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Allianz Annual Report 2012

Insurance Iberia & Latin America Insurance Iberia & Latin America C 006 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 Spain II. 36 %64 % III. 48 % 52 % 3,028 358 3.6 7.5 8.3 2.6 Portugal II. 42 % 58 % III. 54 %46 % 507 43 0.9 4.5 – 0.5 Mexico IV. 0 % 100 % IV. 78 %22 % 418 25 0.6 – n.a. 0.4 ◼  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 Spain and Portugal WeservetheSpanishmarketthroughouroperating­entities ­Allianz Compañía de Seguros y Reaseguros S.A. (Property- Casualty and Life), Fénix Directo S.A. (Property-Casualty) and our joint venture with Banco Popular (“Allianz Popu- lar”). Our Portuguese company is ­Allianz Companhia de Seguros. Besides Motor, which is our largest line of business, we offer products for property and liability protection and life/ health coverage in both countries. In Portugal, we also offer workerscompensationcoverage.Wedistributeourproducts through agents and brokers. In both countries we maintain strong bancassurance partnerships, working with Banco Popular in Spain and Banco Português de Investimento in Portugal. In 2012, the property-casualty markets decreased in both countries due to the continuing economic crisis. Regarding life insurance, the Spanish market shrank in 2012. Also in Portugal, the sector further contracted, largely due to the reduction in disposable income of Portuguese families. In the property-casualty markets we outperformed the local markets in Spain in terms of premiums and profitability. In both countries our life operations focused on reducing risk and protecting profitability. Our business developed better than the industry and we intend to protect our portfolios in a shrinking market. Uncertainties linked to the European sovereign debt crisis will continue to heavily influence the evolution of the Span- ish and Portuguese economies, as well as their respective insurance markets. Unemployment remains at very high levels, particularly in Spain, and reforms in Portugal will keep the insurance market under pressure. Yet, we remain confident that our efficient operating platform and strong distribution capabilities in both countries will enable us to outperform the market. South America In South America, three companies form the basis of our local presence: ­Allianz Brazil Seguros S.A., ­Allianz Colom- bia S.A. and ­Allianz Argentina Compañía de Seguros S.A. In 2012, our entity in Colombia was rebranded from Asegura- dora Colseguros S.A. into ­Allianz Colombia, which helped us to strengthen our brand in South America. Furthermore, we have established a local reinsurance company in Argen- tina. In all three markets, we mainly concentrate on Property- Casualty, with Motor generally representing the largest ­individual line of business, followed by industrial business. In addition to offering life insurance in Colombia, we are also one of the leading health insurers in both Brazil and Colombia. We primarily distribute via brokers. Despite lower economic growth in 2012, we are pleased with the performance of the Brazilian insurance market, which mirrors the growth of Brazil as it develops into a ­major economy. Even though the general performance of the insurance sector was very strong, we still managed to surpass market growth by a solid margin. Looking to the future, we believe that the South American markets in which we are present offer significant potential for further growth. We will continue to strengthen our pres- ence in this region, particularly in retail lines. Annual Report 2012    Allianz Group100

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