Obligation Allians 2.304% ( XS1003176218 ) en EUR

Allians

100 % ▼

Allemagne

XS1003176218 ( en EUR )

2.304% par an ( paiement annuel )

16/12/2020 - Obligation échue

Prospectus brochure de l'obligation Allianz XS1003176218 en EUR 2.304%, échue

1 000 000 EUR

450 000 000 EUR

Allianz est une multinationale allemande leader mondial des services financiers, spécialisée dans l'assurance et la gestion d'actifs.

L'Obligation émise par Allians ( Allemagne ) , en EUR, avec le code ISIN XS1003176218, paye un coupon de 2.304% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le 16/12/2020

Base Prospectus dated 23 May 2013
This document constitutes three base prospectuses for the purposes of Art. 5(4) of Directive 2003/71/EC of the European Parliament and of
the Council of 4 November 2003, as amended by Directive 2010/73/EU of the European Parliament and of the Council of 24 November
2010 (the "Prospectus Directive"): (i) the base prospectus relating to issues of non-equity securities ("Non-Equity Securities") within the
meaning of Art. 22 No. 6(4) of Commission Regulation (EC) No. 809/2004 of 29 April 2004, as amended (the "Prospectus Regulation")
under the Programme (as defined below) by Allianz SE, (ii) the base prospectus relating to issues of Non-Equity Securities under the Pro-
gramme by Allianz Finance II B.V. and (iii) the base prospectus relating to issues of Non-Equity Securities under the Programme by Alli-
anz Finance III B.V.

ALLIANZ SE
(incorporated as a European Company (Societas Europaea SE) in Munich, Germany)
ALLIANZ FINANCE II B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
ALLIANZ FINANCE III B.V.
(incorporated with limited liability in Amsterdam, The Netherlands)
25,000,000,000 Debt Issuance Programme
guaranteed by
ALLIANZ SE
Under this Base Prospectus, Allianz SE, Allianz Finance II B.V. and Allianz Finance III B.V. (the "Issuers" and each an "Issuer"), subject
to compliance with all relevant laws, regulations and directives, may from time to time issue unsubordinated bearer notes in a minimum
denomination of 1,000 per Note (together the "Notes"). The aggregate principal amount of Notes issued under the Debt Issuance Pro-
gramme described in this Base Prospectus (the "Programme") outstanding will not at any time exceed 25,000,000,000 (or the equivalent
in other currencies). Notes issued by Allianz Finance II B.V. or issued by Allianz Finance III B.V. will be guaranteed by Allianz SE (in
such capacity the "Guarantor"). The principal amount of the Notes, the issue currency, the interest payable in respect of the Notes the
issue prices and maturities of the Notes and all other terms and conditions which are applicable to a particular Series and, if applicable,
Tranche of Notes (each term as defined below, see "General description of the Programme") will be set out in the document containing the
final terms (each "Final Terms") within the meaning of Art. 26(5) of the Prospectus Regulation.
The Commission de Surveillance du Secteur Financier (the "CSSF") of the Grand Duchy of Luxembourg in its capacity as competent
authority (the "Competent Authority") under the Prospectus Directive has approved this Base Prospectus as a base prospectus within the
meaning of Art. 5(4) of the Prospectus Directive pursuant to article 7 of the Luxembourg act relating to prospectuses for securities (loi
relative aux prospectus pour valeurs mobilières) dated 10 July 2005, as amended, which implements the Prospectus Directive into Luxem-
bourg law (the "Luxembourg Prospectus Law"). By approving this Base Prospectus, CSSF gives no undertaking as to the economic and
financial soundness of the operation or the quality or solvency of the Issuer.
Application has also been made to the Luxembourg Stock Exchange for Notes issued under the Programme for the period of twelve months
from the date of the publication of this Base Prospectus to be listed on the official list of the Luxembourg Stock Exchange (the "Official
List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market "Bourse de Luxembourg", appearing on the list
of regulated markets issued by the European Commission, and may be made on any other regulated market in a Member State (a "Regulat-
ed Market") of the European Economic Area ("EEA"). The Luxembourg Stock Exchange's regulated market is a Regulated Market for the
purposes of the Investment Services Directive 2004/39/EC. However, Notes may be listed on any other stock exchange or may be unlisted
as specified in the relevant Final Terms.
The Notes may be offered to the public in the Grand Duchy of Luxembourg ("Luxembourg"). The Issuer may request the CSSF in its
capacity as Competent Authority under Luxembourg Prospectus Law to provide competent authorities in host Member States within the
European Economic Area with a certificate of approval attesting that the Base Prospectus has been drawn up in accordance with the Lux-
embourg Prospectus Law ("Notification").
Each Tranche of Notes will be represented on issue by a temporary global note (each a "Temporary Global Note"). Interests in a Tempo-
rary Global Note will be exchangeable, in whole or in part, for interest in a permanent global note (each a "Permanent Global Note") on or
after the date 40 days after the later of the commencement of the offering and the relevant issue date (the "Exchange Date"), upon certifica-
tion as to non-U.S. beneficial ownership. The Notes are intended to be held in a manner, which would allow Eurosystem eligibility. There-
fore, the Global Notes will be deposited on the issue date either (i) in classical global note form with Clearstream Banking AG, Frankfurt
am Main ("Clearstream, Frankfurt") or (ii) in new global note form with a common safekeeper for Euroclear Bank SA/NV ("Euroclear")
and Clearstream Banking, société anonyme ("Clearstream, Luxembourg") and/or any other agreed clearing system. It does not necessari-
ly mean that the Notes will be recognised as eligible collateral for Eurosystem monetary policy and intra-day credit operations by the Eu-
rosystem either upon issue or at any or all times during their life. Such recognition will depend upon satisfaction of the Eurosystem eligibil-
ity criteria applicable from time to time.
This Base Prospectus will be published in electronic form on the website of the Luxembourg Stock Exchange (www.bourse.lu). This Base
Prospectus is valid for a period of twelve months after its approval.
Arranger
Commerzbank

