Allianz has in its 2003 US Annual Report on Form 20-F restated its 2002 consolidated financial statements to recognize impairments for nine available-for-sale equity securities positions, following a comment process with the US Securities and Exchange Commission (SEC) concerning the timing of those impairments. The changes have no impact on 2004, nor otherwise impact Allianz's results or cash flows.
After a comprehensive analysis of the market value potential of these available-for-sale equity securities positions, Allianz had not recognized impairments under IFRS at year-end 2002. Under US-GAAP, however, Allianz had impaired such equity securities at December 31, 2002, as described on page 35 and Note 45(d) of Allianz's 20 F 2002. As a result of this restatement, the 2002 difference between IFRS and US GAAP was eliminated.
For the 2002 financial reporting, this results in an adjustment of the net income under IFRS of minus 267 million euros, while the 2003 financial reporting will show a corresponding improvement of 274 million euros. The table below indicates the respective changes. For German reporting purposes, the effects of these differences will be reflected in the half year report for the period ended June 30, 2004.
Allianz files Form 20-F with SEC
Allianz has filed its US Annual Report on Form 20-F for 2003 with the Securities and Exchange Commission (SEC).
| 2002 | 2003 | |
| (in million euros, exept per share data) | ||
| Net income – as previously reported | -1,229 | 1,616 |
| Gross adjustment | -764 | 732 |
| Attribution to insurance policyholder participation | 440 | -399 |
| Tax effect | 39 | -16 |
| Minority interest | 18 | -43 |
| Net income – as restated | -1,496 | 1,890 |
| Basic EPS – as previously reported (1) | -4.44 | 4.78 |
| Impact on basic EPS | -0.96 | 0.81 |
| Basic EPS – as restated | -5.40 | 5.59 |
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