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Allianz Annual Report 2012

Consolidated Income Statements consolidated income statements D 002 € mn Note 2012 2011 2010 Gross premiums written 72,086 69,299 68,582 Ceded premiums written (5,336) (5,136) (4,873) Change in unearned premiums (705) (495) (372) Premiums earned (net) 26 66,045 63,668 63,337 Interest and similar income 27 21,084 20,502 19,428 Income from financial assets and liabilities carried at fair value through income (net) 28 (511) (1,287) (38) Realized gains/losses (net) 29 4,327 3,435 3,708 Fee and commission income 30 9,812 8,406 7,920 Other income 31 214 150 118 Income from fully consolidated private equity investments 32 789 1,618 1,701 Total income 101,760 96,492 96,174 Claims and insurance benefits incurred (gross) (51,745) (51,376) (48,038) Claims and insurance benefits incurred (ceded) 2,871 2,509 1,942 Claims and insurance benefits incurred (net) 33 (48,874) (48,867) (46,096) Change in reserves for insurance and investment contracts (net) 34 (14,359) (10,993) (13,871) Interest expenses 35 (1,477) (1,491) (1,411) Loan loss provisions 36 (111) (121) (50) Impairments of investments (net) 37 (934) (3,661) (844) Investment expenses 38 (876) (852) (827) Acquisition and administrative expenses (net) 39 (22,133) (20,762) (20,883) Fee and commission expenses 40 (2,896) (2,564) (2,561) Amortization of intangible assets 15 (259) (449) (327) Restructuring charges 49 (268) (168) (271) Other expenses 41 (94) (65) (57) Expenses from fully consolidated private equity investments 32 (848) (1,653) (1,803) Total expenses (93,129) (91,646) (89,001) Income before income taxes 8,631 4,846 7,173 Income taxes 42 (3,140) (2,042) (1,964) Net income 5,491 2,804 5,209 Net income attributable to: Non-controlling interests 322 259 156 Shareholders 5,169 2,545 5,053 Basic earnings per share (€) 50 11.42 5.63 11.20 Diluted earnings per share (€) 50 11.34 5.48 11.12 Annual Report 2012    Allianz Group220

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