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Allianz Annual Report 2012

Annual Report 2012    Allianz Group C 039 % Combined ratio Loss ratio Expense ratio 2012 2011 2010 2012 2011 2010 2012 2011 2010 Germany  96.8 102.9 100.8 69.2 75.1 73.4 27.6 27.8 27.4 Switzerland  92.0 95.4 94.6 68.8 73.1 73.1 23.2 22.3 21.5 Austria 97.3 93.5 96.0 71.4 67.1 69.7 25.9 26.4 26.3 German Speaking Countries 2 96.1 101.0 99.6 69.3 74.1 73.1 26.8 26.9 26.5 Italy 3 85.0 93.2 99.6 60.3 68.4 74.8 24.7 24.8 24.8 France 4 96.9 97.9 102.7 69.1 71.1 75.1 27.8 26.8 27.6 Netherlands  103.3 99.7 98.7 74.8 68.7 68.6 28.5 31.0 30.1 Turkey  98.3 101.4 99.7 71.5 74.8 74.1 26.8 26.6 25.6 Belgium 5 94.0 97.6 99.2 62.0 63.0 64.3 32.0 34.6 34.9 Greece 82.4 90.0 88.4 37.7 53.1 52.4 44.7 36.9 36.0 Africa 94.7 97.9 96.1 48.8 53.6 48.3 45.9 44.3 47.8 Western & Southern Europe 6 91.8 96.0 100.5 64.9 69.2 73.6 26.9 26.8 26.9 South America 99.0 96.7 96.7 67.4 66.0 64.9 31.6 30.7 31.8 Mexico 90.8 95.7 95.7 66.9 72.0 69.8 23.9 23.7 25.9 Latin America 98.4 96.6 96.6 67.4 66.4 65.2 31.0 30.2 31.4 Spain 91.0 87.9 90.3 70.1 67.4 69.8 20.9 20.5 20.5 Portugal 7 91.7 90.9 92.8 68.6 67.6 68.8 23.1 23.3 24.0 Iberia & Latin America 94.3 91.5 92.7 68.8 67.0 68.0 25.5 24.5 24.7 United States  129.5 115.5 102.4 101.1 86.5 69.9 28.4 29.0 32.5 USA 3 129.5 115.5 102.4 101.1 86.5 69.9 28.4 29.0 32.5 ­­Allianz Global Corporate & Specialty 3 96.3 92.9 93.1 68.7 65.7 65.2 27.6 27.2 27.9 Reinsurance PC 92.7 108.2 93.2 65.5 81.3 68.5 27.2 26.9 24.7 Australia 95.1 97.6 96.1 68.6 72.0 70.8 26.5 25.6 25.3 United Kingdom 96.4 95.7 96.0 64.4 63.9 61.7 32.0 31.8 34.3 Credit Insurance 80.2 74.0 71.7 51.9 45.7 41.7 28.3 28.3 30.0 Ireland  8 92.9 92.5 97.5 61.2 63.5 72.9 31.7 29.0 24.6 Global Insurance Lines & Anglo Markets 9 93.5 96.3 92.1 65.2 68.5 64.4 28.3 27.8 27.7 Russia 103.2 101.7 109.5 61.1 61.4 64.3 42.1 40.3 45.2 Poland 100.5 103.0 105.9 66.9 69.0 71.4 33.6 34.0 34.5 Hungary 101.3 99.6 107.6 60.4 57.0 65.2 40.9 42.6 42.4 Slovakia 81.4 78.2 89.6 51.4 45.2 59.5 30.0 33.0 30.1 Czech Republic 90.5 91.9 91.2 63.7 65.4 66.4 26.8 26.5 24.8 Romania 105.8 104.4 104.2 77.7 73.5 78.1 28.1 30.9 26.1 Bulgaria 75.9 75.9 75.2 47.4 48.8 46.4 28.5 27.1 28.8 Croatia 88.0 91.3 92.9 50.6 53.7 58.0 37.4 37.6 34.9 Ukraine 85.2 112.9 122.8 33.5 57.1 38.0 51.7 55.8 84.8 Kazakhstan  – 59.8 78.4 – 12.5 21.3 – 47.3 57.1 Central and Eastern Europe 10 96.9 96.6 102.0 61.3 60.5 65.2 35.6 36.1 36.8 Asia-Pacific  91.3 93.8 91.2 59.7 64.1 61.4 31.6 29.7 29.8 Middle East and North Africa 105.1 101.5 109.9 70.1 69.1 73.9 35.0 32.4 36.0 Growth Markets 96.3 96.4 101.0 61.3 61.1 65.0 35.0 35.3 36.0 ­Allianz Global Assistance 95.2 96.1 95.6 59.6 60.2 59.6 35.6 35.9 36.0 ­Allianz Worldwide Care  8 93.8 96.0 96.5 74.5 75.5 76.0 19.3 20.5 20.5 Global Assistance  11 95.0 96.1 95.7 62.1 62.5 61.7 32.9 33.6 34.0 Consolidation and Other 12,13 – – – – – – – – – Total 96.3 97.8 97.2 68.3 69.9 69.1 28.0 27.9 28.1 6 Contains € 16 mn, € 12 mn and € 15 mn operating profit for 2012, 2011 and 2010, respectively, from a management holding located in Luxembourg. 7 In 4Q 2011 the premium accounting method changed which is adjusted in the internal growth. 8 From the third quarter of 2012 onwards, Allianz Worldwide Care was transferred from Global Insurance Lines & Anglo Markets to Global Assistance. Prior year figures have been adjusted. 9 Contains € (5) mn, € 5 mn and € (0.1) mn operating profit (loss) for 2012, 2011 and 2010, respec- tively, from AGF UK. 10 Contains income and expense items from a management holding and consolidations ­between countries in this region. 11 Contains gross premiums written of € 2 mn from Allianz Global Automotive in 2012. 12 Represents elimination of transactions between Allianz Group companies in different geo- graphic regions. 13 The 2011 analysis of the Allianz Group’s asbestos risks resulted in a reduction of reserves and a positive run-off result of € 130 mn reflected in the operating profit for 2011. 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 139

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