SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
Report of Foreign Private Issuer
Pursuant to Rules 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
for the period ended March 31, 2007
Commission file Number: 1-15154
ALLIANZ SE
Königinstrasse 28
80802 Munich
Germany
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
THIS REPORT ON FORM 6-K (EXCEPT FOR ANY NON-GAAP FINANCIAL MEASURE AS SUCH TERM IS DEFINED IN REGULATION G UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED) SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENTS ON FORM S-8 (FILE NO. 333-13462 AND NO. 333-139900) OF ALLIANZ SE AND TO BE A PART THEREOF FROM THE DATE ON WHICH THIS REPORT IS FURNISHED, TO THE EXTENT NOT SUPERSEDED BY DOCUMENTS OR REPORTS SUBSEQUENTLY FILED OR FURNISHED. FOR THE AVOIDANCE OF DOUBT, THE DISCLOSURE CONTAINING ANY NON-GAAP FINANCIAL MEASURE CONTAINED IN THE ATTACHED REPORT IS NOT INCORPORATED BY REFERENCE INTO THE ABOVE-MENTIONED REGISTRATION STATEMENTS FILED BY ALLIANZ SE.
1
Allianz Group Interim Report First Quarter of 2007
Good start to 2007 and on track to achieve our targets.
| Total revenues in line with expectations. |
| Operating profit was up 7.2% to 2.9 billion. |
| 2.0 billion of realized capital gains. |
| Net income of 3.2 billion. |
| Shareholders equity increased to 52.3 billion. |
1) |
Internal total revenue growth excludes the effects of foreign currency translation as well as acquisitions and disposals. Please see page 29 for a reconciliation of nominal total revenue growth to internal total revenue growth for each of our segments and the Allianz Group as a whole. |
2) |
Does not include minority interests. |
2
Group Management Report
3
Allianz Group Interim Report First Quarter of 2007
4
Group Management Report
The following table summarizes the total revenues, operating profit and net income for each of our segments for the three months ended March 31, 2007 and 2006, as well as IFRS consolidated net income of the Allianz Group.
Three months ended March 31, | Property- Casualty |
Life/Health
mn |
Banking
mn |
Asset Management mn |
Corporate
mn |
Consolidation adjustments mn |
Allianz Group
mn | |||||||||||||||||||||
2007 | ||||||||||||||||||||||||||||
Total revenues1) | 14,111 | 12,326 | 2,101 | 780 | | 5 | 29,323 | |||||||||||||||||||||
Operating profit (loss) | 1,267 | 750 | 700 | 312 | (101) | (58) | 2,870 | |||||||||||||||||||||
Non-operating items | 664 | 103 | 117 | (122) | 511 | 413 | 1,686 | |||||||||||||||||||||
Income (loss) before income taxes and minority interests in earnings | 1,931 | 853 | 817 | 190 | 410 | 355 | 4,556 | |||||||||||||||||||||
Income taxes | (537) | (201) | (168) | (80) | (25) | 44 | (967) | |||||||||||||||||||||
Minority interests in earnings | (214) | (99) | (24) | (11) | (4) | 3 | (349) | |||||||||||||||||||||
Net income (loss) | 1,180 | 553 | 625 | 99 | 381 | 402 | 3,240 | |||||||||||||||||||||
2006 | ||||||||||||||||||||||||||||
Total revenues1) | 14,149 | 12,822 | 1,948 | 751 | | (29) | 29,641 | |||||||||||||||||||||
Operating profit (loss) | 1,386 | 723 | 547 | 304 | (180) | (103) | 2,677 | |||||||||||||||||||||
Non-operating items | 428 | 158 | 392 | (136) | (211) | (277) | 354 | |||||||||||||||||||||
Income (loss) before income taxes and minority interests in earnings | 1,814 | 881 | 939 | 168 | (391) | (380) | 3,031 | |||||||||||||||||||||
Income taxes | (524) | (219) | (245) | (65) | 154 | | (899) | |||||||||||||||||||||
Minority interests in earnings | (190) | (128) | (28) | (13) | (2) | 8 | (353) | |||||||||||||||||||||
Net income (loss) | 1,100 | 534 | 666 | 90 | (239) | (372) | 1,779 |
1) |
Total revenues comprise Property-Casualty segments gross premiums written, Life/Health segments statutory premiums, Banking segments operating revenues and Asset Management segments operating revenues. |
5
Allianz Group Interim Report First Quarter of 2007
Cautionary Note Regarding Forward-Looking Statements
6
Group Management Report
Property-Casualty Insurance Operations
Strong operating profit despite Kyrill.
| 3.7% impact on loss ratio from natural catastrophes. |
| We grew selectively and stayed disciplined. |
| Higher yields drove current investment income. |
7
Allianz Group Interim Report First Quarter of 2007
8
Group Management Report
9
Allianz Group Interim Report First Quarter of 2007
The following table sets forth our Property-Casualty insurance segments income statement, loss ratio, expense ratio and combined ratio for the three months ended March 31, 2007 and 2006.
Three months ended March 31, | 2007 mn |
2006 mn | ||||||
Gross premiums written1) | 14,111 | 14,149 | ||||||
Ceded premiums written | (1,586) | (1,712) | ||||||
Change in unearned premiums | (3,167) | (3,096) | ||||||
Premiums earned (net) | 9,358 | 9,341 | ||||||
Interest and similar income | 1,006 | 922 | ||||||
Income from financial assets and liabilities designated at fair value through income (net)2) | 32 | 36 | ||||||
Income from financial assets and liabilities held for trading (net), shared with policyholders2) | (15) | | ||||||
Realized gains/losses (net) from investments, shared with policyholders3) | 34 | 25 | ||||||
Fee and commission income | 272 | 252 | ||||||
Other income | 84 | 14 | ||||||
Operating revenues | 10,771 | 10,590 | ||||||
Claims and insurance benefits incurred (net) | (6,383) | (6,182) | ||||||
Changes in reserves for insurance and investment contracts (net) | (81) | (72) | ||||||
Interest expense | (92) | (63) | ||||||
Loan loss provisions | | (1) | ||||||
Impairments of investments (net), shared with policyholders4) | (2) | (4) | ||||||
Investment expenses | (74) | (48) | ||||||
Acquisition and administrative expenses (net) | (2,675) | (2,663) | ||||||
Fee and commission expenses | (197) | (170) | ||||||
Other expenses | | (1) | ||||||
Operating expenses | (9,504) | (9,204) | ||||||
Operating profit | 1,267 | 1,386 | ||||||
Income from financial assets and liabilities held for trading (net), not shared with policyholders2) | (29) | 4 | ||||||
Realized gains/losses (net) from investments, not shared with policyholders3) | 733 | 439 | ||||||
Impairments of investments (net), not shared with policyholders4) | (24) | (9) | ||||||
Amortization of intangible assets | (2) | (4) | ||||||
Restructuring charges | (14) | (2) | ||||||
Non-operating items | 664 | 428 | ||||||
Income before income taxes and minority interests in earnings | 1,931 | 1,814 | ||||||
Income taxes | (537) | (524) | ||||||
Minority interests in earnings | (214) | (190) | ||||||
Net income | 1,180 | 1,100 | ||||||
Loss ratio5) in % | 68.2 | 66.2 | ||||||
Expense ratio6) in % | 28.6 | 28.5 | ||||||
Combined ratio7) in % | 96.8 | 94.7 |
1) |
For the Property-Casualty segment, total revenues are measured based upon gross premiums written. |
2) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
3) |
The total of these items equals realized gains/losses (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
4) |
The total of these items equals impairments of investments (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
5) |
Represents claims and insurance benefits incurred (net) divided by premiums earned (net). |
6) |
Represents acquisition and administrative expenses (net) divided by premiums earned (net). |
7) |
Represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net). |
10
Group Management Report
Property-Casualty Operations by Geographic Region
The following table sets forth our Property-Casualty gross premiums written, premiums earned (net), combined ratio, loss ratio, expense ratio and operating profit by geographic region for the three months ended March 31, 2007 and 2006. Consistent with our general practice, these figures are presented before consolidation adjustments, representing the elimination of transactions between Allianz Group companies in different geographic regions and different segments.
Gross premiums written |
Premiums earned (net) |
Combined ratio | Loss ratio | Expense ratio | Operating profit | |||||||||||||||||||||||||||||||||||||||||||
Three months ended March 31, |
2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 % |
2006 % |
2007 % |
2006 % |
2007 % |
2006 % |
2007 mn |
2006 mn | ||||||||||||||||||||||||||||||||||||
Germany | 4,616 | 4,853 | 2,267 | 2,412 | 103.2 | 92.7 | 73.6 | 59.6 | 29.6 | 33.1 | 115 | 369 | ||||||||||||||||||||||||||||||||||||
France | 1,695 | 1,713 | 1,114 | 1,114 | 101.2 | 101.0 | 73.7 | 74.3 | 27.5 | 26.7 | 75 | 78 | ||||||||||||||||||||||||||||||||||||
Italy | 1,246 | 1,247 | 1,197 | 1,205 | 93.4 | 96.8 | 70.1 | 72.9 | 23.3 | 23.9 | 175 | 108 | ||||||||||||||||||||||||||||||||||||
United Kingdom | 539 | 579 | 491 | 457 | 96.3 | 98.9 | 62.9 | 67.9 | 33.4 | 31.0 | 63 | 56 | ||||||||||||||||||||||||||||||||||||
Switzerland | 966 | 958 | 404 | 436 | 97.6 | 96.3 | 70.3 | 70.2 | 27.3 | 26.1 | 51 | 63 | ||||||||||||||||||||||||||||||||||||
Spain | 691 | 657 | 434 | 395 | 90.1 | 91.4 | 71.2 | 72.7 | 18.9 | 18.7 | 69 | 58 | ||||||||||||||||||||||||||||||||||||
Netherlands |
306 | 318 | 198 | 198 | 93.6 | 93.4 | 62.2 | 59.5 | 31.4 | 33.9 | 24 | 27 | ||||||||||||||||||||||||||||||||||||
Austria |
351 | 357 | 183 | 192 | 97.3 | 109.8 | 76.6 | 86.4 | 20.7 | 23.4 | 21 | (6) | ||||||||||||||||||||||||||||||||||||
Ireland |
203 | 198 | 151 | 153 | 93.2 | 91.8 | 68.6 | 67.7 | 24.6 | 24.1 | 98 | 27 | ||||||||||||||||||||||||||||||||||||
Belgium |
124 | 121 | 75 | 74 | 109.2 | 101.7 | 75.3 | 65.4 | 33.9 | 36.3 | 5 | 9 | ||||||||||||||||||||||||||||||||||||
Portugal |
80 | 84 | 62 | 66 | 89.5 | 87.3 | 60.9 | 65.5 | 28.6 | 21.8 | 10 | 11 | ||||||||||||||||||||||||||||||||||||
Greece |
21 | 19 | 12 | 11 | 85.8 | 95.1 | 56.7 | 65.6 | 29.1 | 29.5 | 3 | 1 | ||||||||||||||||||||||||||||||||||||
Western and Southern Europe |
1,085 | 1,097 | 681 | 694 | 95.7 | 98.0 | 68.7 | 70.2 | 27.0 | 27.8 | 1661) | 741) | ||||||||||||||||||||||||||||||||||||
Hungary |
194 | 192 | 126 | 127 | 92.1 | 91.9 | 64.8 | 64.6 | 27.3 | 27.3 | 23 | 27 | ||||||||||||||||||||||||||||||||||||
Slovakia |
106 | 93 | 67 | 62 | 66.4 | 80.2 | 40.3 | 46.9 | 26.1 | 33.3 | 28 | 17 | ||||||||||||||||||||||||||||||||||||
Czech Republic |
78 | 81 | 45 | 43 | 79.8 | 90.1 | 57.6 | 67.3 | 22.2 | 22.8 | 12 | 5 | ||||||||||||||||||||||||||||||||||||
Poland |
86 | 72 | 56 | 47 | 96.4 | 96.4 | 63.8 | 65.5 | 32.6 | 30.9 | 5 | 3 | ||||||||||||||||||||||||||||||||||||
Romania |
90 | 71 | 36 | 36 | 103.8 | 89.6 | 80.8 | 71.4 | 23.0 | 18.2 | | 3 | ||||||||||||||||||||||||||||||||||||
Bulgaria |
23 | 20 | 16 | 17 | 77.5 | 74.1 | 39.0 | 44.4 | 38.5 | 29.7 | 4 | 5 | ||||||||||||||||||||||||||||||||||||
Croatia |
23 | 22 | 15 | 13 | 97.7 | 96.5 | 68.5 | 65.7 | 29.2 | 30.8 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
