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Allianz Annual Report 2012

Annual Report 2012    Allianz Group Allocated internal risk capital (total portfolio before non-controlling interests) as of 31 December 2012 [31 December 20111] C 086 € mn by risk category by business segment Pre-diversified before tax Pre-diversified before tax Total Group internal risk capital: 45,063 [41,747] Credit risk 7,061 [6,844] Market risk 19,415 [17,091] Underwriting risk 11,117 [10,900] Operational risk 3,026 [2,836] Business risk 4,444 [4,076] Life/Health 22,958 [19,664] Property-Casualty 18,232 [17,837] Asset Management 1,254 [1,231] Corporate and Other 2,619 [3,015] Group-diversified Group-diversified 12/31/2011 12/31/2012 30,000 25,000 20,000 15,000 10,000 5,000 0 (5,000) 12/31/2011 12/31/2012 30,000 25,000 20,000 15,000 10,000 5,000 0 (5,000) 14,219 (4,723) 3,929 7,012 1,150 1,583 23,170 24,762 +6.9% 16,164 (5,386) 4,009 7,045 1,236 1,694 +6.9% 10,915 (4,723) (5,386) 13,422 2,325 1,231 23,170 24,762 10,913 15,874 1,254 2,107   Market risk    Credit risk    Underwriting risk    Business risk    Operational risk    Tax impact    Total after tax  Property-Casualty   Life/Health    Asset Management    Corporate and Other    Tax impact    Total after tax 1 2011 figures recalculated based on model updates in 2012. As of 31 December 2012, the Group-diversified internal risk capital before non-controlling interests of € 24.8 bn repre- sented a diversification benefit of approximately 45.1 % across risk categories and regions. Pre-diversified and Group-diversified internal risk capital are broken down as follows: 188

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