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Allianz Annual Report 2013

Annual Report 2013    Allianz Group202 40 – Fee and commission expenses Fee and commission expenses € mn 2013 2012 Property-Casualty Fees from credit and assistance business (755) (711) Service agreements (386) (377) Subtotal (1,141) (1,088) Life/Health Service agreements (39) (42) Investment advisory (212) (186) Subtotal (251) (228) Asset Management Commissions (1,403) (1,243) Other (81) (67) Subtotal (1,484) (1,310) Corporate and Other Service agreements (230) (247) Investment advisory and banking activities (263) (247) Subtotal (493) (494) Consolidation 331 225 Total (3,038) (2,895) 41 – Other expenses other expenses € mn 2013 2012 Realized losses from disposals of real estate held for own use (2) (3) Expenses from alternative investments (85) (88) Other (19) (3) Total (106) (94) 42 – Income taxes Income taxes € mn 2013 2012 Current income taxes (2,899) (3,324) Deferred income taxes (401) 163 Total (3,300) (3,161) For the years ended 31 December 2013 and 2012, the income taxes relating to components of other comprehensive income consist of the following: income taxes relating to components of other comprehensive income € mn 2013 2012 Items that may be reclassified to profit or loss in future periods Foreign currency translation adjustments (23) (11) Available-for-sale investments 1,451 (2,522) Cash flow hedges 21 (27) Share of other comprehensive income of associates 6 – Miscellaneous 96 42 Items that may never be reclassified to profit or loss Actuarial gains (losses) on defined benefit plans (171) 785 Total 1,380 (1,733) During the year ended 31 December 2013, current income taxes included expenses of € 138 mn (2012: € 264 mn) related to prior years. Of the deferred income taxes for the year ended 31 December 2013, expenses of € 47  mn (2012: income of € 399  mn) are attributable to the recognition of deferred taxes on temporary differences and expenses of € 356  mn (2012: € 233  mn) are attributable to tax losses car- ried forward. Additionally, changes of applicable tax rates due to changes in tax law produced deferred tax income of € 2  mn (2012: expenses of € 3  mn). The recognized income taxes for the year ended 31 December 2013 are € 418  mn (2012: € 589  mn) above the expected income taxes. The following table shows the reconciliation from the expected income taxes of the ­Allianz Group to the effectively recognized taxes. The ­Allianz Group’s reconciliation is a summary of the individual company-related reconciliations, which are based on the respective country-specific tax rates after taking into consideration consolida- tion effects with an impact on the Group result. The expected tax rate for domestic ­Allianz Group companies applied in the reconciliation includes corporate tax, trade tax and the solidarity surcharge, and amounts to 31.0 % (2012: 31.0 %).

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