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Allianz Annual Report 2012

Composition of total revenue growth We believe that an understanding of our total revenue per­ formance is enhanced when the effects of foreign currency translation as well as acquisitions and disposals (or chang­ es in scope of consolidation) are separately analyzed. ­Accordingly, in addition to presenting nominal growth, we also present internal growth, which excludes these effects. Reconciliation of nominal total revenue growth to internal total revenue growth C 081 % Internal growth Changes in scope of consolidation Foreign currency translation Nominal growth 2012 Property-Casualty 2.5 0.3 1.9 4.7 Life/Health (2.6) (0.2) 1.8 (1.0) Asset Management 15.4 0.2 7.7 23.3 Corporate and Other 3.0 1.1 0.0 4.1 Allianz Group 0.5 0.1 2.1 2.7 2011 Property-Casualty 2.3 (0.1) (0.2) 2.0 Life/Health (6.9) (0.1) (0.4) (7.4) Asset Management  14.6 0.1 (4.4) 10.3 Corporate and Other (0.4) (3.0) 0.0 (3.4) Allianz Group  (2.1) (0.1) (0.5) (2.7) Annual Report 2012    Allianz Group 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 183

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