued by ­Allianz Finance II B.V. and guaranteed by ­Allianz SE. 3 Change due to redemption of aUSD 2.0 bn bond in the second quarter of2013 and the issuanceofa € 1.5 bn subordinated bond in the fourth quarter of 2013. 4 € 1.5 bn subordinated bond called for redemption effective 15 January 2014.

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