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Allianz Annual Report 2013

Annual Report 2013    Allianz Group94 credit spread development in 2012 and 2013 Spread Europe “A” % Spread U.S. “A” % 3.0 2.5 2.0 1.5 1.0 0.5 0 1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q 2012 2013 3.0 2.5 2.0 1.5 1.0 0.5 0 1Q 2Q 3Q 4Q1Q 2Q 3Q 4Q 2012 2013 (0.2) 0.2 0.0 0.1 0.0 0.1 0.0 0.20.5 1.0 (0.1) 0.1 (0.1) 0.1 0.3 0.6 1.5 2.0 1.2 1.4 1.1 1.5 1.0 1.4 1.3 1.6 1.8 2.4 1.3 1.51.8 2.3  High/low    Spread at end of period Structure of investments – portfolio overview Effective from this annual report, we changed the presentation of our investment portfolio in our Group Management Report. From now on, we also include investments of banking and asset management, which were excluded in the former presentation. We believe this will simplify a comparison with the figures presented in the notes to the financialstatements.As aresult,thefollowingportfolioreviewcovers all ­Allianz Group assets held for investment. The previous year’s fig- ures have been adjusted accordingly. Due to this change, our total investment portfolio was up by € 24.0  bn as of 31 December 2012 to € 531.5  bn (previously published: € 507.5 bn). Asset allocation  Investment portfolio as of 31 December 2013: € 536.7 BN [as of 31 December 2012: € 531.5 BN] in % Cash/Other 2 [2] Debt instruments 89 [90] Equities 7 [6] Real estate 2 [2] Compared to the adjusted figures of 31 December 2012, our invest- ment portfolio increased by € 5.2  bn to € 536.7  bn. This increase was primarily driven by a larger gross exposure to equities and, to a lesser extent, by higher real estate investments. It was partly offset by lower net cash investments. Our gross exposure to equities of € 35.5 bn (31 December 2012: € 29.7  bn) increased by one percentage point and accounted for 7 % of our investment portfolio. This increase was mainly attributable to positive equity market developments but also to new investments. In line with this growth, our equity gearing1increased by one percentage point to 25 %. Our exposure to real estate held for investment grew from € 9.7  bn to € 10.8  bn due to new investments and still accounted for 2 % of our investment portfolio. Our cash and other investments decreased from € 11.7  bn to € 9.8  bn, primarily as a result of new investments. Please refer to Liquidity and Funding Resources from    page 99 onwards for further information on our liquidity position. The vast majority of our investment portfolio comprises diversi- fied debt instruments, which remained almost unchanged at € 480.6  bn (31 December 2012: € 480.4  bn). Reinvested interest flows offset declines in the fair value of our bonds, which were triggered by rising interest rates and adverse currency effects as well as realiza- tions. Given the growth of our total investment portfolio, the share of debt investments decreased by one percentage point to 89 %. 1 Equity gearing is defined as the ratio of our equity holdings allocated to the shareholder after policyholder participation and hedges to shareholders’ equity plus off-balance sheet reserves less goodwill.

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