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Interim Report Third Quarter 2012

O u t l oo k , B a l a n c e S h e e t R e v i e w 4 1 i. Balance Sheet Review ◾ Shareholders’ equity increased by € 7.0 bn to € 51.9 bn. ◾ Strong solvency ratio up by 11 percentage points to 190 %. 1 Shareholders’ Equity 2 Shareholders’ equit y | in € mn Unrealized gains/losses (net) Retained earnings (includes foreign currency effects) Paid-in-capital 12/31/2011 9/30/20126/30/2012 51,91544,915 4,626 11,526 28,763 +15.6% 9,381 13,771 28,763 48,013 6,724 12,526 28,763 +8.1% As of 30 September 2012, shareholders’ equit y increased by € 7,000 mn – or 15.6 % – to € 51,915 mn compared to 31 December 2011, despite dividend payments of € 2,037 mn in May 2012. This growth was largely driven by the net income attri­butable to shareholders of € 3,949 mn and the rise in unrealized gains of € 4,755 mn. The latter was fueled by our debt securities, which benefited from the reduction of selected sovereign yields and lower interest rates. 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 a financial conglomerate calculates the capital available to meet its solvency requirements on a consolidated basis, which we refer to as “eligible capital”. 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 30 September 2012 would be 181 % (30 June 2012: 177 %, 31 December 2011: 170 %). 2 | This does not include non-controlling interests of € 2,513 mn, € 2,389 mn and € 2,338 mn as of 30 September 2012, 30 June 2012 and 31 December 2011, respectively. For further information, please refer to note 20 to the condensed consolidated interim financial statements. Retained earnings include foreign currency translation effects of € (1,688) mn, € (1,555) mn and € (1,996) mn as of 30 September 2012, 30 June 2012 and 31 December 2011, respectively.

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