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Allianz Annual Report 2013

Annual Report 2013    Allianz Group162 Reportable segments – Life/Health Reportable segments – Life/Health € mn German Speaking Countries Western & Southern Europe 2013 2012 2013 2012 Statutory premiums 1 22,251 20,758 19,830 16,897 Ceded premiums written (166) (161) (1,086) (1,102) Change in unearned premiums (163) (194) 22 45 Statutory premiums (net) 21,922 20,403 18,766 15,840 Deposits from insurance and investment contracts (6,350) (4,879) (14,183) (11,572) Premiums earned (net) 15,572 15,524 4,583 4,268 Interest and similar income 8,935 8,782 3,878 3,999 Operating income from financial assets and liabilities carried at fair value through income (net) (1,139) 48 138 (50) Operating realized gains/losses (net) 2,647 2,277 487 587 Fee and commission income 49 44 437 350 Other income 126 134 31 20 Operating revenues 26,190 26,809 9,554 9,174 Claims and insurance benefits incurred (net) (13,139) (13,942) (4,113) (3,804) Changes in reserves for insurance and investment contracts (net) (9,273) (9,278) (2,364) (2,377) Interest expenses (98) (97) (24) (27) Operating impairments of investments (net)  (275) (231) (76) (193) Investment expenses (556) (512) (213) (179) Acquisition and administrative expenses (net) (1,565) (1,302) (1,795) (1,678) Fee and commission expenses (19) (18) (208) (171) Restructuring charges (3) (18) (16) (8) Other expenses (88) (78) (10) (10) Operating expenses (25,016) (25,476) (8,819) (8,447) Operating profit 1,174 1,333 735 727 Non-operating income from financial assets and liabilities carried at fair value through income (net) – – (5) (2) Non-operating realized gains/losses (net) – – 35 67 Non-operating impairments of investments (net) – – (13) (33) Amortization of intangible assets (1) (3) (5) (1) Non-operating items (1) (3) 12 31 Income before income taxes 1,173 1,330 747 758 Income taxes (410) (439) (208) (293) Net income 763 891 539 465 Net income attributable to: Non-controlling interests – – 20 33 Shareholders 763 891 519 432 Margin on reserves 2 in basis points 53 64 53 57 1 Statutory premiums are gross premiums written from sales of life and health insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction. 2 Represents operating profit divided by the average of the current and previous year-end net reserves, where net reserves equal reserves for loss and loss adjustment expenses, reserves for insurance and investment contracts and financial liabilities for unit-linked contracts less reinsurance assets. 3 Presentation not meaningful.

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