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Allianz Annual Report 2013

Calendar year premiums earned and ultimate loss ratio for the individual accident years at the respective reporting date (net) Calendar year premiums earned and ultimate loss ratio for the individual accident years at the respective reporting date (net) Premiums earned (net) Accident year as of 31 December 2005 2006 2007 2008 2009 2010 2011 2012 2013 € mn % % % % % % % % % 2005 37,686 70.7 2006 37,950 71.0 67.5 2007 38,553 67.5 67.9 69.1 2008 38,213 66.3 64.0 68.7 71.6 2009 37,828 65.3 63.7 66.9 73.5 72.5 2010 39,303 65.0 63.7 66.4 74.1 72.7 73.3 2011 39,898 64.8 63.7 65.8 73.3 71.2 71.9 75.0 2012 41,705 65.9 63.3 65.6 72.3 71.2 71.9 74.2 71.9 2013 42,047 65.6 63.1 65.2 71.9 70.6 71.1 72.8 69.2 69.9 Changes in reserves for loss and LAE during 2013 Net reserves as of 31 December 2013 Net reserves as of 31 December 2012 Net development related to prior years € mn € mn € mn %1 Motor 16,040 16,705 748 4.5 General Liability 9,632 9,827 (40) (0.4) Workers Compensation /  Employers Liability 5,192 5,379 (9) (0.2) Property 3,441 3,675 396 10.8 Inwards and Group Internal Reinsurance 5,501 6,085 119 2.0 Personal Accident 1,277 1,259 59 4.7 Construction Damage and Liability 2,373 2,316 (7) (0.3) Credit Insurance 1,083 1,010 152 15.0 AGCS 6,159 6,258 257 4.1 Other 2,746 3,292 14 0.4 ­Allianz Group 53,444 55,806 1,689 3.0 1 In % of net reserves as of 31 December 2012. The major highlights of the reserve developments in 2013 are dis- cussed by line of business below. The discussion is based on net loss and LAE reserves of the relevant local operating entity before consoli- dation and converted into Euro for uniform presentation. Only sig- nificant developments for the ­Allianz Group’s major operating enti- ties are included and therefore the amounts do not fully reconcile to the line of business totals in the above table. The ultimate loss of an accident year comprises all payments made for that accident year up to the reporting date, plus the loss reserve at the reporting date. Given complete information regarding all losses incurred up to the balance sheet date, the ultimate loss for each accident-year period would remain the same. In practice, however, the ultimate loss (based on estimates) is exposed to fluctuations that reflect the increase in knowledge regarding the loss cases. The loss ratio presented above deviates from the reported loss ratio because the ultimate loss in the table above is based on the sum of the pay- ments plus the loss reserve, and not the incurred loss from the profit or loss account. This means that effects like changes in consolidated subsidiaries, foreign currency translation and reclassification of unwinding of discounted loss reserves are presented differently. Changes in reserves for loss and LAE during 2013 As noted above, prior year loss and LAE reserves of the ­Allianz Group developed favorably during 2013 by € 1,689  mn net of reinsurance, rep- resenting 3.0 % of net reserves as of 31 December 2012. The following table provides a breakdown of these amounts by line of business. 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 185

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