Please activate JavaScript!
Please install Adobe Flash Player, click here for download

Allianz Annual Report 2013

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 197 28 – Income from financial assets and liabilities carried at fair value through income (net) Income from financial assets and liabilities carried at fair value through income (net) € mn Property- Casualty Life/Health Asset Management Corporate and Other Consolidation Group 2013 Income (expenses) from financial assets and liabilities held for trading (net) 33 (567) – 30 5 (499) Income (expenses) from financial assets and liabilities designated at fair value through income (net) 11 339 62 1 (2) 411 Income (expenses) from financial liabilities for puttable equity instruments (net) (2) (197) (49) – – (248) Foreign currency gains and losses (net) (92) (1,377) – (37) – (1,506) Total (50) (1,802) 13 (6) 3 (1,842) 2012 Income (expenses) from financial assets and liabilities held for trading (net) (98) (832) (2) 237 48 (647) Income (expenses) from financial assets and liabilities designated at fair value through income (net) (25) 454 72 (1) (1) 499 Income (expenses) from financial liabilities for puttable equity instruments (net) 46 (240) (50) – – (244) Foreign currency gains and losses (net) (49) (96) (4) 30 – (119) Total (126) (714) 16 266 47 (511) Income (expenses) from financial assets and liabilities held for trading (net) Business segment Life/Health For the year ended 31 December 2013, income and expenses from financial assets and liabilities held for trading (net) in the business segment Life/Health includes expenses of € 600  mn (2012: € 878  mn) from derivative financial instruments. Included in this is income of € 245  mn (2012: € 107  mn) from financial derivative positions of Ger- man entities, of which expenses of € 317  mn (2012: income of € 466  mn) relate to duration management, income of € 34  mn (2012: expenses of € 396  mn)relatestoprotectionagainstequityfluctuationsandincome of € 540  mn (2012: € 37  mn) relates to protection against foreign exchange rate fluctuations. Also included are expenses related to fixed-indexed annuity products and guaranteed benefits under unit- linked contracts of € 790  mn (2012: € 736 mn) from U.S. entities. Business segment Corporate and Other For the year ended 31 December 2013, income and expenses from financial assets and liabilities held for trading (net) in the business segment Corporate and Other includes income of € 152  mn (2012: € 354  mn)fromderivativefinancialinstruments.Thisincludesincome of € 70  mn (2012: expenses of € 14  mn) from financial derivative instru- mentstoprotectinvestmentsandliabilitiesagainstforeignexchange rate fluctuations. In 2013, hedging of strategic equity investments not designated for hedge accounting produced no income (2012: € 3  mn). Financial derivatives related to The Hartford investment produced no income (2012: € 180  mn) as The Hartford Warrants were sold by the ­Allianz Group in April 2012. Expenses of € 125  mn (2012: € 126  mn) from the hedges of share-based compensation plans (restricted stock units) are also included. Income (expenses) from financial assets and liabilities designated at fair value through income (net) For the year ended 31 December 2013, income and expenses from financial assets and liabilities designated at fair value through income (net) in the business segment Life/Health includes income from equity investments of € 228 mn (2012: € 273  mn) and income of € 111  mn (2012: € 181 mn) from debt investments. Foreign currency gains and losses (net) Foreign currency gains and losses are reported within income from financial assets and liabilities carried at fair value through income (net). These foreign currency gains and losses arise subsequent to initial recognition on all assets and liabilities denominated in a for- eign currency that are monetary items. This excludes exchange dif- ferences arising on financial assets and liabilities measured at fair value through profit or loss, which do not have to be disclosed sepa- rately. The ­Allianz Group uses freestanding derivatives, included in the line item income (expenses) from financial assets and liabilities held for trading (net), to hedge against foreign currency fluctuations. For these derivatives, income in the amount of € 653  mn (2012: € 20 mn) was recognized for the year ended 31 December 2013.

Pages Overview