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Allianz Annual Report 2013

Annual Report 2013    Allianz Group 71 C Group Management Report Management Discussion and Analysis 64 Business Environment 66 Executive Summary of 2013 Results 71 Property-Casualty Insurance Operations 78 Life/Health Insurance Operations 82 Asset Management 85 Corporate and Other 87 Outlook 2014 92 Balance Sheet Review 99 Liquidity and Funding Resources 104 Reconciliations Property-Casualty Insurance Operations −− Gross premiums written at € 46.6  BN. −− Operating profit up 14.2 % to € 5,268  MN, driven by a strong underwriting result. −− Combined ratio at 94.3 %. Business segment overview Our Property-Casualty business offers a wide range of products and services for both private and corporate ­clients. Our offer- ings cover many insurance classes such as motor, accident/dis- ability, property and general liability. We conduct business worldwide in more than ­50 countries. We are also a global leader in travel insurance, assistance services and credit insur- ance. We distribute our products via a broad network of agents, brokers, banks and other strategic partners, as well as through direct channels. Key figures key figures property-casualty € mn 2013 2012 Gross premiums written 46,579 46,889 Operating profit 1,2 5,268 4,614 Net income 1 3,818 3,505 Loss ratio in % 65.9 68.3 Expense ratio in % 28.4 27.9 Combined ratio 1 in % 94.3 96.2 Gross premiums written 3 Onanominalbasis,werecordedgrosspremiumswrittenof€ 46,579  MN, down € 310  MN or 0.7 %. Unfavorable foreign currency translation effects were € 1,100  MN, largely due to the depreciation of the Austra- lian Dollar, the Brazilian Real, the U.S. Dollar, and the British Pound against the Euro.4 Consolidation/deconsolidation effects were posi- tive and amounted to € 949  MN. These mainly stemmed from our acquisitions of the activities of Gan Eurocourtage in France, Yapı Kredi Sigorta in Turkey and Mensura in Belgium. Adjusted for foreign currency translation and (de-)consolida- tion effects, our gross premiums written decreased by 0.3 %. The positive price effect of 0.8 % was more than offset by the negative vol- ume effect of 1.1 %, mainly driven by the changed structure in our crop business in the United States. Excluding the reduction in our U.S. crop business, our internal growth was positive and amounted to 2.5 %. We experienced solid growth in Latin America, Turkey, at ­Allianz Global Assistance and in Germany. Analyzing internal premium growthin termsofprice and volume, we use four clusters based on 2013 internal growth over 2012: Cluster 1: Overall growth – both price and volume effects are positive. Cluster 2: Overall growth – either price or volume effects are positive. Cluster 3: Overall decline – either price or volume effects are negative. Cluster 4: Overall decline – both price and volume effects are negative. 1 Prior year figures have been restated to reflect the retrospective application of the amended standard IAS 19 – Employee Benefits, effective as of 1 January 2013. For further information, please refer to note 4 to the consolidated financial statements. 2 As of 1 January 2013, all restructuring charges are presented within operating profit and all prior year figures have been adjusted to conform to the current accounting presentation. 3 We comment on the development of our gross premiums written on an internal basis; meaning adjusted for foreign currency translation and (de-)consolidation effects in order to provide more comparable information. 4 Based on the average exchange rates in 2013 compared to 2012.

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