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Allianz Annual Report 2013

Annual Report 2013    Allianz Group220 As of 31 December 2013, the future minimum lease payments under non-cancelable operating leases were as follows: future minimum lease payments € mn 2013 2014 353 2015 349 2016 324 2017 299 2018 277 Thereafter 1,401 Subtotal 3,003 Subleases (60) Total 2,943 Fortheyearended31 December2013,rentalexpensestotaled€ 350 mn (2012: € 325 mn), net of sublease rental income received of € 11 mn. Purchase obligations The ­Allianz Group has commitments for mortgage loans and to buy multi-tranche loans of € 2,810 mn (2012: € 2,906 mn) as well as to invest in private equity funds and similar financial instruments totaling € 2,978 mn (2012: € 2,507 mn) as of 31 December 2013. As of 31 December 2013, commitments outstanding to invest in real estate used by third parties or used by the ­Allianz Group for its own activities and for infra­ structure investments amount to € 860 mn (2012: € 962 mn). In addition, as of 31 December 2013, the ­Allianz Group has other commitments of € 477 mn (2012: € 241 mn) mainly referring to main- tenance, real estate development, sponsoring and other purchase obligations. Other commitments Other principal commitments of the ­Allianz Group include the fol- lowing: Pursuant to §§ 124 ff. of the German Insurance Supervision Act (“Versicherungsaufsichtsgesetz” – VAG), a mandatory insurance guarantee scheme (“Sicherungsfonds”) for life insurers is imple- mented in Germany. Each member of the scheme is obliged to make annual contributions to the scheme as well as special payments under certain circumstances. The exact amount of obligations for each member is calculated according to the provisions of a Federal Regulation (“Sicherungsfonds-Finanzierungs-Verordnung (Leben)” – SichLVFinV). As of 31 December 2013, the future liabilities of ­Allianz Lebens­versicherungs-Aktiengesellschaft and its subsidiaries to the insurance guarantee scheme amount to annual contributions of € 9.7 mn (2012: € 6.7 mn) and an obligation for special payments of € 138 mn (2012: € 124 mn). Inaccordancewith§§ 124ff.oftheGermanInsuranceSuper­vision Act (“Versicherungsaufsichtsgesetz” - VAG), ­Allianz Private Kranken- versicherungs-AG is a member of the mandatory insurance guaran- tee scheme (Sicherungsfonds) for German health insurers. In case the guarantee scheme has to resume responsibility for insurance contracts, it will collect special payments from its members to fulfill its tasks. Until today, no contributions have been requested by the scheme. As of 31 December 2013, the potential liabilities of ­Allianz PrivateKrankenversicherungs-AGtotheinsuranceguaranteescheme amount to an obligation for special payments of € 48  mn (2012: € 45  mn). In December 2002, Protektor Lebensversicherungs-Aktiengesell- schaft (“Protektor”), a life insurance company whose role is to protect policyholders of all German life insurers, was founded. ­Allianz Lebens­versicherungs-Aktiengesellschaft and someofitssubsidiaries are obligated to provide additional funds either to the mandatory insurance guarantee scheme or to Protektor, in the event that the funds provided to the mandatory insurance guarantee scheme are not sufficient to handle an insolvency case. Such obligation amounts to a maximum of 1 % of the sum of the net underwriting reserve with deduction of payments already provided to the insurance guarantee scheme. As of 31 December 2013, and under inclusion of the contribu- tions to the mandatory insurance scheme mentioned above, the aggregate out­standing commitment of ­Allianz Lebensversicherungs- Aktiengesellschaft and its subsidiaries to the insurance guarantee scheme and to Protektor is € 1,252 mn (2012: € 1,123 mn). According to the German Deposit Guarantee and Investor Com- pensation Act (EAEG – “Einlagensicherungs- und Anlegerentschädi- gungsgesetz”) all credit institutions, investment companies and financial services institutions licensed to do business in Germany must adhere to a statutory compensation scheme. ­Allianz Global Investors Europe GmbH, PIMCO Deutschland GmbH and risklab GmbH are currently members of EdW (“Entschädigungseinrichtung der Wertpapierhandelsunternehmen”, Berlin). The annual contribu- tion is determined in consideration of each member’s scope of busi- ness. In addition, EdW may levy special contributions from its mem- bers,ifthefundsavailabletoEdWareinsufficienttosatisfyalleligible claims. Special contributions are determined by reference to the preceding yearly contribution. For 2013, the yearly contributions for above-mentionedentitieshavebeendeterminedbynotificationfrom the EdW in the amount of € – mn (2012: € 1 mn). With respect to the insolvency of Phoenix Kapitaldienst GmbH, the German Federal Financial Supervisory Authority (“Bundesanstalt für Finanzdienst- leistungsaufsicht” – BaFin) has determined that certain investor claims will be covered under the compensation scheme and special contributions have been levied. In this regard, special contributions were notified by EdW to above-mentioned entities in 2013 in the amount of € 2 mn (2012: € 7 mn). The above mentioned entities have appealed the special contributions. For received, but not yet paid

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