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Allianz Annual Report 2012

32 – Income and expenses from fully consolidated private equity investments Income and Expenses from fully consolidated private equity investments D 103 € mn 2012 2011 2010 Income Sales and service revenues 789 1,552 1,684 Other operating revenues – 65 15 Interest income – 1 2 Subtotal 789 1,618 1,701 Expenses Cost of goods sold (250) (871) (1,040) Commissions – (86) (114) General and administrative expenses (524) (627) (573) Other operating expenses – (81) (112) Interest expenses (41) (65) (77) Subtotal 1 (815) (1,730) (1,916) Total 1 (26) (112) (215) 1 The presented subtotal for expenses and total income and expenses from fully consolidated private equity investments for the year ended 31 December 2012 differs from the amounts presented in the “Consolidated Income Statements” and in “Total revenues and reconcilia- tion of Operating profit (loss) to Net income (loss)”. This difference is due to a consolidation effect of €  (33) mn (2011: € 77 mn; 2010: € 113 mn) for the year ended 31 December 2012. This consolidation effect results from the deferred policyholder participation, recognized on the result from fully consolidated private equity investments within operating profit in the Life/Health segment, that was reclassified into expenses from fully consolidated pri- vate equity investments in non-operating profit to ensure a consistent presentation of the ­­­­Allianz Group‘s operating profit. 31 – Other income other income D 102 € mn 2012 2011 2010 Income from real estate held for own use Realized gains from disposals of real estate held for own use 23 10 18 Other income from real estate held for own use 8 2 1 Subtotal 31 12 19 Income from non-current assets and assets and liabilities of disposal groups classified as held for sale – 1 – Income from alternative investments 169 118 78 Other 14 19 21 Total 214 150 118 Annual Report 2012    Allianz Group316

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