Russia2) |
68 | 7 | 45 | 1 | 104.8 | 60.3 | 66.5 | 28.2 | 38.3 | 32.1 | 1 | 1 | ||||||||||||||||||||||||||||||||||||
New Europe |
668 | 558 | 406 | 346 | 90.3 | 89.2 | 60.6 | 61.5 | 29.7 | 27.7 | 74 | 62 | ||||||||||||||||||||||||||||||||||||
Other Europe | 1,753 | 1,655 | 1,087 | 1,040 | 93.2 | 95.2 | 65.6 | 67.3 | 27.6 | 27.9 | 240 | 136 | ||||||||||||||||||||||||||||||||||||
United States | 882 | 1,001 | 801 | 886 | 90.8 | 90.2 | 57.0 | 59.8 | 33.8 | 30.4 | 166 | 199 | ||||||||||||||||||||||||||||||||||||
Mexico3) | 39 | 51 | 19 | 25 | 84.5 | 108.8 | 58.2 | 84.0 | 26.3 | 24.8 | 5 | 3 | ||||||||||||||||||||||||||||||||||||
NAFTA | 921 | 1,052 | 820 | 911 | 90.6 | 90.7 | 57.0 | 60.4 | 33.6 | 30.3 | 171 | 202 | ||||||||||||||||||||||||||||||||||||
Australia | 352 | 334 | 304 | 300 | 102.4 | 102.5 | 77.9 | 77.6 | 24.5 | 24.9 | 50 | 38 | ||||||||||||||||||||||||||||||||||||
Other | 81 | 78 | 37 | 34 | 100.5 | 95.2 | 60.5 | 57.8 | 40.0 | 37.4 | 3 | 4 | ||||||||||||||||||||||||||||||||||||
Asia-Pacific | 433 | 412 | 341 | 334 | 102.2 | 101.7 | 76.0 | 75.5 | 26.2 | 26.2 | 53 | 42 | ||||||||||||||||||||||||||||||||||||
South America | 236 | 226 | 168 | 152 | 100.1 | 103.0 | 65.3 | 66.5 | 34.8 | 36.5 | 14 | 12 | ||||||||||||||||||||||||||||||||||||
Other | 34 | 25 | 8 | 5 | 4) | 4) | 4) | 4) | 4) | 4) | 3 | 1 | ||||||||||||||||||||||||||||||||||||
Specialty lines | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit Insurance | 489 | 468 | 301 | 260 | 76.3 | 81.1 | 48.5 | 53.9 | 27.8 | 27.2 | 117 | 95 | ||||||||||||||||||||||||||||||||||||
Allianz Global Corporate & Specialty | 934 | 870 | 467 | 389 | 94.0 | 83.1 | 66.3 | 62.6 | 27.7 | 20.5 | 95 | 145 | ||||||||||||||||||||||||||||||||||||
Travel Insurance and Assistance Services | 296 | 266 | 259 | 231 | 100.6 | 101.5 | 54.9 | 61.8 | 45.7 | 39.7 | 31 | 22 | ||||||||||||||||||||||||||||||||||||
Subtotal | 14,849 | 14,981 | 9,358 | 9,341 | | | | | | | 1,272 | 1,387 | ||||||||||||||||||||||||||||||||||||
Consolidation adjustments5) | (738) | (832) | | | | | | | | | (5) | (1) | ||||||||||||||||||||||||||||||||||||
Total | 14,111 | 14,149 | 9,358 | 9,341 | 96.8 | 94.7 | 68.2 | 66.2 | 28.6 | 28.5 | 1,267 | 1,386 |
1) |
Contains run-off of 5 mn in both 1Q 2007 and 1Q 2006 from a former operating entity located in Luxembourg. |
2) |
Effective February 21, 2007, Russian Peoples Insurance Society Rosno was consolidated following the acquisition of approximately 49.2% of the shares in Rosno by the Allianz Group, increasing our holding to approximately 97%. |
3) |
Effective 1Q 2007, life business in Mexico is shown within the Life/Health segment. |
4) |
Presentation not meaningful. |
5) |
Represents elimination of transactions between Allianz Group companies in different geographic regions. |
11
Allianz Group Interim Report First Quarter of 2007
Life/Health Insurance Operations
Promising start going into 2007.
| Significant revenue growth in Italy, first signs of recovery in the United States. |
| Strong level of operating profitability maintained. |
| Investment income grew with asset base. |
12
Group Management Report
13
Allianz Group Interim Report First Quarter of 2007
The following table sets forth our Life/Health insurance segments income statement and statutory expense ratio for the three months ended March 31, 2007 and 2006.
Three months ended March 31, | 2007 mn |
2006 mn | ||||||
Statutory premiums1) |
12,326 | 12,822 | ||||||
Ceded premiums written |
(193) | (196) | ||||||
Change in unearned premiums |
(27) | (75) | ||||||
Statutory premiums (net) |
12,106 | 12,551 | ||||||
Deposits from SFAS 97 insurance and investment contracts |
(6,921) | (7,472) | ||||||
Premiums earned (net) |
5,185 | 5,079 | ||||||
Interest and similar income |
3,155 | 3,047 | ||||||
Income from financial assets and liabilities carried at fair value through income (net), shared with policyholders2) |
(311) | 31 | ||||||
Realized gains/losses (net) from investments, shared with policyholders3) |
1,088 | 1,103 | ||||||
Fee and commission income |
171 | 129 | ||||||
Other income |
54 | 6 | ||||||
Operating revenues |
9,342 | 9,395 | ||||||
Claims and insurance benefits incurred (net) |
(4,702) | (4,693) | ||||||
Changes in reserves for insurance and investment contracts (net) |
(2,624) | (2,648) | ||||||
Interest expense |
(91) | (64) | ||||||
Loan loss provisions |
(3) | | ||||||
Impairments of investments (net), shared with policyholders |
(37) | (35) | ||||||
Investment expenses |
(196) | (157) | ||||||
Acquisition and administrative expenses (net) |
(874) | (1,025) | ||||||
Fee and commission expenses |
(62) | (50) | ||||||
Operating restructuring charges4) |
(3) | | ||||||
Operating expenses |
(8,592) | (8,672) | ||||||
Operating profit |
750 | 723 | ||||||
Income from financial assets and liabilities carried at fair value through income (net), not shared with policyholders2) |
1 | | ||||||
Realized gains/losses (net) from investments, not shared with policyholders3) |
105 | 159 | ||||||
Amortization of intangible assets |
(1) | (1) | ||||||
Non-operating restructuring charges4) |
(2) | | ||||||
Non-operating items |
103 | 158 | ||||||
Income before income taxes and minority interests in earnings |
853 | 881 | ||||||
Income taxes |
(201) | (219) | ||||||
Minority interests in earnings |
(99) | (128) | ||||||
Net income |
553 | 534 | ||||||
Statutory expense ratio5) in % |
7.2 | 8.2 |
1) |
For the Life/Health segment, total revenues are measured based upon statutory premiums. Statutory premiums are gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurers home jurisdiction. |
2) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
3) |
The total of these items equals realized gains/losses (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
4) |
The total of these items equals restructuring charges in the segment income statement included in Note 3 to the consolidated financial statements. |
5) |
Represents acquisition and administrative expenses (net) divided by statutory premiums (net). |
14
Group Management Report
Life/Health Operations by Geographic Region
The following table sets forth our Life/Health statutory premiums, premiums earned (net), statutory expense ratio and operating profit by geographic region for the three months ended March 31, 2007 and 2006. Consistent with our general practice, these figures are presented before consolidation adjustments, representing the elimination of transactions between Allianz Group companies in different geographic regions and different segments.
Statutory premiums1) | Premiums earned (net) | Statutory expense ratio | Operating profit | |||||||||||||||||||||||||||||
Three months ended March 31, | 2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 % |
2006 % |
2007 mn |
2006 mn | ||||||||||||||||||||||||
Germany Life | 3,039 | 3,128 | 2,567 | 2,581 | 1.4 | 8.7 | 191 | 133 | ||||||||||||||||||||||||
Germany Health2) | 779 | 769 | 780 | 770 | 10.2 | 7.1 | 41 | 53 | ||||||||||||||||||||||||
Italy | 2,830 | 2,268 | 243 | 242 | 5.3 | 5.8 | 94 | 94 | ||||||||||||||||||||||||
France | 1,490 | 1,460 | 435 | 356 | 13.5 | 13.1 | 135 | 174 | ||||||||||||||||||||||||
Switzerland | 498 | 519 | 195 | 209 | 4.5 | 5.5 | 16 | 15 | ||||||||||||||||||||||||
Spain | 156 | 142 | 111 | 100 | 10.6 | 8.4 | 27 | 21 | ||||||||||||||||||||||||
Netherlands |
112 | 124 | 36 | 38 | 12.4 | 12.3 | 11 | 10 | ||||||||||||||||||||||||
Austria |
102 | 102 | 68 | 68 | 10.1 | 9.6 | 19 | 13 | ||||||||||||||||||||||||
Belgium |
194 | 179 | 76 | 75 | 7.7 | 8.0 | 44 | 16 | ||||||||||||||||||||||||
Portugal |
22 | 19 | 18 | 17 | 31.3 | 13.8 | 10 | 7 | ||||||||||||||||||||||||
Luxembourg |
10 | 10 | 6 | 7 | 24.2 | 17.4 | 3 | 1 | ||||||||||||||||||||||||
Greece |
29 | 26 | 16 | 15 | 16.7 | 24.2 | 1 | 2 | ||||||||||||||||||||||||
Western and Southern Europe |
469 | 460 | 220 | 220 | 11.4 | 10.7 | 873) | 483) | ||||||||||||||||||||||||
Hungary |
30 | 23 | 20 | 19 | 20.5 | 26.7 | 4 | 4 | ||||||||||||||||||||||||
Slovakia |
63 | 43 | 40 | 32 | 14.9 | 19.7 | 7 | 6 | ||||||||||||||||||||||||
Czech Republic |
21 | 18 | 13 | 14 | 20.0 | 22.6 | 4 | 2 | ||||||||||||||||||||||||
Poland |
248 | 169 | 28 | 19 | 8.5 | 7.4 | 3 | 2 | ||||||||||||||||||||||||
Romania |
9 | 10 | 2 | 2 | 28.0 | 31.3 | (1) | | ||||||||||||||||||||||||
Bulgaria |
7 | 5 | 6 | 5 | 14.3 | 14.5 | 1 | 1 | ||||||||||||||||||||||||
Croatia |
12 | 10 | 9 | 8 | 16.5 | 26.0 | 2 | 1 | ||||||||||||||||||||||||
Russia |
2 | 2 | 2 | 2 | 147.0 | 39.2 | (1) | | ||||||||||||||||||||||||
New Europe |
392 | 280 | 120 | 101 | 12.4 | 13.4 | 19 | 16 | ||||||||||||||||||||||||
Other Europe | 861 | 740 | 340 | 321 | 11.9 | 11.7 | 106 | 64 | ||||||||||||||||||||||||
United States | 1,669 | 2,772 | 101 | 88 | 9.3 | 5.7 | 71 | 121 | ||||||||||||||||||||||||
Mexico4) | 7 | | 7 | | 16.2 | | 1 | | ||||||||||||||||||||||||
NAFTA | 1,676 | 2,772 | 108 | 88 | 9.4 | 5.7 | 72 | 121 | ||||||||||||||||||||||||
South Korea | 465 | 572 | 253 | 255 | 14.0 | 11.0 | 54 | 25 | ||||||||||||||||||||||||
Taiwan | 350 | 299 | 15 | 14 | 2.3 | 1.1 | 3 | 4 | ||||||||||||||||||||||||
Malaysia | 29 | 22 | 23 | 19 | 15.0 | 17.8 | 3 | 2 | ||||||||||||||||||||||||
Indonesia | 30 | 15 | 11 | 9 | 21.4 | 34.7 | 2 | | ||||||||||||||||||||||||
Other | 48 | 21 | 4 | 4 | 13.5 | 18.1 | (4) | | ||||||||||||||||||||||||
Asia-Pacific | 922 | 929 | 306 | 301 | 9.9 | 8.7 | 58 | 31 | ||||||||||||||||||||||||
South America | 33 | 46 | 9 | 13 | 20.4 | 10.9 | (2) | | ||||||||||||||||||||||||
Other5) | 102 | 114 | 91 | 98 | 6) | 6) | 20 | 19 | ||||||||||||||||||||||||
Subtotal | 12,386 | 12,887 | 5,185 | 5,079 | | | 758 | 725 | ||||||||||||||||||||||||
Consolidation adjustments7) | (60) | (65) | | | | | (8) | (2) | ||||||||||||||||||||||||
Total | 12,326 | 12,822 | 5,185 | 5,079 | 7.2 | 8.2 | 750 | 723 |
1) |
Statutory premiums are gross premiums written from sales of life insurance policies as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurers home jurisdiction. |
2) |
Loss ratios were 77.8% and 75.7% for the three months ended March 31, 2007 and 2006, respectively. |
3) |
Contains run-off of (1) mn in both 1Q 2007 and 1Q 2006 from our former life insurance business in the United Kingdom which we sold in December 2004. |
4) |
Effective 1Q 2007, life business in Mexico is shown within the Life/Health Segment. |
5) |
Contains, among others, the Life/Health business assumed by Allianz SE. |
6) |
Presentation not meaningful. |
7) |
Represents elimination of transactions between Allianz Group companies in different geographic regions. |
15
Allianz Group Interim Report First Quarter of 2007
Strong operating profit.
