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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 217 Certificated liabilities and subordinated liabilities For level 2, the fair value is mainly determined based on the market approach using quoted market prices and the income approach using deterministic discounted cash flow models. For level 3, fair ­values are mainly derived based on the income approach using deterministic cash flows with credit spreads as primary non-market observable inputs. In some cases, the carrying amount (amortized cost) is considered to be a reasonable estimate for the fair value. Reclassification of financial assets On 31 January 2009, certain USD-denominated CDOs were reclassified from financial assets held for trading to loans and advances to banks and customers in accordance with IAS 39. As of 31 December 2012, the carrying amount and fair value of the CDOs was € 370 MN and € 366 MN, respectively. As of 31 December 2013, the carrying amount and fair value of the CDOs was € 166 MN and € 156 MN, respectively. For the twelve months ended 31 December 2013, the net profit related to the CDOs was € 51 MN, which was primarily due to realized gains recognized in the third quarter as a result of the liquidation of two CDO tranches. Maturity of financial liabilities Tabular disclosure of contractual obligations The table sets forth the ­Allianz Group’s contractual obligations as of 31 December 2013. Contractual obligations do not include contingent liabilities or commitments. Only transactions with parties outside the ­Allianz Group are considered. The table includes only liabilities that represent fixed and deter- minable amounts. The table excludes interest on floating rate long- term debt obligations and interest on money market securities, as the contractual interest rate on floating rate obligations is not fixed and determinable. The amount and timing of interest on money mar- ket securities is not fixed and determinable since these instruments have a daily maturity. For further information, see notes 23 and 24 to the consolidated financial statements. As of 31 December 2013, the income tax obligations amounted to € 2,580 mn. The ­Allianz Group expects to pay € 1,665 mn thereof within the twelve months after the balance sheet date. For the remaining amount of € 915  mn, an estimate of the timing of cash outflows is not reasonably possible. The income tax obligations are not included in the table below. Contractual obligations € mn Contractual cash flows as of 31 December 2013 Due in 2014 Due in 2015 – 2018 Due after 2018 Total Financial liabilities Financial liabilities carried at fair value through income 4,654 374 985 6,013 Liabilities to banks and customers 1 16,991 2,777 3,341 23,109 Derivative financial instruments and firm commitments included in other liabilities 14 63 81 158 Financial liabilities for puttable equity instruments 3,064 – – 3,064 Certificated liabilities and subordinated liabilities 1 2,485 2,236 14,863 19,584 Insurance liabilities Future policy benefits 2 43,536 155,867 955,603 1,155,006 Reserves for loss and loss adjustment expenses 15,852 19,070 18,522 53,444 Other liabilities Operating lease obligations 3 353 1,249 1,401 3,003 Purchase obligations 4 485 1,188 122 1,795 1 For materiality reasons, the carrying amount is split up into the different contractual maturities. 2 Including investment contracts with policyholders and financial liabilities for unit-linked contracts. 3 The amount of € 3,003 mn is gross of € 60  mn related to subleases, which represent cash inflow to the ­Allianz Group. 4 Purchase obligations only include transactions related to goods and services; purchase obligations for financial instruments are not included. Future policy benefits Reserves for insurance and investment contracts of € 1,155,006  mn presented in the table include contracts where the timing and amount of payments are considered fixed and determinable, and con- tracts which have no specified maturity dates and may result in a payment to the contract beneficiary depending on mortality and morbidity experience and the incidence of surrenders, lapses or maturities. Furthermore, the amounts presented in the table above

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