Annual Report Allianz AG
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Competition Between Exchanges: Euronext Versus Xetra*
Competition Between Exchanges: Euronext versus Xetra* Maria Kasch-Haroutounian / Erik Theissen** January 2003 Abstract: Exchanges in Europe face increasing competition. Smaller exchanges may come under pressure to cooperate with one of the larger exchanges and adopt its trading system. It is, therefore, important to evaluate the attractiveness of the two dominating continental European trading sys- tems, Euronext and Xetra. Though both are anonymous electronic limit order books, there are im- portant differences in the trading protocols. In this paper we use a matched-sample approach to compare execution costs in Euronext Paris and Xetra. We find that both the effective spreads and its components, the realized spread and the adverse selection component, are lower in Xetra. Differ- ences in market organization - we consider differences in the number of liquidity provision agree- ments, and differences in the minimum tick size - do not explain the spread differences. JEL classification: G10, G15 Keywords: Competition between exchanges, bid-ask spread * We thank participants of the 9th Symposium on Finance Banking and Insurance in Karlsruhe for helpful comments. ** University of Bonn, BWL I, Adenauerallee 24-42, 53113 Bonn, Germany, Phone +49 228 739208, Fax +49 228 735924, Email: [email protected] and [email protected], respectively. 1 Introduction European exchanges are in a process of consolidation. Banks and institutional investors are putting pressure on exchange officials to decrease transaction costs. The fragmentation of European exchanges has been identified as one source of high transaction costs. Mergers be- tween exchanges and the joint use of trading systems are considered to be part of the solution. -
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Annual Report With this Annual Report, we have published our financial results for the first time according to Gross premium income International Accounting rose 19.6 percent to Standards (IAS). Net DM 90.4 billion in the profit increased by 31.5 Earnings per share 1998 business year. percent to DM 3.6 billion. totalled DM 14.67 – 26.8 percent higher than in the previous year. 1998 A T A GLANCE 1998 1998 Change from 1997 More on Allianz Group previous year page D DM in % DM Gross premium income bn 46.2 90.4 19.6 75.6 12 Benefits paid to customers bn 40.0 78.2 21.5 64.4 132 Pretax result mn 4,085 7,990 25.3 6,375 37 Tax mn 1,528 2,988 6.1 2,815 134 Minority interests in earnings mn 739 1,445 69.3 853 Net earnings mn 1,819 3,558 31.5 2,706 37 Assets Under Management bn 343.2 671.2 41.0 476.2 74 Stockholders’ equity bn 22.2 43.5 30.4 33.4 122 Insurance reserves bn 216.8 424.1 38.5 306.1 125 Employees 105,676 37.3 76,951 86 1998 1998 Change from 1997 More on Allianz Share previous year page D DM in % DM Earnings per share 7.50 14.67 26.8 11.57 136 Dividend per share 1.12 2.20 15.80 1.90 41 Dividend payout mn 276 539 23.1 438 Allianz share price on 12/31/1998 317 620 33.1 466 18 Market capitalization of Allianz on 12/31/1998 bn 77.6 151.8 41.6 107.2 18 Standard & Poor’s awarded the Allianz Group its highest possible rating, “AAA”. -
As of April 28, 1999
As of September 22, 2014 MARAD APPROVED FOREIGN UNDERWRITERS Country Company Bermuda Axis Specialty Limited Bermuda Gard Marine and Energy Limited Denmark Codan Forsikring A/S France Allianz Global Corporate & Specialty UK AXA Corporate Solutions Assurance France Generali France Assurances France Groupama Transport Company Germany Allianz Global Corporate & Specialty Italy Assicurazioni Generali SpA Norway The Norwegian Hull Club UK Aspen Insurance U.K. Limited Co. UK Swiss Re (SR International) UK Great Lakes Reinsurance UK International Insurance Company of Hannover Limited UK Marine Insurance Company (Royal Insurance Holdings, PLC) AS OF APRIL 