| Overall revenues exceeded prior year outstanding level. |
| Ongoing efficiency improvements. |
| Disciplined risk taking. |
16
Group Management Report
17
Allianz Group Interim Report First Quarter of 2007
The following table sets forth the income statements and cost-income ratios for both our Banking segment as a whole and Dresdner Bank for the three months ended March 31, 2007 and 2006.
Three months ended March 31, | 2007 | 2006 | ||||||||||||||||
Banking Segment mn |
Dresdner Bank mn |
Banking Segment mn |
Dresdner Bank mn | |||||||||||||||
Net interest income1) |
928 | 900 | 601 | 578 | ||||||||||||||
Net fee and commission income2) |
832 | 789 | 832 | 793 | ||||||||||||||
Trading income (net)3) |
351 | 345 | 487 | 484 | ||||||||||||||
Income from financial assets and liabilities designated at fair value through income (net)3) | (10) | (11) | 3 | 3 | ||||||||||||||
Other income |
| | 25 | 26 | ||||||||||||||
Operating revenues4) |
2,101 | 2,023 | 1,948 | 1,884 | ||||||||||||||
Administrative expenses |
(1,410) | (1,355) | (1,428) | (1,381) | ||||||||||||||
Investment expenses |
(9) | (11) | (6) | (7) | ||||||||||||||
Other expenses |
13 | 13 | | | ||||||||||||||
Operating expenses |
(1,406) | (1,353) | (1,434) | (1,388) | ||||||||||||||
Loan loss provisions | 5 | 7 | 33 | 33 | ||||||||||||||
Operating profit |
700 | 677 | 547 | 529 | ||||||||||||||
Realized gains/losses (net) |
139 | 137 | 414 | 414 | ||||||||||||||
Impairments of investments (net) |
(13) | (13) | (20) | (20) | ||||||||||||||
Restructuring charges |
(9) | (9) | (2) | (2) | ||||||||||||||
Non-operating items |
117 | 115 | 392 | 392 | ||||||||||||||
Income before income taxes and minority interests in earnings |
817 | 792 | 939 | 921 | ||||||||||||||
Income taxes |
(168) | (158) | (245) | (238) | ||||||||||||||
Minority interests in earnings |
(24) | (22) | (28) | (25) | ||||||||||||||
Net income |
625 | 612 | 666 | 658 | ||||||||||||||
Cost-income ratio5) in % |
66.9 | 66.9 | 73.6 | 73.7 |
1) |
Represents interest and similar income less interest expense. |
2) |
Represents fee and commission income less fee and commission expense. |
3) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement included in Note 3 to the consolidated financial statements. |
4) |
For the Banking segment, total revenues are measured based upon operating revenues. |
5) |
Represents operating expenses divided by operating revenues. |
18
Group Management Report
Banking Operations by Division
The following table sets forth our banking operating revenues, operating profit and cost-income ratio by division. Consistent with our general practice, these figures are presented before consolidation adjustments, representing the elimination of transactions between Allianz Group companies in different segments.
Operating revenues | Operating profit (loss) | Cost-Income ratio | ||||||||||||||||||||||
Three months ended March 31, | 2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 % |
2006 % | ||||||||||||||||||
Private & Corporate Clients1) | 984 |
991 |
316 |
312 |
67.8 |
67.3 | ||||||||||||||||||
Investment Banking1) | 891 |
864 |
213 |
220 |
77.1 |
78.6 | ||||||||||||||||||
Corporate Other2) | 148 |
29 |
148 |
(3) |
3) |
3) | ||||||||||||||||||
Dresdner Bank | 2,023 |
1,884 |
677 |
529 |
66.9 |
73.7 | ||||||||||||||||||
Other Banks4) | 78 |
64 |
23 |
18 |
67.9 |
71.9 | ||||||||||||||||||
Total | 2,101 |
1,948 |
700 |
547 |
66.9 |
73.6 |
1) |
Our reporting by division reflects the organizational changes within Dresdner Bank effective starting with 1Q 2007, resulting in two operating divisions, Private & Corporate Clients (PCC) and Investment Banking (IB). PCC combines all banking activities formerly provided by the Personal Banking and Private & Business Banking (including Private Wealth Management) divisions as well as our activities with medium-sized business clients from our former Corporate Banking division. IB, with Global Banking and Capital Markets, unites the activities formerly provided by the Dresdner Kleinwort Wasserstein division and the remaining activities of the former Corporate Banking division. Prior year balances have been adjusted accordingly to reflect these reorganization measures and allow for comparability across periods. |
2) |
The Corporate Other division contains income and expense items that are not assigned to Dresdner Banks operating divisions. These items include, in particular, impacts from the accounting treatment for derivative financial instruments which do not qualify for hedge accounting as well as provisioning requirements for country and general risks. In 1Q 2007 the impact from the accounting treatment for derivative financial instruments which do not qualify for hedge accounting on Corporate Others operating revenues amounted to (20) mn (1Q 2006: (23) mn). |
3) |
Presentation not meaningful. |
4) |
Consists of non-Dresdner Bank banking operations within our Banking segment. |
19
Allianz Group Interim Report First Quarter of 2007
Solid growth masked by U.S. Dollar depreciation.
| Operating profit increased 2.6%. |
| Continuous high investment performance attracts inflows. |
| Cost-income ratio of 60.0% in 1Q 2007. |
20
Group Management Report
21
Allianz Group Interim Report First Quarter of 2007
22
Group Management Report
The following table sets forth the income statements and cost-income ratios for both our Asset Management segment as a whole and AGI for the three months ended March 31, 2007 and 2006.
Three months ended March 31, | 2007 | 2006 | ||||||||||||||
Asset Management Segment mn |
Allianz Global Investors mn |
Asset Management Segment mn |
Allianz Global Investors mn | |||||||||||||
Net fee and commission income1) | 746 | 728 | 717 | 704 | ||||||||||||
Net interest income2) | 23 | 19 | 17 | 14 | ||||||||||||
Income from financial assets and liabilities carried at fair value through income (net) | 7 | 7 | 14 | 14 | ||||||||||||
Other income | 4 | 4 | 3 | 3 | ||||||||||||
Operating revenues3) | 780 | 758 | 751 | 735 | ||||||||||||
Administrative expenses, excluding acquisition-related expenses4) | (468) | (454) | (447) | (435) | ||||||||||||
Operating expenses | (468) | (454) | (447) | (435) | ||||||||||||
Operating profit | 312 | 304 | 304 | 300 | ||||||||||||
Realized gains/losses (net) | 2 | 2 | 2 | 1 | ||||||||||||
Acquisition-related expenses, thereof4) | ||||||||||||||||
Deferred purchases of interests in PIMCO |
(122) | (122) | (136) | (136) | ||||||||||||
Other acquisition-related expenses5) |
| | (2) | (2) | ||||||||||||
Subtotal |
(122) | (122) | (138) | (138) | ||||||||||||
Restructuring charges | (2) | (2) | | | ||||||||||||
Non-operating items | (122) | (122) | (136) | (137) | ||||||||||||
Income before income taxes and minority interests in earnings | 190 | 182 | 168 | 163 | ||||||||||||
Income taxes | (80) | (79) | (65) | (64) | ||||||||||||
Minority interests in earnings | (11) | (10) | (13) | (12) | ||||||||||||
Net income | 99 | 93 | 90 | 87 | ||||||||||||
Cost-income ratio6) in % | 60.0 | 59.9 | 59.5 | 59.2 |
1) |
Represents fee and commission income less fee and commission expense. |
2) |
Represents interest and similar income less interest expense and investment expenses. |
3) |
For the Asset Management segment, total revenues are measured based upon operating revenues. |
4) |
The total of these items equals acquisition and administration expenses (net) in the segment income statement in Note 3 to the consolidated financial statements. |
5) |
Consists of retention payments for the management and employees of PIMCO and Nicholas Applegate. |
6) |
Represents operating expenses divided by operating revenues. |
23
Allianz Group Interim Report First Quarter of 2007
24
Group Management Report
At 52.3 billion, shareholders equity was up 3.6% compared to year-end 2006.
