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Allianz Annual Report 2013

Annual Report 2013    Allianz Group52 to premium growth and improved profitability. Furthermore, we will continue to extend our cooperation with the automobile industry and increase our position in the direct market under the brand of AllSecur. For our life insurance business, we are active in private and com- mercial markets and provide a comprehensive range of products. The main classes of coverage offered include annuity, endowment, term, disability and nursing care insurance. A lot of customers are currently rethinking risk and return factors in their old-age provision. For years we have been successfully enlarging our product range and in summer 2013 we launched our new Perspektive offering. This has separate guarantees in the savings and payout phases, from which our customers can expect higher returns as a result of much less stringent capital adequacy requirements. This life insurance product meets customer needs very well. In the fourth quarter of 2013, new business for Perspektive through our tied agents channel accounted for 24 % of our old-age provision retail business. In our commercial lines, we serve our customers with group life insurance and provide companies with services and solutions in con- nection with defined benefit pension arrangements and defined con- tribution plans. In total, we increased our market share in terms of revenues in 2013 by 1.4 %. After the single premium business reached a new record level in 2013, we expect, however, that the exceptional growth will not recur in 2014. Through ­Allianz Private Kranken, we provide a wide range of health insurance products, including full private health care coverage, supplementary health and long-term care insurance as well as for- eign travel medical insurance. After a reluctant demand in 2013, we still expect growing demand for both full private health care coverage and supplementary insurance in the future. This should be supported by the very good external ratings we received recently for our full pri- vate health care coverage and by our well-positioned long-term care insurance offerings. Italy Our Italian insurance entity ­Allianz S.p.A. is strongly dedicated to the agent channel. We also offer our products through Genialloyd (one of the leading companies in direct business), the broker channel, ­Allianz Bank Financial Advisors S.p.A. and via bancassurance, with UniCredit as our main distribution partner. In our property-casualty business, ­Allianz Italy significantly out- performed its market in terms of premium growth and profitability. In a market that experienced a contraction of 3.7 % 1, ­Allianz premium volume declined by only 0.3 %, which allowed us to increase our market share for the second consecutive year. In terms of profitability, the combined ratio reached a historical low, which reflects the strong 1 Based on the first nine months of 2013. Our markets The following sections provide an overview of our business opera- tions in certain insurance markets by business division and of our Asset Management business. We focus on our operations in insur- ance core markets and comment on material developments in select- ed insurance markets as well as on our asset management market, since these account for the major developments in our operating results. Insurance Core Markets Insurance Core Markets Statutory/gross premiums written Operating profit Number of customers  Core markets € mn € mn mn Germany I. I. 29,525 1,724 20.0 France II. III. 12,685 822 4.9 Italy II. II. 12,462 1,342 6.0 United States IV. III. 9,375 641 1.2 Market position  ◼  Property-Casualty  ◼  Life/Health Market position by gross premiums written:  I. Position 1  II. Position 2 to 5  III. Position 6 to 10  IV. Not in the top 10 Germany We provide our customers in Germany with a full range of insurance and financial services through ­Allianz Deutschland AG. Our products are mainly provided by ­Allianz Versicherungs-AG (­Allianz Sach), ­Allianz Lebensversicherungs-AG (­Allianz Leben) and ­Allianz Private Krankenversicherungs-AG (­Allianz Private Kranken). They are mostly distributed through a network of full-time tied agents. Allianz Bera- tungs- und Vertriebs-AG serves as our distribution company. As the market leader in the German property-casualty market, we offer a wide variety of insurance products for private and com- mercial customers. Germany is a rather mature market for property- casualty business, with intensive competition. 2013 showed premium growth mostly in motor business and commercial non-motor busi- ness. Although high natural catastrophes and large losses impacted the operating profit heavily, our combined ratio remained below 100 %. Since the second half of 2013, PrivatSchutz product components have grown considerably. PrivatSchutz is a new modular tariff com- bining householder, houseowner, legal protection and personal gen- eral liability insurance and takes into account customer demands for flexibility and individual insurance cover. It has reduced the erosion of our portfolio in the non-motor personal business significantly. Although the property-casualty market continues to be competitive, our ongoing strategic focus on strengthening sales, improving our claims management and reducing the expense ratio has already led

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