28, 1999 MARAD APPROVED FOREIGN UNDERWRITERS Country Company Australia HIH Casualty and General Insurance Limited Australia QBE Insurance Group Ltd. Canada Commonwealth Insurance Company France Assurances Generales de France France AGF Marine Aviation Transport (MAT) France Groupe des Assurances Nationales Incendie Accidents (GAN Incendie) France La Reunion Francaise S.A. France Uni Europe Assurance (AXA) Norway Bergen Hull Club Norway Gjensidige Marine & Energy AS (Gjensidige General Insurance Company) Norway Protector Forsikring As Norway Skdeforsikringsselskapet Vesta A/S (Vesta General Insurance Group) Norway UNI - Storebrand Skadeforsikring As of 07/25/96 MARAD APPROVED FOREIGN UNDERWRITERS Country Company France Assurances Generales de France (AGF I.A.R.T.) France Groupe des Assurances Nationales Incendie Accidents (GAN Incendie) France La Reunion Francaise S.A. France Preservatrice Fonciere -
INVESTMENT VENDORS the Following Is a Listing of the Investment Managers, Custodians, and Consultants That Serve the Massachusetts Public Pension Systems
INVESTMENT VENDORS The following is a listing of the investment managers, custodians, and consultants that serve the Massachusetts public pension systems. The listing is based on information supplied by the retirement boards. RETIREMENT BOARD INVESTMENT VENDORS ADAMS • Capital Research and Management • Granite Investment Advisors Custodian: State Street Bank & Trust AMESBURY • PRIT ANDOVER • PRIT ARLINGTON • PRIT • Wilshire Associates Inc. Custodian: State Street Bank & Trust ATTLEBORO • Boston Advisors, LLC • Herndon Capital Management, LLC • PRIT Custodian: People’s United Bank • Daruma Capital Management, LLC • Invesco Core Real Estate USA, LP • Regions Timberland Consultant: Dahab Associates Inc. • Fidelity Institutional Asset Management • Invesco National Trust Company • State Street Global Advisors • Frontier Capital Management Co., LLC • Orleans Capital Management Corp. • Wells Capital Management Inc. • Hancock Natural Resource Group, Inc. BARNSTABLE COUNTY • Intercontinental Capital Management, LLC • PRIT • UBS Realty Investors, LLC BELMONT • AEW Capital Management, LP • Loomis Sayles & Company • RhumbLine Advisers Custodian: State Street Bank & Trust • Atlanta Capital • Pacific Investment Management Company, LLC • Rothschild Asset Management Inc. Consultant: New England Pension • Harbourvest Partners, LLC • PRIT • Scout Capital Management, LLC Consultants BERKSHIRE COUNTY • PRIT BEVERLY • PRIT BLUE HILLS REGIONAL • PRIT BOSTON (CITY) • 57 Stars, LLC • EnTrust Partners, LLC • Permal Asset Management, Inc. Custodian: State -
Das Nachhaltigkeitsrating Der Oekom Research AG
Das Nachhaltigkeitsrating der oekom research AG Reinhold Windorfer, Analyst TUM Vorlesung Umweltmanagement, 18. Juli 2011 Seite 1 über uns – Corporate & Country Research – Universum umfasst int. wichtigste Aktien und Renten – höchste Qualitätsstandards – Anzahl der Mitarbeiter: 39 – interdisziplinäres 27-köpfiges Analystenteam – Wissenschaftlicher Beirat – Partner von verschiedenen Asset Managern und institu- tionellen Investoren in AT, CH, DE, FR, IE, IT, JP, US – Einfluss auf Fonds und Mandate mit Gesamtvolumen von EUR 90 Mrd. (Dezember 2010) – Markterfahrung seit 1993 – völlige Unabhängigkeit – entstanden aus oekom verlag Seite 3 referenzen Auszug aus unserer Kundenliste Asset Manager, Banken, Fondsgesellschaften Allianz Global Investors France Kaiser Partner AGICAM KD-Bank AmpegaGerling Investment Kepler Fonds Amundi Asset Management Landesbank Baden-Württemberg AXA Investment Managers LBBW Asset Management Baden-Württembergische Bank LIGA Bank Institutionelle Investoren Bank für Orden und Mission MEAG Bank für Sozialwirtschaft Metzler Bayerische Versorgungskammer Bankhaus Jungholz Metzler Asset Management Deutsche Bundesstiftung Umwelt Bankhaus Schelhammer & Schattera Natixis Asset Management Diözese Linz Bank Vontobel NORD/LB Kapitalanlagegesellschaft Diözese Rottenburg-Stuttgart BayernInvest ÖkoWorld Lux Etablissement de Retraite Additionnelle de la BNP Paribas Asset Management Pioneer Investments Fonction Publique (ERAFP) BÖAG Börsen AG Hamburg/Hannover Proventus Evangelisch-Lutherische Kirche in Bayern CM-CIC Asset Management quirin -