This Base Prospectus comprises three base prospectuses for the purposes of giving information with regard
to the Issuers, the Guarantor, the Guarantor and its subsidiaries taken as a whole (the "Group" or "Allianz
Group") and the Notes which, according to the particular nature of the Issuers, the Guarantor and the
Notes, is necessary to enable investors to make an informed assessment of the assets and liabilities, finan-
cial position, profit and losses and prospects of the Issuers and the Guarantor.
Allianz Finance II B.V. in respect of itself only, Allianz Finance III B.V. in respect of itself only and Allianz
SE in their capacity as issuers (the "Issuers" and each an "Issuer") and Allianz SE in its capacity as Guar-
antor (the "Guarantor") accept responsibility for the information contained in this Base Prospectus. To the
best of the knowledge of the Issuers and the Guarantor, having taken all reasonable care to ensure that such
is the case, the information contained in this Base Prospectus is in accordance with the facts and does not
omit anything likely to affect its import.
This Base Prospectus is to be read in conjunction with all documents which are deemed to be incorporated
herein by reference (see "Documents Incorporated by Reference" below).
No person has been authorised to give any information or to make any representation other than those con-
tained in this Base Prospectus in connection with the issue or sale of the Notes and, if given or made, such
information or representation must not be relied upon as having been authorised by the Issuers, the Guaran-
tor or the Arranger or any Dealer (as defined in "Overview of the Programme"). Neither the delivery of this
Base Prospectus nor any sale made in connection herewith shall, under any circumstances, create any im-
plication that there has been no change in the affairs of each of the Issuers or the Guarantor since the date
hereof or the date upon which this Base Prospectus has been most recently supplemented or that there has
been no adverse change in the financial position of each of the Issuers since the date hereof or the date upon
which this Base Prospectus has been most recently supplemented or that any other information supplied in
connection with the Programme is correct as of any time subsequent to the date on which it is supplied or, if
different, the date indicated in the document containing the same.
The distribution of this Base Prospectus and the offering or sale of the Notes in certain jurisdictions may be
restricted by law. Persons into whose possession this Base Prospectus comes are required by the Issuers, the
Guarantor and the Arranger to inform themselves about and to observe any such restriction. Neither the
Notes nor any guarantee in respect of the Notes have been or will be registered under the U.S. Securities
Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or
other jurisdiction of the United States. The Notes will be issued in bearer form and are subject to certain
U.S. tax law requirements. Subject to certain exceptions, Notes may not be offered, sold or delivered within
the United States or to, or for the account or benefit of, any U.S. person. The term "U.S. person" has the
meaning ascribed to it in Regulation S under the Securities Act ("Regulation S") and the U.S. Internal Rev-
enue Code of 1986, as amended (the "Code") and regulations thereunder. The Notes are being offered and
sold outside the United States to non-U.S. persons pursuant to Regulation S and may not be legally or bene-
ficially owned at any time by any U.S. person. For a description of certain restrictions on offers and sales of
Notes and on distribution of this Base Prospectus, see "Subscription and Sale".
This Base Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuers, the
Guarantor or any Dealer to subscribe for, or purchase, any Notes.
The Arranger and the Dealers have not separately verified the information contained in this Base Prospec-
tus. Neither the Arranger nor any of the Dealers makes any representation, expressly or implied, or accepts
any responsibility, with respect to the accuracy or completeness of any information contained in this Base
Prospectus. Neither this Base Prospectus nor any other financial statements are intended to provide the ba-
sis of any credit or other evaluation and should not be considered as a recommendation by any of the Issu-
ers, the Guarantor, the Arranger or the Dealers that any recipient of this Base Prospectus or any other finan-
cial statements should purchase the Notes. Each potential purchaser of Notes should determine for itself the
relevance of the information contained in this Base Prospectus and its purchase of Notes should be based
upon such investigation as it deems necessary. None of the Arranger or the Dealers undertakes to review the
financial condition or affairs of each of the Issuers or the Guarantor during the life of the arrangements con-
templated by this Base Prospectus nor to advise any investor or potential investor in the Notes of any in-
formation coming to the attention of any of the Dealers or the Arranger.
This Base Prospectus may only be used for the purpose for which it has been published.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in
this Base Prospectus. This Base Prospectus identifies in general terms certain information that a prospective
investor should consider prior to making an investment in the Notes. However, a prospective investor
should conduct its own thorough analysis (including its own accounting, legal and tax analysis) prior to de-
ciding whether to invest in any Notes issued under the Programme as any evaluation of the suitability for an
2

