D _ Consolidated Financial Statements Income derived from the management of investment funds Of this investment fund exposure of the Allianz Group, investments of mainly includes asset management fees and performance-based fees. € 12.0 bn (2020: € 11.3 bn) relate to listed investment funds, whereas Investment funds launched by group-internal asset managers investments of € 48.4 bn (2020: € 30.2 bn) relate to unlisted can be considered to be sponsored by the Allianz Group. As a sponsor, investment funds. the Allianz Group is involved in the legal set-up and marketing of As of the reporting date, the Allianz Group has receivables from internally managed investment funds through its asset management unconsolidated investment funds, which are mainly due in return for subsidiaries. This may include providing seed capital to the funds and asset management services, amounting to € 1,298 mn (2020: providing administrative services to ensure the investment funds’ € 1,056 mn). Furthermore, the Allianz Group has entered operation. Investment funds managed by group-internal asset commitments to invest in private equity funds and further financial managers can be reasonably associated with the Allianz Group. The instruments of up to € 30,604 mn as of 31 December 2021 (2020: use of the Allianz name for investment funds is another indicator that € 25,017 mn). the Allianz Group has acted as a sponsor for the respective funds. The carrying amounts in the tables listed above correspond to an Information on the management fees generated in the asset aggregated amortized cost amount of € 47,842 mn (2020: management business is disclosed in note 24. € 36,425 mn). In a very extreme scenario, this amortized cost amount represents the maximum exposure to loss for the Allianz Group from these investments. In the reporting period, the Allianz Group has not provided any financial or other support to these entities, nor does it have the intention to provide such support in the future. Interests in asset-backed securities (ABS) and Besides the investments in investment funds described above, the mortgage-backed securities (MBS) issued by Allianz Group also holds investment funds to fund unit-linked securitization vehicles insurance contracts. However, these holdings are held on behalf and for the benefit of unit-linked policyholders only. For that reason, these Carrying amounts of ABS and MBS investments by type of category holdings are not included in the table above. As of 31 December 2021, € mn the volume of unit-linked assets amounted to € 158,346 mn (2020: As of 31 December 2021 2020 € 137,307 mn). Any exposure to loss on these investments is solely CMBS 12,840 13,079 borne by the unit-linked policyholder. CMO/CDO 6,727 6,394 U.S. Agency 3,747 3,919 Auto 457 677 36 _ Related party transactions Other 5,089 4,005 Total1,2 28,861 28,074 1_Comprises mainly investments. 2_Thereof rated AAA or AA € 24,300 mn (2020: € 25,357 mn). Detailed information on the remuneration of the Board of Management and Supervisory Board according to the German Stock The carrying amounts in the tables listed above correspond to an Corporation Act (AktG) and the recommendations of the German aggregated amortized cost amount of € 28,207 mn (2020: Corporate Governance Code are disclosed in the Remuneration € 26,711 mn). In a very extreme scenario, this amortized cost amount Report. The following descriptions are made in accordance with represents the maximum exposure to loss for the Allianz Group from IAS 24.17 and IAS 24.18. these investments. In the reporting period, the Allianz Group has not The remuneration of the Board of Management consists of a fixed provided any financial or other support to these entities, nor does it remuneration component and a performance-based remuneration intend to provide such support in the future. component: Investments in investment funds − The fixed remuneration component comprises the base salary, perquisites (e.g., contributions to accident and liability insurances, Investments in investment funds by asset class tax consultant fees and a company car) and pension contributions. € mn The pension contributions of the company to the current pension As of 31 December 2021 2020 plan “My Allianz Pension” are generally 15 % of total target direct Private equity funds 30,257 19,037 compensation. Debt funds 12,383 9,695 − The performance-based variable remuneration includes the short- Property funds 11,405 7,774 term annual bonus and long-term share-based remuneration. The Stock funds 4,287 3,440 long-term, share-based compensation (Long-Term Incentive – LTI) Other funds 2,099 1,617 is based on the performance in absolute and relative terms (i.e., Total1 60,430 41,563 versus competitors) of the Allianz share. Furthermore, the long- 1_Comprises mainly investments. term development of key performance indicators is reflected in the deferred sustainability assessment following the four-year contractual vesting period. Annual Report 2021 − Allianz Group 173