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Allianz Annual Report 2012

general insurer in the country with a market share of over 10 %, ­Allianz Life has been one of the strongest and fastest growing life insurance companies in the industry. It is a leading provider of investment-linked protection business, offering innovative products and solutions to our custom- ers, especially through our main distribution channel agency. Both our life and general insurance businesses have been able to increase their agency forces significantly with over two thousand agents joining in 2012. China Over the past years most of ­Allianz’s business lines have established a presence in China, where we are able to pro- vide customers with many types of insurance solutions, ranging from life, property-casualty, travel, medical to commercial insurance. In addition, we offer customized fund products via the Joint Venture of ­Allianz Guotai Junan Fund Management. Together with our strategic partner, ChinaPacificInsuranceGroup,wefurtherstrengthenedlocal cooperation on products such as credit insurance and ­assistance services. South Korea During the past four years, we have managed to preserve a steadymomentumindevelopingourSouthKoreanbusiness. In 2012, ­Allianz Life Korea further strengthened its product portfolio by enhancing innovative investment products. The Korean Intellectual Property Office for Financial Asset Management granted it a patent for developing a method which has been integrated into several variable annuity products. Central and Eastern Europe (CEE)/ Commonwealth of Independent States (CIS) Active in 10 countries in the region, we continuously rank among the top 3 players in six of the largest markets in CEE. We provide property-casualty, life/health products and pension funds to our 7.3 million customers in Bulgaria, Croatia, the Czech Republic, Hungary, Poland, Russia, ­Romania, Slovakia, Slovenia and the Ukraine. Within two decades, we have become one of the leading international insurers in the region with a market share of over 9 %, based on gross premiums written. In Property-Casualty, we remain amongst the leading ­companies in the CEE region despite the difficult ongoing market conditions. Our main products are motor, property and liability insurance for retail, commercial and indus- trial customers. In 2012, we continued our efforts to secure theoverall profitabilityoftheproperty-casualtyportfolioby focusing on technical underwriting. This allowed most of our local companies to capture a major share of the total local market profitability. During early 2012, ­Allianz Russia successfully completed the integration of three previously separate property-casualty entities. By doing so, we created an effective platform for future growth and a single point of entry under one brand for customers. Life/Health and pension funds revenues in CEE continued to grow in 2012. ­Allianz Russia contributed strongly to the increase in life premiums with double-digit growth rates. Sales campaigns in the Czech Republic, Russia and Poland were significant success drivers in 2012 and managed to offset the drop in premiums in Hungary as a result of the challenging business environment. CEE remains an attrac- tive growth region for the life business in the long-term due to the fairly low market penetration. We strongly believe that our continuous focus on profitable growth, balanced portfolios and customer-focused product innovations will continue to deliver positive results in this area. We also have a leading position in the pension market in CEE. Growth benefited from regulatory changes in the Czech Republic. Further opportunities for expansion are expected from the pension reform in the Czech Republic, which was finally approved by Parliament in late 2012. Product innovation and brand positioning remain key ­levers for attracting new customers. We are optimistic that we will remain on course for growth in the CEE region, even though on a moderate level, despite the challenging eco- nomic environment. In addition to this, several initiatives for our proprietary networks have already shown initial results in improving the productivity and attrition ratio of tied agents. Our business partners in the broker channel appreciate our improvements in terms of enhanced services and state-of-the art collaboration, especially the recently introduced standardized workflow and dedicated Key ­Account Managers. Middle East and North Africa (MENA) Through ­Allianz Egypt, ­Allianz Saudi Fransi and ­Allianz SNA (Lebanon) we offer property-casualty and life/health prod- ucts, mainly via tied agents and bancassurance channels. In Property-Casualty, vital links in our distribution network arebrokersanddealers.Theregionfulfilledourexpectations despite the very difficult political and economic situation. Allianz Egypt remains a leader in bancassurance. Through its partnerships with top banks we offer a wide range of life assurance products. Our strategy to develop the corporate channel brought positive results in 2012. 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 105