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Allianz Annual Report 2012

Annual Report 2012    Allianz Group124 Executive Summary of 2012 Results −− Revenues increased to € 106.4 bn. −− Operating profit grew 20.8 % to € 9,501  mn. −− Net income nearly doubled to € 5,491 mn. −− Solvency ratio strong at 197 %, 1 an increase of 18 percentage points. 1 Solvency according to the E.U. Financial Conglomerates Directive. Off-balance sheet reserves are accepted by the authorities as eligible capital only upon request; ­Allianz SE has not sub- mitted an application so far. Excluding off-balance sheet reserves, the solvency ratio would be 188 % (2011: 170 %; 2010: 164 %). 2 Internal total revenue growth excludes the effects of foreign currency translation as well as acquisitions and disposals. Please refer to page 183 for a reconciliation of nominal total revenue growth to internal total revenue growth for each of our segments and the ­Allianz Group as a whole. Segment overview Allianz SE and its subsidiaries (the ­Allianz Group) have operations in over 70 countries. The Group’s results are reported by business segment: Property-Casualty insur- ance, Life/Health insurance, Asset Management and Corporate and Other activities. Earnings summary We recorded total revenues of € 106.4  bn, despite the tough economicandmarketconditions,whichinparticularweighed on premium growth for our life business. Revenues increased by 0.5 % on an internal basis2. Operating profit strongly increased to € 9,501  mn and signifi- cantly exceeded our original target, supported by the solid operating performance in all the operating segments. Net income increased substantially to € 5,491 mn, driven by our operating profit growth as well as the recovery of our non- operating investment result. Our solvency ratio further strengthened to 197 %,1 an increase of 18 percentage points. Operating profit + 20.8 % Operating Profit ­Allianz Group C 023 € mn 10,500 9,000 7,500 6,000 4,500 3,000 1,500 2010 2011 2012 8,243 7,866 9,501 (4.6) % +20.8 % Key figures key figures ­Allianz group C 024 € mn 2012 2011 2010 Total revenues 106,383 103,560 106,451 Operating profit 9,501 7,866 8,243 Net income 5,491 2,804 5,209 Solvency ratio 1 197 % 179 % 173 %

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