25
Allianz Group Interim Report First Quarter of 2007
26
Group Management Report
27
Allianz Group Interim Report First Quarter of 2007
28
Group Management Report
29
Allianz Group Interim Report First Quarter of 2007
30
Consolidated Financial Statements
Contents
Allianz Group Interim Report First Quarter of 2007
As of March 31, 2007 and as of December 31, 2006
Note | As of March 31, 2007 mn |
As of mn | ||||||||||
ASSETS | ||||||||||||
Cash and cash equivalents | 35,713 | 33,031 | ||||||||||
Financial assets carried at fair value through income | 4 | 162,238 | 156,869 | |||||||||
Investments | 5 | 298,763 | 298,134 | |||||||||
Loans and advances to banks and customers | 6 | 444,446 | 408,278 | |||||||||
Financial assets for unit linked contracts | 63,765 | 61,864 | ||||||||||
Reinsurance assets | 7 | 17,477 | 19,360 | |||||||||
Deferred acquisition costs | 8 | 19,926 | 19,135 | |||||||||
Deferred tax assets | 4,562 | 4,727 | ||||||||||
Other assets | 9 | 42,058 | 38,893 | |||||||||
Intangible assets | 10 | 13,425 | 12,935 | |||||||||
Total assets | 1,102,373 | 1,053,226 | ||||||||||
Note | As of March 31, 2007 mn |
As of mn | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||
Financial liabilities carried at fair value through income | 11 | 90,429 | 79,699 | |||||||||
Liabilities to banks and customers | 12 | 393,010 | 361,078 | |||||||||
Unearned premiums | 18,731 | 14,868 | ||||||||||
Reserves for loss and loss adjustment expenses | 13 | 64,200 | 65,464 | |||||||||
Reserves for insurance and investment contracts | 14 | 289,390 | 287,697 | |||||||||
Financial liabilities for unit linked contracts | 63,765 | 61,864 | ||||||||||
Deferred tax liabilities | 4,588 | 4,618 | ||||||||||
Other liabilities | 15 | 50,282 | 49,764 | |||||||||
Certificated liabilities | 16 | 53,129 | 54,922 | |||||||||
Participation certificates and subordinated liabilities | 17 | 15,927 | 16,362 | |||||||||
Total liabilities | 1,043,451 | 996,336 | ||||||||||
Shareholders equity | 52,283 | 50,481 | ||||||||||
Minority interests | 6,639 | 6,409 | ||||||||||
Total equity | 18 | 58,922 | 56,890 | |||||||||
Total liabilities and equity | 1,102,373 | 1,053,226 |
32
Consolidated Financial Statements
Consolidated Income Statements
For the three months ended March 31, 2007 and 2006
Three months ended March 31, | Note | 2007 mn |
2006 mn | |||||||||
Premiums earned (net) | 19 | 14,543 | 14,420 | |||||||||
Interest and similar income | 20 | 6,266 | 5,683 | |||||||||
Income from financial assets and liabilities carried at fair value through income (net) | 21 | 115 | 500 | |||||||||
Realized gains/losses (net) | 22 | 3,209 | 1,895 | |||||||||
Fee and commission income | 23 | 2,356 | 2,252 | |||||||||
Other income | 24 | 93 | 39 | |||||||||
Income from fully consolidated private equity investments | 25 | 471 | 159 | |||||||||
Total income | 27,053 | 24,948 | ||||||||||
Claims and insurance benefits incurred (net) | 26 | (11,085) | (10,875) | |||||||||
Changes in reserves for insurance and investment contracts (net) | 27 | (2,736) | (2,712) | |||||||||
Interest expense | 28 | (1,598) | (1,565) | |||||||||
Loan loss provisions | 29 | 2 | 32 | |||||||||
Impairments of investments (net) | 30 | (67) | (55) | |||||||||
Investment expenses | 31 | (261) | (183) | |||||||||
Acquisition and administrative expenses (net) | 32 | (5,638) | (5,809) | |||||||||
Fee and commission expenses | 33 | (634) | (578) | |||||||||
Amortization of intangible assets | (3) | (5) | ||||||||||
Restructuring charges | (30) | (4) | ||||||||||
Other expenses | 34 | 13 | (1) | |||||||||
Expenses from fully consolidated private equity investments | 35 | (460) | (162) | |||||||||
Total expenses | (22,497) | (21,917) | ||||||||||
Income before income taxes and minority interests in earnings | 4,556 | 3,031 | ||||||||||
Income taxes | 36 | (967) | (899) | |||||||||
Minority interests in earnings | (349) | (353) | ||||||||||
Net income | 3,240 | 1,779 | ||||||||||
Three months ended March 31, | Note | 2007 |
2006 | |||||||||
Basic earnings per share | 37 | 7.51 | 4.39 | |||||||||
Diluted earnings per share | 37 | 7.34 | 4.32 |
33
Allianz Group Interim Report First Quarter of 2007
Consolidated Statements of Changes in Equity
For the three months ended March 31, 2007 and 2006
Paid-in capital
|
Revenue
|
Foreign currency translation adjustments |
Unrealized |
Shareholders |
Minority
|
Total equity
| ||||||||||||||||||||||||||
mn | mn | mn | mn | mn | mn | mn | ||||||||||||||||||||||||||
Balance as of December 31, 2005 | 21,616 | 8,579 | (1,032) | 10,324 | 39,487 | 7,615 | 47,102 | |||||||||||||||||||||||||
Foreign currency translation adjustments | | | (335) | (13) | (348) | (110) | (458) | |||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Unrealized gains and losses (net) arising during the year |
| | | 858 | 858 | (71) | 787 | |||||||||||||||||||||||||
Transferred to net income on disposal |
| | | (463) | (463) | (91) | (554) | |||||||||||||||||||||||||
Cash flow hedges | | | | (16) | (16) | | (16) | |||||||||||||||||||||||||
Miscellaneous | | (259) | | | (259) | (4) | (263) | |||||||||||||||||||||||||
Total income and expense recognized directly in shareholders equity | | (259) | (335) | 366 | (228) | (276) | (504) | |||||||||||||||||||||||||
Net income | | 1,779 | | | 1,779 | 353 | 2,132 | |||||||||||||||||||||||||
Total recognized income and expense for the period | | 1,520 | (335) | 366 | 1,551 | 77 | 1,628 | |||||||||||||||||||||||||
Treasury shares | | 255 | | | 255 | | 255 | |||||||||||||||||||||||||
Transactions between equity holders | | 12 | | (4) | 8 | 28 | 36 | |||||||||||||||||||||||||
Dividends paid | | | | | | (15) | (15) | |||||||||||||||||||||||||
Balance as of March 31, 2006 | 21,616 | 10,366 | (1,367) | 10,686 | 41,301 | 7,705 | 49,006 | |||||||||||||||||||||||||
Balance as of December 31, 2006 | 25,398 | 13,629 | (2,210) | 13,664 | 50,481 | 6,409 | 56,890 | |||||||||||||||||||||||||
Foreign currency translation adjustments | | | (141) | (4) | (145) | (23) | (168) | |||||||||||||||||||||||||
Available-for-sale investments | ||||||||||||||||||||||||||||||||
Unrealized gains and losses (net) arising during the year |
| | | 233 | 233 | (28) | 205 | |||||||||||||||||||||||||
Transferred to net income on disposal |
| | | (1,787) | (1,787) | (86) | (1,873) | |||||||||||||||||||||||||
Cash flow hedges | | | | 5 | 5 | | 5 | |||||||||||||||||||||||||
Miscellaneous | | (84) | | | (84) | 7 | (77) | |||||||||||||||||||||||||
Total income and expense recognized directly in shareholders equity | | (84) | (141) | (1,553) | (1,778) | (130) | (1,908) | |||||||||||||||||||||||||
Net income | | 3,240 | | | 3,240 | 349 | 3,589 | |||||||||||||||||||||||||
Total recognized income and expense for the period | | 3,156 | (141) | (1,553) | 1,462 | 219 | 1,681 | |||||||||||||||||||||||||
Treasury shares | | 348 | | | 348 | | 348 | |||||||||||||||||||||||||
Transactions between equity holders | | (6) | | (2) | (8) | 34 | 26 | |||||||||||||||||||||||||
Dividends paid | | | | | | (23) | (23) | |||||||||||||||||||||||||
Balance as of March 31, 2007 | 25,398 | 17,127 | (2,351) | 12,109 | 52,283 | 6,639 | 58,922 |
34
Consolidated Financial Statements
Consolidated Statements of Cash Flows
For the three months ended March 31, 2007 and 2006
Three months ended March 31, |
2007 mn |
2006 mn | ||||||
Cash flow from operating activities: | ||||||||
Net income | 3,240 | 1,779 | ||||||
Adjustments to reconcile net income to net cash flow provided by (used in) operating activities: | ||||||||
Minority interests in earnings |
349 | 353 | ||||||
Share of earnings from investments in associates and joint ventures |
(259) | (74) | ||||||
Realized gains/losses (net) and impairments of investments (net) of: |
||||||||
Available-for-sale and held-to-maturity investments, investments in associates and joint ventures, real estate held for investment, loans to banks and customers |
(3,142) | (1,840) | ||||||
Other investments, mainly financial assets held for trading and designated at fair value through income |
(459) | (138) | ||||||
Depreciation and amortization |
200 | 163 | ||||||
Loan loss provision |
(2) | (32) | ||||||
Interest credited to policyholder accounts |
657 | 656 | ||||||
Net change in: |
||||||||
Financial assets and liabilities held for trading |
7,597 | 8,842 | ||||||
Reverse repurchase agreements and collateral paid for securities borrowing transactions |
(30,887) | (46,705) | ||||||
Repurchase agreements and collateral received from securities lending transactions |
25,798 | 38,953 | ||||||
Reinsurance assets |
623 | (177) | ||||||
Deferred acquisition costs |
(756) | (712) | ||||||
Unearned premiums |
3,554 | 3,699 | ||||||
Reserves for losses and loss adjustment expenses |
(1,221) | (373) | ||||||
Reserves for insurance and investment contracts |
1,866 | 1,781 | ||||||
Deferred tax assets/liabilities |
266 | 215 | ||||||
Other (net) |
(1,757) | 205 | ||||||
Net cash flow provided by operating activities | 5,667 | 6,595 | ||||||
Cash flow from investing activities: | ||||||||
Net change in: | ||||||||
Financial assets designated at fair value through income |
(977) | (111) | ||||||
Available-for-sale investments |
(1,420) | (2,720) | ||||||
Held-to-maturity investments |
21 | 42 | ||||||
Investments in associates and joint ventures |
(331) | (346) | ||||||
Non-current assets and disposal groups held for sale |
| 1,416 | ||||||
Real estate held for investment |
157 | 96 | ||||||
Loans and advances to banks and customers |
(5,422) | (8,296) | ||||||
Property and equipment |
49 | (460) | ||||||
Acquisition of subsidiary, net of cash acquired | (507) | | ||||||
Other (net) | (124) | 141 | ||||||
Net cash flow used in investing activities | (8,554) | (10,238) | ||||||
Cash flow from financing activities: | ||||||||
Net change in: | ||||||||
Policyholders accounts |
491 | 1,827 | ||||||
Liabilities to banks and customers |
6,139 | 6,050 | ||||||
Certificated liabilities, participation certificates and subordinated liabilities |
(1,009) | (2,304) | ||||||
Transactions between equity holders | 21 | (9) | ||||||
Dividends paid to shareholders | (23) | (15) | ||||||
Net cash from sale or purchase of treasury shares | 189 | 73 | ||||||
Other (net) | (225) | (702) | ||||||
Net cash flow provided by financing activities | 5,583 | 4,920 | ||||||
Effect of exchange rate changes on cash and cash equivalents | (14) | (27) | ||||||
