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Allianz Annual Report 2013

Annual Report 2013    Allianz Group74 Operating investment income (net) 1 € mn 2013 2012 Interest and similar income (net of interest expenses) 3,543 3,723 Operating income from financial assets and liabilities carried at fair value through income (net) (76) (46) Operating realized gains/losses (net) 69 168 Operating impairments of investments (net) (11) (17) Investment expenses (315) (307) Expenses for premium refunds (net) 2 (162) (292) Operating investment income (net) 3,048 3,229 1 The operating investment income (net) for our Property-Casualty business segment consists of the ­operating investment result – as shown in note 6to the consolidated financial statements – and expenses for premium refunds (net) (policyholder participation) as shown in note 34 to the consolidated financial statements. 2 Refers to policyholder participation, mainly from UBR (accident insurance with premium refunds) busi- ness, and consists of the investment-related part of “change in reserves for insurance and investment contracts (net)”. For further information, please refer to note 34 to the consolidated financial statements. Operating investment income (net) amounted to € 3,048  MN, down by € 181  MN. This was mainly due to decreased interest and similar income (net of interest expenses). Interest and similar income (net of interest expenses) dropped by € 180  MN. This was driven by lower income on debt securities – mainly due to lower yields. The average asset base 1 grew by 1.7 % from € 100.9  BN to € 102.6  BN. Operating income from financial assets and liabilities carried at fair value through income (net) fell by € 30  MN to a further loss of € 76  MN. The decline was mainly because of an unfavorable foreign currency result. Operating realized gains and losses (net) decreased by € 99  MN to € 69  MN as last year’s result benefited from gains related to portfolio adjustments. Other result € mn 2013 2012 Fee and commission income 1,226 1,165 Other income 47 35 Fee and commission expenses (1,141) (1,088) Other expenses (21) (23) Restructuring charges (61) (146) Other result 50 (57) 1 Including the French health business, excluding fair value option and trading. Net income  Net income increased by € 313  MN to € 3,818  MN, reflecting our better operating performance and the effect of the slightly lower non-oper- ating realized gains and losses (net). Property-Casualty BUSINESS segment information € mn 2013 2012 Gross premiums written 1 46,579 46,889 Ceded premiums written (3,982) (4,727) Change in unearned premiums (550) (457) Premiums earned (net) 42,047 41,705 Interest and similar income 3,595 3,770 Operating income from financial assets and liabilities carried at fair value through income (net) (76) (46) Operating realized gains/losses (net) 69 168 Fee and commission income 1,226 1,165 Other income 47 35 Operating revenues 46,908 46,797 Claims and insurance benefits incurred (net) (27,713) (28,491) Change in reserves for insurance and investment contracts (net) (384) (430) Interest expenses (52) (47) Operating impairments of investments (net) (11) (17) Investment expenses (315) (307) Acquisition and administrative expenses (net) (11,942) (11,634) Fee and commission expenses (1,141) (1,088) Restructuring charges (61) (146) Other expenses (21) (23) Operating expenses (41,640) (42,183) Operating profit 5,268 4,614 Non-operating items 296 328 Income before income taxes 5,564 4,942 Income taxes (1,746) (1,437) Net income 3,818 3,505 Loss ratio 2 in % 65.9 68.3 Expense ratio 3 in % 28.4 27.9 Combined ratio 4 in % 94.3 96.2 1 For the Property-Casualty business segment, total revenues are measured based upon gross premiums written. 2 Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 3 Represents acquisition and administrative expenses (net) divided by premiums earned (net). 4 Represents the total of acquisition and administrative expenses (net) and claims and insurance benefits incurred (net) divided by premiums earned (net).

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