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Allianz Annual Report 2012

20 – Reserves for insurance and investment contracts Reserves for insurance and investment contracts D 081 € mn as of 31 December 2012 2011 Aggregate policy reserves 350,244 338,318 Reserves for premium refunds 40,033 22,868 Other insurance reserves 710 768 Total 390,987 361,954 Aggregate policy reserves Aggregate policy reserves D 082 € mn as of 31 December 2012 2011 Participating life insurance contracts 146,609 141,776 Traditional long-duration insurance contracts 58,222 56,520 Universal life-type insurance contracts 144,083 138,846 Non-unit-linked investment contracts 1,330 1,176 Total 350,244 338,318 Changes in aggregate policy reserves for participating life insurance contracts and traditional long-duration insur- ance contracts for the years ended 31 December 2012 and 2011 were as follows: Changes in aggregate policy reserves for participating life insurance contracts and traditional long-duration insurance contracts D 083 € mn 2012 2011 Partici­pating life insurance contracts Traditional long-duration insurance contracts Partici­pating life insurance contracts Traditional long-duration insurance contracts As of 1 January 141,776 56,520 138,588 54,860 Foreign currency translation adjustments 30 340 151 124 Changes recorded in consolidated income statements 3,623 990 2,037 1,170 Dividends allocated to policyholders 1,048 458 1,023 123 Additions and disposals 4 (34) 3 47 Other changes 1 128 (52) (26) 196 As of 31 December 146,609 58,222 141,776 56,520 1 For the year ended 31 December 2012, includes changes in shadow accounting of € 128 mn (2011: € (26) mn) for participating life insurance contracts. The following table summarizes the gross and net loss and LAE reserves for A&E claims. Gross and net Reserves for loss and LAE for A&E claims D 079 € mn as of 31 December 2012 2011 2010 A&E net reserves 2,537 2,586 2,713 A&E gross reserves 3,066 3,124 3,272 As percentage of the ­­Allianz Group’s Property-Casualty gross reserves 4.9 % 5.3 % 5.7 % The following table shows total A&E loss activity for the past three years. Change in a&E gross reserves for loss and loss adjustment expenses D 080 € mn 2012 2011 2010 Reserves for loss and LAE as of 1 January 3,124 3,272 3,099 – Loss and LAE payments (188) (124) (195) + Change in reserves for loss and LAE 130 (24) 368 Reserves for loss and LAE as of 31 December 3,066 3,124 3,272 Annual Report 2012    Allianz Group D Consolidated Financial Statements 219 Consolidated Balance Sheets 220 Consolidated Income Statements 221 Consolidated Statements of Comprehensive Income 222 Consolidated Statements of Changes in Equity 223 Consolidated Statements of Cash Flows 226 Notes to the Consolidated Financial Statements 299

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