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Allianz Annual Report 2013

Annual Report 2013    Allianz Group160 Reportable segments – Property-Casualty Reportable segments – Property-Casualty € mn German Speaking Countries Western & Southern Europe Iberia & Latin America 2013 2012 2013 2012 2013 2012 Gross premiums written 11,748 11,630 10,547 9,496 4,620 4,659 Ceded premiums written (1,882) (1,955) (725) (655) (738) (830) Change in unearned premiums (5) (1) (87) (158) (72) (147) Premiums earned (net) 9,861 9,674 9,735 8,683 3,810 3,682 Interest and similar income 1,125 1,197 880 868 203 208 Operating income from financial assets and liabilities carried at fair value through income (net) (53) (4) 15 5 6 20 Operating realized gains/losses (net) 69 168 – – – – Fee and commission income 149 147 23 20 – 1 Other income 35 29 7 4 – – Operating revenues 11,186 11,211 10,660 9,580 4,019 3,911 Claims and insurance benefits incurred (net) (7,134) (6,704) (6,070) (5,642) (2,611) (2,533) Change in reserves for insurance and investment contracts (net) (322) (385) (40) – (4) (1) Interest expenses (20) (76) (11) (9) (3) (9) Operating impairments of investments (net)  (11) (17) – – – – Investment expenses (98) (96) (98) (86) (14) (14) Acquisition and administrative expenses (net) (2,534) (2,584) (2,637) (2,332) (992) (939) Fee and commission expenses (132) (148) (35) (34) – (1) Restructuring charges (3) (81) (53) (26) – (11) Other expenses (16) (18) (4) (4) – – Operating expenses (10,270) (10,109) (8,948) (8,133) (3,624) (3,508) Operating profit (loss) 916 1,102 1,712 1,447 395 403 Non-operating income from financial assets and liabilities carried at fair value through income (net) 13 (26) 12 (47) 5 (3) Non-operating realized gains/losses (net) 114 321 216 147 18 (64) Non-operating impairments of investments (net) (32) (88) (150) (90) (15) (17) Amortization of intangible assets (2) (3) (18) (7) (2) (2) Non-operating items 93 204 60 3 6 (86) Income (loss) before income taxes 1,009 1,306 1,772 1,450 401 317 Income taxes (283) (331) (684) (604) (127) (104) Net income (loss) 726 975 1,088 846 274 213 Net income (loss) attributable to: Non-controlling interests (4) 3 15 17 7 8 Shareholders 730 972 1,073 829 267 205 Loss ratio 2 in % 72.3 69.3 62.3 64.9 68.6 68.8 Expense ratio 3 in % 25.7 26.7 27.1 26.9 26.0 25.5 Combined ratio 4 in % 98.0 96.0 89.4 91.8 94.6 94.3 1 The reserve strengthening for asbestos risks in 2012 at Fireman’s Fund Insurance Company of € 71 mn had no impact on the financial results of the ­Allianz Group and Fireman’s Fund’s combined ratio under IFRS. 2 Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 3 Represents acquisition and administrative expenses (net) divided by premiums earned (net). 4 Represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net). 5 Presentation not meaningful.

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