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Allianz Annual Report 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 107 The quest for operational excellence is omnipresent in our business: In order to be market leaders by size and also in terms of quality, we need smart, ­synergistic and fairly- priced products, clever and reliable service, top-notch exe­ cution and an agile organization – all ­supported by com- prehensive and timely monitoring and steering. In the past years, we have, for example, strengthened our distribution networks, harmonized the way our operational units are organized, built global lines of business where our clients demanded it and ­invested in focused capabilities and sys- tems – such as a global investment function, world-class risk management and an organization to nurture our global brand. ­Currently, the main thrust of our investments in operational excellence support the digitalization of our products,ourmarketpresenceandcustomerservice,aswell as our underlying administrative and steering processes. Our ability to succeed relies on our financial strength. More than a regulatory requirement, it is the strength of our capital base that enables us to keep our promises, both now and in the future. The recent financial crises of 2008 and2011demonstratedonceagainthevalueofourstrength. We weathered these storms, emerging not unblemished, but fundamentally sound. Today, our solvency is stronger than ever, thanks to our world-class investment skills, serv- ing our policyholders and our clients who entrust us with their financial assets – and sometimes with the assets of their clients. Our investment and asset management is supported by our sophisticated risk management which again relies on policies, processes, systems and people. Moreover, our performance in investment and asset man- agement is flanked by our experts in the technical depart- ments, as well as by our treasury and other financial func- tions. Recently, we have further reduced the risks in our balance sheet and currently we put a high emphasis on enhancing our capital allocation. These three pillars should help us be the best in class and most trusted partner for our clients in managing risks and investments, but also for our agents, banks, brokers and other distribution partners, as well as for society. We serve our clients where they need us, in our local markets as well as­through our global lines of business. We serve them ­directly or through our trusted distribution partners. We defend and build on our strength in existing markets and selectively engage new clients in new markets. We offer per- sonal advice and services and provide our clients with the opportunity to communicate with us over the internet. Where needed, our clients can obtain a broad range of ­offerings from us to manage their risks and cover their ­financial needs. As such, the diversification of the ­Allianz Group creates real, practical synergies where it matters most – for our partners. It is clear that these strategic pillars support and bolster each other. They are the cornerstones of our strategy and thefoundationsofoursuccess.Theydriveusinourendeavor tobecomethestrongestfinancialcommunity.Inthechapter Outlook 2013 and 2014, we elaborate in more detail on how these pillars are translated into targets.   154  Outlook 2013 and 2014 Our strategic goals C 011 Strategic goal 1 MARKET POSITION 2 based on To be the leading property-casualty insurer in the world, in terms of gross premiums written and profitability. Gross premiums written: 1st Operating profit: 1st Combined ratio: 3rd To stand amongst the three most profitable life/health insurers globally. Operating profit: 2nd To be the top active asset manager measured by assets under management and by profitability. Assets under management: 2nd (Allianz Asset Management) Cost Income Ratio: 3rd (Allianz Asset Management) 1 For detailed growth targets and underlying assumptions see Outlook 2013 and 2014. 2 Information does not show the position of ­Allianz in comparison to the total global insurance industry. It shows the positioning of ­Allianz in comparison to our main peers in 2011 (2012 figures are not yet available). The key performance indicators for peers have been adjusted to the ­Allianz definition.