• Allianz SE average return on tangible equity for 2014 was 14.37, a 1.1% decline from 2013.
• Allianz SE average return on tangible equity for 2013 was 14.53, a 36.69% decline from 2012.
• Allianz SE average return on tangible equity for 2012 was 10.63, a 5.51% 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.