3 Corporate Governance Report
Chapter 3 pages 148–184 Corporate Governance Report 149 Compensation Report 162 Compliance 157 Report of the Supervisory Board 176 Management and Supervisory Boards 159 Declaration of Conformity Pursuant to Board of Executive Directors 159 Section 161 AktG 183 Supervisory Board 160 Declaration of Corporate Governance 184 3Corporate Governance About This Report 1 To Our Shareholders 2 Management’s Report 3 Corporate Governance 4 Consolidated Financial Statements 5 Overviews Corporate Governance Report Corporate Governance Super visory Board; and the shareholders’ rights of co-administra- the establishment of appropriate systems for control, compliance tion and supervision at the Annual Shareholders’ Meeting. and risk management as well as establishing a company-wide Report compliance culture with undisputed standards. Direction and management by the Board of Executive Directors Decisions that are reserved for the Board as a whole by law, through Corporate governance refers to the entire system for the Board of Executive Directors’ Rules of Procedure or through managing and supervising a company. This includes its ▪ Board of Executive Directors strictly separate from the resolutions adopted by the Board, are made at regularly held Board organization, values, corporate principles and guidelines Supervisory Board meetings called by the Chairman of the Board of Executive Directors. as well as internal and external control and monitoring ▪ Responsible for company management Board decisions are based on detailed information and analyzes mechanisms. Effective and transparent corporate gover- ▪ Sets corporate goals and strategic direction provided by the business areas and specialist units, and, if deemed nance ensures that BASF is managed and supervised necessary, by external consultants. Board decisions can generally responsibly with a focus on value creation. -
2013 Consolidated Financial Statement and Management Report
2013 Consolidated Financial Statements and Management Report of Fresenius SE & Co. KGaA, Bad Homburg v. d. H. at December 31, 2013 applying Section 315a HGB in accordance with International Financial Reporting Standards TABLE OF CONTENTS 2 Fundamental information about the Group 38 Outlook 2 The Group‘s business model 38 General and mid-term outlook 3 Management and control 39 Future markets 3 Key products and services 40 Health care sector and markets 4 Important markets and competitive position 42 Group sales and earnings 4 Legal and economic factors 43 Sales and earnings by business segment 4 Capital, shareholders, articles of association 44 Financing 5 Goals and strategy 44 Investments 6 Corporate performance criteria 44 Procurement 7 Research and development 44 Research and development 10 Employees 45 Corporate structure and organization 12 Procurement 45 Planned changes in human resources and the social area 14 Quality management 45 Dividend 16 Responsibility, environmental management, sustainability 19 Sales, marketing, and logistics 46 Opportunities and risk report 46 Opportunities management 20 Report on economic position 46 Risk management 20 Health care industry 47 Risk areas 20 The dialysis market 54 Assessment of overall risk 22 The market for infusion therapy and clinical nutrition, intra- venously administered drugs, medical devices, and transfu- sion technology 55 Consolidated financial statements 23 The German hospital market 56 Consolidated statement of income 24 The market for projects and services for hospitals and -
I UNITED STATES DISTRICT COURT SOUTHERN
