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Allianz Annual Report 2012

Reserves for premium refunds Reserves for premium refunds D 085 € mn 2012 2011 2010 Amounts already allocated under local statutory or contractual regulations As of 1 January 12,124 11,565 12,409 Foreign currency translation adjustments 4 5 35 Changes in the consolidated subsidiaries of the ­­­Allianz Group (1) (2) (20) Changes (148) 556 (859) As of 31 December 11,979 12,124 11,565 Latent reserves for premium refunds As of 1 January 10,744 13,237 12,021 Foreign currency translation adjustments 7 29 150 Changes in the consolidated subsidiaries of the ­­­Allianz Group – (22) (7) Changes due to fluctuations in market value 14,690 (2,886) (682) Changes due to valuation differences charged to income 2,613 386 1,755 As of 31 December 28,054 10,744 13,237 Total 40,033 22,868 24,802 Concentration of insurance risk in the Life/ Health segment The ­Allianz Group’s Life/Health segment provides a wide variety of insurance and investment contracts to individu- als and groups in over 30 countries around the world. Indi- vidual contracts include both traditional contracts and unit-linked contracts. Without taking policyholder partici- pation into account, traditional contracts generally incor- porate significant investment risk for the ­Allianz Group, while unit-linked contracts generally result in the contract holder assuming the investment risk. Traditional contracts include life, endowment, annuity, and health contracts. Traditional annuity contracts are issued in both deferred and immediate types. In addition, the ­Allianz Group’s life insurance operations in the United States issue a signifi- cant amount of equity-indexed deferred annuities. In cer- tain markets, the ­Allianz Group also issues group life, group health and group pension contracts. 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 301