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Allianz Annual Report 2013

Annual Report 2013    Allianz Group84 Three-year rolling investment performance of ­­PIMCO and ­AllianzGI 1 % PIMCO AllianzGI 2011 2012 2013 2011 2012 2013 100 80 60 40 20 0 (20) (40) 93 (7) 96 (4) 90 (10) 61 (39) 62 (38) 55 (45)   Outperforming third-party assets under management    Underperforming third-party assets under management 1 The investment performance is based on ­Allianz Asset Management account-based, asset-weighted three-year investment performance of third-party assets versus the primary target including all accounts managed by portfolio managers of ­Allianz Asset Management. For some retail funds, the net of fee performance is compared to the median performance of the corresponding Morningstar peer group (first and second quartile mean outperformance). For all other retail funds and for all institutional accounts, the gross of fee perfor­mance (revaluated based on closing prices) is compared to the respective benchmark based on different metrics. The overall investment performance of our Asset Management busi- ness was on a high level, with 85 % of our assets outperforming their respective benchmarks (31 December 2012: 92 %). An outstanding 90 % of PIMCO assets outperformed their respective benchmarks. 55 % of ­AllianzGI assets outperformed their respective benchmarks. Operating revenues Despite unfavorable foreign currency translation effects in 2013, our operating revenues rose by € 376 mn, or 5.5 %, to € 7,162 mn. On an inter- nal basis 1, operating revenues grew by 8.5 %.This was mainly driven by an increase in management and loading fees due to higher average assets under management and higher related margins. Net fee and commission income increased by € 396 mn, or 5.9 % to € 7,127 mn, benefiting from the increase in management and loading fees. Our performance fees reached an impressive level in 2013. How- ever, compared to the record year 2012, with its exceptionally high performance fees, these decreased by € 256 mn to € 510 mn, mainly as a result of lower performance fees from private funds and traditional products. Our income from financial assets and ­liabilities carried at fair value through income (net), was down by € 3 mn due to reduced levels of seed money in 2013. 1 Operating revenues adjusted for foreign currency translation and (de-) consolidation effects. 2 Based on average exchange rates in 2013 compared to 2012. Operating profit Driven by higher operating revenues, our operating profit went up to € 3,161  MN, an increase of € 208  MN  or 7.0 %. Excluding the unfavorable impact of foreign currency translation effects 2 our operating profit rose by approximately 10.0 %. This result was mainly due to higher operating revenues and to a lesser extent the comparative benefit of lower restructuring charges (€ 57 mn) versus those incurred in 2012. Administrative expenses rose by € 225 mn to € 3,995 mn,which was generally in line with our business growth. Our cost-income ratio improved by 0.6 percentage points to 55.9 %, reflecting our continued expense discipline. Furthermore our cost- income ratio benefited from lower restructuring charges in 2013 com- pared to 2012 but was burdened by lower performance fees in 2013 in contrast to the record high in 2012. Excluding these two effects the cost-income ratio improved by 1.0 percentage point – from 58.8 % in 2012 to 57.8 % in 2013. Net income Our net income increased by € 115  MN, or 6.4 % to € 1,925  MN. This was largely consistent with our strong operating performance. Asset Management BUSINESS segment information € MN 2013 2012 Management and loading fees 8,032 7,163 Performance fees 510 766 Other 69 112 Fee and commission income 8,611 8,041 Commissions (1,403) (1,243) Other  (81) (67) Fee and commission expenses (1,484) (1,310) Net fee and commission income 7,127 6,731 Net interest income 1 12 24 Income from financial assets and liabilities carried at fair value through income (net) 13 16 Other income 10 15 Operating revenues  7,162 6,786 Administrative expenses (net), excluding acquisition-related expenses (3,995) (3,770) Restructuring charges (6) (63) Operating expenses (4,001) (3,833) Operating profit 3,161 2,953 Income taxes (1,181) (1,029) Net income 1,925 1,810 Cost-income ratio 2 in % 55.9 56.5 1 Represents interest and similar income less interest expenses. 2 Represents operating expenses divided by operating revenue.

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