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Allianz Annual Report 2013

Annual Report 2013    Allianz Group78 Life/Health Insurance Operations −− Statutory premiums rebounded 8.5 % to € 56.8 bn. −− Operating profit solid at € 2,709  mn, but impacted by a lower investment result. Business segment overview ­­­Allianz offers a broad range of life, health, savings and invest- ment-oriented products, including individual­and group life insurance contracts. Via our distribution channels– mainly tied agents, brokers and bank partnerships – we offer life and health products to both private and corporate clients. As one of the worldwide market leaders in life business we serve customers in more than 45 countries. Key figures Key figures life/health € mn 2013 2012 Statutory premiums  56,784 52,347 Operating profit 1, 2 2,709 2,943 Net income 1 1,941 2,034 Margin on reserves (bps) 3 58 67 Statutory premiums 4,  5 In 2013, statutory premiums amounted to € 56,784  mn, an increase of € 4,437  mn. Excluding unfavorable foreign currency translation effects of € 562  mn and consolidation/deconsolidation effects largely from our acquisition of the activities of Yapı Kredi in Turkey, premiums increased by 9.1 % – or € 4,741 mn – on an internal basis 5. We saw mixed premium growth reflecting our overall product strategy with double-digit growth in several markets – where we achieved strong growth in targeted segments – and double-digit declines in other markets, where we reduced business for profitability reasons or regulatory changes. The growth in premiums was predominantly driven by strong single premium unit-linked product sales in Italy and Taiwan. It was supported by an increase in single premium business with savings products including traditional endowment and annuity products in Germany. This was partly offset by sizeable declines in South Korea and Switzerland where profitability and risk management actions limited volumes, and in Poland due to regulatory changes. Overall, we recorded a higher proportion of single premiums over recurring premium business compared to 2012. Statutory premiums by region/country 1 Year 2013 [2012] in %  France 13.1 [13.4] Italy 10.4 [9.7] Germany 36.1 [35.7] Belgium 1.7 [1.7] Asia-Pacific and Rest of World 9.3 [10.3] USA and Latin America 13.4 [14.4] Other Europe 11.0 [9.2] Switzerland 2.8 [3.6] Spain 2.2 [2.0] 1 After elimination of transactions between ­Allianz Group companies in different countries and different reportable segments. 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 Represents operating profit divided by the average of the current and previous year-end net reserves, where net reserves equal reserves for loss and loss adjustment expenses, reserves for insurance and investment contracts and financial liabilities for unit-linked contracts less reinsurance assets. 4 Statutory premiums are gross premiums written from sales of life and health insurance policies as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction. 5 In the following section, we comment on the development of our statutory gross premiums written on an internal basis, i.e. adjusted for foreign currency translation and (de-)consolidation effects in order to provide more comparable information.

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