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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 229 an employee has contractually agreed to leave the ­Allianz Group by signing either an early retirement, a partial retirement (Altersteilzeit, whichisaspecifictypeofanearlyretirementprograminGermany),or a termination arrangement, the respective part of the restructuring provision is transferred to employee related provisions. In addition, provisions for vacant office spaces that result from restructuring initiatives are transferred to “other” provisions after the offices have been completely vacated. ­Allianz bAnk’s restructuring plan The ­Allianz Bank did not grow as profitably as expected in a highly competitive retail banking environment. As a result of this, ­Allianz Bank was closed on 30 June 2013. The closure of operations was ­executed swiftly. Mutual agreements were found with almost all employeesaffectedbytherestructuring.About400employeesleft the Group. Restructuring charges of € 87 MN were recorded in 2013 for the closure of ­Allianz Bank. As of 31 December 2013, restructuring provi- sions of € 31 MN were recorded. Allianz Life Korea’s restructuring plan In December 2013, ­Allianz Life Korea initiated a restructuring pro- gram to improve cost competitiveness and financial soundness. An organizational restructuring and an early retirement plan will be executed. In addition, various other cost reduction measures will be implemented to achieve savings of general expenses. The program will result in a reduction of headcount by about 250 employees. During the year ended 31 December 2013, restructuring charges of € 32 MN were recorded. As of 31 December 2013, restructuring provi- sions of € 31 MN were recorded. Allianz Italy’s restructuring plan In December 2013, ­Allianz Italy announced a restructuring plan, which will be completed within 2014. ­Allianz Italy aims to adapt its business model and significantly streamline its processes. A unified platform for all agencies including a digital agency will be imple- mented. The program will result in a reduction of complexity and higher automation of processes, in particular for underwriting activ- ities. By implementing voluntary early retirement plans, headcount will be reduced by about 100 employees. During the year ended 31 December 2013, restructuring charges of € 30 MN were recorded. As of 31 December 2013, ­Allianz Italy recorded restructuring provisions of € 29 MN related to this plan. Allianz benelux’ restructuring plan Following the integration of ­Allianz Belgium and ­Allianz Nederland into a regional structure (Benelux), ­Allianz Benelux initiated a restructuring program in December 2013 to improve profitability and cost competitiveness. An organizational restructuring plan will be executed in order to eliminate redundancies between countries and improve efficiency. The program will result in a net reduction of headcount by about 100 full time equivalents (FTE). In addition, the program resulted in the write-off of certain assets. During the year ended 31 December 2013, restructuring charges of € 29  mn were recorded. As of 31 December 2013, restructuring provi- sions of € 20  mn were recorded for this program. Allianz germany group’s restructuring plan The ­Allianz Germany Group launched the restructuring program “Zukunftsprogramm Sachversicherung” in order to generate further growth impulses. The program is expected to be completed with the objective of cost savings, improved claims management and higher growth of revenue, thereby increasing the competitiveness and prof- itability of ­Allianz Germany’s future property and casualty business. In 2012, the project “Optimierung Stäbe” was implemented as part of the restructuring program “Zukunftsprogramm Sachver­ sicherung” in order to reduce personnel and operating expenses by increasing efficiency in the ­Allianz Germany Group’s head office. Fromtheoriginalobjectiveofreducingapproximately380FTEby2014, approximately 120 FTE remain as of 31 December 2013. In addition, clearly defined activities in the area of operational functions have been transferred to newly founded service companies with their own employees. From originally approximately 200 FTE affected by the program, a reduction of 80 FTE remains as of 31 Decem- ber 2013. During the year ended 31 December 2013, restructuring charges of € 1 MN were recorded. As of 31 December 2013, the ­Allianz Germany Group recorded restructuring provisions of € 29 MN related to this program. Allianz Managed operations & services’s Restructuring plan (AMOS) In the fourth quarter of 2012, ­Allianz Managed Operations & Services (AMOS) launched a restructuring program, mainly in Germany, regarding the global ­Allianz data center consolidation. In July 2013, AMOS announced that a higher number of the affected employees in Germany than originally expected will be assumed by a service pro- vider,whichledtoareductionoftheoriginalrestructuringprovisions of € 34 MN. ­­effect of the reversal of discounting For the year ended 31 December 2013, the effect of the reversal of dis- counting arising from the passage of time was € 4 mn (2012: € 9 mn).

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