investor of an investment in Notes issued under the Programme depends upon a prospective investor's par-
ticular financial and other circumstances, as well as on specific terms of the relevant Notes and, if it does
not have experience in financial, business and investment matters sufficient to permit it to make such a de-
termination, it should consult its financial adviser prior to deciding to make an investment on the suitability
of any Notes.
In connection with the issue of any Tranche (as defined below), the Dealer or Dealers (if any) named as the
stabilising manager(s) (the "Stabilising Manager(s)") (or a person acting on behalf of any Stabilising
Manager(s)) in the applicable Final Terms may over-allot Notes or effect transactions with a view to sup-
porting the market price of the Notes at a level higher than that which might otherwise prevail. However,
there is no assurance that the Stabilising Manager(s) (or a person acting on behalf of a Stabilising Manager)
will undertake stabilisation action. Any stabilisation action may begin on or after the date on which ade-
quate public disclosure of the terms of the offer of the relevant Tranche is made and, if begun, may be end-
ed at any time, but it must end no later than the earlier of 30 calendar days after the issue date of the rele-
vant Tranche and 60 calendar days after the date of the allotment of the relevant Tranche. Any stabilisation
action or over-allotment must be conducted by the relevant Stabilising Manager(s) (or a person acting on
behalf of any Stabilising Manager(s)) in accordance with all applicable laws and rules.
In this Base Prospectus, unless otherwise specified or the context otherwise requires, references to "CHF"
are to the currency of Switzerland, references to "EUR", "euro" and "" are to the currency introduced at
the third stage of European economic and monetary union pursuant to the Treaty establishing the European
Community as amended by the Treaty on European Union, references to "Sterling" and "£" are to the cur-
rency of the United Kingdom and references to "US$", "USD" and "U.S. dollars" are to the currency of the
United States.
3

