ALLIANZ GROUP 101 Contents Consolidated Financial Statements To go directly to any chapter, simply click on the headline or the page number. 102 Consolidated Balance Sheet 103 Consolidated Income Statement 104 Statement of Changes in Shareholders’ Equity 105 Cash Flow Statement 106 Segment Reporting 106 Consolidated balance sheet by business segments 108 Consolidated income statement by business segments 110 Property/Casualty insurance 110 Specialty lines 110 Life/Health insurance 110 Banking Notes to the Consolidated Financial Statements 112 1 Issuance of the Declaration of compliance with the German Corporate Governance Code according to § 161 AktG 112 2 Accounting regulations 113 3 Consolidation 116 4 Accounting and valuation policies Supplementary Information on Group Assets 129 5 Intangible assets 130 6 Investments in affiliated enterprises, joint ventures, and associated enterprises 130 7 Investments 132 8 Loans and advances to banks and customers  134 9 Trading assets 135 10 Cash and cash equivalents 135 11 Amounts ceded to reinsurers from the insurance  reserves 136 12 Other assets Supplementary Information on Group Liabilities and Equity 137 13 Shareholders’ equity 139 14 Minority interests in shareholders’ equity/earnings 139 15 Participation certificates and subordinated liabilities 141 16 Insurance reserves 143 17 Liabilities to banks 143 18 Liabilities to customers 144 19 Certificated liabilities 144 20 Trading liabilities 144 21 Other accrued liabilities 147 22 Other liabilities 147 23 Deferred income Supplementary Information to the Consolidated Income Statement 148 24 Premiums earned (net) 148 25 Interest and similar income 149 26 Income (net) from investments in affiliated enter- prises, joint ventures, and associated enterprises 149 27 Other income from investments 149 28 Trading income 150 29 Fee and commission income, and income from  service activities 150 30 Other income 151 31 Insurance benefits 151 32 Interest and similar expenses 152 33 Other expenses for investments 152 34 Loan loss provisions 153 35 Acquisition costs and administrative expenses 154 36 Other expenses 154 37 Taxes Supplementary Information on Insurance and Banking Business 157 38 Supplementary information on insurance business 158 39 Supplementary information on banking business 159 40 Use, treatment and reporting of derivative financial  instruments 162 41 Related party disclosures 163 42 Contingent liabilities and other commitments Other Information 167 43 Other information Selected Participations and Equity Investments 175 Operating subsidiaries 178 Associated enterprises 179 Other selected holdings in listed companies 181 Independent Auditors’ Report 188 Glossary