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Allianz Annual Report 2012

Annual Report 2012    Allianz Group134 In the United Kingdom gross premiums increased to € 2,318 MN, including favorable foreign currency translation effects of € 153  MN. The growth of 2.6 % benefited from both higher volumes in our retail motor business and tariff ­increases in our commercial lines. The price effect was positive at about 1.2 %. Cluster 2 In Asia-Pacific gross premiums amounted to € 596 MN, up 14.6 %. We benefited from strong growth in our Malaysian motor business as well as from our liability business in China. This more than compensated the slightly negative price effect of about 0.3 %. In our Credit Insurance business, gross premiums went up 6.0 % to € 2,034 MN, supported by the acquisition of new ­customers, especially in growth markets. The overall price effect was negative at about 1.3 %. In France gross premiums grew 2.2 % to € 3,538 MN reflecting tariff increases in our retail and commercial lines. This led to a positive price effect of about 3.0 %. In Germany gross premiums increased to € 9,158 MN. Our growth of 2.0 % was driven by tariff increases in our motor business. This was partly offset by volume declines in our non-motor business. The price effect was positive at around 3.6 %. In Italy we recorded gross premiums of € 4,045 MN, up 1.4 % mainly due to tariff increases in our retail motor business. Our non-motor business declined slightly as a result of the difficult economic environment. The price effect was posi- tive at about 1.6 %. In Switzerland gross premiums grew slightly by 0.4 % to € 1,501 MN, including favorable foreign currency translation effects of € 59  MN. We achieved a positive volume effect of 1.5 % largely driven by our motor business which was mostly offset by a negative price effect of about 1.1 %. Cluster 3 In Spain gross premiums decreased 2.9 % to € 1,953 MN. Due to difficult market conditions, tariffs declined in our com- mercial lines. This led to a negative price effect of about 6.2 %. Despite the challenging market environment, we were still able to generate volume increases of 3.3 %. In the United States we generated gross premiums of € 3,550 MN, including favorable foreign currency translation effects of € 318  MN. Gross premiums dropped by 5.3 % pri- marily due to volume declines in our commercial and per- sonal lines which were impacted by our strict underwriting rules. The price effect was positive at about 1.6 %, mainly stemming from our commercial lines. Cluster 4 In Central and Eastern Europe we recorded gross premiums of € 2,393 MN, including unfavorable foreign currency trans- lation effects of € 25 MN. The decrease of 4.9 % was largely attributable to volume declines in our motor business in Hungary, Poland and Russia, selective underwriting in our health portfolio as well as lower volumes in our property business in Russia. The price effect was slightly negative at about 0.6 %. Operating profit Operating Profit C 034 € mn 2012 2011 2010 Underwriting result 1,402 701 999 Operating investment income 3,229 3,394 3,218 Other result 1 88 101 87 Operating profit 4,719 4,196 4,304 1 Consists of fee and commission income/expenses and other income/expenses. We analyze the operating profit in the Property-Casualty segment in terms of underwriting result, operating invest- ment income and other result1. Operating profit amounted to € 4,719 mn, up € 523 mn driven by the improved underwriting result. Our underwriting result grew by € 701 mn to € 1,402 mn. This increase was largely due to an improvement in our acci- dent year loss ratio of 2.9 percentage points supported by lower natural catastrophe claims and our favorable price environment. It was partially offset by a less favorable ­run-off compared to 2011. As a result, the combined ratio improved by 1.5 percentage points to 96.3 %. 1 Consists of fee and commission income/expenses and other income/expenses.

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