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Allianz Annual Report 2012

Annual Report 2012    Allianz Group 151 Asset Management segment information C 052 € MN 2012 2011 2010 Management and loading fees 7,163 5,923 5,393 Performance fees 766 455 514 Other income 112 214 147 Fee and commission income 8,041 6,592 6,054 Commissions (1,243) (1,091) (1,099) Other expenses (67) (31) (28) Fee and commission expenses (1,310) (1,122) (1,127) Net fee and commission income 6,731 5,470 4,927 Net interest income 1 24 22 21 Income from financial assets and liabilities carried at fair value through income (net) 16 (11) 19 Other income 15 21 19 Operating revenues  6,786 5,502 4,986 Administrative expenses (net), excluding acquisition-related expenses (3,772) (3,246) (2,926) Operating expenses (3,772) (3,246) (2,926) Operating profit 3,014 2,256 2,060 Cost-income ratio 2 in % 55.6 59.0 58.7 1 Represents interest and similar income less interest expenses. 2 Represents operating expenses divided by operating revenue. We recorded € 16  MN of income from financial assets and ­liabilities carried at fair value through income (net), up € 27 MN, benefiting from positive effects of mark-to-market valuation of seed money in the United States. Operating profit Supported by higher operating revenues, a strong cost-in- come ratio as well as favorable foreign currency translation effects, we achieved an operating profit of € 3,014 MN, up 33.6  %. Excluding both the impact of foreign currency trans- lation effects of €  197 MN 1 and consolidation/deconsolida- tion effects of €  19 MN, internal growth amounted to 24.2 %. Administrative expenses only grew 16.2 % to € 3,772 MN. This reflected the efficiency of our operational business but still included investments into infrastructure and new products. On an internal basis, administrative expenses increased by 9.2 %. Our revenues continued to grow at a stronger rate than our operational expense base. This resulted in a 3.4 percentage point improvement in our cost-income ratio to 55.6 %. 1 Based on the average exchange rates in 2012 compared to 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

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