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Allianz Annual Report 2013

C Group Management Report Management Discussion and Analysis 64 Business Environment 66 Executive Summary of 2013 Results 71 Property-Casualty Insurance Operations 78 Life/Health Insurance Operations 82 Asset Management 85 Corporate and Other 87 Outlook 2014 92 Balance Sheet Review 99 Liquidity and Funding Resources 104 Reconciliations Annual Report 2013    Allianz Group 69 Net income Net income increased by € 786  mn – from € 5,558  mn to € 6,344  mn – driv- en by our strong operational performance, a lower effective tax rate and an improved non-operating result. Net income attributable to shareholders and non-controlling interests amounted to € 5,996 mn (2012: € 5,231  mn) and€ 348  mn(2012: € 327  mn),respectively.Ourlargest non-controlling interests in net income related to Euler Hermes and PIMCO. Basic earnings per share rose from € 11.56 to € 13.23 in 2013 and diluted earnings per share increased from € 11.48 to € 13.05. For further information on earnings per share, please refer to note 50 to the con- solidated financial statements. Proposal for appropriation of net earnings  The Board of Management and the Supervisory Board propose that the net earnings (“Bilanzgewinn”) of ­Allianz SE of € 3,068,573,879.31 for the 2013 fiscal year shall be appropriated as follows: −− Distribution of a dividend of € 5.30 per no-par share entitled to a dividend: € 2,404,893,952.80 −− Unappropriated earnings carried forward: € 663,679,926.51 The proposal for appropriation of net earnings reflects the 2,746,424 treasury shares held directly and indirectly by the Company at the time of the publication of the convocation of the Annual General Meeting in the Federal Gazette. Such treasury shares are not entitled to the dividend pursuant to § 71b of the German Stock Corporation Act (AktG) . Should there be any change in the number of shares entitled to the dividend by the date of the Annual General Meeting, the above proposal will be amended accordingly and presented for resolution on the appropriation of net earnings at the Annual General Meeting, with an unchanged dividend of € 5.30 per each share entitled to dividend. Munich, 24 February 2014 Allianz SE Total revenues and reconciliation of operating profit (Loss) to net income (loss) € mn 2013 2012 Total revenues 1 110,773 106,383 Premiums earned (net) 66,628 66,045 Operating investment result Interest and similar income 20,918 21,084 Operating income from financial assets and liabilities carried at fair value through income (net) (1,866) (721) Operating realized gains/losses (net) 3,333 3,215 Interest expenses, excluding interest expenses from external debt (421) (486) Operating impairments of investments (net) (298) (421) Investment expenses (905) (876) Subtotal 20,761 21,795 Fee and commission income 10,492 9,812 Other income 209 214 Claims and insurance benefits incurred (net) (47,802) (48,873) Change in reserves for insurance and investment contracts (net) 2 (13,990) (14,360) Loan loss provisions (86) (111) Acquisition and administrative expenses (net), excluding acquisition-related expenses (22,832) (21,945) Fee and commission expenses (3,038) (2,895) Restructuring charges (170) (268) Other expenses (106) (94) Reclassification of tax benefits – 17 Operating profit (loss) 10,066 9,337 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) 24 210 Non-operating realized gains/losses (net) 952 1,112 Non-operating impairments of investments (net) (313) (513) Subtotal 663 809 Income from fully consolidated private equity investments (net) (15) (59) Interest expenses from external debt (901) (991) Acquisition-related expenses (33) (101) Amortization of intangible assets (136) (259) Reclassification of tax benefits – (17) Non-operating items (422) (618) Income (loss) before income taxes 9,644 8,719 Income taxes (3,300) (3,161) Net income (loss) 6,344 5,558 Net income (loss) attributable to: Non-controlling interests 348 327 Shareholders 5,996 5,231 1 Total revenues comprise statutory gross premiums written in Property-Casualty and in Life/Health, oper- ating revenues in Asset Management and total revenues in Corporate and Other (Banking). 2 Includes expenses for premium refunds (net) in Property-Casualty of € (162) MN (2012: € (292) MN).

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