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Allianz Annual Report 2012

Austria Our Austrian companies, ­Allianz Elementar Versicherungs- AG and ­Allianz Elementar Lebensversicherungs-AG, offer a broad range of property-casualty and life/health products toindividualandcommercialcustomersprimarilythrough a salaried sales force, tied agents and brokers. The Austrian property-casualty market continued to be com- petitive, especially in the motor segment. In 2012, we grew roughly in line with the market. In terms of profitability, the whole insurance industry was negatively affected by high weather-related claims (hail, tap water, flood and storm). In our life/health business, we offer traditional insurance contracts, government-subsidized products as well as unit- linkedandinvestment-orientedproducts.Premiumvolume in the Austrian life market decreased in 2012. We managed to keep margins stable and gain market share as new busi- ness production was healthy in the tied agents and broker channels. The market downturn was driven by the banc­ assurance channel, which does not affect our Austrian businesses. Over the next few years, we expect to grow in line with the market in Property-Casualty. In the life business, market conditions continue to be very challenging. Our clear focus will remain on profitability of new business and prudent management of existing business. Switzerland We serve the Swiss property-casualty market through ­Allianz Suisse Versicherungs-Gesellschaft AG, CAP Rechts- schutz AG and Quality1 AG. Our biggest and most important line of business in Property- Casualty is Motor, with a 16 % market share. Besides Motor, our broad product range for private and commercial cus- tomers includes property, liability, accident and health solutions. In 2012, we were able to keep our level of profit- ability, despite strong price pressure – especially in motor – and a competitive environment. With the implementation of a new segment strategy and a clear customer focus, we have laid the foundations for sus- tainable growth. Our cost-efficient structure and strict cost discipline helped us to maintain the best cost ratio in the Swiss market. We offer a wide range of life/health products, including retire­ment, death and disability products. Life products are offered through ­Allianz Suisse Lebensversicherungs-Gesell­ schaft AG. In 2012, our group life business grew profitably. We collected fewer premiums in individual life, especially in the single premium business, to safeguard our margins in the current low interest rate environment. However, the successful launch of new products like Balance Invest – a combination of guarantee and participation in investment returns – supported the growth in the recurring premiums in individual life. In 2012, we followed up on further improvements in claims handling, service standards and distribution measures. We launched new service guarantees which are constantly measured and disclosed transparently to our customers. We expect to reap the rewards from 2013 onwards, which should help us to withstand strong competition and price pressure. Insurance Western & Southern Europe Insurance Western & Southern Europe C 005 Selected markets  Motor/non-motor as % of total property-casualty gross premiums Traditional/ investment-oriented as % of total life statutory premiums Statutory/gross premiums written Operating profit Number of customers  Proprietary net­works Number of brokers Number of employees € mn € mn mn thou thou thou Italy II. 33 %67 % II. 9 % 91 % 10,409 1,136 5.8 19.6 0.3 5.2 France II. 38 % 62 % III. 59 %41 % 11,515 769 5.0 5.4 3.0 12.2 Netherlands II. 60 % 40 % III. 49 %51 % 990 76 1.3 – 7.5 1.2 Turkey II. 51 % 49 % III. 36 % 64 % 725 39 1.6 1.7 – 0.6 ◼  Property-Casualty  ◼  Life/Health Market position by gross premiums written:  I. Position 1  II. Position 2 to 5  III. Position 6 to 10  IV. Not in the top 10 C Group Management Report Your Allianz 93 Business Operations and Markets 106 Our Strategy 109 Our Progress in Sustainable Development Annual Report 2012    Allianz Group 97

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