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Allianz Annual Report 2012

Annual Report 2012    Allianz Group140 Life/Health Insurance Operations −− Statutory premiums stable at € 52,347 mn. −− Operating profit increased to € 2,955 mn. 1 Statutory premiums adjusted for foreign currency translation and (de-)consolidation effects. 2 Represents operating profit divided by the average of current year-end and previous year- end net reserves, whereby net reserves equal reserves for loss and loss adjustment expenses, reserves for insurance and investment contracts and financial liabilities for unit-linked con- tracts less reinsurance assets. Segment overview Allianz offers a broad range of life, health, savings and investment-oriented products, including individual­ and group life insurance contracts. Via our distribution channels – mainly tied agents, brokers and bank partner­ ships – we offer life and health products for both private and corporate clients. As one of the worldwide market leaders in life business we serve customers in more than 45 countries. Earnings summary Statutory premiums remained stable at € 52,347  mn. On an internal basis1, premiums decreased by 2.6 % – which was broadly in line with our expectations. Traditional life and health premiums increased, while premiums from our invest­ ment-oriented business decreased given the persistent low interest environment and our selective focus on profitable growth. Operating profit increased by € 535  mn to € 2,955  mn, largely driven by a higher operating investment result which recov- ered from the effects of the financial market turmoil and impair­ments in2011andbenefitedfromhigherrealizedgains in 2012. Margin on reserves 2 increased from 58 to 67 basis points, mainly due to the improved operating profit. Operating profit + 22.1 % Operating profit life/Health C 040 € mn 2010 2011 2012 3,000 2,500 2,000 1,500 1,000 500 2,868 2,420 2,955 (15.6) % +22.1 % Key figures Key figures life/health C 041 € mn 2012 2011 2010 Statutory premiums 52,347 52,863 57,098 Operating profit 2,955 2,420 2,868 Margin on reserves (bps) 67 58 73