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Allianz Annual Report 2013

Annual Report 2013    Allianz Group 77 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 % Combined ratio Loss ratio Expense ratio 2013 2012 2013 2012 2013 2012 Germany 2 99.5 96.8 73.4 69.2 26.1 27.6 Switzerland  91.1 92.4 67.9 68.9 23.2 23.5 Austria 96.5 96.1 70.5 71.4 26.0 24.7 German Speaking Countries 3 98.0 96.0 72.3 69.3 25.7 26.7 Italy 78.2 85.0 53.1 60.3 25.1 24.7 France 4 97.6 96.9 68.9 69.1 28.7 27.8 The Netherlands  99.8 103.1 70.2 74.7 29.6 28.4 Turkey 5 96.1 98.3 71.4 71.5 24.7 26.8 Belgium 6 94.0 93.9 65.4 62.0 28.6 31.9 Greece 83.9 82.4 50.1 37.7 33.8 44.7 Africa 95.7 94.7 52.1 48.9 43.6 45.8 Western & Southern Europe 7 89.4 91.8 62.3 64.9 27.1 26.9 Latin America 98.3 98.4 66.4 67.4 31.9 31.0 Spain 90.9 91.0 70.0 70.1 20.9 20.9 Portugal  95.0 92.0 72.6 68.5 22.4 23.5 Iberia & Latin America 94.6 94.3 68.6 68.8 26.0 25.5 United States  103.6 129.4 69.2 101.1 34.4 28.3 USA 8 103.6 129.4 69.2 101.1 34.4 28.3 ­­Allianz Global Corporate & Specialty  95.0 96.2 67.3 68.7 27.7 27.5 Reinsurance PC 2 92.8 92.7 61.2 65.5 31.6 27.2 Australia 93.5 95.2 68.1 68.7 25.4 26.5 United Kingdom 96.0 95.6 64.5 64.3 31.5 31.3 Credit Insurance 79.3 79.7 50.4 51.9 28.9 27.8 Ireland   90.1 91.0 59.2 61.0 30.9 30.0 Global Insurance Lines & Anglo Markets 9 92.5 93.2 63.3 65.2 29.2 28.0 Russia 112.0 103.2 69.7 61.1 42.3 42.1 Poland 100.9 100.5 65.8 66.9 35.1 33.6 Hungary 100.4 101.3 60.0 60.4 40.4 40.9 Slovakia 86.2 81.4 54.8 51.4 31.4 30.0 Czech Republic 84.5 90.5 56.6 63.7 27.9 26.8 Romania 102.9 105.8 72.6 77.7 30.3 28.1 Bulgaria 72.1 75.9 44.8 47.4 27.3 28.5 Croatia 89.3 88.0 50.1 50.6 39.2 37.4 Ukraine 124.8 85.2 59.9 33.5 64.9 51.7 Central and Eastern Europe 10 99.5 96.9 62.9 61.3 36.6 35.6 Asia-Pacific  91.2 91.3 60.1 59.7 31.1 31.6 Middle East and North Africa 95.6 105.1 61.5 70.1 34.1 35.0 Growth Markets 98.2 96.3 62.5 61.3 35.7 35.0 ­Allianz Global Assistance 96.1 95.3 61.0 59.6 35.1 35.7 ­Allianz Worldwide Care   93.3 93.8 73.5 74.5 19.8 19.3 Allianz Worldwide Partners 11 96.7 95.1 63.5 62.1 33.2 33.0 Consolidation and Other 12 – – – – – – Total 94.3 96.2 65.9 68.3 28.4 27.9  8 The reserve strengthening for asbestos risks in 2012 at Fireman’s Fund Insurance Company of € 71  mn had no impact on the financial results of the Allianz Group and Fireman’s Fund’s combined ratio under IFRS.  9 Contains € 7 mn and € 5  mn operating loss for 2013 and 2012, respectively, from AGF UK. 10 Contains income and expense items from a management holding and consolidations between countries in this region. 11 The business division Allianz Worldwide Partners includes the legal entities of Allianz Global Assistance and Allianz Worldwide Care as well as the reinsurance business of Allianz Global Automotive and income and expenses of a management holding. The set-up of this division will be further enhanced during the following quarters. The reinsurance business of Allianz Global Automotive contributed with gross premi- ums written of € 83  mn, premiums earned (net) of € 35  mn and an operating loss of € 24  mn for 2013 and with gross premiums written of € 2  mn, premiums earned (net) of € 0.3  mn and an operating loss of € 1  mn for 2012. The operating profit of Allianz Worldwide Partners includes Global Automotive central costs. Operating profit slightly up on an underlying basis. 12 Represents elimination of transactions between Allianz Group companies in different geographic regions.

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