TABLE OF CONTENTS

Page
DOCUMENTS INCORPORATED BY REFERENCE .................................................................................. 5
SUMMARY .................................................................................................................................................... 8
RISK FACTORS .......................................................................................................................................... 21
GENERAL DESCRIPTION OF THE PROGRAMME ................................................................................ 36
ISSUE PROCEDURES ................................................................................................................................ 38
TERMS AND CONDITIONS OF THE NOTES .......................................................................................... 40
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE II B.V. ........................................................... 97
GUARANTEE WITH RESPECT TO ALLIANZ FINANCE III B.V. ....................................................... 100
USE OF PROCEEDS ................................................................................................................................. 103
DESCRIPTION OF ALLIANZ FINANCE II B.V. .................................................................................... 104
DESCRIPTION OF ALLIANZ FINANCE III B.V. ................................................................................... 107
DESCRIPTION OF ALLIANZ SE AND ALLIANZ GROUP .................................................................... 110
TAXATION ................................................................................................................................................ 136
SUBSCRIPTION AND SALE ................................................................................................................... 143
FORM OF FINAL TERMS ........................................................................................................................ 148
GENERAL INFORMATION ..................................................................................................................... 164

4

DOCUMENTS INCORPORATED BY REFERENCE
This Base Prospectus should be read and construed in conjunction with the following documents which
have been previously published or are published simultaneously with this Base Prospectus and which have
been filed with the CSSF and shall be deemed to be incorporated by reference in, and form part of, this
Base Prospectus, all of which shall be deemed to be incorporated by reference in, and to form part of, this
Base Prospectus and which shall be deemed to modify or supersede the contents of this Base Prospectus to
the extent that a statement contained in any such document is inconsistent with such contents. Any state-
ment so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a
part of this Base Prospectus with respect to any Notes issued thereafter:
Cross Reference List
Information Incorporated by Reference
Reference
Allianz Group
Annual Report 2012
Consolidated Balance Sheets
Page 219
Consolidated Income Statements
Page 220
Consolidated Statements of Comprehensive Income
Page 221
Consolidated Statements of Changes in Equity
Page 222
Consolidated Statements of Cash Flows
Pages 223-225
Notes to the Consolidated Financial Statements
Pages 226-365
Notes to the Consolidated Balance Sheets
Pages 272-310
Notes to the Consolidated Income Statements
Pages 311-323
Other Information
Pages 324-356
List of participations of the Allianz Group as
Pages 357-364
of December 31, 2012 according to § 313(2) HGB
Auditor's Report
Page 366

Information Incorporated by Reference
Reference
Allianz Group
Annual Report 2011
Consolidated Balance Sheets
Page 182
Consolidated Income Statements
Page 183
Consolidated Statements of Comprehensive Income
Page 184
Consolidated Statements of Changes in Equity
Page 185
Consolidated Statements of Cash Flows
Pages 186-188
Notes to the Consolidated Financial Statements
Pages 189-325
Supplementary Information to the Consolidated
Pages 236-269
Balance Sheets
Supplementary Information to the Consolidated In-
Pages 270-284
come Statements
Other Information
Pages 285-317
List of participations of the Allianz Group as
Pages 318-324
of December 31, 2011 according to § 313(2) HGB
Auditor's Report
Page 326

5

Allianz Group
Unaudited Consolidated Interim Report for the First Quarter of 2013
Consolidated Balance Sheets
Page 47
Consolidated Income Statements
Page 48
Consolidated Statements of Comprehensive Income
Page 49
Consolidated Statements of Changes in Equity
Page 50
Condensed Consolidated Statements of Cash Flows
Pages 51-52
Notes to the Condensed Consolidated Interim Financial
Pages 53-97
Statements
Review Report
Page 98

