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Allianz Annual Report 2012

    37 from our U.S. based P&C subsidiary, Fireman’s Fund, which was hit particularly hard by persistent drought and Storm Sandy. In addition, Fireman’s Fund had to significantly strengthen its reserves for contracts with long-tail risks underwritten in the past. In 2012, we invested to expand our market share in selected markets. On the one hand, we took advantage of the trend towards consolidation in the European financial sector by making acquisitions in France and Belgium. On the other hand, we invested further in emerging markets in Asia, where ­Allianz signed an agreement with Hong Kong Shanghai Banking Corporation (HSBC) for the exclusive distribution of life insurance products in six Asian countries. Many of the challenges that accompanied us in 2012 will also play an important role in 2013, in particular the uncertain economic outlook, the continuing low interest rate environment, as well as the upcoming changes in nearly all aspects of financial regulation. We have already set the right course for those areas we can influence. The spotlight is now on fast and comprehensive execution. Due to extremely low interest rates, investment results will continue to be below the levels we have become accustomed to. Therefore, it is now ­ more important than ever to continuously increase our operating strengths. For us this means an ongoing focus on smart investments in technology, people and distribution, as well as continuing to out­- perform our competitors when it comes to selecting and pricing risk. A To Our Investors 35 Letter to the Investors 40 Supervisory Board Report 49 Supervisory Board 50 Board of Management 53 International Executive Committee 54 Allianz Share 59 Services for Allianz Investors

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