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Allianz Annual Report 2012

Ireland In Ireland, we offer a wide variety of property and casualty products for both commercial and private customers. The insurance market in Ireland remains highly concen- trated, with ­Allianz being the third largest insurer based on gross premiums written. Despite the challenging economic environment we have managed to expand our commercial portfolio in 2012 and are Ireland’s leading commercial in- surance company. Our emphasis on customer focus, un- derwriting discipline, process efficiencies and strong cost control position us for sustainable results. Allianz Global Corporate & Specialty Allianz Global Corporate & Specialty (AGCS) is one of the few global insurers with an exclusive focus on the needs of global corporate and specialty clients. AGCS operates with a worldwide network in more than 150 countries and serves as our center of expertise for global business insurance and large corporate and specialty risks. AGCS offers clients global business insurance through a comprehensive service range covering all property and ­casualty risks. AGCS also provides specialty solutions, for example in shipping, aviation and energy. In addition, its subsidiary – ­Allianz Risk Transfer – develops and delivers customized non-traditional risk transfer solutions for com- plex risks. In 2012, AGCS was affected by adverse weather conditions in North America, most notably the damage caused by Storm Sandy. Despite this, AGCS remains well positioned to cope with the continuously challenging economic environment and the rising number of natural catastrophes due to its global diversification and spread of exposures. The market environment is anticipated to remain com- petitive in 2013 with positive economic developments in emerging markets expected to offer opportunities for growth. Credit Insurance Euler Hermes, the global leader in credit insurance, under- writes credit insurance in major markets around the world, providing businesses with protection against the risk of non-payment of accounts receivables and buyer insolvency. Additionally, Euler Hermes holds a strong position in bond- ing and guarantees, debt collection and fidelity insurance. In 2012, Euler Hermes continued its organizational trans- formation and efficiency improvements that in recent years have streamlined infrastructure and operating pro- cesses and made the company more consistent and more agile in responding to client requirements and changing market conditions. In parallel, the company implemented several prudent underwriting measures and organizational disciplines to minimize the impact of a possible economic downturn. Within the global trade credit market, Euler Hermes sees growth potential in Asia-Pacific, Latin America, the Middle East, Russia and the United States, and pursues a defined growth strategy for these markets. Continuing to provide high quality services, maintaining a comprehensive infor- mation database and a strong financial rating (S&P rating AA-) will also underpin Euler Hermes’ continued market leadership. Allianz Worldwide Care Our specialist health insurer, ­Allianz Worldwide Care (AWC), sells international health products to expatriates andhigh-net-worthindividuals.Itsproductsare­distributed by brokers, agents as well as via the internet and call cen- ters. With a tight control of expenses, process improve- ments and strict underwriting discipline, AWC has seen strong profitable growth over the years, especially during 2012. With a number of newly signed global contracts with Non-governmental Organizations (NGOs) and Intergovern- mentalOrganizations(IGOs),AWCisexpectedtoseefurther growth in the coming years, while sustaining profitability and widening its product offerings. 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 103

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