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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 83 As of 31 December 2013, total assets under management amounted to € 1,770 BN. Of this, € 1,361 BN related to our third-party assets under management and € 409 BN to ­Allianz group assets. We show the devel- opment of total assets under management based on asset classes as they are relevant for the business segment’s devel­opment. In 2013, we recorded net outflows of total assets under manage- ment of € 14  bn. Of these, € 12  bn were related to third-party assets under management and € 2  bn to ­Allianz group assets. In the second half of 2013 the rise in interest rates, especially in the United States, led to a decline in valuations for fixed income assets, while equities globallyrecordedastrongperformance.Thesedevelopmentsandthe respective volatile global bond markets resulted in fixed income net outflows especially in the second half of 2013, which more than offset the strong fixed income net inflows in the first half of the year. Overall, net outflows stemmed from the United States and related to tradi- tional fixed income products, while our non-traditional fixed income products and equities recorded net inflows in 2013. The major driver behind the development of total assets under management was unfavorable foreign currency translation effects of € 68  bn due to the strong depreciation of the U.S. Dollar against the Euro.1 Favorable market effects accounted for an increase of € 1bn in total assets under management. This was entirely driven by a strong positive market return of € 27  bn on equities and was mostly offset by a negative impact of € 26  bn on fixed income. In the following section, we focus on the development of third-party assets under management. Third-party assets under management by Business Unit as of 31 December 2013 [31 December 2012] in % Other 2.3 [2.0] AllianzGI 15.8 [12.4] PIMCO 81.9 [85.6] 1 Based on the closing rate on the respective balance sheet date. Third-party assets under management by region/country 1,2,3 as of 31 December 2013 [31 December 2012] in % Other 2.3 [2.0] Europe 26.4 [23.0] America 61.5 [64.6] Asia-Pacific 9.8 [10.4] 1 Based on the location of the asset management company. 2 “America” consists of the United States, Canada and Brazil (approximately € 823  bn, € 11  bn and € 3  bn third-party assets under management as of 31 December 2013, respectively). 3 “Other” consists of third-party assets managed by other ­Allianz Group companies (approximately € 32 bn as of 31 December 2013 and € 28  bn as of 31 December 2012, respectively). The regional allocation of third-party assets under management shifted slightly. Europe’s share rose by 3.4 percentage points, mainly due to a reallocation of some third-party assets under management from the United States to Europe and a positive market return driven by equities. America’s share decreased by 3.1 percentage points, due to the strong depreciation of the U.S. Dollar against the Euro, net out- flows, the negative market return on fixed income assets and the real- location of assets. Mainly due to the impact of market return, the share of equities in our third-party assets under management increased by two per- centage points in favor of equities, compared to 31 December 2012 with 87 % attributable to fixed income and 13 % to equities. The split of third-party assets under management between our retail and institutional clients 2 shifted slightly – up one percentage point for retail clients (37 %) and down one percentage point for insti- tutional clients (63 %). 2 Client group classification is driven by investment vehicle types.

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