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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 199 32 – Income and expenses from fully consolidated private equity investments Income and Expenses from fully consolidated private equity investments € mn 2013 2012 Income Sales and service revenues 726 788 Subtotal 726 788 Expenses Cost of goods sold (219) (250) General and administrative expenses (492) (523) Interest expenses (32) (41) Subtotal 1 (743) (814) Total 1 (17) (26) 1 The presented subtotal for expenses and total income and expenses from fully consolidated private equity investments for the year ended 31 December 2013 differs from the amounts presented in the “Consolidated Income Statements” and in “Total revenues and reconciliation of Operating profit (loss) to Net income (loss)”. This difference is due to a consolidation effect of € 2  mn (2012: € (33)  mn) for the year ended 31 December 2013. This consolidation effect results from the deferred policyholder participa- tion, recognized on the result from fully consolidated private equity investments within operating profit in the Life/Health segment, that was reclassified into expenses from fully consolidated private equity investments in non-operating profit to ensure a consistent presentation of the ­Allianz Group‘s operating profit.

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