Change in cash and cash equivalents | 2,682 | 1,250 | ||||||
Cash and cash equivalents at beginning of period | 33,031 | 31,647 | ||||||
Cash and cash equivalents at end of period | 35,713 | 32,897 |
35
Allianz Group Interim Report First Quarter of 2007
[THIS PAGE INTENTIONALLY LEFT BLANK]
36
Notes to the Consolidated Financial Statements
37
Allianz Group Interim Report First Quarter of 2007
Business Segment Information Consolidated Balance Sheets
As of March 31, 2007 and as of December 31, 2006
Property-Casualty | Life/Health | Banking | ||||||||||||||||||||||||
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
|||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||
Cash and cash equivalents | 4,865 | 4,100 | 10,531 | 6,998 | 13,121 | 21,528 | ||||||||||||||||||||
Financial assets carried at fair value through income | 4,996 | 4,814 | 11,823 | 11,026 | 143,967 | 139,505 | ||||||||||||||||||||
Investments | 88,901 | 88,819 | 190,330 | 190,607 | 18,435 | 17,803 | ||||||||||||||||||||
Loans and advances to banks and customers | 17,954 | 16,825 | 88,686 | 85,769 | 346,788 | 313,709 | ||||||||||||||||||||
Financial assets for unit linked contracts | | | 63,765 | 61,864 | | | ||||||||||||||||||||
Reinsurance assets | 10,835 | 11,437 | 6,679 | 7,966 | | | ||||||||||||||||||||
Deferred acquisition costs | 4,065 | 3,704 | 15,809 | 15,381 | | | ||||||||||||||||||||
Deferred tax assets | 1,635 | 1,651 | 505 | 503 | 1,709 | 1,679 | ||||||||||||||||||||
Other assets | 21,039 | 17,737 | 15,475 | 12,891 | 11,307 | 9,571 | ||||||||||||||||||||
Intangible assets | 2,182 | 1,653 | 2,397 | 2,399 | 2,284 | 2,285 | ||||||||||||||||||||
Total assets | 156,472 | 150,740 | 406,000 | 395,404 | 537,611 | 506,080 | ||||||||||||||||||||
Property-Casualty | Life/Health | Banking | ||||||||||||||||||||||||
As of March 31, 2007 mn |
As of 2006 mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
|||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||
Financial liabilities carried at fair value through income | 951 | 1,070 | 5,439 | 5,251 | 83,559 | 72,215 | ||||||||||||||||||||
Liabilities to banks and customers | 4,709 | 4,473 | 10,931 | 7,446 | 371,704 | 350,148 | ||||||||||||||||||||
Unearned premiums | 16,789 | 12,994 | 1,943 | 1,874 | | | ||||||||||||||||||||
Reserves for loss and loss adjustment expenses | 57,321 | 58,664 | 6,877 | 6,804 | | | ||||||||||||||||||||
Reserves for insurance and investment contracts | 9,011 | 8,956 | 280,387 | 278,701 | | | ||||||||||||||||||||
Financial liabilities for unit linked contracts | | | 63,765 | 61,864 | | | ||||||||||||||||||||
Deferred tax liabilities | 3,690 | 3,902 | 1,328 | 1,181 | 92 | 83 | ||||||||||||||||||||
Other liabilities | 20,156 | 18,699 | 18,293 | 16,314 | 12,702 | 12,140 | ||||||||||||||||||||
Certificated liabilities | 58 | 657 | 603 | 3 | 44,088 | 46,191 | ||||||||||||||||||||
Participation certificates and subordinated liabilities | 1,606 | 1,605 | 66 | 66 | 8,025 | 8,456 | ||||||||||||||||||||
Total liabilities | 114,291 | 111,020 | 389,632 | 379,504 | 520,170 | 489,233 |
38
Notes to the Consolidated Financial Statements
Asset Management | Corporate | Consolidation | Group | |||||||||||||||||||||||||||
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn | |||||||||||||||||||||||
578 | 767 | 7,313 | 536 | (695) |
(898) | 35,713 | 33,031 | |||||||||||||||||||||||
1,032 | 985 | 896 | 1,158 | (476) |
(619) | 162,238 | 156,869 | |||||||||||||||||||||||
720 | 774 | 97,286 | 96,652 | (96,909) |
(96,521) | 298,763 | 298,134 | |||||||||||||||||||||||
511 | 367 | 3,376 | 2,963 | (12,869) |
(11,355) | 444,446 | 408,278 | |||||||||||||||||||||||
| | | | |
| 63,765 | 61,864 | |||||||||||||||||||||||
| | | | (37) |
(43) | 17,477 | 19,360 | |||||||||||||||||||||||
52 | 50 | | | |
| 19,926 | 19,135 | |||||||||||||||||||||||
191 | 196 | 1,223 | 1,473 | (701) |
(775) | 4,562 | 4,727 | |||||||||||||||||||||||
3,602 | 3,471 | 5,270 | 7,020 | (14,635) |
(11,797) | 42,058 | 38,893 | |||||||||||||||||||||||
6,300 | 6,334 | 262 | 264 | |
| 13,425 | 12,935 | |||||||||||||||||||||||
12,986 | 12,944 | 115,626 | 110,066 | (126,322) |
(122,008) | 1,102,373 | 1,053,226 | |||||||||||||||||||||||
Asset Management | Corporate | Consolidation | Group | |||||||||||||||||||||||||||
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn |
As of March 31, 2007 mn |
As of December 31, mn | |||||||||||||||||||||||
| | 899 | 1,713 | (419) |
(550) | 90,429 | 79,699 | |||||||||||||||||||||||
670 | 605 | 14,799 | 7,293 | (9,803) |
(8,887) | 393,010 | 361,078 | |||||||||||||||||||||||
| | | | (1) |
| 18,731 | 14,868 | |||||||||||||||||||||||
| | | | 2 |
(4) | 64,200 | 65,464 | |||||||||||||||||||||||
| | 257 | 306 | (265) |
(266) | 289,390 | 287,697 | |||||||||||||||||||||||
| | | | |
| 63,765 | 61,864 | |||||||||||||||||||||||
43 | 46 | 123 | 171 | (688) |
(765) | 4,588 | 4,618 | |||||||||||||||||||||||
3,471 | 3,689 | 13,702 | 14,149 | (18,042) |
(15,227) | 50,282 | 49,764 | |||||||||||||||||||||||
| | 9,579 | 9,265 | (1,199) |
(1,194) | 53,129 | 54,922 | |||||||||||||||||||||||
| | 7,097 | 7,099 | (867) |
(864) | 15,927 | 16,362 | |||||||||||||||||||||||
4,184 | 4,340 | 46,456 | 39,996 | (31,282) |
(27,757) | 1,043,451 | 996,336 | |||||||||||||||||||||||
Total equity | 58,922 | 56,890 | ||||||||||||||||||||||||||||
Total liabilities and equity | 1,102,373 | 1,053,226 |
39
Allianz Group Interim Report First Quarter of 2007
Business Segment Information Consolidated Income Statements
For the three months ended March 31, 2007 and 2006
Property-Casualty | Life/Health | Banking | ||||||||||||||||||||||||
Three months ended March 31, |
2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 mn |
2006 mn |
||||||||||||||||||||
Premiums earned (net) | 9,358 | 9,341 | 5,185 | 5,079 | | | ||||||||||||||||||||
Interest and similar income | 1,006 | 922 | 3,155 | 3,047 | 2,209 | 1,880 | ||||||||||||||||||||
Income from financial assets and liabilities carried at fair value through income (net) | (12) | 40 | (310) | 31 | 341 | 490 | ||||||||||||||||||||
Realized gains/losses (net) | 767 | 464 | 1,193 | 1,262 | 139 | 414 | ||||||||||||||||||||
Fee and commission income | 272 | 252 | 171 | 129 | 978 | 992 | ||||||||||||||||||||
Other income | 84 | 14 | 54 | 6 | | 25 | ||||||||||||||||||||
Income from fully consolidated private equity investments | | | | | | | ||||||||||||||||||||
Total income | 11,475 | 11,033 | 9,448 | 9,554 | 3,667 | 3,801 | ||||||||||||||||||||
Claims and insurance benefits incurred (net) | (6,383) | (6,182) | (4,702) | (4,693) | | | ||||||||||||||||||||
Changes in reserves for insurance and investment contracts (net) | (81) | (72) | (2,624) | (2,648) | | | ||||||||||||||||||||
Interest expense | (92) | (63) | (91) | (64) | (1,281) | (1,279) | ||||||||||||||||||||
Loan loss provisions | | (1) | (3) | | 5 | 33 | ||||||||||||||||||||
Impairments of investments (net) | (26) | (13) | (37) | (35) | (13) | (20) | ||||||||||||||||||||
Investment expenses | (74) | (48) | (196) | (157) | (9) | (6) | ||||||||||||||||||||
Acquisition and administrative expenses (net) | (2,675) | (2,663) | (874) | (1,025) | (1,410) | (1,428) | ||||||||||||||||||||
Fee and commission expenses | (197) | (170) | (62) | (50) | (146) | (160) | ||||||||||||||||||||
Amortization of intangible assets | (2) | (4) | (1) | (1) | | | ||||||||||||||||||||
Restructuring charges | (14) | (2) | (5) | | (9) | (2) | ||||||||||||||||||||
Other expenses | | (1) | | | 13 | | ||||||||||||||||||||
Expenses from fully consolidated private equity investments | | | | | | | ||||||||||||||||||||
Total expenses | (9,544) | (9,219) | (8,595) | (8,673) | (2,850) | (2,862) | ||||||||||||||||||||
Income before income taxes and minority interests in earnings | 1,931 | 1,814 | 853 | 881 | 817 | 939 | ||||||||||||||||||||
Income taxes | (537) | (524) | (201) | (219) | (168) | (245) | ||||||||||||||||||||
Minority interests in earnings | (214) | (190) | (99) | (128) | (24) | (28) | ||||||||||||||||||||
Net income | 1,180 | 1,100 | 553 | 534 | 625 | 666 |
40
Notes to the Consolidated Financial Statements
Asset Management | Corporate | Consolidation | Group | |||||||||||||||||||||||||||
2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 mn |
2006 mn |
2007 mn |
2006 mn | |||||||||||||||||||||||
| | | | | | 14,543 | 14,420 | |||||||||||||||||||||||
33 | 25 | 154 | 86 | (291) | (277) | 6,266 | 5,683 | |||||||||||||||||||||||
7 | 14 | 85 | (96) | 4 | 21 | 115 | 500 | |||||||||||||||||||||||
2 | 2 | 640 | 70 | 468 | (317) | 3,209 | 1,895 | |||||||||||||||||||||||
1,073 | 1,031 | 45 | 41 | (183) | (193) | 2,356 | 2,252 | |||||||||||||||||||||||
4 | 3 | 5 | 13 | (54) | (22) | 93 | 39 | |||||||||||||||||||||||
| | 471 | 159 | | | 471 | 159 | |||||||||||||||||||||||
1,119 | 1,075 | 1,400 | 273 | (56) | (788) | 27,053 | 24,948 | |||||||||||||||||||||||
| | | | | | (11,085) | (10,875) | |||||||||||||||||||||||
| | | | (31) | 8 | (2,736) | (2,712) | |||||||||||||||||||||||
(11) | (8) | (353) | (336) | 230 | 185 | (1,598) | (1,565) | |||||||||||||||||||||||
| | | | | | 2 | 32 | |||||||||||||||||||||||
| | 9 | 13 | | | (67) | (55) | |||||||||||||||||||||||
1 | | (34) | (17) | 51 | 45 | (261) | (183) | |||||||||||||||||||||||
(590) | (585) | (117) | (139) | 28 | 31 | (5,638) | (5,809) | |||||||||||||||||||||||
(327) | (314) | (35) | (23) | 133 | 139 | (634) | (578) | |||||||||||||||||||||||
| | | | | | (3) | (5) | |||||||||||||||||||||||
(2) | | | | | | (30) | (4) | |||||||||||||||||||||||
| | | | | | 13 | (1) | |||||||||||||||||||||||
| | (460) | (162) | | | (460) | (162) | |||||||||||||||||||||||
(929) | (907) | (990) | (664) | 411 | 408 | (22,497) | (21,917) | |||||||||||||||||||||||
190 | 168 | 410 | (391) | 355 | (380) | 4,556 | 3,031 | |||||||||||||||||||||||
(80) | (65) | (25) | 154 | 44 | | (967) | (899) | |||||||||||||||||||||||
(11) | (13) | (4) | (2) | 3 | 8 | (349) | (353) | |||||||||||||||||||||||
99 | 90 | 381 | (239) | 402 | (372) | 3,240 | 1,779 |
41
Allianz Group Interim Report First Quarter of 2007
Segment Information Total Revenues and Operating Profit
For the three months ended March 31, 2007 and 2006
The following table summarizes the total revenues and operating profit for each of the segments for the three months ended March 31, 2007 and 2006, as well as IFRS consolidated net income of the Allianz Group.
