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Allianz Annual Report 2012

Magazine for the Annual Report 2012 29 The Chief Risk Officer and his colleagues must conduct very precise assessments to determine what the “right” risks are for Allianz to take. The same also goes for risks that may arise with technological develop- ments like nanotechnology, genetic engineering and digitalization. While the immediate benefits of these advances are clear, nobody knows with certainty the risks they may pose in the future in terms of product liability, cybercrime or breaches in data security. Good risk management and an underwriting culture give Allianz the confidence to underwrite these risks and capture the opportunities. Wilson, who has dual nationality – American and Swiss – is a native of San Francisco, California. After completing his PhD in Economics at Stanford University, he moved to Europe – first to Zurich, then to ­London, Amsterdam and now to Munich. He has been a risk manager for years and is considered an authority in his field. “Risk Magazine”, an industry magazine, crowned him 2010 “Insurance Chief Risk Officer of the Year” and “Life and Pensions” named Allianz “Mulitnational Insurance Company of the Year” in 2009 based on actions taken fol- lowing the 2008 financial crisis. What does Wilson enjoy about his job? “Through risk management, being able to contribute to Allianz’s success and building together with our partners a company profitable on the long term and a strong financial community.” 1 The values for 2011 were recalculated on the basis of the model updated in 2012. Pre-diversified before tax. Total Group internal risk capital. Total internal risk capital of the Group: EUR 45,063 MN [EUR 41,747 MN]. ALLOCATED INTERNAL RISK CAPITAL AS OF 31 December 2012 [31 DECEMBER 20111] 15.6 % 9.9 % 24.7 % BY RISK CATEGORY 6.7 % OPERATIONAL RISK [6.8 %] [9.8 %] [26.1%] [40.9 %] [16.4 %] BUSINESS RISK Underwriting risk CREDIT RISK 43.1% MARKET RISK