Allianz Group
Unaudited Consolidated Interim Report for the First Quarter of 2012
Consolidated Balance Sheets
Page 46
Consolidated Income Statements
Page 47
Consolidated Statements of Comprehensive Income
Page 48
Consolidated Statements of Changes in Equity
Page 49
Condensed Consolidated Statements of Cash Flows
Pages 50-51
Notes to the Condensed Consolidated Interim Financial
Pages 52-87
Statements
Review Report
Page 88

Allianz SE
Annual Report 2012
Balance Sheet
Pages 94-95
Income Statement
Page 96
Notes to the Financial Statements
Pages 97-131
List of participations Allianz SE, Munich as
Pages 126-130
of December 31, 2012 according to § 285 No. 11
HGB in conjunction with § 286 (3) No. 1 HGB
Auditor's Report
Page 132

Allianz SE
Annual Report 2011
Balance Sheet
Pages 86-87
Income Statement
Page 88
Notes to the Financial Statements
Pages 89-124
List of participations Allianz SE, Munich as
Pages 120-123
of December, 31 2011 according to § 285 No. 11
HGB in conjunction with § 286 (3) No. 1 HGB
Auditor's Report
Page 125

6

Allianz Finance II B.V.
Financial Statements for the year 2012
Balance sheet as at 31 December 2012
Page 4
Statement of comprehensive income for the year 2012
Page 5
Statement of changes in equity for the year 2012
Page 6
Cash flow statement for the year 2012
Page 7
Notes to the 2012 financial statements
Pages 8-22
Auditor's Report
Pages 23-24

Allianz Finance II B.V.
Financial Statements for the year 2011
Balance sheet as at 31 December 2011
Page 4
Statement of comprehensive income for the year 2011
Page 5
Statement of changes in equity for the year 2011
Page 6
Cash flow statement for the year 2011
Page 7
Notes to the 2011 financial statements
Pages 8-21
Auditor's Report
Pages 22-23

Allianz Finance III B.V.
Financial Statements for the year 2012
Balance sheet as at 31 December 2012
Page 3
Statement of comprehensive income for the year 2012
Page 4
Statement of changes in equity for the year 2012
Page 5
Cash flow statement for the year 2012
Page 6
Notes to the 2012 financial statements
Pages 7-15
Auditor's Report
Pages 16-17

Allianz Finance III B.V.
Financial Statements for the year 2011
Balance sheet as at 31 December 2011
Page 3
Statement of comprehensive income for the year 2011
Page 4
Statement of changes in equity for the year 2011
Page 5
Cash flow statement for the year 2011
Page 6
Notes to the 2011 financial statements
Pages 7-11
Auditor's Report
Pages 12-13

The information incorporated by reference that is not included in the cross-reference list, is considered as
additional information and is not required by the relevant schedules of the Prospectus Regulation.
Copies of the documents which are incorporated herein by reference will be available free of charge from
the specified offices of the Paying Agent and the Luxembourg Listing Agent set out at the end of this Base
Prospectus.
This Base Prospectus and the documents incorporated by reference are also available for viewing at
www.bourse.lu.
7

SUMMARY
Summaries are made up of disclosure requirements known as "Elements". These Elements are numbered in
Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this
type of Notes and Issuers. Because some Elements are not required to be addressed, there may be gaps in
the numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and
the relevant Issuer, it is possible that no relevant information can be given regarding the Element. In this
case, a short description of the Element is included in the Summary with the mention of "not applicable".
The Summary contains options, characterised by square brackets (other than the respective translations of
specific legal terms), and placeholders regarding the Notes to be issued under the Programme. The sum-
mary of the individual issue of Notes will include the options relevant to this issue of Notes as determined
by the applicable Final Terms and will contain the information, which had been left blank, as completed by
the applicable Final Terms.
Element
Section A Introduction and warnings
A.1
Warning that:

