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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 129 Total revenues and reconciliation of operating profit (Loss) to net income (loss) C 029 € mn 2012 2011 2010 Total revenues 1 106,383 103,560 106,451 Premiums earned (net) 66,045 63,668 63,337 Operating investment result Interest and similar income 21,084 20,502 19,428 Operating income from financial assets and liabilities carried at fair value through income (net) (721) (844) 19 Operating realized gains/losses (net) 3,215 2,220 2,169 Interest expenses, excluding interest expenses from external debt (486) (518) (522) Operating impairments of investments (net) (421) (1,730) (384) Investment expenses (876) (852) (827) Subtotal 21,795 18,778 19,883 Fee and commission income 9,812 8,406 7,920 Other income 214 150 118 Claims and insurance benefits incurred (net) (48,874) (48,867) (46,096) Change in reserves for insurance and investment contracts (net) 2 (14,359) (10,993) (13,871) Loan loss provisions (111) (121) (50) Acquisition and administrative expenses (net), excluding acquisition-related expenses (22,032) (20,553) (20,443) Fee and commission expenses (2,896) (2,564) (2,561) Operating restructuring charges (16) (1) (8) Other expenses (94) (65) (57) Reclassification of tax benefits 17 28 71 Operating profit (loss) 9,501 7,866 8,243 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) 210 (443) (57) Non-operating realized gains/losses (net) 1,112 1,215 1,539 Non-operating impairments of investments (net) (513) (1,931) (460) Subtotal 809 (1,159) 1,022 Income from fully consolidated private equity investments (net) (59) (35) (102) Interest expenses from external debt (991) (973) (889) Acquisition-related expenses (101) (209) (440) Amortization of intangible assets (259) (449) (327) Non-operating restructuring charges (252) (167) (263) Reclassification of tax benefits (17) (28) (71) Non-operating items (870) (3,020) (1,070) Income (loss) before income taxes 8,631 4,846 7,173 Income taxes (3,140) (2,042) (1,964) Net income (loss) 5,491 2,804 5,209 Net income (loss) attributable to: Non-controlling interests 322 259 156 Shareholders 5,169 2,545 5,053 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). 2 Includes expenses for premium refunds (net) in Property-Casualty of € (292) mn (2011: € (110) mn; 2010: € (181) mn). C Group Management Report Management Discussion and Analysis 122 Business Environment 124 Executive Summary of 2012 Results 132 Property-Casualty Insurance Operations 140 Life/Health Insurance Operations 148 Asset Management 152 Corporate and Other 154 Outlook 2013 and 2014 166 Balance Sheet Review 175 Liquidity and Funding Resources 182 Reconciliations

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