Competencias laborales de las mujeres en cargos directivos

Total assets under management decreased by € 38 bn to € 1,763 bn, mainly driven by third-party assets under management (AuM) net outflows and negative effects from Market and Other, but largely offset by favorable effects from foreign currency translation. Of total AuM, € 1,276 bn related to third-party AuM and € 487 bn to Allianz Group assets.

In 2015, we recorded total AuM net outflows of € 116 bn. Net out- flows from third-party AuM amounted to € 107 bn. This was strongly driven by PImCO in the United States, primarily from traditional fixed income products. However, since the end of 2014, third-party AuM net outflows at PImCO have significantly receded with each quarter, amounting to only € 11 bn in the fourth quarter of 2015. Allianz Global Investors (AllianzGI) recorded strong third-party net inflows in 2015. These were primarily due to net inflows in Europe, continuing AllianzGI’s trend of third-party net inflows for the twelfth consecutive quarter.

Unfavorable effects from Market and Other, amounting to € 34 bn, also contributed to the decrease of total AuM. Negative effects of € 41 bn at PImCO – mainly from fixed income assets – were only partially offset by positive effects at AllianzGI of € 8 bn.

We recorded a decline in total AuM of € 13 bn, reported as con- solidation, deconsolidation and other adjustments. This was mainly due to an adjustment of third-party AuM related to a joint venture and a correction in reporting of notional accounts.

Mainly as a result of the depreciation of the Euro against the U.S. Dollar, which declined from 1.21 at the beginning of the year to 1.09 on 31 December 2015, we recorded favorable foreign currency trans- lation effects of € 125 bn.

87

Annual Report 2015 Allianz Group

C Group Management Report

Management Discussion and Analysis

67 Business Environment 69 Executive Summary of 2015 Results 74 Property-Casualty Insurance Operations

80 Life/Health Insurance Operations

86 Asset Management

90 Corporate and Other

92 Outlook 2016 98 Balance Sheet Review 105 Liquidity and Funding Resources

110 Reconciliations

The share of third-party assets between mutual funds and sepa- rate accounts changed in favor of separate accounts, compared to the end of 2014 – with mutual funds at 58.3 % and separate accounts at 41.7 %.

third-party assets under management by region/country1 as of 31 December 2015 [31 December 2014] in %

Europe 32.7 [29.2] America2_{56.0 [60.0]}

Asia-Pacific 11.3 [10.8]

1 Based on the location of the asset management company.

2 “America” consists of the United States, Canada and Brazil (€ 699 BN, € 14 BN and € 1 BN third-party AuM as of 31 December 2015, respectively).

development of total assets under management € bn 500 0 1,000 1,500 2,000 1,5721 ₂₂₉1 (116) 1,801 01

Market and Other 3

Net flows 2

Consolidation, deconsoli- dation and other adjustments F/X effects Total AuM (as of 31/12/2015) Total AuM (as of 31/12/2014) 1,385 ₁₇₆ 1514 ₅₁5 (34) +125 1,763 (13)

Fixed income Equities Multi-assets Other Changes

1 Fixed income, equities and other definitions based on legal entity view as of 31 December 2014. There- fore, 2014 and 2015 figures are not comparable.

2 From the first quarter of 2015, net flows represent the sum of new client assets, additional contributions from existing clients – including dividend reinvestment – withdrawals of assets from, and termination of, client accounts and distributions to investors. Reinvested dividends amounted to € 18 BN. 3 From the first quarter of 2015, Market and Other represents current income earned on, and changes in

the fair value of, securities held in client accounts. It also includes dividends from net investment income

and from net realized capital gains to investors of open ended mutual funds and of closed end funds. 4 Multi-assets is a combination of several asset classes (e.g. bonds, stocks, cash and real property) used as

an investment. Multi-assets class investments increase the diversification of an overall portfolio by dis- tributing investments throughout several asset classes.

5 Other is composed of other asset classes than equity, fixed income and multi-assets, e.g. money markets, commodities, real estate investment trusts, infrastructure investments, private equity investments, hedge funds, etc.

In the following section we focus on the development of third-party assets under management.

As of 31 December 2015, the share of third-party AuM by business unit was 77.3 % attributable to PImCO and 22.7 % attributable to AllianzGI.

At the beginning of 2015 we enhanced our asset class reporting from a legal entity view to a more granular asset class split composed of fixed income, equities, multi-assets, and other. Furthermore, we replaced the retail and institutional asset split by an investment vehicle view, comprised of mutual funds and separate accounts.1

Based on the asset class split on 31 December 2015, the third- party AuM share of fixed income amounted to 74.0 %, reflecting the high share of fixed income assets at PImCO. 11.8 % in equity assets was due to the notable equity share at AllianzGI. Multi-assets and other accounted for 10.5 % and 3.7 %, respectively.

1 Mutual funds are investment vehicles (in the United States, investment companies subject to the U.S. code; in Germany, vehicles subject to the “Standard-Anlagerichtlinien des Fonds” Investmentgesetz) where the money of several individual investors is pooled into one account to be managed by the asset manager, e.g. open-end funds, closed-end funds. Separate accounts are investment vehicles where the money of a single investor is directly managed by the asset manager in a separate dedicated account (e.g. public or private institutions, high net worth individuals, and corporates).

88 Annual Report 2015 Allianz Group

The regional allocation of third-party AuM shifted in favor of Europe and – to a lesser extent – the Asia-Pacific region. This was mainly due to strong third-party net outflows in the United States and third-party net inflows at AllianzGI in Europe and was supported by market effects. It was only partially offset by positive foreign currency trans- lation effects.

three-year rolling investment performance of pimco and allianzgi1 as of 31 December in % PIMCO AllianzGI 100 80 60 40 20 0 (20) (40) 2013 2014 2015 2013 2014 2015 90 (10) 69 (31) 88 (12) 55 (45) 70 (30) 55 (45)

Outperforming third-party assets under management Underperforming third-party assets under management

1 Three-year rolling investment performance reflects the mandate-based and volume-weighted three- year investment success of all third-party assets that are managed by Allianz Asset Management’s portfolio-management units. For separate accounts and mutual funds, the investment success (valued on the basis of the closing prices) is compared with the investment success prior to cost deduction of the respective benchmark, based on various metrics. For some mutual funds, the investment success, reduced by fees, is compared with the investment success of the median of the respective Morningstar peer group (a position in the first and second quartile is equivalent to outperformance).

The overall three-year rolling investment performance of our Asset Management business decreased, but remained on a high level, with 69 % of third-party assets outperforming their respective benchmarks (31 December 2014: 84 %). The decrease was mainly driven by PImCO’s rolling investment performance, which was impacted by strong quarters of 2012 rolling off and more challenging quarters of 2015 roll- ing in. 69 % of PImCO third-party assets outperformed their respective benchmarks. AllianzGI improved significantly with 70 % of third-party assets outperforming their respective benchmarks.