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Allianz Annual Report 2013

Annual Report 2013    Allianz Group154 6 – Segment reporting Identification of reportable segments The business activities of the ­Allianz Group are first organized by pro- duct and type of service: insurance activities, asset management activities and corporate and other activ­ities. Due to differences in ­the nature of products, risks and capital allocation, insurance activi- ties are further divided into the Property-Casualty and Life/Health cat­egories. In accordance with the responsibilities of the Board of Management, each of the insurance categories is grouped into the following reportable segments: −− German Speaking Countries, −− Western & Southern Europe, −− Iberia & Latin America, −− USA, −− Global Insurance Lines & Anglo Markets, −− Growth Markets, −− ­Allianz Worldwide Partners (Property-Casualty only). Asset management activities represent a separate reportable seg- ment. Due to differences in the nature of products, risks and capital allocation, corporate and other activities are divided into three repor- table segments: Holding & Treasury, Banking and Alternative Invest- ments. In total, the ­Allianz Group has identified 17 reportable seg- ments in accordance with IFRS 8, Operating Segments. The types of products and services from which reportable seg- ments derive revenue are described below. Property-Casualty In the Property-Casualty category, reportable segments offer a wide variety of insurance products to both private and corporate custo- mers, including motor liability and own damage, accident, general liability, fire and property, legal expense, credit and travel insurance. Life/Health In the Life/Health category, reportable segments offer a comprehen- sive range of life and health insurance products on both an individual and a group basis, including annuities, endowment and term insu- rance, unit-linked and investment-oriented products as well as full privatehealthandsupplementalhealthandlong-termcareinsurance. Asset Management The reportable segment Asset Management operates as a global pro- vider of institutional and retail asset manage­ment products and ser- vices to third-party investors and provides investment management services to the ­Allianz Group’s insurance operations. The products for retail and institutional customers include equity and fixed income fundsaswellasalternativeproducts.TheUnited States andGermany as well as France, Italy and the Asia-Pacific region represent the pri- mary asset management markets. Corporate and Other The reportable segment Holding & Treasury includes the manage- ment and support of the ­Allianz Group’s businesses through its stra- tegy, risk, corporate finance, treasury, financial reporting, controlling, communication, legal, human resources and technology functions. The reportable segment Banking consists of the banking activities in Germany, France, Italy, the Netherlands and Bulgaria. The banks offer a wide range of products for corporate and retail clients, with a pri- mary focus on the latter. The reportable segment Alternative Invest- ments provides global alternative investment management services in the private equity, real estate, renewable energy and infrastructure sectors, mainly on behalf of the ­Allianz Group’s insurance opera- tions. The reportable segment Alternative Investments also includes a fully ­consolidated private equity investment. The income and expenses of this investment are included in the non-operating result. General segment reporting information Prices for transactions between reportable segments are set on an arm’s length basis in a manner similar to trans­actions with third par- ties. Transactions between reportable segments are eliminated in the Consolidation. For the reportable ­segment Asset Management, inte- rest revenues are reported net of interest expenses. Financial infor- mation is recorded based on reportable segments. Cross-segmental country-specific information is not determined.

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