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Allianz Annual Report 2012

Annual Report 2012    Allianz Group144 Life/Health segment information C 044 € mn 2012 2011 2010 Statutory premiums 1 52,347 52,863 57,098 Ceded premiums written (693) (669) (564) Change in unearned premiums (248) (172) (127) Statutory premiums (net) 51,406 52,022 56,407 Deposits from insurance and investment contracts (27,013) (28,252) (32,373) Premiums earned (net) 24,393 23,770 24,034 Interest and similar income 16,832 16,107 15,085 Operating income from financial assets and liabilities carried at fair value through income (net) (727) (866) 19 Operating realized gains/losses (net) 3,044 2,188 2,125 Fee and commission income 534 538 539 Other income 154 99 81 Operating revenues 44,230 41,836 41,883 Claims and insurance benefits incurred (net) (20,386) (20,947) (18,955) Changes in reserves for insurance and investment contracts (net) (13,970) (10,618) (13,329) Interest expenses (84) (108) (103) Loan loss provisions – – 6 Operating impairments of investments (net)  (428) (1,684) (434) Investment expenses (759) (745) (704) Acquisition and administrative expenses (net) (5,316) (5,027) (5,175) Fee and commission expenses (228) (210) (258) Operating restructuring charges (16) (1) (8) Other expenses (88) (76) (55) Operating expenses (41,275) (39,416) (39,015) Operating profit 2,955 2,420 2,868 Margin on reserves 2 in basis points 67 58 73 1 Statutory premiums are gross premiums written from sales of life and health insurance policies as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction. 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.

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