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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 147 C 045 Operating profit (loss) Margin on reserves 2 2012 2011 2010 2012 2011 2010 € mn € mn € mn bps bps bps Germany Life 4 1,027 878 980 61 56 65 Germany Health  198 150 174 83 68 83 Switzerland 79 77 74 62 65 72 Austria 31 13 28 78 33 75 German Speaking Countries 1,335 1,118 1,256 64 57 68 Italy 4 237 203 292 54 47 67 France 4 356 420 439 51 63 67 Belgium/Luxembourg 68 62 64 73 74 89 Netherlands 60 56 48 147 136 113 Turkey 5 5 6 110 99 125 Greece 5 3 4 158 102 115 Africa 5 5 1 236 224 70 Western & Southern Europe 736 754 854 57 61 70 Mexico 5 5 5 148 201 335 South America 6 12 9 165 387 299 Latin America 11 17 14 157 308 312 Spain 108 119 114 180 210 201 Portugal 5 21 20 111 452 446 Iberia & Latin America 124 157 148 173 235 226 United States 457 305 361 69 49 67 USA 457 305 361 69 49 67 Reinsurance LH 47 28 23 208 126 102 Global Insurance Lines & Anglo Markets  47 28 23 208 126 102 South Korea 31 51 87 33 61 115 Taiwan 9 (55) 51 17 (102) 95 Indonesia 53 45 37 454 479 566 Malaysia 17 16 14 174 198 227 Japan 3 (91) (39) 11 (445) (342) Other 49 19 8 140 54 24 Asia-Pacific 162 (15) 158 73 (7) 86 Poland 17 18 20 298 285 271 Slovakia 31 27 20 267 235 182 Hungary 4 8 6 115 227 149 Czech Republic 20 11 11 377 227 250 Russia (3) 1 (6) (185) 117 (1,102) Croatia 3 4 4 125 171 193 Bulgaria 7 6 6 541 474 535 Romania 1 2 2 213 273 316 Central and Eastern Europe 80 77 63 247 245 202 Middle East and North Africa 15 9 12 300 223 399 Global Life  4 (1) (1) (2) – 5 –5 –5 Growth Markets 256 70 231 99 28 104 Consolidation 6 – (12) (5) –  5 –5 –5 Total 2,955 2,420 2,868 67 58 73 3 Statutory premiums adjusted for foreign currency translation and (de-)consolidation effects. 4 From the first quarter of 2011 on, the variable annuity business of ­Allianz Global Life is shown within Germany, France and Italy, respectively. Prior year figures have not been adjusted. 5 Presentation not meaningful. 6 Represents elimination of transactions between ­Allianz Group companies in different geo- graphic regions. 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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