Case 1:18-cv-10364-LGS Document 166 Filed 03/01/19 Page 1 of 295 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK Allianz Global Investors GmbH; Anchorage Capital Group, Case No. 1:18-cv-10364 L.L.C.; Andra AP-Fonden; BlackRock, Inc.; BlueCrest Capital Management Limited; Brevan Howard Emerging Markets Strategies Master Fund Limited; California State Teachers’ FIRST AMENDED Retirement System; Erste Abwicklungsanstalt; Fjarde AP- COMPLAINT Fonden; Forsta AP-Fonden; Norges Bank; PFA Pension Forsikringsaktieselskab; PFA Kapitalforening; Pacific Investment Management Company LLC; Portigon AG; Pension JURY TRIAL Reserves Investments Management Board of Massachusetts; DEMANDED SEI Trust Company; Tredje AP-Fonden; Allianz Global Investors Ireland Limited; Carne Global Fund Managers (Ireland) Limited; Allianz Global Investors Fund Société d’Investissement à Capital Variable (f/k/a Dresdner Global Strategies Fund Société d’Investissement à Capital Variable); Allianz European Pension Investments Société d’Investissement REDACTED à Capital Variable; Allianz Global Investors Fund II Société d’Investissement à Capital Variable; Allianz Institutional Investors Series Société d’Investissement à Capital Variable; RP Rendite Plus Société d’Investissement à Capital Variable; Allianz Actio France Société d’Investissement à Capital Variable (f/k/a AGF Actio France Société d’Investissement à Capital Variable); Allianz Actions Euro Société d’Investissement à Capital Variable (f/k/a AGF Euro Actions Société d’Investissement à Capital Variable); Allianz -
43 List of Participations of the Allianz Group As of 31 December 2017 According to § 313 (2) HGB
D _ Consolidated Financial Statements 43 _ List of participations of the Allianz Group as of 31 December 2017 according to § 313 (2) HGB % % % owned1 owned1 owned1 Allianz Leben Private Equity Fonds 2008 GmbH, APK Infrastrukturfonds GmbH, Munich 100.0 GERMANY Munich 100.0 APK-Argos 75 Vermögensverwaltungs- Consolidated affiliates Allianz Leben Private Equity Fonds Plus GmbH, gesellschaft mbH, Munich 100.0 Munich 100.0 abracar GmbH, Munich 100.0 APK-Argos 85 Vermögensverwaltungs- ACP GmbH & Co. Beteiligungen KG II, Munich 0.0 2 Allianz Lebensversicherungs-Aktiengesellschaft, gesellschaft mbH, Munich 100.0 Stuttgart 100.0 APKV Direkt Infrastruktur GmbH, Munich 100.0 ACP Vermögensverwaltung GmbH & Co. KG 3 Allianz LFE Fonds, Frankfurt am Main 100.0 Nr. 4, Munich 100.0 APKV Infrastrukturfonds GmbH, Munich 100.0 Allianz L-PD Fonds, Frankfurt am Main 100.0 3 ACP Vermögensverwaltung GmbH & Co. KG APKV Private Equity Fonds GmbH, Munich 100.0 Nr. 4a, Munich 100.0 Allianz of Asia-Pacific and Africa GmbH, Munich 100.0 APKV-Argos 74 Vermögensverwaltungs- ACP Vermögensverwaltung GmbH & Co. KG Allianz Pension Direkt Infrastruktur GmbH, gesellschaft mbH, Munich 100.0 Nr. 4c, Munich 100.0 Munich 100.0 APKV-Argos 84 Vermögensverwaltungs- ACP Vermögensverwaltung GmbH & Co. KG Allianz Pension Partners GmbH, Munich 100.0 gesellschaft mbH, Munich 100.0 Nr. 4d, Munich 100.0 Allianz Pension Service GmbH, Munich 100.0 ARE Funds APKV GmbH, Munich 100.0 ADEUS Aktienregister-Service-GmbH, Munich 79.6 Allianz Pensionsfonds Aktiengesellschaft, ARE Funds AZL GmbH, -
Change in Substantial Holding
604 page 1/2 15 July 2001 Form 604 Corporations Act 2001 Section 671B Notice of change of interests of substantial holder To Company Name/Scheme STARPHARMA HOLDINGS LIMITED ACN/ARSN 078532180 1. Details of substantial holder(1) Name Allianz SE and the entities listed in the Appendix A ACN/ARSN (if applicable) N/A There was a change in the interests of the substantial holder on 06 / 10 / 2020 The previous notice was given to the company on 21 / 05 / 2020 The previous notice was dated 21 / 05 / 2020 2. Previous and present voting power The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows: Class of securities (4) Previous notice Present notice Person's votes Voting power (5) Person's votes Voting power (5) Ordinary shares 18,648,131 5.01% 28,632,065 7.11% 3. Changes in relevant interests Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: Date of Person whose Nature of Consideration Class and Person's votes change relevant interest change (6) given in relation number of affected changed to change (7) securities affected See Appendix B 4. -
