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Building the Strongest Financial Community Allianz Group Annual Report 2012 Content 1 MAGAZINE FOR THE ANNUAL REPORT 2012 A To Our Investors 35 Letter to the Investors 40 Supervisory Board Report 49 Supervisory Board 50 Board of Management 53 International Executive Committee 54 Allianz Share 59 Services for Allianz Investors B Corporate Governance 63 Corporate Governance Report 69 Statement on Corporate Management pursuant to § 289a of the HGB 71 Takeover-related Statements and Explanations 74 Remuneration Report C Group Management Report 92 Content Your AlliAnz 93 Business Operations and Markets 106 Our Strategy 109 Our Progress in Sustainable Development MAnAGeMent Discussion AnD AnAlYsis 122 Business Environment 124 Executive Summary of 2012 Results 132 Property-Casualty Insurance Operations 140 Life/Health Insurance Operations 148 Asset Management 152 Corporate and Other 154 Outlook 2013 and 2014 166 Balance Sheet Review 175 Liquidity and Funding Resources 182 Reconciliations risk report AnD FinAnciAl control 184 Risk Report 214 Controls and Procedures D Consolidated Financial Statements 218 Content 219 Consolidated Balance Sheets 220 Consolidated Income Statements 221 Consolidated Statements of Comprehensive Income 222 Consolidated Statements of Changes in Equity 223 Consolidated Statements of Cash Flows 226 Notes to the Consolidated Financial Statements E Further Information 369 Joint Advisory Council of the Allianz Companies 370 International Advisory Board 371 Mandates of the Members of the Supervisory Board 372 Mandates of the Members of the Board of Management To go directly to any chapter, simply click 374 Glossary on the headline or the page number 379 Indexes Allianz at a glance AnnuAl results 001 Change from More previous details on 2012 year 2011 2010 2009 2008 2007 2006 page Income statement 1 Total revenues 2 € mn 106,383 2.7 % 103,560 106,451 97,385 92,568 97,689 94,873 3 126 Operating profit 4 € mn 9,501 20.8 % 7,866 8,243 7,044 7,455 10,320 9,219 3 126 Net income from continuing operations 5 € mn 5,491 95.8 % 2,804 5,209 4,650 4,268 7,991 7,843 128 Net income (loss) from discontinued operations, net of income taxes 5 € mn – –– – (395) (6,373) 723 467 – Net income (loss) € mn 5,491 95.8 % 2,804 5,209 4,255 (2,105) 8,714 8,310 128 thereof: attributable to shareholders € mn 5,169 103.1 % 2,545 5,053 4,207 (2,363) 7,966 7,021 128 Balance sheet as of 31 December 1 Total assets € mn 694,621 8.3 % 641,472 624,945 583,717 954,999 1,061,149 1,110,081 167 Investments € mn 401,628 14.5 % 350,645 334,618 294,252 258,812 285,977 298,134 272 Total liabilities € mn 638,403 7.4 % 594,219 578,383 541,488 917,715 1,009,768 1,053,251 167 thereof: Reserves for insurance and investment contracts € mn 390,987 8.0 % 361,954 349,793 323,801 298,057 292,244 287,032 299 thereof: Reserves for loss and loss adjustment expenses € mn 72,540 5.4 % 68,832 66,474 64,441 63,924 63,706 65,464 289 Shareholders’ equity € mn 53,553 19.2 % 44,915 44,491 40,108 33,720 47,753 49,650 166 Non-controlling interests € mn 2,665 14.0 % 2,338 2,071 2,121 3,564 3,628 7,180 310 Share information Basic earnings per share1 € 11.42 102.8 % 5.63 11.20 9.33 (5.25) 18.00 17.09 353 Diluted earnings per share1 € 11.34 106.9 % 5.48 11.12 9.30 (5.29) 17.71 16.78 353 Dividend per share € 4.50 6 – 4.50 4.50 4.10 3.50 5.50 3.80 55 Total dividend € mn 2,052 6,7 0.7 % 2,037 2,032 1,850 1,580 2,472 1,642 56 Share price as of 31 December € 104.80 41.8 % 73.91 88.93 87.15 75.00 147.95 154.76 54 Market capitalization as of 31 December € mn 47,784 42.0 % 33,651 40,419 39,557 33,979 66,600 66,880 56 Other data Return on equity after income tax 1,8,9 % 10.5 4.8 %-p 5.7 11.9 12.5 9.9 15.0 15.0 56 Conglomerate solvency % 197 18 %-p 179 173 164 157 10 158 190 166 Standard & Poor’s rating 11 AA – AA AA AA AA AA AA– 186 Total assets under management as of 31 December € mn 1,852,332 11.8 % 1,656,993 1,517,538 1,202,122 950,548 1,009,586 1,011,802 149 thereof: Third-party assets under management as of 31 December € mn 1,438,425 12.3 % 1,281,256 1,163,982 925,699 703,478 764,621 763,855 149 Employees 144,094 1.5 % 141,938 151,338 153,203 182,865 181,207 166,505 118 1 Figures prior to 2008 have not been restated to reflect the change in the Allianz Group’s 6 Proposal. accounting policy for fixed-indexed annuities, effective 1 July 2010. 