Allianz is an international financial services provider with over 83 million customers worldwide. In 2013, Allianz achieved total revenues of 110.8 billion euros and an operating profit of 10.1 billion euros. Allianz offers a wide range of insurance and asset management products and is a leading provider globally. According to its 2013 financial statements, Allianz saw a 2.5% increase in total assets from 2012 to 2013 and a 14.1% increase in net income over the same period.

1. 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.

2. 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

3. FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012
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Activity Ratio
Consolidated Balance Sheet as of December 31, 2013
Assets 12/31/2013
RM
12/31/2012
RM
Change
Cash and cash equivalents 11,207 12,437 -9.9%
Short term investments – available for sale securities 7,245 7,283 -0.5%
Short term investments – trading securities 411,015 401,628 2.3%
Accounts receivable , net 116,800 119,369 -2.2%
Inventories 81,064 71,197 13.9%
Prepaid and other current assets 12,609 13,254 -4.9%
Deferred acquisition costs 22,203 19,452 14.1%
Deferred income taxes, net 1,508 1,526 -1.2%
Other assets 34,632 35,196 -1.6%
Total Current Asset 698,283 681,342
Non-current assets and assets of disposal groups
classified as held for sale
147 15 880.0%
Intangible assets 13,100 13,090 0.1%
Total assets 711,530 694,447 2.5%
Liabilities and equity
12/31/2013
RM
12/31/2012
RM
Change
Accounts payable 6,013 5,397 11.4%
Accrued compensations and related costs 23,109 22,425 3.1%

4. FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012
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Assets 12/31/2013
RM
12/31/2012
RM
Change
Cash and cash equivalents 11,207 12,437 -9.9%
Accrued occupancy costs 18,212 17,939 1.5%
Accrued taxes 66,566 72,540 -8.2%
Insurance reserves 404,072 390,985 3.3%
Financial liabilities for unit-linked contracts 81,064 71,197 13.9%
Deferred tax liabilities 3,178 4,035 -21.2%
Certificated liabilities 36,883 37,392 -1.4%
Other accrued liabilities 8,030 7,960 0.9%
Deferred revenue 11,554 11,614 -0.5%
Total liabilities 658,681 641,484 2.7%
Total Shareholders' equity 50,084 50,388 -0.6%
Non-controlling interests 2,765 2,575 7.4%
Total equity 52,849 52,963 -0.2%
Total liabilities and equity 711,530 694,447 2.5%
1
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)
Consolidated Income Statements 2013
2013
RM
2012
RM
Change
Net revenues 72,051 72,086 0.0%
Cost of sales , including occupancy costs -4,541 -5,336 -14.9%
Change in unearned premiums -882 -705 25.1%
Gross margin (net) 66,628 66,045 0.9%
Interest and similar income 20,918 21,084 -0.8%

5. FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012
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2013
RM
2012
RM
Change
Income from financial assets and liabilities carried at fair value through income
(net)
-1,842 -511 260.5%
Gain on sale of properties 4,285 4,327 -1.0%
Fee and commission income 10,492 9,812 6.9%
Other income 209 214 -2.3%
Income from fully consolidated private equity investments 726 788 -7.9%
Total income 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%
Claims and insurance benefits incurred (net) -47,802 -48,873 -2.2%
Interest income and other , net -13,990 -14,360 -2.6%
Interest expenses -1,322 -1,477 -10.5%
Loan loss provisions -86 -111 -22.5%
Impairments of investments (net) -611 -934 -34.6%
Investment expenses -905 -876 3.3%
Store operating expenses -22,865 -22,046 3.7%
Depreciation and amortization expenses -3,038 -2,895 4.9%
General and administrative expenses -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%
Total expenses -91,772 -93,040 -1.4%
Income before income taxes 9,644 8,719 10.6%

6. FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012
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2013
RM
2012
RM
Change
Income taxes -3,300 -3,161 4.4%
Net income 6,344 5,558 14.1%
Net income, attributable to:
Non-controlling interests 348 327 6.4%
Shareholders 5,996 5,231 14.6%
Basic earnings per share (EUR) 13.23 11.56 14.4%
Diluted earnings per share (EUR) 13.05 11.48 13.7%

7. FINANCIAL STATEMENT ANALYSIS FOR ALLIANZ YEAR 2013/2012
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2013
RM
2012
RM
Change
Income taxes -3,300 -3,161 4.4%
Net income 6,344 5,558 14.1%
Net income, attributable to:
Non-controlling interests 348 327 6.4%
Shareholders 5,996 5,231 14.6%
Basic earnings per share (EUR) 13.23 11.56 14.4%
Diluted earnings per share (EUR) 13.05 11.48 13.7%