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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 201 35 – Interest expenses interest expenses € mn 2013 2012 Liabilities to banks and customers (259) (339) Deposits retained on reinsurance ceded (49) (51) Certificated liabilities (272) (341) Subordinated liabilities (642) (649) Other (100) (97) Total (1,322) (1,477) 36 – Loan loss provisions loan loss provisions € mn 2013 2012 Additions to allowances including direct impairments (166) (207) Amounts released 62 77 Recoveries on loans previously impaired 18 19 Total (86) (111) 37 – Impairments of investments (net) Impairments of investments (net) € mn 2013 2012 Impairments Available-for-sale investments Equity securities (392) (804) Debt securities (56) (87) Subtotal (448) (891) Investments in associates and joint ventures 1 (108) (23) Real estate held for investment (55) (48) Loans and advances to banks and customers (24) (58) Non-current assets classified as held for sale (31) (3) Subtotal (666) (1,023) Reversals of impairments Available-for-sale investments Debt securities 18 17 Real estate held for investment 22 33 Loans and advances to banks and customers 15 39 Subtotal 55 89 Total (611) (934) 1 For the twelve months ended 31 December 2013, includes an impairment of an associated alternative investment entity in the amount of € (23)  mn. The fair value is classified as level 3 in the fair value hierarchy and based on a discounted cash flow approach. 38 – Investment expenses investment expenses € mn 2013 2012 Investment management expenses (527) (525) Depreciation of real estate held for investment (211) (190) Other expenses from real estate held for investment (167) (161) Total (905) (876) 39 – Acquisition and administrative expenses (net) Acquisition and administrative expenses (net) € mn 2013 2012 Property-Casualty Acquisition costs Incurred (9,829) (9,471) Commissions and profit received on reinsurance business ceded 479 498 Deferrals of acquisition costs 5,868 5,715 Amortization of deferred acquisition costs (5,705) (5,605) Subtotal (9,187) (8,863) Administrative expenses (2,755) (2,771) Subtotal (11,942) (11,634) Life/Health Acquisition costs Incurred (4,591) (4,535) Commissions and profit received on reinsurance business ceded 67 110 Deferrals of acquisition costs 2,980 2,790 Amortization of deferred acquisition costs (2,571) (2,241) Subtotal (4,115) (3,876) Administrative expenses (1,488) (1,440) Subtotal (5,603) (5,316) Asset Management Personnel expenses (2,607) (2,578) Non-personnel expenses (1,419) (1,286) Subtotal (4,026) (3,864) Corporate and Other Administrative expenses (1,297) (1,245) Subtotal (1,297) (1,245) Consolidation 3 13 Total (22,865) (22,046)

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