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Allianz Annual Report 2012

Annual Report 2012    Allianz Group126 Total revenues 1 Total revenues – Segments C 025 � mn 120,000 100,000 80,000 60,000 40,000 20,000 2010 2011 2012 43,895 57,098 4,986 587 106,4511 103,5601 106,3831 44,772 52,863 5,502 567 52,347(2.6) % 46,889+2.5 % 6,786 590 +15.4 % +3.0 % (2.1) % +0.5%  Property-Casualty   Life/Health    Asset Management    Corporate and Other   Internal growth 1 Total revenues include € (229) mn, € (144) mn and € (115) mn from consolidation for 2012, 2011 and 2010, respectively. Property-Casualty gross premiums written grew by 2.5 % on an internal basis, fueled by a positive price effect of 1.3 % and volume growth of 1.2 %. Most of the increase stemmed from our subsidiaries in Latin America and Australia as well as from ­Allianz Global Corporate & Specialty (AGCS). Life/Health statutory premiums decreased by 2.6 % on an internal basis. Revenues were impacted by the difficult market conditions and a persistent low interest rate environ­ ment together with our ongoing effort to protect our mar- ginsthroughpricingactions.Whiletraditionallifepremiums increased, revenues from the investment-oriented business decreased. Asset Management generated internal growth of 15.4 %. Once again, this remarkable development was largely fueled by an increase in total assets under management, which reached € 1,852  bn, supported by higher performance fees. Our investment management performance remained out- standingandwerecordedthird-partynetinflowsof€ 114  bn. 1 Total revenues comprise statutory gross premiums written in Property-Casualty and in Life/ Health, operating revenues in Asset Management and total revenues in Corporate and Other (Banking). Total revenues from our Banking operations (reported in our Corporate and Other segment) amounted to € 590  mn, a returntogrowthcomparedtothepreviousyear.Thispositive development was supported by improved trading income and moderately higher interest income. Operating profit Operating profit – Segments C 026 � mn 2010 2011 2012 12,000 10,000 8,000 6,000 4,000 2,000 0 4,304 2,868 2,060 (942) 4,196 2,420 2,256 (897) 4,719 2,955 3,014 (1,128) 8,2431 7,8661 9,5011 (4.6) % +20.8%  Property-Casualty   Life/Health    Asset Management    Corporate and Other 1 Total operating profit includes € (59) mn, € (109) mn and € (47) mn from consolidation in 2012, 2011 and 2010, respectively. Our Property-Casualty business generated operating profit of € 4,719  mn, € 523  mn higher than in the previous year. Our combined ratio improved by 1.5 percentage points to 96.3 %. Lowerlossesfromnaturalcatastrophes,thefavorablepricing environment and positive impacts from our underwriting strategies drove the improvement. Life/Health operating profit grew by € 535  mn to € 2,955  mn, largely as a result of a higher operating investment result benefiting from significantly lower impairments on invest- ments and higher realized gains compared to 2011. This positive development was also supported by our higher average asset base and resulting increase in interest and similar income.

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