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Allianz Annual Report 2013

A To Our Investors  5 Letter to the Investors 10 Supervisory Board Report 17 Supervisory Board 18 Board of Management 20 International Executive Committee 21 Allianz Share 7 following the debate in the United States on a gradual reduction of asset purchases by the Federal Reserve Bank. We continued to pursue our investments in future growth in a systematic manner. This year, we made an acquisition in Turkey, which makes us the market leader in one of the most attractive growth markets. We bought the company – multi-line insurer Yapı Kredi – in July, at the same time securing a 15-year exclusive distribution agreement with Yapı Kredi Bank. Thanks to the acquisition of Yapı Kredi, our market share in Turkey is now almost comparable with our position in Germany. For the coming year, we believe that Allianz is well equipped to further boost its competitive position despite the challenges we face. Although the economies in Europe and the United States are continuing to stabilize, interest rates in both regions are likely to remain low for the foreseeable future. The Euro has meanwhile staged a strong recovery, despite the European debt crisis being far from over. While this is a welcome development in one sense, it ­also has an adverse impact on exports and on the foreign revenues of European companies with international operations. However, without further diversifying our investment portfolio we won’t achieve a satisfying investment performance on new investments. In this context, we also have to be attuned to currency fluctuations. A further challenge is the need to tackle difficult detailed aspects of regulation – supervisory legislation, solvency rules and the consequences of ­Allianz’s systemic relevance. This ties up a lot of resources and could potentially lead to higher capital adequacy requirements for ­Allianz. In our opinion, our strong capital position already covers such higher capital adequacy requirements today.

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