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Allianz Annual Report 2013

19 – Reserves for loss and loss adjustment expenses Reserves for loss and loss adjustment expenses € mn as of 31 December 2013 2012 Property-Casualty 56,614 62,711 Life/Health 9,961 9,854 Consolidation (9) (25) Total 66,566 72,540 Reserves for loss and loss adjustment expenses for the Property- Casualty business segment are described in detail in the following sections. change in reserves for loss and loss adjustment expenses The following table reconciles the beginning and ending reserves of the ­Allianz Group, including the effect of reinsurance ceded, for the Property-Casualty business segment for the years ended 31 Decem- ber 2013 and 2012. change in reserves for loss and loss adjustment expenses € mn 2013 2012 Gross Ceded Net Gross Ceded Net As of 1 January 62,711 (6,905) 55,806 59,493 (6,658) 52,835 Loss and loss adjustment expenses incurred Current year 31,831 (2,429) 29,402 32,108 (2,410) 29,698 Prior years (2,185) 496 (1,689) (1,271) 64 (1,207) Subtotal 29,646 (1,933) 27,713 30,837 (2,346) 28,491 Loss and loss adjustment expenses paid Current year (16,136) 687 (15,449) (15,016) 574 (14,442) Prior years (15,099) 1,568 (13,531) (15,132) 1,747 (13,385) Subtotal (31,235) 2,255 (28,980) (30,148) 2,321 (27,827) Foreign currency trans­lation adjustments and other changes 1 (1,433) 265 (1,168) (96) (2) (98) Changes in the consolidated subsidiaries of the ­Allianz Group 132 (59) 73 2,625 (220) 2,405 Subtotal 59,821 (6,377) 53,444 62,711 (6,905) 55,806 Reclassification of discounted loss reserves 2 (3,207) 306 (2,901) – – – As of 31 December 56,614 (6,071) 50,543 62,711 (6,905) 55,806 1 Includes effects of foreign currency translation adjustments for prior years claims of gross € (1,371)  mn (2012: € 47  mn) and of net € (1,184)  mn (2012: € 70  mn) and for current year claims of gross € (295)  mn (2012: € (156)  mn) and of net € (253) mn (2012: € (127) mn). 2 Effective 1 January 2013, the ­Allianz Group changed its presentation of discounted loss reserves in the consolidated balance sheet from the line item “Reserves for loss and loss adjustment expenses” to the line item “Reserves for insurance and investment contracts”. For further information please see note 4. Annual Report 2013    Allianz Group182 18 – Unearned premiums Unearned premiums € mn as of 31 December 2013 2012 Property-Casualty 15,367 15,328 Life/Health 2,855 2,618 Consolidation (10) (7) Total 18,212 17,939

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