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Allianz Annual Report 2012

Changes in aggregate policy reserves ceded to reinsurers are as follows: Changes in aggregate policy reserves ceded to reinsurers D 048 € mn 2012 2011 2010 Carrying amount as of 1 January 4,364 4,674 4,613 Foreign currency translation adjustments (47) 102 193 Changes recorded in the consolidated income statements 66 (4) (46) Other changes (88) (408) (86) Carrying amount as of 31 December 4,295 4,364 4,674 The ­­Allianz Group reinsures a portion of the risks it under- writes in an effort to control its exposure to losses and events and to protect its capital resources. For natural ca- tastrophe events, the ­­Allianz Group maintains a central- ized program that pools exposures from a number of sub- sidiaries by internal reinsurance agreements. ­­Allianz SE limits exposures in this portfolio through external reinsur- ance. For other risks, the subsidiaries of the ­­Allianz Group have individual reinsurance programs in place. ­­Allianz SE participates as a reinsurer on an arm’s length basis in these programs. 11 – Reinsurance assets Reinsurance assets D 047 € mn as of 31 December 2012 2011 Unearned premiums 1,546 1,394 Reserves for loss and loss adjustment expenses 7,318 7,006 Aggregate policy reserves 4,295 4,364 Other insurance reserves 95 110 Total 13,254 12,874 Reconciliation of allowances for credit losses by class of financial assets D 045 € mn Loan loss allowance Provision for credit losses Total 2012 2011 2010 2012 2011 2010 2012 2011 2010 As of 1 January 197 146 144 24 7 8 221 153 152 Changes in the consolidated subsidiaries of the ­­­Allianz Group – – (19) – – (1) – – (20) Additions charged to the consolidated income statements 129 156 110 61 20 13 190 176 123 Charge-offs (112) (48) (35) (1) – – (113) (48) (35) Releases (60) (40) (46) (17) (3) (7) (77) (43) (53) Other additions (reductions) (2) (17) (9) – – – (2) (17) (9) Foreign currency translation adjustments – – 1 – – – – – 1 Reclassifications to non-current assets and assets of disposal groups classified as held for sale – – – – – (6) – – (6) As of 31 December 152 197 146 67 24 7 219 221 153 The following table presents information relating to the ­­­Allianz Group’s impaired loans: Impaired loans D 046 € mn as of 31 December 2012 2011 Impaired loans 881 766 Impaired loans with specific allowances 875 762 Average balance of impaired loans 442 688 Interest income recognized on impaired loans 10 8 Annual Report 2012    Allianz Group278

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