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Allianz Annual Report 2013

Annual Report 2013    Allianz Group158 Business Segment Information – Total revenues and reconciliation of Operating profit (loss) to Net income (loss) Business Segment Information – Total revenues and reconciliation of Operating profit (loss) to Net income (loss) € mn Property-Casualty Life/Health 2013 2012 2013 2012 Total revenues 1 46,579 46,889 56,784 52,347 Premiums earned (net) 42,047 41,705 24,581 24,393 Operating investment result Interest and similar income 3,595 3,770 16,766 16,832 Operating income from financial assets and liabilities carried at fair value through income (net) (76) (46) (1,829) (727) Operating realized gains/losses (net) 69 168 3,293 3,044 Interest expenses, excluding interest expenses from external debt (52) (47) (81) (84) Operating impairments of investments (net) (11) (17) (331) (428) Investment expenses (315) (307) (839) (759) Subtotal 3,210 3,521 16,979 17,878 Fee and commission income 1,226 1,165 646 534 Other income 47 35 157 154 Claims and insurance benefits incurred (net) (27,713) (28,491) (20,096) (20,386) Change in reserves for insurance and investment contracts (net) 2 (384) (430) (13,556) (13,971) Loan loss provisions – – – – Acquisition and administrative expenses (net), excluding acquisition-related expenses (11,942) (11,634) (5,603) (5,316) Fee and commission expenses (1,141) (1,088) (251) (228) Restructuring charges (61) (146) (50) (27) Other expenses (21) (23) (98) (88) Reclassification of tax benefits – – – – Operating profit (loss) 5,268 4,614 2,709 2,943 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) 26 (80) 27 13 Non-operating realized gains/losses (net) 520 671 88 132 Non-operating impairments of investments (net) (217) (232) (16) (49) Subtotal 329 359 99 96 Income from fully consolidated private equity investments (net) – – – – Interest expenses from external debt – – – – Acquisition-related expenses – – – – Amortization of intangible assets (33) (31) (15) (4) Reclassification of tax benefits – – – – Non-operating items 296 328 84 92 Income (loss) before income taxes 5,564 4,942 2,793 3,035 Income taxes (1,746) (1,437) (852) (1,001) Net income (loss) 3,818 3,505 1,941 2,034 Net income (loss) attributable to: Non-controlling interests 168 179 80 84 Shareholders 3,650 3,326 1,861 1,950 1 Total revenues comprise statutory gross premiums written in Property-Casualty and Life/Health, operat- ing revenues in Asset Management and total revenues in Corporate and Other (Banking). 2 For the year ended 31 December 2013, includes expenses for premium refunds (net) in Property-Casualty of € (162) mn (2012: € (292) mn).

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