7 Dividend sum based on total amount of shares. Actual dividend payment will be reduced by 2 Total revenues comprise statutory gross premiums written in Property-Casualty and Life/ the dividend amount attributable to treasury shares. Health, operating revenues in Asset Management and total revenues in Corporate and Other 8 Based on average shareholders’ equity. Average shareholders’ equity has been calculated (Banking). based upon the average of the current and the preceding year’s shareholders’ equity as of 3 Figures do not reflect changes in the presentation implemented in 2009. 31 December. 4 The Allianz Group uses operating profit as a key financial indicator to assess the performance 9 Based on net income from continuing operations after non-controlling interests. of its business segments and the Group as a whole. 10 Pro-forma after sale of Dresdner Bank completed. 5 Following the announcement of the sale on 31 August 2008, Dresdner Bank was classified as 11 For further information about insurer financial strength ratings of Allianz SE, please refer to held for sale and discontinued operations. Therefore, all revenue and profit figures presented page 186. for our continuing business do not include the parts of Dresdner Bank that we sold to Commerzbank on 12 January 2009. The results from these operations are presented in a sepa- rate net income line “Net income (loss) from discontinued operations, net of income taxes”. Group profile Allianz serves approximately 78 MILLION CUSTOMERS in over 70 COUNTRIES. Our solidity, service and com- petence is supported by the commitment of approximately 144,000 EMPLOYEES worldwide. Whether property or casualty insurance – we are among the global leaders – also in asset management. We provide life and health solutions to a world in demographic change. Shareholders’ equity page 166 Dividend per share (proposal) page 55 AA Standard & Poor’s rating since 2007 € BN 53.6 € 4.50 Total revenues page 126 Operating profit page 126 € BN106.4 € mN 9,501 Net income page 128 Conglomerate solvency page 166 € mN 5,491 197 % Segment overview Property-Casualty Gross premiums written 1,2 002 By region / country – yeAr 2012 [2011] – in % Segment overview / Operating profit € 4,719 mn Asia-Pacific and Rest of World 8.3 [7.4] Combined ratio 96.3 % Germany 26.1 [26.8] Group profile North and South America 16.3 [15.3] Gross premiums written increased 4.7 % to € 46.9 BN. Solid operating performance: operating profit grew Other Europe 14.9 [14.8] France 12.0 [12.2] by 12.5 %. Italy 8.6 [9.3] Spain 4.2 [4.6] Switzerland 4.6 [4.4] United Kingdom 5.0 [5.2] 132 – 139 Life/Health statutory premiums 1 003 By region / country – yeAr 2012 [2011] – in % Operating profit € 2,955 mn Asia-Pacific and Rest of World 10.3 [9.9] Margin on reserves 67 BPs North and South Germany 35.7 [35.9] America 14.4 [15.1] Revenues remained stable at € 52.3 BN. Other Europe 9.2 [7.5] Operating profit grew by 22.1 %. Belgium 1.7 [1.7] France 13.4 [13.9] Spain 2.0 [1.8] Switzerland 3.6 [3.2] Italy 9.7 [11.0] 140 – 147 Asset Management third-party assets under manaGement3 004 By region / country – As of 31 decemBer 2012 [31 decemBer 2011] – in % Operating profit € 3,014 mn Germany 7.7 [9.3] Total assets under management € 1,852 Bn Other4 2.0 [2.0] Rest of Europe 15.3 [15.6] Asia-Pacific 10.4 [9.9] Another excellent year. Third-party net inflows of € 114 BN. Strong operating profit development. United States 64.6 [63.2] 148 – 151 1 After elimination of transactions between Allianz Group companies in different geographic 3 Based on the origination of assets by the asset management company. regions and different segments. 4 Consists of third-party assets managed by other Allianz Group companies (approximately 2 Gross premiums written from our specialty lines have been allocated to the respective geo- € 28 BN as of 31 December 2012 and € 26 bn as of 31 December 2011, respectively). graphic regions. Allianz Group Annual Report 2012 Navigation help Additional Additional Term information information explained in on the in Annual glossary internet Report Multichannel reporting Print Download as PDF iPad 1 www.allianz.com/ annualreport 1 You can also scan the QR-Code to get directly to the specific Allianz App you wish to download from the Apple App Store.
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