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Allianz Annual Report 2012

Annual Report 2012    Allianz Group136 Operating investment income 1 C 036 € mn 2012 2011 2010 Interest and similar income (net of interest expenses) 3,723 3,717 3,588 Operating income from financial assets and liabilities carried at fair value through income (net) (46) 48 18 Operating realized gains/losses (net) 168 21 42 Operating impairments of investments (net) (17) (46) (9) Investment expenses (307) (236) (240) Expenses for premium refunds (net) 2 (292) (110) (181) Operating investment income 3,229 3,394 3,218 1 The operating investment income for our Property-Casualty segment consists of the ­operating investment result – as shown in note 6 to the consolidated financial statements – and expenses for premium refunds (net) (policyholder participation) as shown in note 34 to the consolidated financial statements. 2 Refers to policyholder participation, mainly from UBR (accident insurance with premium refunds) business, and consists of the investment-related part of “change in reserves for insurance and investment contracts (net)”. For further information, please refer to note 34 to the consolidated financial statements. Operating investment income decreased by € 165  MN to € 3,229 MN. This reduction was driven by decreasing interest rates and lower dividend income from private equity funds. Interest and similar income (net of interest expenses) in- creased slightly by € 6  MN to € 3,723 MN driven by higher ­income on debt securities which was partly offset by lower incomeonequityandcash.Higherincomeondebtisrelated to the changed presentation of the separate income and expense result from our Australian premium funding busi- ness as well as the reinvestment in available-for-sale secu- rities from the fair value option portfolio. The total average asset base1 grew by 5.4 % from € 95.7 BN in 2011 to € 100.9 BN in 2012. This growth offset the effect of decreasing yields. Operating income from financial assets and liabilities carried atfairvaluethroughincome(net) resultedinalossof € 46  MN, a decrease of € 94  MN. € 56  MN of this decrease is related to thereductionofthefairvalueoptionportfolionowinvested in available-for-sale securities. 1 As of 1  January 2012, the asset base changed as liabilities from cash pooling are now included. Previous years were adjusted accordingly. Investment expenses rose by € 71 MN to € 307 MN. The vast majority of this increase is related to the changed presenta- tion of the separate expense result from our Australian premium funding business. Other result C 037 € mn 2012 2011 2010 Fee and commission income 1,165 1,154 1,099 Other income 35 31 22 Fee and commission expenses (1,089) (1,070) (1,024) Other expenses (23) (14) (10) Other result 88 101 87

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