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Allianz Annual Report 2012

36 2012. They were succeeded by Gary Bhojwani, Helga Jung, Dieter ­Wemmer and Maximilian Zimmerer. I can assure you that the new team is working well together. It has the quality, as well as the ­experience, to address current and future challenges and seize new opportunities. From an economic perspective, 2012 was another challenging year. The continuing Euro crisis, subdued economic growth and interest rates falling further put pressure on financial service companies. I am nevertheless more confident regarding the future of the Euro now than I was a year ago, since the stepwise progress in dealing with the crisis has shown positive effects. However, a sustainable response to the sovereign debt crisis is still awaited. And, until this happens, there are still significant risks in the system. Therefore one of our priorities in 2012 was the preparation for potential stress scenarios. Among other things, we carefully assessed the ­ risks of a worsening Euro crisis and took appropriate measures – for example by substantially derisking our investments. In terms of business, we increased operating profits across all segments despite this challenging environment. In particular, the Asset Manage­ ment business grew profits by 33.6 % and now represents over 30 % of our operating profit. Our Life/Health business was able to grow its operating profit by 22.1 % while our Property-Casualty (P&C) business increased by 12.5 %. The only negative development this year came