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Allianz Annual Report 2013

weighted average guaranteed minimum interest rates of life insurance Entities as of 31 December 2013 2012 Guaranteed rate Non-unit-linked reserves % of non-unit-linked reserves Guaranteed rate Non-unit-linked reserves % of non-unit-linked reserves % € bn % % € bn % Germany 3.0 146.8 97.5 3.1 138.9 97.7 France 0.6 53.4 77.5 0.7 52.1 79.2 Italy 2.3 27.7 56.9 2.5 27.0 60.0 United States 1.1 55.9 71.5 1.3 54.9 73.8 Switzerland 2.1 9.8 92.7 2.2 9.7 92.5 South Korea 4.7 8.5 89.3 4.7 8.6 90.4 Belgium 3.2 8.0 96.1 3.4 7.6 96.7 In most of these markets, the effective interest rates earned on the investment portfolio exceed these guaranteed minimum interest rates. In addition, the operations in these markets may also have sig- nificantmortalityandexpensemargins.However,the­AllianzGroup’s Life/Health operations in Switzerland, Belgium, South Korea and Tai- wan have high guaranteed minimum interest rates on older con- tracts in their portfolios and, as a result, may be sensitive to declines in investment rates or a prolonged low interest rate environment. As of 31 December 2013 the ­Allianz Group has written off deferred acqui- sition costs and established premium deficiency reserves on the most endangered part of the portfolio in South Korea, with an overall impact of € (111)  mn on the consolidated income statement. As a result,asof31 December2013,the­AllianzGroupdoesnot believethat it is exposed to further significant risk of premium deficiencies in its business segment Life/Health. Annual Report 2013    Allianz Group190 21 – Financial liabilities for unit-linked contracts Changes in financial liabilities for unit-linked insurance contracts and unit-linked investment contracts € mn 2013 2012 Unit-linked insurance contracts Unit-linked investment contracts Total Unit-linked insurance contracts Unit-linked investment contracts Total As of 1 January 50,078 21,119 71,197 43,446 20,054 63,500 Foreign currency translation adjustments (1,909) (347) (2,256) (520) 41 (479) Changes in the consolidated subsidiaries of the ­Allianz Group – 1,477 1,477 – – – Premiums collected 8,065 6,989 15,054 7,754 4,438 12,192 Interest credited 5,524 601 6,125 5,467 1,623 7,090 Releases upon death, surrender and withdrawal (4,689) (3,993) (8,682) (4,423) (4,957) (9,380) Policyholder charges (1,466) (98) (1,564) (1,287) (78) (1,365) Portfolio acquisitions and disposals (31) (19) (50) (18) (3) (21) Reclassifications 1 (215) (22) (237) (341) 1 (340) As of 31 December 55,357 25,707 81,064 50,078 21,119 71,197 1 These reclassifications mainly relate to insurance contracts when policyholders change their contract from a unit-linked to a universal life-type contract.

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