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Allianz Annual Report 2012

Given that the table below presents calendar year data and not, as in the tables above, accident year data, conclusions Composition of Reserves for loss and LAE by line of business The time lag until claims are reported and subsequently settled is an important consideration in establishing re- serves. Short-tail claims, such as motor property damage claims, are typically reported within a few days or weeks and are generally settled within two to three years. Medi- um-tail claims such as personal and commercial motor liability claims generally take four to six years to settle, Development of reserves for loss and loss adjustment expenses D 075 € mn Calendar year 2004 2005 2006 2007 2008 2009 2010 2011 2012 Reserves for loss and loss adjustment expenses (gross) 55,528 60,259 58,664 56,943 55,616 55,715 57,509 59,493 62,711 Reserves for loss and loss adjustment expenses (ceded) 10,048 10,603 9,333 8,266 7,820 7,176 6,659 6,658 6,905 Reserves for loss and loss adjustment expenses (net) 45,480 49,656 49,331 48,677 47,796 48,539 50,850 52,835 55,806 Net paid (cumulative) as of One year later 10,716 12,242 12,255 12,005 12,799 12,364 12,229 13,385 Two years later 16,326 18,093 17,863 17,455 18,476 17,648 18,180 Three years later 20,119 22,058 21,568 20,980 22,035 21,628 Four years later 22,926 24,807 24,159 23,505 24,906 Five years later 25,145 26,812 25,997 25,661 Six years later 26,719 28,254 27,670 Seven years later 27,867 29,661 Eight years later 29,077 Net liabilities re-estimated as of One year later 45,595 47,725 46,919 45,579 47,265 48,486 49,469 53,628 Two years later 43,570 45,145 43,988 44,300 47,142 47,671 50,563 Three years later 42,293 43,695 43,375 43,980 46,911 48,771 Four years later 41,315 43,183 43,248 44,044 47,989 Five years later 41,187 43,086 43,562 45,494 Six years later 41,181 43,379 45,086 Seven years later 41,550 45,052 Eight years later 42,827 Cumulative surplus Net surplus before adjustments 1 2,653 4,604 4,245 3,183 (193) (232) 287 (793) Net surplus 457 1,199 969 1,360 1,067 1,544 1,660 1,207 Net surplus before adjustments as a % of initial reserves 5.8 % 9.3 % 8.6 % 6.5 % (0.4) % (0.5) % 0.6 % (1.5) % Gross surplus before adjustments 1 3,470 6,198 5,771 4,318 867 606 702 (940) Gross surplus 1,293 1,632 1,186 1,708 1,962 2,551 2,080 1,271 1 Gross/Net surplus before adjustments represents the cumulative surplus from re-estimat- ing the reserves for loss and loss adjustment expenses for prior years claims and includes changes in the consolidated subsidiaries of the Allianz Group of gross € 2,114 mn (2011: € (2)  mn) and net € 1,924  mn (2011: € (2)  mn), foreign currency translation adjustments, reclassifications and other changes. This leads to an effective run-off result of gross € 1,271 mn (2011: € 2,080 mn) and net € 1,207 mn (2011: € 1,660 mn), which can be found in the table “Change in the reserves for loss and loss adjustment expenses” within this section. In 2012, net loss and LAE reserves increased by € 2,971 mn or 5.6 % to € 55,806 mn, resulting partially from the acquired in- surance activities of Mensura CCA by the Belgian subsidiary and the acquired brokerage portfolio-related activities of Gan Eurocourtage by the French subsidiary. Reserve devel- opments during 2012 are described in further detail in the section “Changes in reserves for loss and LAE during 2012”. about future results may not be derived from the informa- tion presented in this table. Annual Report 2012    Allianz Group294

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