Allianz Aktiengesellschaft Annual Report 2001 Allianz Aktiengesellschaft Annual Report 2001
Allianz Aktiengesellschaft Annual Report 2001 Allianz Aktiengesellschaft Annual Report 2001 Allianz Aktiengesellschaft Königinstrasse 28 D-80802 München Telephone +49 89 38 00-0 Telefax +49 89 34 99 41 www.allianz.com Allianz AG Reinsurance Branch Asia Pacific 3 Temasek Avenue #08-01 Centennial Tower Singapore 039190 Photography: Peter Ginter AllianzAG Tables and Charts: Allianz UKGBE0020Z0 (0/05) 5. 02 At a glance A click ➤➤ on the page number brings you directly to the page concerned. Allianz Aktiengesellschaft2001Change from2000Change from1999Change fromDetails previous yearprevious yearprevious yearon page in % in % in % Gross premiums written ¤mn5,690– 5.86,04016.65,1808.87 Retention in % 61.9 65.5 63.4 Loss ratio on own accountin %93.076.074.96 Gross expense ratioin %27.326.225.67 Underwriting result¤mn– 645– 201– 1237 Non-underwriting result ¤mn 1,07114.0940– 18.51,15330.712 Earnings before tax¤mn426– 42.3739– 28.31,03010.012 Taxes¤mn119126– 32112 Net income¤mn545– 36.986522.17091.612 Investments under management¤mn60,48951.639,91313.635,12910.010 Shareholders’ equity¤mn18,33561.111,3837.010,6405.233 as percent of net premium income in % 520.8 287.6 324.1 Insurance reserves¤mn19,06210.817,2117.615,991 7.229 Dividend per share¤1.501.501.2512 Total dividend ¤mn 362 369 307 Allianz share price at 12/31 ¤ 266 399 334 Market capitalization of Allianz shares at 12/31 ¤bn 70.9 98.0 81.8 To go directly to any chapter, simply click ➤➤ on the headline or the page number. ALLIANZ AG ANNUAL REPORT 2001 CONTENTS 2 Report of the Supervisory Board 5 Supervisory Board and Board of Management 6 Management Report 22 Recommendation for Appropriation of Profit Allianz Aktiengesellschaft 23 Financial Statements 43Auditor’s Report 44 Memberships 2 ❘ Report of the Supervisory Board Ladies and Gentlemen, We monitored the activities of the Board of Management in accordance with the responsi- bilities assigned to us by legal regulations and the company’s articles of association. -
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OUTPERFORM TRANSFORM REBALANCE ANNUAL REPORT 2019 ALLIANZ SE To go directly to any chapter, simply click All references to chapters, pages, notes, on the headline or the page number. internet pages, etc. within this report are also linked. CONTENT A _ To Our Investors Pages 1 – 8 2 Supervisory Board Report 7 Mandates of the Members of the Supervisory Board 8 Mandates of the Members of the Board of Management B _ Management Report of Allianz SE Pages 9 – 58 10 Executive Summary and Outlook 14 Operations by Reinsurance Lines of Business 16 Balance Sheet Review 18 Liquidity and Funding Resources 19 Risk and Opportunity Report 30 Corporate Governance Report (not part of the audit) 36 Statement on Corporate Management pursuant to § 289f of the HGB 39 Remuneration Report 56 Other Information C _ Financial Statements of Allianz SE Pages 59 – 90 FINANCIAL STATEMENTS 60 Balance Sheets 62 Income Statement NOTES TO THE FINANCIAL STATEMENTS 63 Nature of Operations and Basis of Preparation 63 Accounting, Valuation and Calculation Methods 66 Supplementary Information on Assets 70 Supplementary Information on Equity and Liabilities 77 Supplementary Information on the Income Statement 80 Other Information 83 List of Participations of Allianz SE, Munich as of 31 December 2019 according to § 285 No. 11 and 11b HGB in conjunction with § 286 (3) No. 1 HGB D _ Further Information Pages 91 – 96 92 Responsibility Statement 93 Independent Auditor's Report Disclaimer regarding roundings Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.