Property- Casualty |
Life/Health |
Banking |
Asset Management |
Corporate |
Consolidation |
Group | ||||||||||||||||||||||
Three months ended March 31, | mn |
mn |
mn |
mn | mn |
mn |
mn | |||||||||||||||||||||
2007 | ||||||||||||||||||||||||||||
Total revenues1) | 14,111 | 12,326 | 2,101 | 780 | | 5 | 29,323 | |||||||||||||||||||||
Operating profit (loss) | 1,267 | 750 | 700 | 312 | (101) | (58) | 2,870 | |||||||||||||||||||||
Non-operating items | 664 | 103 | 117 | (122) | 511 | 413 | 1,686 | |||||||||||||||||||||
Income (loss) before income taxes and minority interests in earnings | 1,931 | 853 | 817 | 190 | 410 | 355 | 4,556 | |||||||||||||||||||||
Income taxes | (537) | (201) | (168) | (80) | (25) | 44 | (967) | |||||||||||||||||||||
Minority interests in earnings | (214) | (99) | (24) | (11) | (4) | 3 | (349) | |||||||||||||||||||||
Net income (loss) | 1,180 | 553 | 625 | 99 | 381 | 402 | 3,240 | |||||||||||||||||||||
2006 | ||||||||||||||||||||||||||||
Total revenues1) | 14,149 | 12,822 | 1,948 | 751 | | (29) | 29,641 | |||||||||||||||||||||
Operating profit (loss) | 1,386 | 723 | 547 | 304 | (180) | (103) | 2,677 | |||||||||||||||||||||
Non-operating items | 428 | 158 | 392 | (136) | (211) | (277) | 354 | |||||||||||||||||||||
Income (loss) before income taxes and minority interests in earnings | 1,814 | 881 | 939 | 168 | (391) | (380) | 3,031 | |||||||||||||||||||||
Income taxes | (524) | (219) | (245) | (65) | 154 | | (899) | |||||||||||||||||||||
Minority interests in earnings | (190) | (128) | (28) | (13) | (2) | 8 | (353) | |||||||||||||||||||||
Net income (loss) | 1,100 | 534 | 666 | 90 | (239) | (372) | 1,779 |
1) |
Total revenues comprise Property-Casualty segments gross premiums written, Life/Health segments statutory premiums, Banking segments operating revenues and Asset Management segments operating revenues. |
42
Notes to the Consolidated Financial Statements
Property-Casualty Segment
Three months ended March 31, | 2007 mn |
2006 mn | ||||||
Gross premiums written1) | 14,111 | 14,149 | ||||||
Ceded premiums written | (1,586) | (1,712) | ||||||
Change in unearned premiums | (3,167) | (3,096) | ||||||
Premiums earned (net) | 9,358 | 9,341 | ||||||
Interest and similar income | 1,006 | 922 | ||||||
Income from financial assets and liabilities designated at fair value through income (net)2) | 32 | 36 | ||||||
Income from financial assets and liabilities held for trading (net), shared with policyholder2) | (15) | | ||||||
Realized gains/losses (net) from investments, shared with policyholders3) | 34 | 25 | ||||||
Fee and commission income | 272 | 252 | ||||||
Other income | 84 | 14 | ||||||
Operating revenues | 10,771 | 10,590 | ||||||
Claims and insurance benefits incurred (net) | (6,383) | (6,182) | ||||||
Changes in reserves for insurance and investment contracts (net) | (81) | (72) | ||||||
Interest expense | (92) | (63) | ||||||
Loan loss provisions | | (1) | ||||||
Impairments of investments (net), shared with policyholders4) | (2) | (4) | ||||||
Investment expenses | (74) | (48) | ||||||
Acquisition and administrative expenses (net) | (2,675) | (2,663) | ||||||
Fee and commission expenses | (197) | (170) | ||||||
Other expenses | | (1) | ||||||
Operating expenses | (9,504) | (9,204) | ||||||
Operating profit | 1,267 | 1,386 | ||||||
Income from financial assets and liabilities held for trading (net), not shared with policyholders2) | (29) | 4 | ||||||
Realized gains/losses (net) from investments, not shared with policyholders3) | 733 | 439 | ||||||
Impairments of investments (net), not shared with policyholders4) | (24) | (9) | ||||||
Amortization of intangible assets | (2) | (4) | ||||||
Restructuring charges | (14) | (2) | ||||||
Non-operating items | 664 | 428 | ||||||
Income before income taxes and minority interests in earnings | 1,931 | 1,814 | ||||||
Income taxes | (537) | (524) | ||||||
Minority interests in earnings | (214) | (190) | ||||||
Net income | 1,180 | 1,100 | ||||||
Loss ratio5) in % | 68.2 | 66.2 | ||||||
Expense ratio6) in % | 28.6 | 28.5 | ||||||
Combined ratio7) in % | 96.8 | 94.7 |
1) |
For the Property-Casualty segment, total revenues are measured based upon gross premiums written. |
2) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement. |
3) |
The total of these items equals realized gains/losses (net) in the segment income statement. |
4) |
The total of these items equals impairments of investments (net) in the segment income statement. |
5) |
Represents claims and insurance benefits incurred (net) divided by premiums earned (net). |
6) |
Represents acquisition and administrative expenses (net) divided by premiums earned (net). |
7) |
Represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net). |
43
Allianz Group Interim Report First Quarter of 2007
Life/Health Segment
Three months ended March 31, | 2007 mn |
2006 mn | ||||||
Statutory premiums1) |
12,326 | 12,822 | ||||||
Ceded premiums written |
(193) | (196) | ||||||
Change in unearned premiums |
(27) | (75) | ||||||
Statutory premiums (net) |
12,106 | 12,551 | ||||||
Deposits from SFAS 97 insurance and investment contracts |
(6,921) | (7,472) | ||||||
Premiums earned (net) |
5,185 | 5,079 | ||||||
Interest and similar income |
3,155 | 3,047 | ||||||
Income from financial assets and liabilities carried at fair value through income (net), shared with policyholders2) |
(311) | 31 | ||||||
Realized gains/losses (net) from investments, shared with policyholders3) |
1,088 | 1,103 | ||||||
Fee and commission income |
171 | 129 | ||||||
Other income |
54 | 6 | ||||||
Operating revenues |
9,342 | 9,395 | ||||||
Claims and insurance benefits incurred (net) |
(4,702) | (4,693) | ||||||
Changes in reserves for insurance and investment contracts (net) |
(2,624) | (2,648) | ||||||
Interest expense |
(91) | (64) | ||||||
Loan loss provisions |
(3) | | ||||||
Impairments of investments (net), shared with policyholders |
(37) | (35) | ||||||
Investment expenses |
(196) | (157) | ||||||
Acquisition and administrative expenses (net) |
(874) | (1,025) | ||||||
Fee and commission expenses |
(62) | (50) | ||||||
Operating restructuring charges4) |
(3) | | ||||||
Operating expenses |
(8,592) | (8,672) | ||||||
Operating profit |
750 | 723 | ||||||
Income from financial assets and liabilities carried at fair value through income (net), not shared with policyholders2) | 1 | | ||||||
Realized gains/losses (net) from investments, not shared with policyholders3) |
105 | 159 | ||||||
Amortization of intangible assets |
(1) | (1) | ||||||
Non-operating restructuring charges4) |
(2) | | ||||||
Non-operating items |
103 | 158 | ||||||
Income before income taxes and minority interests in earnings |
853 | 881 | ||||||
Income taxes |
(201) | (219) | ||||||
Minority interests in earnings |
(99) | (128) | ||||||
Net income |
553 | 534 | ||||||
Statutory expense ratio5) in % |
7.2 | 8.2 |
1) |
For the Life/Health segment, total revenues are measured based upon statutory premiums. Statutory premiums are gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurers home jurisdiction. |
2) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement. |
3) |
The total of these items equals realized gains/losses (net) in the segment income statement. |
4) |
The total of these items equals restructuring charges in the segment income statement. |
5) |
Represents acquisition and administrative expenses (net) divided by statutory premiums (net). |
44
Notes to the Consolidated Financial Statements
Banking Segment
Three months ended March 31, | 2007 | 2006 | ||||||||||||||
Banking mn |
Dresdner Bank mn |
Banking mn |
Dresdner Bank mn | |||||||||||||
Net interest income1) | 928 | 900 | 601 | 578 | ||||||||||||
Net fee and commission income2) | 832 | 789 | 832 | 793 | ||||||||||||
Trading income (net)3) | 351 | 345 | 487 | 484 | ||||||||||||
Income from financial assets and liabilities designated at fair value through income (net)3) | (10) | (11) | 3 | 3 | ||||||||||||
Other income | | | 25 | 26 | ||||||||||||
Operating revenues4) | 2,101 | 2,023 | 1,948 | 1,884 | ||||||||||||
Administrative expenses | (1,410) | (1,355) | (1,428) | (1,381) | ||||||||||||
Investment expenses | (9) | (11) | (6) | (7) | ||||||||||||
Other expenses | 13 | 13 | | | ||||||||||||
Operating expenses | (1,406) | (1,353) | (1,434) | (1,388) | ||||||||||||
Loan loss provisions | 5 | 7 | 33 | 33 | ||||||||||||
Operating profit | 700 | 677 | 547 | 529 | ||||||||||||
Realized gains/losses (net) | 139 | 137 | 414 | 414 | ||||||||||||
Impairments of investments (net) | (13) | (13) | (20) | (20) | ||||||||||||
Restructuring charges | (9) | (9) | (2) | (2) | ||||||||||||
Non-operating items | 117 | 115 | 392 | 392 | ||||||||||||
Income before income taxes and minority interests in earnings | 817 | 792 | 939 | 921 | ||||||||||||
Income taxes | (168) | (158) | (245) | (238) | ||||||||||||
Minority interests in earnings | (24) | (22) | (28) | (25) | ||||||||||||
Net income | 625 | 612 | 666 | 658 | ||||||||||||
Cost-income ratio5) in % | 66.9 | 66.9 | 73.6 | 73.7 |
1) |
Represents interest and similar income less interest expense. |
2) |
Represents fee and commission income less fee and commission expense. |
3) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement. |
4) |
For the Banking segment, total revenues are measured based upon operating revenues. |
5) |
Represents operating expenses divided by operating revenues. |
45
Allianz Group Interim Report First Quarter of 2007
Asset Management Segment
Three months ended March 31, | 2007 | 2006 | ||||||||||||||
Asset Management Segment mn |
Allianz Global Investors mn |
Asset Management Segment mn |
Allianz Global Investors mn | |||||||||||||
Net fee and commission income1) | 746 | 728 | 717 | 704 | ||||||||||||
Net interest income2) | 23 | 19 | 17 | 14 | ||||||||||||
Income from financial assets and liabilities carried at fair value through income (net) | 7 | 7 | 14 | 14 | ||||||||||||
Other income | 4 | 4 | 3 | 3 | ||||||||||||
Operating revenues3) | 780 | 758 | 751 | 735 | ||||||||||||
Administrative expenses, excluding acquisition-related expenses4) | (468) | (454) | (447) | (435) | ||||||||||||
Operating expenses | (468) | (454) | (447) | (435) | ||||||||||||
Operating profit | 312 | 304 | 304 | 300 | ||||||||||||
Realized gains/losses (net) | 2 | 2 | 2 | 1 | ||||||||||||
Acquisition-related expenses, thereof4) | ||||||||||||||||
Deferred purchases of interests in PIMCO |
(122) | (122) | (136) | (136) | ||||||||||||
Other acquisition-related expenses5) |
| | (2) | (2) | ||||||||||||
Subtotal |
(122) | (122) | (138) | (138) | ||||||||||||
Restructuring charges | (2) | (2) | | | ||||||||||||
Non-operating items | (122) | (122) | (136) | (137) | ||||||||||||
