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Allianz Annual Report 2013

Annual Report 2013    Allianz Group72 Gross premiums written by Region/Country 1 Year 2013 [2012] in % Spain 4.2 [4.2] Asia-Pacific and Rest of World 8.1 [8.3] USA and Latin America 13.0 [16.3] Other Europe 16.3 [14.9] Switzerland 4.8 [4.6] France 12.5 [12.0] Italy 8.7 [8.6] United Kingdom 5.0 [5.0] Germany 27.4 [26.1] 1 After elimination of transactions between ­Allianz Group companies in different countries and different reportable segments. Gross premiums written from our specialty lines have been allocated to the respective geographic regions. Cluster 1 In Turkey gross premiums amounted to € 978  MN. Our strong internal growth of 37.2 % was primarily driven by our motor business through tied agents. In Latin America we recorded gross premiums of € 2,350  MN, up 11.0 % on an internal basis. The main driver was Brazil with all lines of business contributing to our growth. In ­Allianz Global Assistance gross premiums increased to € 1,972  MN. Our internal growth of 10.0 % stemmed from higher vol- umes mainly in our Brazilian, French, U.S., Spanish, and German business, as well as price increases primarily in our Australian and U.S. subsidiaries. In Australia gross premiums grew to € 2,847  MN. The increase of 4.6 % on an internal basis benefited from new customers and higher tariffs in our motor and property business. In the United Kingdom we generated gross premiums of € 2,274  MN. On an internal basis, we expanded by 2.8 % with volume growth mainly driven by our commercial motor line and tariff increases across all commercial lines, in particular in our liability and motor business. In our Credit Insurance business, gross premiums increased to € 2,092  MN. The growth of 2.3 % on an internal basis stemmed from the acquisition of new customers. Cluster 2 In Asia-Pacific we recorded gross premiums of € 667  MN. The 17.8 % increase on an internal basis was mainly driven by the strong growth in our Malaysian motor business. The overall price effect was slightly negative. InCentralandEasternEuropegrosspremiumsstoodat€ 2,477  MN, up 6.3 % on an internal basis. The growth was largely attributable to higher volumes in our motor, personal accident and health business in Russia, which outweighed a negative price effect. In Germany gross premiums totaled € 9,261  MN. The internal growth of 1.6 % was due to price increases mainly in motor, property and liability lines. It was partly offset by negative volume effects, par- ticularly in our accident and motor business. In Switzerland gross premiums went up to € 1,489  MN. Our inter- nal growth of 1.1 % was supported by higher volumes, mainly in our motor and commercial property business. However, this was partly offset by an overall negative price effect. In France gross premiums amounted to € 4,174  MN – up 0.5 % on an internal basis. This was driven by tariff increases across all lines of business, which more than compensated for volume losses. In Spain gross premiums rose to € 1,958  MN. Despite the difficult market conditions we recorded internal growth of 0.3 %. We generated higher volumes in our motor, property and liability lines, which offset the effect of declining tariffs. Cluster 3 In the United States gross premiums decreased to € 2,058  MN. On an internal basis, gross premiums dropped by 39.7 %, largely due to the expected reduction in our crop business and, to a lesser extent, declines in our commercial lines, which continue to be impacted by our strict underwriting discipline. The overall price effect was positive. In Italy gross premiums amounted to € 4,032  MN. The decrease of 0.3 % on an internal basis was largely attributable to falling prices, mainly in our motor business. Although regulatory changes weighed on volumes, they were supported by increases in our motor business – particularly in our direct channel – resulting in a slightly positive volume effect. Cluster 4 At AGCS gross premiums dropped to € 4,999  MN, down 4.7 % on an inter- nal basis. This was mainly due to lower volumes in our ­property, marine and ­Allianz Risk Transfer (ART) business. The overall price effect was also slightly negative.

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