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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 133 Gross premiums written 1 Gross premiums written increased by 2.5 % comprising a positive volume effect of 1.2 % and a positive price effect of 1.3 %. The increase in gross premiums primarily came from our subsidiaries in Latin America and Australia as well as ­Allianz Global Corporate & Specialty (AGCS). On a nominal basis, we recorded gross premiums written of €  46,889 MN – up € 2,117 MN or 4.7 %. Foreign currency trans- lation effects had a favorable impact of € 875  MN, largely due to the appreciation of the U.S. Dollar, the Australian Dollar and the British Pound against the Euro.2 Analyzing internal premium growth in terms of price and volume, we use four clusters based on 2012 internal growth over 2011: Cluster 1: Overall growth – both price and volume effects are positive. Cluster 2: Overall growth – either price or volume effects are positive. Cluster 3: Overall decline – either price or volume effects are positive. Cluster 4: Overalldecline–bothpriceandvolumeeffectsarenegative. Gross premiums written by Region/Country  1 C 032 Year 2012 [2011] in % Spain 4.2 [4.6] Asia-Pacific and Rest of World 8.3 [7.4] North and South America 16.3 [15.3] Other Europe 14.9 [14.8] Switzerland 4.6 [4.4] France 12.0 [12.2] Italy 8.6 [9.3] United Kingdom 5.0 [5.2] Germany 26.1 [26.8] 1 After elimination of transactions between ­Allianz Group companies in different countries and different segments. Gross premiums written from our specialty lines have been allo- cated to the respective geographic regions. 1 We comment on the development of our gross premiums written on an internal basis; meaning adjusted for foreign currency translation and (de-)consolidation effects in order to provide more comparable information. 2 Based on the average exchange rates in 2012 compared to 2011. Gross premiums written by operating entity – Internal growth rates1 C 033 % (10) 0 10 20 Latin America Australia AGCS UK Asia-Pacific Credit Insurance France Germany Italy Switzerland Spain USA CEE 5.0 6.2 10.2 1 2 3 4 8.1 18.3 18.5 2.6 10.1 14.6 10.9 6.0 7.6 2.2 0.4 2.0 0.1 1.4 0.1 0.4 0.2 (2.9) 0.3 (5.3) 9.8 (4.9) (1.2)   2012 over 2011    2011 over 2010   Cluster 1 Beforeeliminationoftransactionsbetween­AllianzGroupcompaniesindifferentgeographic regions and different segments. Cluster 1 In Latin America gross premiums increased 18.3 % to € 2,389 MN benefiting from positive price and volume effects. All countries contributed positively with most of this growth coming from our motor business in Brazil. In Australia we recorded gross premiums of € 3,018 MN, in- cluding favorable foreign currency translation effects of € 242  MN. The growth of 10.2 % was driven by tariff increases in our retail and commercial business. The price effect was positive at about 7.2 %. At AGCS gross premiums grew 5.0 % to € 5,314 MN. Most of this growth was attributable to volume growth in our marine and property lines, as well as to our ­Allianz Risk Transfer (ART) business. The overall price effect was slightly positive at about 0.1 %. 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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