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Allianz Annual Report 2012

Italy We serve the Italian market primarily through ­Allianz S.p.A., a company mainly dedicated to the agent and broker chan- nels. We also distribute our products through Genialloyd (a leading company in direct business), ­Allianz Bank Finan- cial Advisors S.p.A. and its network (one of the top 5 in the market) and the bancassurance channel (with Unicredit as the main partner). There was a 1.0 % decline in the premium volume of the ­Italian property-casualty market in 2012. At the same time, there were positive signs in terms of profitability, as claims frequency in third-party motor liability dropped mainly due to lower mobility caused by the continuing crisis. We increased our share of the Italian property-casualty market in 2012, growing the business despite a shrinking market. This achievement was supported by the strong per- formance of our agent networks and the double-digit growth of Genialloyd. Our results benefited from the favor- able profitability development in the motor market, given the high share of motor in our portfolio. We also have a strong presence in property, personal accident and general liability insurance. Premium volume in the Italian life insurance market shrank by 7 % in 2012, after a negative development also in 2011.During2012,wereacteddecisivelywithastrongpriority on derisking, adjusting our investment allocation and new business characteristics. Our volume declined roughly in line with the market. While bancassurance proved difficult, the proprietary network and the financial advisors network of ­Allianz Bank developed very favorably. Looking ahead, we aim to further consolidate our strong competitivepositioninProperty-Casualtybyleveragingour technical know-how, strong brand and innovation capa- bilities. In life, we are in a solid situation, which will allow us to face sustained market volatility. France We serve the French market through ­Allianz France S.A., a major participant in insurance and financial services. We offer a broad range of property-casualty and life/health products for individuals and corporate customers, includ- ing property, casualty and liability insurance, health and disability cover as well as investment and savings products. We offer our customers access to these products via a wide variety of sales channels, including agents, life consultants, health consultants, brokers and independent financial advisors, as well as numerous external partners. In addi- tion to these traditional sales channels, our customers can research and buy products online, either through our eAllianz offer or via our direct sales channel AllSecur. The French property-casualty market has seen limited growth in recent years and remains highly competitive. In this business environment, we continue to concentrate on increasing the efficiency of company structures and pro- cesses. To offer our customers value for their money we remain committed to our four-part strategy in France, which is based on profitable growth and enhanced finan- cial and technical services, operational excellence and a performance culture. In 2012, we have further strengthened our position through the acquisition of business from Gan Eurocourtage, which is specialized in distributing its products via brokers. In the highly competitive life market, we have responded to the needs of our customers with an attractive range of traditional and unit-linked products in both group and ­individual business. In the rapidly changing, difficult capi- tal market environment, innovations allow us to continue to offer our customers solutions which combine financial strength with attractive yields. As with Property-Casualty, attractive risk-adjusted margins are a prerequisite for our business. We also have a strong position in the dynamic health mar- ket, often combining elements of life, health and accident insurance as comprehensive solutions for individual and commercial customers. Our modular health product ­Composio puts us ahead of many competitors and con- firms our strong commitment to significant growth in this market. Our insurance activities are complemented by ­Allianz Banque, which allows us to offer one-stop solutions. In the French property-casualty market, competition will remain tough, even though low interest rates should push the entire sector to increasingly focus on technical profit- ability and sufficient pricing levels. Concerning the life market in France, we anticipate a continued period of vola- tile capital markets, making short-term growth rates unpre­ dictable but reinforcing customer interest in financially strong insurance partners. Annual Report 2012    Allianz Group98