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Interim Report Third Quarter 2012

I n t e r i m R e p o r t T H I R D Q u a r t e r a n d F i r s t N I NE MONT H S o f 2 0 1 2 | A l l i a n z g r o u p G r o u p M a n a g e m e n t R e p o r t3 2 Supported by strong net inflows from our retail clients, the share of third-party assets under management between retail and institutional clients changed slightly, with a two percentage point increase in favor of our retail clients to 36 % versus 64 % for institutional clients. rolling investment performance of ­­PIMCO and AGI1 | in % PIMCO AGI Outperforming assets under management Underperforming assets under management 97 (3) 93 (7) 65 (39) 61 12/31/2011 9/30/2012 12/31/2011 9/30/2012 (35) The overall investment performance of our AAM business was exceptional, with 93 % outperforming their respective benchmarks (31 December 2011: 89 %). PIMCO recorded an outstanding performance of 97 % versus its respective benchmarks, with AGI outperforming 65 % of its benchmarks. Operating Revenues 2012 to 2011 third quarter comparison Our Operating revenues increased by € 519 mn, or 39.1 %, to € 1,845 mn. This reflects further growth in assets under management and an increase in performance fees. On an internal basis, operating revenues went up 25.5 %. Our Net fee and commission income grew by € 486 mn to € 1,821 mn. This was largely due to higher management fees in line with the higher asset base. Driven primarily by carried interest from maturing private funds, our performance fees increased by € 239 mn to € 284 mn. Income from financial assets and liabilities carried at fair value through income (net) amounted to € 10 mn, up € 31 mn, benefiting from positive effects of mark-to-market valuations of seed money in the United States. 2012 to 2011 first nine months comparison Our Operating revenues grew by € 879 mn – or 22.5 % – to € 4,781 mn supported by higher assets under management and an increase in our performance fees. On an internal basis, operating revenues grew by 12.6 %. 1 | On 1 January 2012, we brought our PIMCO and ­­­Allianz Global Investors (AGI) business units under the common governance of ­­­Allianz Asset Management Holding (AAM). Therefore, we show the rolling investment performance of PIMCO and AGI versus their respective benchmarks. In addition, we enhanced our investment performance measurement methodology. ­For comparability, the enhanced methodology is applied retrospectively. The investment performance is based on ­­Allianz Asset Management account-based, asset-weighted three-year investment performance of third-party assets versus the primary target including all accounts managed by equity and fixed income managers of ­­­Allianz Asset Management. For some retail funds, the net of fee performance is compared to the median performance of the corresponding Morningstar peer group (first and second quartile mean outperformance). For all other retail funds and for all institutional accounts, the gross of fee performance (revaluated based on closing prices) is compared to the respective benchmark based on different metrics.