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Allianz Annual Report 2012

Annual Report 2012    Allianz Group132 Property-Casualty Insurance Operations −− Gross premiums written increased 4.7 % to € 46.9 BN. −− Operating profit grew to €  4,719 MN, driven by the strong underwriting result. −− Combined ratio at 96.3 %. Segment overview Our Property-Casualty business offers a wide range of products and services for both private and corporate ­clients. Our offerings cover many insurance classes such as accident/disability, property, general liability and ­motor. We conduct business worldwide in more than ­50 countries. We are also a global leader in travel insurance, assistance services and credit insurance. We distribute our products via a broad network of agents, brokers, banks and other strategic partners, as well as through direct channels. Earnings summary Gross premiums written increased 4.7 % to € 46.9 BN sup- ported by continued growth in most developing markets. On an internal basis, gross premiums were up 2.5 % driven by both positive price and volume effects. Our operating profit amounted to € 4,719 MN, a rise of € 523 MN or 12.5 %. The underwriting result increased by € 701 MN to € 1,402 MN, mainly due to an improvement in our accident year loss ratio supported by lower natural catastrophe claims and our positive price momentum. Our investment income decreased by € 165 MN to € 3,229 MN. The combined ratio was 96.3 % compared to 97.8 % in 2011. Lower losses from natural catastrophes, the favorable pricing environment and positive impacts from our underwriting strategies drove the improvement. Operating profit + 12.5 % operating profit property-casualty C 030 € mn 2010 2011 2012 5,000 4,000 3,000 2,000 1,000 4,304 4,196 4,719 (2.5) % +12.5 % Key figures key figures property-casualty C 031 € mn 2012 2011 2010 Gross premiums written 46,889 44,772 43,895 Operating profit 4,719 4,196 4,304 Loss ratio in % 68.3 69.9 69.1 Expense ratio in % 28.0 27.9 28.1 Combined ratio in % 96.3 97.8 97.2

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