this Summary should be read as an introduction to the Base Prospectus;

any decision to invest in the Notes should be based on consideration of the Base Prospectus as
a whole by the investor;

where a claim relating to the information contained in the Base Prospectus is brought before a
court, the plaintiff investor might, under the national legislation of the Member States, have to
bear the costs of translating the Base Prospectus, before the legal proceedings are initiated; and

civil liability attaches only to the Issuers which have tabled the Summary including any trans-
lation thereof, but only if the Summary is misleading, inaccurate or inconsistent when read to-
gether with the other parts of the Base Prospectus or it does not provide, when read together
with the other parts of the Base Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2
Consent to the use of the Base Prospectus:
Each of [] [and/or each of [] as financial intermediary] subsequently reselling or finally placing the
Notes in [] is entitled to use the Base Prospectus for the subsequent resale or final placement of the Notes
during the offer period for the subsequent resale or final placement of the Notes from [] to [], provided
however, that the Base Prospectus is still valid in accordance with Article 11 of the Luxembourg act relat-
ing to prospectuses for securities (Loi relative aux prospectus pour valeurs mobilières) which implements
Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 (as amended by
Directive 2010/73/EU of the European Parliament and of the Council of 24 November 2010).
The Base Prospectus may only be delivered to potential investors together with all supplements published
before such delivery. Any supplement to the Base Prospectus is available for viewing in electronic form
on the website of the Luxembourg Stock Exchange (www.bourse.lu). When using the Base Prospectus,
each Dealer and/or relevant further financial intermediary must make certain that it complies with all
applicable laws and regulations in force in the respective jurisdictions.
In the event of an offer being made by a Dealer and/or a further financial intermediary, the Dealer
and/or the further financial intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.
Any new information with respect to financial intermediaries unknown at the time of the approval of the
Base Prospectus or the filing of the Final Terms will be published on the internet page www.allianz.com.

Element
Section B Allianz SE as [Issuer] [Guarantor]
B.1
Legal and commercial name
Allianz SE ("Allianz" and, together with its consolidated
subsidiaries, "Allianz Group").
B.2
Domicile / Legal form / Legislation /
Allianz SE is a European Company (Societas Europaea
Country of incorporation
"SE") incorporated under the laws of Germany and registered
under its legal name "Allianz SE" in the commercial register
at the local court (Amtsgericht) in Munich and conducts its
business in Germany, amongst others, under the commercial
name "Allianz". The registered seat (Sitz) and business ad-
dress of Allianz SE is at Königinstraße 28, 80802 Munich,
Germany.

8

B.4b
Known trends affecting the Issuer and the Insurance industry: Global insurance premiums are expected
industries in which it operates
to rise modestly in 2013.
Asset management industry: The outlook for the asset man-
agement industry for 2013 remains uncertain.
Allianz SE: Although the global economy is showing signs of
a slow recovery, investment results are likely to remain under
pressure due to low interest rates and the continued uncertain-
ty surrounding sovereign debts. This will be partly offset by a
better operational performance in the business segments and a
growth-driven increase in Allianz Group's asset base.
B.5
Description of the group and the Issuer's
Allianz Group is present in over 70 countries and offers a
position within the group
comprehensive range of insurance and asset management
products and services to approximately 78 million customers.
Allianz Group manages and steers its operations mainly
through three business segments: Property-Casualty insur-
ance, Life/Health insurance and Asset Management. Allianz
Group's Banking business is reported under the Corporate and
Other segment, which also includes central holding functions.
Allianz SE, the parent company, is headquartered in Munich,
Germany. Its shares are listed for trading on the Frankfurt
Stock Exchange and other German stock exchanges.
B.9
Profit forecast or estimate
Not applicable. No profit forecast or estimate are made.
B.10
Nature of any qualifications in the audit
Not applicable. The audit report does not include any qualifi-
report on historical financial information
cations.
B.12
Selected historical key financial information
As of or for the Years ended 31 De-
cember(1)
2012
2011

