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Allianz Annual Report 2013

48 Annual Report 2013   Allianz Group Pages 48 – 124 c _ Group Management Report Your ­Allianz  49 Business Operations and Markets  49 Allianz Group structure  49 Insurance operations  50 Asset Management  50 Corporate and Other  51 Worldwide presence and business segments  52 Our markets  56 Strategy and Steering  58 Our steering  59 Progress in Sustainable Development  59 Business  61 Environment  61 People  63 Ethics Management Discussion and Analysis  64 Business Environment  64 Economic environment 2013  64 Business environment 2013: insurance and asset management industry  66 Executive Summary of 2013 Results  66 Earnings summary  67 Total revenues  68 Operating profit  68 Non-operating result  68 Income taxes  69 Net income  69 Proposal for appropriation of net earnings  70 Events after the balance sheet date  70 Changes in segment structure, presentation and accounting policies  70 Other parts of the Group Management Report  71 Property-Casualty Insurance Operations  71 Gross premiums written  73 Operating profit   74 Net income  76 Property-Casualty insurance operations by reportable segments  78 Life/Health Insurance Operations  78 Statutory premiums  79 Operating profit  80 Net income  81 Life/Health insurance operations by reportable segments  82 Asset Management  82 Assets under management  84 Operating revenues  84 Operating profit  84 Net income  85 Corporate and Other  86 Earnings summary  86 Earnings summaries by reportable segments  87 Outlook 2014  87 Overview: 2013 results versus previous year outlook  88 Economic outlook  88 Insurance industry outlook  89 Asset management industry outlook  89 Outlook for the ­Allianz Group  89 Overview: outlook and assumptions 2014  90 Management’s assessment of expected revenues and earnings for 2014  91 Financing and liquidity development and capitalization  91 Expected dividend development  91 Management’s overall assessment of the current economic situation of the ­Allianz Group  92 Balance Sheet Review  92 Shareholders’ equity  92 Regulatory capital adequacy  93 Total assets and total liabilities  98 Off-balance sheet arrangements  99 Liquidity and Funding Resources  99 Organization  99 Liquidity management of our operating entities  99 Liquidity management and funding of ­Allianz SE 103 Allianz Group consolidated cash flows 104 Reconciliations 104 Composition of total revenues 104 Composition of total revenue growth Risk and Opportunity Report and Financial Control 105 Risk and Opportunity Report 105 Allianz risk profile and management assessment 106 Capitalization 108 Internal risk capital framework 110 Internal risk assessment 119 Risk governance 121 Risk management priorities for 2014 121 Further future challenges and opportunities 123 Controls over Financial Reporting and Risk Capital 123 Internal controls over financial reporting 124 Risk capital controls

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