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Allianz Annual Report 2013

Loss payments for the individual accident years (per calendar year, net) Loss payments for the individual accident years (per calendar year, net) € mn Accident year Calendar year 2004 & Prior 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total 2004 23,253 23,253 2005 10,716 11,881 22,597 2006 5,610 6,632 11,760 24,002 2007 3,793 2,058 6,403 12,631 24,885 2008 2,807 1,158 1,643 6,397 13,130 25,135 2009 2,219 531 955 1,744 7,350 13,368 26,167 2010 1,574 432 586 934 2,151 6,688 14,094 26,459 2011 1,147 294 397 687 1,034 1,725 6,945 14,316 26,545 2012 1,211 197 265 483 716 1,107 1,972 7,434 14,442 27,827 2013 1,149 201 266 323 497 712 1,113 2,090 7,180 15,449 28,980 Prior years’ net loss and loss adjustment expenses incurred reflect the changes in estimation charged or credited to the consolidated income statement in each year with respect to the reserves for loss and loss adjustment expenses established as of the beginning of that year. During the year ended 31 December 2013, the ­Allianz Group recorded additional income of € 1,689  mn (2012: € 1,207  mn) net in respect of losses occurring in prior years. During the year ended 31 December 2013, this amount as a percentage of the net balance of the beginning of the year was 3.0 % (2012: 2.3 %). Changes in historical reserves for loss and loss adjustment expenses (LAE) The analysis of loss and LAE reserves by actuaries and management is conducted by line of business and separately for specific claim types such as asbestos and environmental claims. The origin year of losses is taken into consideration by analyzing each line of business by accident year. While this determines the estimates of reserves for loss and LAE by accident year, the effect in the consolidated income statement in the respective calendar year combines the accident year loss ratio for the current year with the favorable or adverse develop- ment from prior years (run-off). Although discounted loss reserves have been reclassified to “Reserves for insurance and investment contracts” in the balance sheet,theunderlyingbusinessdevelopmentofthesenon-lifereserves is still considered in the loss ratio. Therefore the tables below show thelossdevelopmentbyaccidentyearincludingthebusinessdevelop- ment of discounted loss reserves. The run-off triangle, also known as the “loss triangle” is a tabular representation of loss-related data (such as payments, loss reserves, ultimate losses) in two, time-related dimensions. One of these is the calendar year, while the other is the accident year (year of loss occur- rence). Run-off triangles – as the basis for measuring loss reserves – make clear how the loss reserves change over the course of time due to payments made and new estimates of the expected ultimate loss at the respective balance sheet date. The run-off triangles are not prepared on a currency-adjusted basis. This means all figures are translated from the respective local currency into the ­Allianz Group presentation currency (Euro), con- sistently using the exchange rates applicable at the reporting date. This ensures that the reserves reconcile with reserves in the consoli- dated balance sheet. D Consolidated Financial Statements 127 Consolidated Balance Sheets 128 Consolidated Income Statements 129 Consolidated Statements of Comprehensive Income 130 Consolidated Statements of Changes in Equity 131 Consolidated Statements of Cash Flows 134 Notes to the Consolidated Financial Statements Annual Report 2013    Allianz Group 183

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