FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

INTRODUCTION
Allianz is an international service company. The Allianz Group is a global financial services provider.
Over 83 million retail and corporate clients in more than 70 countries rely on our knowledge, global
presence, financial strength and solidity. In fiscal year 2013 around 148,000 employees worldwide
achieved total revenues of 110.8 billion euros and an operating profit of 10.1 billion euros. Allianz SE,
the parent company, is headquartered in Munich, Germany.
Our product portfolio includes a wide range of Property-Casualty and Life/Health insurance products
for both private and corporate customers. We are the leading property-casualty insurer globally and
rank among the top five in the life/health insurance business.
Most of our insurance markets are served by local Allianz companies while selected business lines are
run globally such as Global Corporate Customers, Credit Insurance, Assistance Services, Worldwide
Care, Global Automotive and Reinsurance.

FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

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Asset Management
As of December 31, 2013, with approximately 1,770 billion euros assets under management, we are
one of the largest asset managers in the world managing assets with active investment strategies.
Since January 1, 2012, we run the Asset Management business out of two distinct investment
management businesses, PIMCO and Allianz Global Investors (AllianzGI). Both units operate under
Allianz Asset Management (AAM). We intend to tailor products, solutions and distribution that best
meet our clients needs, and further strengthen both brands.
Particular strongholds include the United States, Germany, France, Italy, the United Kingdom and the
Asia-Pacific region. As of December 31, 2013, Allianz managed 1,361 billion euros of third-party
assets of which the share from institutional clients amounted to 63% while 37% came from retail
clients.
Liquidity Ratio
Liquidity ratios show a company's ability to meet and pay its short-term debt obligations. The three
main ratios are current, quick and cash. The current ratio is the least conservative ratio, in that it
includes the most assets with the ability to meet short-term debt obligations. The cash ratio is the most
conservative as it includes cash and marketable securities while excluding any other assets.
Current Asset

RM 663,651

Current Liability

RM 613,768

Liquidity Ratio

1.08

Activity Ratio

FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

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Consolidated Balance Sheet as of December 31, 2013

Assets

12/31/2013
RM

Cash and cash equivalents

12/31/2012
RM

Change

11,207

12,437

-9.9%

7,245

7,283

-0.5%

Investments2

411,015

401,628

2.3%

Loans and advances to banks and customers

116,800

119,369

-2.2%

Financial assets carried

81,064

71,197

13.9%

Reinsurance assets

12,609

13,254

-4.9%

Deferred acquisition costs

22,203

19,452

14.1%

1,508

1,526

-1.2%

34,632

35,196

-1.6%

698,283

681,342

147

15

880.0%

13,100

13,090

0.1%

711,530

694,447

2.5%

Deferred tax assets

Other assets

Total Current Asset

Non-current assets and assets of disposal groups
classified as held for sale

Intangible assets

Total assets

Liabilities and equity

Financial liabilities carried at fair value through

income

12/31/2013
RM

12/31/2012
RM

Change

6,013

5,397

11.4%

Liabilities to banks and customers

23,109

22,425

3.1%

Unearned premiums

18,212

17,939

1.5%

FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

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Assets

12/31/2013
RM

12/31/2012
RM

Change

Reserves for loss and loss adjustment expenses

66,566

72,540

-8.2%

Reserves for insurance and investment contracts

404,072

390,985

3.3%

81,064

71,197

13.9%

3,178

4,035

-21.2%

36,883

37,392

-1.4%

8,030

7,960

0.9%

11,554

11,614

-0.5%

658,681

641,484

2.7%

50,084

50,388

-0.6%

2,765

2,575

7.4%

52,849

52,963

-0.2%

711,530

694,447

2.5%

Financial liabilities for unit-linked contracts

Deferred tax liabilities

Other liabilities

Certificated liabilities

Subordinated liabilities

Total liabilities

Shareholders' equity

Non-controlling interests

Total equity

Total liabilities and equity

As of December 31, 2013 and 2012, no financial assets carried at fair value through income are pledged to
creditors and can be sold or repledged. (As of February 27, 2014)
2
As of December 31, 2013, EUR 2,112 mn (2012: EUR 2,460 mn) are pledged to creditors and can be sold or repledged. (As of February
27, 2014)
1

Consolidated Income Statements 2013

2013
RM

2012
RM

Change

Cross premiums written

72,051

72,086

0.0%

Ceded premiums written

-4,541

-5,336

-14.9%

-882

-705

25.1%

66,628

66,045

0.9%

20,918

21,084

-0.8%

Change in unearned premiums

Premiums earned (net)

Interest and similar income

FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

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2013
RM

2012
RM

Change

-1,842

-511

260.5%

4,285

4,327

-1.0%

10,492

9,812

6.9%

Other income

209

214

-2.3%

Income from fully consolidated private equity investments

726

788

-7.9%

101,416

101,759

-0.3%

Claims and insurance benefits incurred (gross)

-50,178

-51,744

-3.0%

Claims and insurance benefits incurred (ceded)

2,376

2,871

-17.2%

-47,802

-48,873

-2.2%

-13,990

-14,360

-2.6%

-1,322

-1,477

-10.5%

-86

-111

-22.5%

Impairments of investments (net)

-611

-934

-34.6%

Investment expenses

-905

-876

3.3%

-22,865

-22,046

3.7%

-3,038

-2,895

4.9%

Amortization of intangible assets

-136

-259

-47.5%

Restructuring changes

-170

-268

-36.6%

Other expenses

-106

-94

12.8%

Expenses from fully consolidated private equity investments

-741

-847

-12.5%

-91,772

-93,040

-1.4%

Income from financial assets and liabilities carried at fair value through
income (net)

Realized gains/losses (net)

Fee and commission income

Total income

Claims and insurance benefits incurred (net)

Change in reserves for insurance and investment contracts (net)

Interest expenses

Loan loss provisions

Acquisition and administrative expenses (net)

Fee and commission expenses

Total expenses

FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012

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2013
RM

Income before income taxes

Income taxes

Net income

2012
RM

Change

9,644

8,719

10.6%

-3,300

-3,161

4.4%

6,344

5,558

14.1%

348

327

6.4%

5,996

5,231

14.6%

13.23

11.56

14.4%

13.05

11.48

13.7%

Net income, attributable to:

Non-controlling interests

Shareholders

Basic earnings per share (EUR)

Diluted earnings per share (EUR)