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Allianz Annual Report 2013

Annual Report 2013    Allianz Group92 Balance Sheet Review −− Shareholders’ equity remained stable at € 50.1 bn.1 −− Solvency ratio strong at 182 %.2 Shareholders’1equity 1, 3 23 Shareholders’ equity € mn 12/31/2013 70,000 60,000 50,000 40,000 30,000 20,000 10,000 12/31/2012 28,870 14,473 6,741 50,084 28,815 11,451 10,122 50,388 (0.6)%  Paid-in-capital    Retained earnings (includes foreign currency effects)    Unrealized gains/losses (net) As of 31 December 2013, shareholders’ equity amounted to € 50,084  mn, a decrease of € 304  mn compared to 31 December 2012 (as restated).1 The net income attributable to shareholders of € 5,996  mn substan- tially offset € 3,381  mn lower unrealized gains, our € 2,039  mn dividend payout in May 2013 and an additional € 1,239  mn drop in equity from negative foreign currency translation adjustments. The significant decline in unrealized gains, predominantly on sovereign and corpo- rate debt securities, was driven by a rise in interest rates and – to a much lesser extent – realizations. The unfavorable development of foreign currency translation adjustments was mainly due to the strengthening of the Euro against the U.S. Dollar, the Turkish Lira and the Australian Dollar. 1 As of 1 January 2013, our shareholders’ equity decreased by € 3.2 bn due to the amendments to IAS 19. Prior year figures have been restated to reflect the retrospective application of the amended standard IAS 19 – Employee Benefits, effective as of 1 January 2013. For further information, please refer to note 4 to the consolidated financial statements. 2 Off-balance sheet reserves are accepted by the authorities as eligible capital only upon ­request. ­Allianz SE has not submitted an application so far. Excluding off-balance sheet ­reserves, the solvency ratio as of 31 December 2013 would be 173 % (2012 (pro forma restated): 171 %; 2012 (as published): 188 %). 3 This does not include non-controlling interests of € 2,765  mn and € 2,575  mn as of 31 December 2013 and 31 December 2012, respectively. For further information,pleaserefertonote25totheconsolidatedfinancial statements. Retained earnings include foreign currency translation adjustments of € (3,312)  mn and € (2,073)  mn as of 31 December 2013 and 31 December 2012, respectively. Regulatory capital adequacy The ­Allianz Group is a financial conglomerate within the scope of the E.U. Financial Conglomerates Directive and the related German law in force since 2005. The law requires that financial conglomerates calculate the capital available to meet their solvency requirements on a consolidated basis, which we refer to as “eligible capital”. Conglomerate solvency1 € bn 12/31/2013 50 40 30 20 10 12/31/2012 as published 12/31/2012 pro forma restated 46.5 25.6 182% 44.4 24.6 181% 48.4 24.6 197% Solvency ratio    Eligible capital   Requirement  1 Off-balance sheet reserves are accepted by the authorities as eligible capital only upon ­request. ­Allianz SE has not submitted an application so far. Excluding off-balance sheet ­reserves, the solvency ratio as of 31 December 2013 would be 173 % (2012 (pro forma restated): 171 %; 2012 (as published): 188 %). After reflecting the negative impact of a change in accounting for pensions (pro forma restated), our conglomerate solvency ratio strengthened by one percentage point despite the redemption of a subordinated bond. Compared to year-end 2012 (as published), our conglomerate solvency ratio dropped by 15 percentage points to 182 %. This was mainly due to amendments to IAS 19,4 which reduced the Group’s eligible capital for solvency purposes by € 4.0  bn as of 1 Janu- ary 2013. In 2013, negative currency translation adjustments and the above-mentioned redemption of a subordinated bond further decreased our eligible capital by € 1.0  bn and € 1.5  bn (converted 4 For further details on the amendments to IAS 19, please refer to note 4 to the consolidated financial statements.

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