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Allianz Annual Report 2012

Auditor’s Report We have audited the consolidated financial statements prepared by Allianz SE, Munich, comprising the consoli- dated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity, the consoli- dated statement of cash flows and the notes, together with the group management report for the business year from 1 January to 31 December 2012. The preparation of the con- solidated financial statements and the group management report in accordance with IFRSs, as adopted by the E.U., and the additional requirements of German commercial law pursuantto§ 315apara.1HGB[Handelsgesetzbuch“German Commercial Code”] and supplementary provisions of the articles of incorporation are the responsibility of the parent company`s management. Our responsibility is to express an opinion on the consolidated financial statements and on the group management report based on our audit. We conducted our audit of the consolidated financial state- ments in accordance with § 317 HGB and German generally accepted standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Those standards require that we plan and perform the audit such that mis- statements materially affecting the presentation of the net assets, financial position and results of operations in the consolidated financial statements in accordance with the applicable financial reporting framework and in the group management report are detected with reasonable assur- ance. Knowledge of the business activities and the eco- nomic and legal environment of the Group and expecta- tions as to possible misstatements are taken into account in the determination of audit procedures. The effectiveness of the accounting-related internal control system and the evidence supporting the disclosures in the consolidated financial statements and the group management report are examined primarily on a test basis within the frame- work of the audit. The audit includes assessing the annual financial statements of those entities included in consoli- dation, the determination of entities to be included in con- solidation, the accounting and consolidation principles used and significant estimates made by management, as well as evaluating the overall presentation of the consoli- dated financial statements and group management report. We believe that our audit provides a reasonable basis for our opinion. Our audit has not led to any reservations. In our opinion, based on the findings of our audit, the con- solidatedfinancialstatementscomplywithIFRSs,asadopted by the EU, the additional requirements of German commer- cial law pursuant to § 315a para. 1 HGB and supplementary provisions of the articles of incorporation and give a true andfairviewofthenetassets,financialpositionandresults ofoperationsoftheGroupinaccordancewiththeserequire- ments.Thegroupmanagementreportisconsistentwiththe consolidated financial statements and as a whole provides asuitableviewoftheGroup’spositionandsuitablypresents the opportunities and risks of future development. Munich, 1 March 2013 KPMG AG Wirtschaftsprüfungsgesellschaft Johannes Pastor Dr. Frank Pfaffenzeller Wirtschaftsprüfer Wirtschaftsprüfer (Independent Auditor) (Independent Auditor) Annual Report 2012    Allianz Group366