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Allianz Annual Report 2012

Annual Report 2012    Allianz Group108 Our steering BOARD OF MANAGEMENT AND ORGANIZATIONAL STRUCTURE We serve our customers mainly through three business segments: Property-Casualty insurance, Life/Health insur- ance and Asset Management. Our Banking business is ­reported under our Corporate and Other segment, which also includes our Group functions. Each member of ­Allianz SE’s Board of Management is ­responsible for a particular division within the ­Allianz Group. The two insurance business segments Property- Casualty and Life/Health are subdivided into six business divisions while Asset Management is a stand-alone segment overseen by seven of the board members. The other four board members, including the Chairman of the Board of Management, are in charge of Group functions such as ­Finance, Investments and Operations. Members of the Board of Management and their responsibilities in 2012 and 20131 C 012 Responsibilities / Divisions Board members Functional Divisions Chairman of the Board of Management Michael Diekmann Controlling, Reporting, Risk (until 31 December 2012) Finance, Controlling, Risk (as of 1 January 2013) Oliver Bäte (until 31 December 2012) Dr. Dieter Wemmer (as of 1 January 2013) Finance (until 31 December 2012) Investments (as of 1 January 2013) Dr. Paul Achleitner (until 31 May 2012) Dr. Maximilian Zimmerer (as of 1 June 2012) Operations Dr. Christof Mascher 2 Business Divisions Insurance Western & Southern Europe Dr. Dieter Wemmer (until 31 December 2012) Oliver Bäte (as of 1 January 2013) Insurance USA Gary Bhojwani Insurance German Speaking Countries, Human Resources Dr. Werner Zedelius  Insurance Growth Markets Manuel Bauer Asset Management Worldwide Jay Ralph Global Insurance Lines & Anglo Markets Clement Booth Insurance Iberia & Latin America, Legal & Compliance, Mergers & Acquisitions Dr. Helga Jung 1 For further information about the remuneration structure, including target setting and per- formance assessment, please refer to the Remuneration Report starting on page 74. 2 Dr. Christof Mascher also oversees ­Allianz Global Assistance (former Mondial Assistance). TARGET SETTING AND MONITORING The ­AllianzGroupsteersitsoperating entitiesandbusiness segments via an integrated management and control pro- cess. This process starts with the definition of a business- specific strategy and goals, which are discussed and agreed between the Holding and operating entities. According to this strategy, a three-year plan is prepared by the operating entities and aggregated to form the financial plans for the business divisions and the ­Allianz Group. The Supervisory Board then approves the plan and sets corresponding ­targets for the Board of Management. The performance- based remuneration of the Board of Management is linked to short-, mid- and long-term targets to ensure effectiveness and emphasize sustainability. For further details, please refer to the Remuneration Report starting on page 74. This plan also forms the basis for our capital management. We continuously monitor our business performance against these targets through monthly reviews to ensure that appropriate measures can be taken in the event of negative developments. Throughout these reviews, we monitor key financial and operational metrics. Operating profit is the main financial performance indicator across all business segments for the ­Allianz Group. In addition, we also use segment-specific figures such as the combined ratio for our Property-Casualty segment, inforce and new business margins and margin on reserves for our Life/ Health segment and the cost-income ratio for our Asset Management segment. For a comprehensive view of our segment performance, please refer to the Management ­Discussion and Analysis starting on page 122. Besides performance steering we also have a risk steering processinplacewhichisdescribedintheRiskReportstarting on page 184. Remuneration Report  74  122   Management Discussion and Analysis  184   Risk Report