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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 137 Property-Casualty segment information C 038 € mn 2012 2011 2010 Gross premiums written 1 46,889 44,772 43,895 Ceded premiums written (4,727) (4,552) (4,346) Change in unearned premiums (457) (322) (246) Premiums earned (net) 41,705 39,898 39,303 Interest and similar income 3,770 3,771 3,680 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 Fee and commission income 1,165 1,154 1,099 Other income 35 31 22 Operating revenues 46,797 44,923 44,164 Claims and insurance benefits incurred (net) (28,492) (27,920) (27,141) Change in reserves for insurance and investment contracts (net) (430) (272) (300) Interest expenses (47) (54) (92) Operating impairments of investments (net) (17) (46) (9) Investment expenses (307) (236) (240) Acquisition and administrative expenses (net) (11,673) (11,115) (11,044) Fee and commission expenses (1,089) (1,070) (1,024) Other expenses (23) (14) (10) Operating expenses (42,078) (40,727) (39,860) Operating profit 4,719 4,196 4,304 Loss ratio 2 in % 68.3 69.9 69.1 Expense ratio 3 in % 28.0 27.9 28.1 Combined ratio 4 in % 96.3 97.8 97.2 1 For the Property-Casualty segment, total revenues are measured based upon gross premiums written. 2 Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 3 Represents acquisition and administrative expenses (net) divided by premiums earned (net). 4 Represents the total of acquisition and administrative expenses (net) and claims and insur- ance benefits incurred (net) divided by premiums earned (net). 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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