Income before income taxes and minority interests in earnings | 190 | 182 | 168 | 163 | ||||||||||||
Income taxes | (80) | (79) | (65) | (64) | ||||||||||||
Minority interests in earnings | (11) | (10) | (13) | (12) | ||||||||||||
Net income | 99 | 93 | 90 | 87 | ||||||||||||
Cost-income ratio6) in % | 60.0 | 59.9 | 59.5 | 59.2 |
1) |
Represents fee and commission income less fee and commission expense. |
2) |
Represents interest and similar income less interest expense and investment expenses. |
3) |
For the Asset Management segment, total revenues are measured based upon operating revenues. |
4) |
The total of these items equals acquisition and administration expenses (net) in the segment income statement. |
5) |
Consists of retention payments for the management and employees of PIMCO and Nicholas Applegate. |
6) |
Represents operating expenses divided by operating revenues. |
46
Notes to the Consolidated Financial Statements
Corporate Segment
Three months ended March 31, | 2007 mn |
2006 mn | ||||||
Interest and similar income | 154 | 86 | ||||||
Income from financial assets and liabilities designated at fair value through income (net)1) | 1 | | ||||||
Fee and commission income | 45 | 41 | ||||||
Other income | 5 | 13 | ||||||
Income from fully consolidated private equity investments | 471 | 159 | ||||||
Operating revenues | 676 | 299 | ||||||
Interest expense, excluding interest expense from external debt2) | (131) | (138) | ||||||
Investment expenses | (34) | (17) | ||||||
Acquisition and administrative expenses (net) | (117) | (139) | ||||||
Fee and commission expenses | (35) | (23) | ||||||
Expenses from fully consolidated private equity investments | (460) | (162) | ||||||
Operating expenses | (777) | (479) | ||||||
Operating profit (loss) | (101) | (180) | ||||||
Income from financial assets and liabilities held for trading (net)1) | 84 | (96) | ||||||
Realized gains/losses (net) | 640 | 70 | ||||||
Impairments of investments (net) | 9 | 13 | ||||||
Interest expense from external debt2) | (222) | (198) | ||||||
Non-operating items | 511 | (211) | ||||||
Income (loss) before income taxes and minority interests in earnings | 410 | (391) | ||||||
Income taxes | (25) | 154 | ||||||
Minority interests in earnings | (4) | (2) | ||||||
Net income (loss) | 381 | (239) |
1) |
The total of these items equals income from financial assets and liabilities carried at fair value through income (net) in the segment income statement. |
2) |
The total of these items equals interest expense in the segment income statement. |
47
Allianz Group Interim Report First Quarter of 2007
Supplementary Information to the
Consolidated Balance Sheets
Available-for-sale investments
As of March 31, 2007 |
As of December 31, 2006 | |||||||||||||||||||||||||||||||
Amortized mn |
Unrealized mn |
Unrealized mn |
Fair value mn |
Amortized mn |
Unrealized mn |
Unrealized mn |
Fair value mn | |||||||||||||||||||||||||
Equity securities | 42,612 | 25,343 | (250) | 67,705 | 43,139 | 26,795 | (159) | 69,775 | ||||||||||||||||||||||||
Government debt securities | 113,382 | 2,267 | (1,272) | 114,377 | 112,893 | 2,813 | (1,077) | 114,629 | ||||||||||||||||||||||||
Corporate debt securities | 93,332 | 1,321 | (962) | 93,691 | 90,493 | 1,542 | (860) | 91,175 | ||||||||||||||||||||||||
Other debt securities | 2,263 | 145 | (32) | 2,376 | 2,122 | 215 | (18) | 2,319 | ||||||||||||||||||||||||
Total | 251,589 | 29,076 | (2,516) | 278,149 | 248,647 | 31,365 | (2,114) | 277,898 |
6 Loans and advances to banks and customers
As of March 31, 2007 | As of December 31, 2006 | |||||||||||||||||||||||
Banks mn |
Customers mn |
Total mn |
Banks mn |
Customers mn |
Total mn | |||||||||||||||||||
Short-term investments and certificates of deposit | 8,467 | | 8,467 | 6,775 | | 6,775 | ||||||||||||||||||
Reverse repurchase agreements | 92,127 | 62,949 | 155,076 | 86,957 | 52,456 | 139,413 | ||||||||||||||||||
Collateral paid for securities borrowing transactions | 23,670 | 32,582 | 56,252 | 17,612 | 23,419 | 41,031 | ||||||||||||||||||
Loans | 69,295 | 127,128 | 196,423 | 69,211 | 129,319 | 198,530 | ||||||||||||||||||
Other advances | 13,106 | 16,187 | 29,293 | 15,225 | 8,358 | 23,583 | ||||||||||||||||||
Subtotal | 206,665 | 238,846 | 445,511 | 195,780 | 213,552 | 409,332 | ||||||||||||||||||
Loan loss allowance | (108) | (957) | (1,065) | (108) | (946) | (1,054) | ||||||||||||||||||
Total | 206,557 | 237,889 | 444,446 | 195,672 | 212,606 | 408,278 |
48
Notes to the Consolidated Financial Statements
49
Allianz Group Interim Report First Quarter of 2007
12 Liabilities to banks and customers
As of March 31, 2007 | As of December 31, 2006 | |||||||||||||||||||||||
Banks mn |
Customers mn |
Total mn |
Banks mn |
Customers mn |
Total mn | |||||||||||||||||||
Payable on demand | 13,473 | 59,696 | 73,169 | 18,216 | 68,677 | 86,893 | ||||||||||||||||||
Savings deposits | | 5,345 | 5,345 | | 5,421 | 5,421 | ||||||||||||||||||
Term deposits and certificates of deposit | 65,361 | 65,262 | 130,624 | 68,429 | 50,380 | 118,809 | ||||||||||||||||||
Repurchase agreements | 80,778 | 57,519 | 138,297 | 68,189 | 49,403 | 117,592 | ||||||||||||||||||
Collateral received from securities lending transactions | 22,545 | 11,165 | 33,710 | 19,914 | 8,703 | 28,617 | ||||||||||||||||||
Other | 8,756 | 3,109 | 11,865 | 876 | 2,870 | 3,746 | ||||||||||||||||||
Total | 190,913 | 202,096 | 393,010 | 175,624 | 185,454 | 361,078 |
13 Reserves for loss and loss adjustment expenses
As of March 31, |
As of December 31, | |||||||
2007 mn |
2006 mn | |||||||
Property-Casualty | 57,321 | 58,664 | ||||||
Life/Health | 6,877 | 6,804 | ||||||
Consolidation | 2 | (4) | ||||||
Total | 64,200 | 65,464 |
Changes in the reserves for loss and loss adjustment expenses for the Property-Casualty segment for the three months ended March 31, 2007 and 2006, are as follows:
2007 | 2006 | |||||||||||||||||||||||
Gross mn |
Ceded mn |
Net mn |
Gross mn |
Ceded mn |
Net mn | |||||||||||||||||||
Reserves for loss and loss adjustment expenses as of 1/1/ | 58,664 | (9,333) | 49,331 | 60,259 | (10,604) | 49,655 | ||||||||||||||||||
Loss and loss adjustment expenses incurred | ||||||||||||||||||||||||
Current year |
7,581 | (990) | 6,591 | 7,148 | (785) | 6,363 | ||||||||||||||||||
Prior years |
(407) | 199 | (208) | (180) | (1) | (181) | ||||||||||||||||||
Subtotal |
7,174 | (791) | 6,383 | 6,968 | (786) | 6,182 | ||||||||||||||||||
Loss and loss adjustment expenses paid | ||||||||||||||||||||||||
Current year |
(1,825) | 142 | (1,683) | (1,515) | 34 | (1,481) | ||||||||||||||||||
Prior years |
(5,879) | 771 | (5,108) | (5,745) | 962 | (4,783) | ||||||||||||||||||
Subtotal |
(7,704) | 913 | (6,791) | (7,260) | 996 | (6,264) | ||||||||||||||||||
Foreign currency translation adjustments and other | (920) | 782 | (138) | (652) | 258 | (394) | ||||||||||||||||||
Changes in the consolidated subsidiaries of the Allianz Group | 107 | (9) | 98 | | | | ||||||||||||||||||
Reserves for loss and loss adjustment expenses as of 3/31/ | 57,321 | (8,438) | 48,883 | 59,315 | (10,136) | 49,179 |
50
Notes to the Consolidated Financial Statements
51
Allianz Group Interim Report First Quarter of 2007
52
Notes to the Consolidated Financial Statements
Supplementary Information to the Consolidated Income Statements
Three months ended March 31, |
Property- Casualty |
Life/Health |
Consolidation |
Total | ||||||||||||
mn |
mn |
mn |
mn | |||||||||||||
2007 | ||||||||||||||||
Premiums written | ||||||||||||||||
Direct |
13,464 | 5,311 | | 18,775 | ||||||||||||
Assumed |
647 | 84 | (3) | 728 | ||||||||||||
Subtotal |
14,111 | 5,395 | (3) | 19,503 | ||||||||||||
Ceded |
(1,586) | (178) | 3 | (1,761) | ||||||||||||
Net |
12,525 | 5,217 | | 17,742 | ||||||||||||
Change in unearned premiums | ||||||||||||||||
Direct |
(3,498) | (38) | | (3,536) | ||||||||||||
Assumed |
(39) | 4 | | (35) | ||||||||||||
Subtotal |
(3,537) | (34) | | (3,571) | ||||||||||||
Ceded |
370 | 2 | | 372 | ||||||||||||
Net |
(3,167) | (32) | | (3,199) | ||||||||||||
Premiums earned | ||||||||||||||||
Direct |
9,966 | 5,273 | | 15,239 | ||||||||||||
Assumed |
608 | 88 | (3) | 693 | ||||||||||||
Subtotal |
10,574 | 5,361 | (3) | 15,932 | ||||||||||||
Ceded |
(1,216) | (176) | 3 | (1,389) | ||||||||||||
Net |
9,358 | 5,185 | | 14,543 | ||||||||||||
2006 | ||||||||||||||||
Premiums written | ||||||||||||||||
Direct |
13,471 | 5,272 | | 18,743 | ||||||||||||
Assumed |
678 | 72 | (5) | 745 | ||||||||||||
Subtotal |
14,149 | 5,344 | (5) | 19,488 | ||||||||||||
Ceded |
(1,712) | (190) | 5 | (1,897) | ||||||||||||
Net |
12,437 | 5,154 | | 17,591 | ||||||||||||
Change in unearned premiums | ||||||||||||||||
Direct |
(3,532) | (77) | | (3,609) | ||||||||||||
Assumed |
(63) | 2 | | (61) | ||||||||||||
Subtotal |
(3,595) | (75) | | (3,670) | ||||||||||||
Ceded |
499 | | | 499 | ||||||||||||
Net |
(3,096) | (75) | | (3,171) | ||||||||||||
Premiums earned | ||||||||||||||||
Direct |
9,939 | 5,195 | | 15,134 | ||||||||||||
Assumed |
615 | 74 | (5) | 684 | ||||||||||||
Subtotal |
10,554 | 5,269 | (5) | 15,818 | ||||||||||||
Ceded |
(1,213) | (190) | 5 | (1,398) | ||||||||||||
Net |
9,341 | 5,079 | | 14,420 |
53
Allianz Group Interim Report First Quarter of 2007
20 Interest and similar income
21 Income from financial assets and liabilities carried at fair value through income (net)
Three months ended March 31, |
Property- Casualty |
Life/Health |
Banking |
Asset Management |
Corporate |
Consolidation |
Group | |||||||||||||||||||||
mn |
mn |
mn |
mn |
mn |
mn |
mn | ||||||||||||||||||||||
2007 | ||||||||||||||||||||||||||||
Income (expense) from financial assets and liabilities held for trading (net) | (44) | (414) | 351 | (1) | 82 | 4 | (22) | |||||||||||||||||||||
Income from financial assets designated at fair value through income | 30 | 139 | 32 | 22 | 3 | | 226 | |||||||||||||||||||||
Expense from financial liabilities designated at fair value through income | 2 | 8 | (42) | | | | (32) | |||||||||||||||||||||
Income (expense) from financial liabilities for puttable equity instruments (net) | | (43) | | (14) | | | (57) | |||||||||||||||||||||
Total | (12) | (310) | 341 | 7 | 85 | 4 | 115 | |||||||||||||||||||||
2006 | ||||||||||||||||||||||||||||
Income (expense) from financial assets and liabilities held for trading (net) | 4 | (18) | 487 | 3 | (96) | 21 | 401 | |||||||||||||||||||||
Income from financial assets designated at fair value through income | 44 | 154 | 21 | 36 | | | 255 | |||||||||||||||||||||
Expense from financial liabilities designated at fair value through income | (1) | | (18) | | | | (19) | |||||||||||||||||||||
