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Interim Report Third Quarter 2014 - Other Information

98 Interim Report Third Quarter and First Nine Months of 2014    Allianz Group 38 – Financial instruments and fair value measurement Fair values and carrying amounts of financial instruments The following table compares the carrying amount with the fair value of the ­Allianz Group’s financial assets and financial liabilities: Fair values and carrying amounts of financial instruments € mn as of 30 September 2014 as of 31 December 2013 Carrying amount Fair value Carrying amount Fair value Financial assets Cash and cash equivalents 11,658 11,658 11,207 11,207 Financial assets held for trading 2,099 2,099 2,512 2,512 Financial assets designated at fair value through income 4,063 4,063 4,148 4,148 Available-for-sale investments 451,643 451,643 392,233 392,233 Held-to-maturity investments 4,008 4,763 4,140 4,647 Investments in associates and joint ventures 3,213 3,888 3,098 3,597 Real estate held for investment 11,234 16,065 10,783 15,625 Loans and advances to banks and customers 116,797 136,916 116,800 129,528 Financial assets for unit-linked contracts 90,790 90,790 81,064 81,064 Derivative financial instruments and firm commitments included in other assets 290 290 75 75 Real estate held for own use 2,507 3,618 2,423 3,626 Financial liabilities Financial liabilities held for trading 7,580 7,580 6,013 6,013 Liabilities to banks and customers 22,749 23,127 23,109 23,282 Financial liabilities for unit-linked contracts 90,790 90,790 81,064 81,064 Derivative financial instruments and firm commitments included in other liabilities 285 285 158 158 Financial liabilities for puttable equity instruments 2,375 2,375 2,612 2,612 Certificated liabilities 8,186 9,100 8,030 8,576 Subordinated liabilities 12,028 13,015 11,554 12,323 The ­Allianz Group carries certain financial instruments at fair value and discloses the fair value of most other assets and liabilities. The fair value of an asset or liability is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The maximum exposure to credit risk of financial assets, without taking collateral into account, is represented by their carrying amount, except for available-for-sale financial assets, for which it is represented by the amortized cost amount. The degree of judgment used in measuring the fair value of financial instruments closely correlates with the level of non-market observableinputs.The ­AllianzGroupmaximizestheuseofobservable inputs and minimizes the use of non-market observable inputs when measuring fair value. Observability of input parameters is influenced by various factors such as type of the financial instrument, whether a market is established for the particular instrument, specific trans- action characteristics, liquidity as well as general market conditions. other information

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