(amounts in million)
(amounts in million)
Income Statement

Total revenues(2) ..............................................................................
106 ,383
103,560
Operating profit(3) ............................................................................
9,501
7,866
Net income ......................................................................................
5 ,491
2,804
Balance Sheet

Total assets ......................................................................................
694 ,621
641,472
Shareholders' equity .........................................................................
53 ,553
44,915
Non-controlling interests .................................................................
2 ,665
2,338
Total equity ......................................................................................
56 ,218
47,253
Total liabilities .................................................................................
638 ,403
594,219

(1)
All figures as shown in the Allianz Group's annual report 2012.
(2)
Total revenues comprise statutory gross premiums written in Property-Casualty and Life/Health, operating revenues in
Asset Management and total revenues in Corporate and Other (Banking).
(3)
The Allianz Group uses operating profit as a key financial indicator to assess performance of its business segments and the
Group as a whole.

9

As of or for the First Quarter ended 31
March
2013
2012

(amounts in million)
(amounts in million)
Income Statement

Total revenues(1) ..............................................................................
32 , 048
30,053
Operating profit(2)(3)(4)......................................................................2 , 797
2,333
Net income(3) ...................................................................................1 , 801
1,451
Balance Sheet(3)

Total assets ......................................................................................
710 , 581
661,070
Shareholders' equity ........................................................................
51 , 950
46,542
Non-controlling interests .................................................................2 , 671
2,392
Total equity .....................................................................................
54 , 621
48,934
Total liabilities ................................................................................
655 , 960
612,136

(1)
Total revenues comprise statutory gross premiums written in Property-Casualty and Life/Health, operating revenues in
Asset Management and total revenues in Corporate and Other (Banking).

(2)
The Allianz Group uses operating profit as a key financial indicator to assess performance of its business segments and the
Group as a whole.
(3)
Prior period figures have been restated to reflect the retrospective application of the amended standard IAS 19 Employee
Benefits, effective as of 1 January 2013.
(4)
As of the first quarter of 2013 all restructuring charges are presented within operating profit and all prior periods have been
adjusted to conform to the current accounting presentation.

Trend information
There has been no material adverse change in the prospects of Allianz SE since 31 December 2012. No
developments are currently foreseen that are reasonably likely to have a material effect on Allianz's pro-
spects.

Significant change in the financial and trading position
There has been no significant change in the financial or trading position of Allianz SE since 31 March
2013.
B.13
Recent developments
In May 2013 Allianz SE has called for redemption a
subordinated bond with an outstanding amount of USD 2
bn and a coupon of 8.375 % p.a. Repayment will be in
June 2013. The conglomerate solvency ratio of Allianz
Group will be negatively affected.
Allianz SE enters into a long-term partnership with Yapi
Kredi in Turkey and Allianz SE acquires Yapi Kredi
Sigorta, the Property-Casualty insurer, including its sub-
sidiary Yapi Kredi Emeklilik, the life and pension busi-
ness. The transaction is expected to be closed during the
second half of 2013

B.14.
Statement of dependency upon other entities
Not applicable. Allianz SE is not dependent upon other
within the group
entities within Allianz Group. See Element B.5 above.
B.15
Principal activities
The Allianz Group is a global financial service provider
and offers a comprehensive range of insurance and asset
management products and services. Allianz Group`s
product portfolio includes property-casualty insurance,
life & health insurance and asset management and Allianz
Group is carrying out any other activities incidental to the
activity in said areas or conducive to promoting the same.
B.16
Major shareholders
On 20 April 2011 Black Rock, Inc., New York, USA
("Blackrock") notified Allianz SE that on 13 April 2011
the share of the voting rights directly or indirectly held by
Blackrock amounted to 5.03% of the voting rights.
On 10 May 2013 Commerzbank Aktiengesellschaft,
Frankfurt am Main, Germany ("Commerzbank") notified
Allianz SE that on 6 May 2013 the share of the voting
rights directly or indirectly held by Commerzbank
amounted to 4.97% of the voting rights.

10