• Allianz SE average return on tangible equity for 2014 was 14.03, a 6.84% decline from 2013.
• Allianz SE average return on tangible equity for 2013 was 15.06, a 27.95% decline from 2012.
• Allianz SE average return on tangible equity for 2012 was 11.77, a 20.59% increase from 2011.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.