Income (expense) from financial liabilities for puttable equity instruments (net) | (7) | (105) | | (25) | | | (137) | |||||||||||||||||||||
Total | 40 | 31 | 490 | 14 | (96) | 21 | 500 |
54
Notes to the Consolidated Financial Statements
55
Allianz Group Interim Report First Quarter of 2007
Three months ended March 31, | 2007 | 2006 | ||||||||||||||||||||||
Segment mn |
Consolidation mn |
Group mn |
Segment mn |
Consolidation mn |
Group mn | |||||||||||||||||||
Property-Casualty | ||||||||||||||||||||||||
Fees from credit and assistance business |
173 | | 173 | 168 | | 168 | ||||||||||||||||||
Service agreements | 99 | (5) | 94 | 81 | (10) | 71 | ||||||||||||||||||
Investment advisory | | | | 3 | | 3 | ||||||||||||||||||
Subtotal | 272 | (5) | 267 | 252 | (10) | 242 | ||||||||||||||||||
Life/Health | ||||||||||||||||||||||||
Service agreements | 54 | (11) | 43 | 37 | (21) | 16 | ||||||||||||||||||
Investment advisory | 114 | (8) | 106 | 87 | | 87 | ||||||||||||||||||
Other | 3 | (3) | | 5 | (3) | 2 | ||||||||||||||||||
Subtotal | 171 | (22) | 149 | 129 | (24) | 105 | ||||||||||||||||||
Banking | ||||||||||||||||||||||||
Securities business | 465 | (49) | 416 | 465 | (47) | 418 | ||||||||||||||||||
Investment advisory | 154 | (38) | 116 | 152 | (40) | 112 | ||||||||||||||||||
Payment transactions | 91 | | 91 | 91 | | 91 | ||||||||||||||||||
Mergers and acquisitions advisory | 41 | | 41 | 65 | | 65 | ||||||||||||||||||
Underwriting business | 23 | | 23 | 35 | | 35 | ||||||||||||||||||
Other | 204 | (9) | 195 | 184 | (26) | 158 | ||||||||||||||||||
Subtotal | 978 | (96) | 882 | 992 | (113) | 879 | ||||||||||||||||||
Asset Management | ||||||||||||||||||||||||
Management fees | 866 | (30) | 836 | 841 | (21) | 820 | ||||||||||||||||||
Loading and exit fees | 82 | | 82 | 93 | | 93 | ||||||||||||||||||
Performance fees | 16 | | 16 | 16 | | 16 | ||||||||||||||||||
Other | 109 | (2) | 107 | 81 | (3) | 78 | ||||||||||||||||||
Subtotal | 1,073 | (32) | 1,041 | 1,031 | (24) | 1,007 | ||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Service agreements | 45 | (28) | 17 | 41 | (22) | 19 | ||||||||||||||||||
Subtotal | 45 | (28) | 17 | 41 | (22) | 19 | ||||||||||||||||||
Total | 2,539 | (183) | 2,356 | 2,445 | (193) | 2,252 |
56
Notes to the Consolidated Financial Statements
26 Claims and insurance benefits incurred (net)
Three months ended March 31, |
Property- Casualty |
Life/Health |
Consolidation |
Total | ||||||||||||
mn |
mn |
mn |
mn | |||||||||||||
2007 | ||||||||||||||||
Gross | ||||||||||||||||
Claims and insurance benefits paid |
(7,704) | (4,888) | 6 | (12,586) | ||||||||||||
Change in loss and loss adjustment expenses |
530 | 10 | (1) | 539 | ||||||||||||
Subtotal |
(7,174) | (4,878) | 5 | (12,047) | ||||||||||||
Ceded | ||||||||||||||||
Claims and insurance benefits paid |
912 | 202 | (6) | 1,108 | ||||||||||||
Change in loss and loss adjustment expenses |
(121) | (26) | 1 | (146) | ||||||||||||
Subtotal |
791 | 176 | (5) | 962 | ||||||||||||
Net | ||||||||||||||||
Claims and insurance benefits paid |
(6,792) | (4,686) | | (11,478) | ||||||||||||
Change in loss and loss adjustment expenses |
409 | (16) | | 393 | ||||||||||||
Total |
(6,383) | (4,702) | | (11,085) | ||||||||||||
2006 | ||||||||||||||||
Gross | ||||||||||||||||
Claims and insurance benefits paid |
(7,260) | (4,956) | 4 | (12,212) | ||||||||||||
Change in loss and loss adjustment expenses |
292 | 86 | (1) | 377 | ||||||||||||
Subtotal |
(6,968) | (4,870) | 3 | (11,835) | ||||||||||||
Ceded | ||||||||||||||||
Claims and insurance benefits paid |
996 | 176 | (4) | 1,168 | ||||||||||||
Change in loss and loss adjustment expenses |
(210) | 1 | 1 | (208) | ||||||||||||
Subtotal |
786 | 177 | (3) | 960 | ||||||||||||
Net | ||||||||||||||||
Claims and insurance benefits paid |
(6,264) | (4,780) | | (11,044) | ||||||||||||
Change in loss and loss adjustment expenses |
82 | 87 | | 169 | ||||||||||||
Total |
(6,182) | (4,693) | | (10,875) |
57
Allianz Group Interim Report First Quarter of 2007
27 Changes in reserves for insurance and investment contracts (net)
Three months ended March 31, |
Property- Casualty |
Life/Health
|
Consolidation
|
Total
| ||||||||||||
mn | mn | mn | mn | |||||||||||||
2007 | ||||||||||||||||
Gross | ||||||||||||||||
Aggregate policy reserves |
(62) | (504) | | (566) | ||||||||||||
Other insurance reserves |
| (94) | | (94) | ||||||||||||
Expenses for premium refunds |
(21) | (2,046) | (31) | (2,098) | ||||||||||||
Subtotal |
(83) | (2,644) | (31) | (2,758) | ||||||||||||
Ceded | ||||||||||||||||
Aggregate policy reserves |
(1) | 19 | | 18 | ||||||||||||
Other insurance reserves |
1 | (4) | | (3) | ||||||||||||
Expenses for premium refunds |
2 | 5 | | 7 | ||||||||||||
Subtotal |
2 | 20 | | 22 | ||||||||||||
Net | ||||||||||||||||
Aggregate policy reserves |
(63) | (485) | | (548) | ||||||||||||
Other insurance reserves |
1 | (98) | | (97) | ||||||||||||
Expenses for premium refunds |
(19) | (2,041) | (31) | (2,091) | ||||||||||||
Total |
(81) | (2,624) | (31) | (2,736) | ||||||||||||
2006 | ||||||||||||||||
Gross | ||||||||||||||||
Aggregate policy reserves |
(59) | (583) | | (642) | ||||||||||||
Other insurance reserves |
8 | (17) | | (9) | ||||||||||||
Expenses for premium refunds |
(28) | (2,101) | 8 | (2,121) | ||||||||||||
Subtotal |
(79) | (2,701) | 8 | (2,772) | ||||||||||||
Ceded | ||||||||||||||||
Aggregate policy reserves |
6 | 43 | | 49 | ||||||||||||
Other insurance reserves |
(1) | 5 | | 4 | ||||||||||||
Expenses for premium refunds |
2 | 5 | | 7 | ||||||||||||
Subtotal |
7 | 53 | | 60 | ||||||||||||
Net | ||||||||||||||||
Aggregate policy reserves |
(53) | (540) | | (593) | ||||||||||||
Other insurance reserves |
7 | (12) | | (5) | ||||||||||||
Expenses for premium refunds |
(26) | (2,096) | 8 | (2,114) | ||||||||||||
Total |
(72) | (2,648) | 8 | (2,712) |
58
Notes to the Consolidated Financial Statements
59
Allianz Group Interim Report First Quarter of 2007
32 Acquisition and administrative expenses (net)
Three months ended March 31, | 2007 | 2006 | ||||||||||||||||||||||
Segment mn |
Consolidation mn |
Group mn |
Segment mn |
Consolidation mn |
Group mn | |||||||||||||||||||
Property-Casualty | ||||||||||||||||||||||||
Acquisition costs | ||||||||||||||||||||||||
Incurred |
(2,070) | | (2,070) | (1,901) | | (1,901) | ||||||||||||||||||
Commissions and profit received on reinsurance business ceded |
170 | | 170 | 168 | | 168 | ||||||||||||||||||
Deferrals of acquisition costs |
1,587 | | 1,587 | 1,178 | | 1,178 | ||||||||||||||||||
Amortization of deferred acquisition costs |
(1,267) | | (1,267) | (952) | | (952) | ||||||||||||||||||
Subtotal |
(1,580) | | (1,580) | (1,507) | | (1,507) | ||||||||||||||||||
Administrative expenses | (1,095) | 16 | (1,079) | (1,156) | 51 | (1,105) | ||||||||||||||||||
Subtotal | (2,675) | 16 | (2,659) | (2,663) | 51 | (2,612) | ||||||||||||||||||
Life/Health | ||||||||||||||||||||||||
Acquisition costs | ||||||||||||||||||||||||
Incurred |
(907) | 1 | (906) | (980) | | (980) | ||||||||||||||||||
Commissions and profit received on reinsurance business ceded |
48 | | 48 | 26 | | 26 | ||||||||||||||||||
Deferrals of acquisition costs |
627 | | 627 | 830 | | 830 | ||||||||||||||||||
Amortization of deferred acquisition costs |
(182) | | (182) | (529) | | (529) | ||||||||||||||||||
Subtotal |
(414) | 1 | (413) | (653) | | (653) | ||||||||||||||||||
Administrative expenses | (460) | (10) | (470) | (372) | 12 | (360) | ||||||||||||||||||
Subtotal | (874) | (9) | (883) | (1,025) | 12 | (1,013) | ||||||||||||||||||
Banking | ||||||||||||||||||||||||
Personnel expenses | (907) | | (907) | (910) | | (910) | ||||||||||||||||||
Non-personnel expenses | (503) | 9 | (494) | (518) | 10 | (508) | ||||||||||||||||||
Subtotal | (1,410) | 9 | (1,401) | (1,428) | 10 | (1,418) | ||||||||||||||||||
Asset Management | ||||||||||||||||||||||||
Personnel expenses | (425) | | (425) | (427) | | (427) | ||||||||||||||||||
Non-personnel expenses | (165) | 6 | (159) | (158) | | (158) | ||||||||||||||||||
Subtotal | (590) | 6 | (584) | (585) | | (585) | ||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Administrative expenses | (117) | 6 | (111) | (139) | (42) | (181) | ||||||||||||||||||
Subtotal | (117) | 6 | (111) | (139) | (42) | (181) | ||||||||||||||||||
Total | (5,666) | 28 | (5,638) | (5,840) | 31 | (5,809) |
60
Notes to the Consolidated Financial Statements
33 Fee and commission expenses
Three months ended March 31, | 2007 | 2006 | ||||||||||||||||||||||
Segment mn |
Consolidation mn |
Group mn |
Segment mn |
Consolidation mn |
Group mn | |||||||||||||||||||
Property-Casualty | ||||||||||||||||||||||||
Fees from credit and assistance business | (118) | | (118) | (124) | | (124) | ||||||||||||||||||
Service agreements | (79) | 4 | (75) | (44) | 4 | (40) | ||||||||||||||||||
Investment advisory | | | | (2) | | (2) | ||||||||||||||||||
Subtotal | (197) | 4 | (193) | (170) | 4 | (166) | ||||||||||||||||||
Life/Health | ||||||||||||||||||||||||
Service agreements | (21) | 8 | (13) | (25) | 6 | (19) | ||||||||||||||||||
Investment advisory | (41) | 1 | (40) | (25) | | (25) | ||||||||||||||||||
Subtotal | (62) | 9 | (53) | (50) | 6 | (44) | ||||||||||||||||||
Banking | ||||||||||||||||||||||||
Securities business | (40) | | (40) | (33) | | (33) | ||||||||||||||||||
Investment advisory | (46) | 2 | (44) | (50) | 2 | (48) | ||||||||||||||||||
Payment transactions | (5) | | (5) | (5) | | (5) | ||||||||||||||||||
Mergers and acquisitions advisory | (3) | | (3) | (9) | | (9) | ||||||||||||||||||
Underwriting business | | | | (1) | | (1) | ||||||||||||||||||
Other | (52) | 3 | (49) | (62) | 17 | (45) | ||||||||||||||||||
Subtotal | (146) | 5 | (141) | (160) | 19 | (141) | ||||||||||||||||||
Asset Management | ||||||||||||||||||||||||
Commissions | (235) | 112 | (123) | (242) | 107 | (135) | ||||||||||||||||||
Other | (92) | 1 | (91) | (72) | 1 | (71) | ||||||||||||||||||
Subtotal | (327) | 113 | (214) | (314) | 108 | (206) | ||||||||||||||||||
Corporate | ||||||||||||||||||||||||
Service agreements | (35) | 2 | (33) | (23) | 2 | (21) | ||||||||||||||||||
Subtotal | (35) | 2 | (33) | (23) | 2 | (21) | ||||||||||||||||||
Total | (767) | 133 | (634) | (717) | 139 | (578) |
61
Allianz Group Interim Report First Quarter of 2007
62
Notes to the Consolidated Financial Statements
63
Allianz Group Interim Report First Quarter of 2007
Munich, May 7, 2007
Allianz SE
The Board of Management
64
Allianz SE
Koeniginstrasse 28
80802 Muenchen
Germany
Telephone +49 89 38 00 0
Telefax +49 89 34 99 41
www.allianz.com
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: May 9, 2007
ALLIANZ SE | ||
By |
/s/ Harry Langley-Poole
| |
Name: Harry Langley-Poole | ||
Title: Head of Group Management Reporting |