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Allianz Annual Report 2012

Annual Report 2012    Allianz Group148 Asset Management −− Total assets under management at € 1,852 bn. −− Excellent third-party net inflows of € 114 bn. −− Outstanding operating profit of € 3.0 bn. −− Cost-income ratio improved to 55.6  %. Segment overview Allianz offers Asset Management products and services for third-party investors and the ­Allianz Group’s insur- ance operations. We serve a wide range of retail and in- stitutional clients worldwide with investment and distri- bution capacities in all major markets. Based on total assets under management, we are one of the largest asset managers in the world which manage third-party assets with active investment strategies. We are particu- larly strong in the United States, Europe and the Asia- Pacific region. Earnings summary Our operating revenues grew by € 1,284  mn, or 23.3 % to € 6,786 MN. On an internal basis 1, operating revenues went up 15.4 % compared to 2011, benefiting from the strong growth in our assets under management and higher performance fees. Third-party net inflows amounted to € 114 bn. Our strong performance continued with a € 758 mn increase in operating profit to € 3,014 mn. On an internal basis, our operating profit grew by 24.2 % again driven by higher assets under management as well as the efficiency of our opera- tional business. The cost-income ratio improved to 55.6 % compared to 59.0 % in 2011. This was supported by an increase in performance fees and our expense discipline. Operating profit + 33.6 % operating profit asset management C 046 € MN 2010 2011 2012 3,500 3,000 2,500 2,000 1,500 1,000 500 2,060 2,256 3,014 +9.5 % +33.6 % Key figures key figures asset management C 047 € mn 2012 2011 2010 Operating revenues 6,786 5,502 4,986 Operating profit 3,014 2,256 2,060 Cost-income ratio in % 55.6 59.0 58.7 Total assets under management in € bn 1,852 1,657 1,518 1 Revenues adjusted for foreign currency translation and (de-)consolidation effects.

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