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Interim Report Third Quarter 2012

B a l a n c e S h e e t R e v i e w 4 7 Assets and liabilities of the Life/He alth segment ◼◼ Life/He alth assets As of 30 September 2012, the Life/Health asset base rose by 8.5 % to € 463.8 bn. The growth of the segment’s asset base was almost completely attributable to a growth in our debt investments (up by € 30.5 bn), primarily due to investment performance. Composition of asset base | fair values In € bn As of 30 September 2012 As of 31 December 2011 Financial assets and liabilities carried at fair value through income Equities 2.4 2.1 Debt securities 2.2 2.5 Other 1 (4.0) (4.4) Subtotal 0.6 0.2 Investments 2 Equities 23.3 22.1 Debt securities 260.1 229.6 Cash and cash pool assets 3 4.3 5.1 Other 9.2 9.0 Subtotal 296.9 265.8 Loans and advances to banks and customers 96.0 98.0 Financial assets for unit-linked contracts 4 70.3 63.5 Life/Health asset base 463.8 427.5 As of 30 September 2012, our Life/Health asset base included ABS of € 16.0 bn. This represents 3.5 % of its asset base. Financial assets for unit-linked contracts amounted to € 70.3 bn. Financial assets for unit-linked contracts4 | in € bn 12/31/2011 c +0.4 b +0.6 9/30/2012 70.3 63.5 a +5.8 Change in unit-linked insurance contracts Change in unit-linked investment contracts Foreign currency translation adjustments a b c Financial assets for unit-linked contracts Changes Financial assets for unit-linked contracts increased by € 6.8 bn or 10.7 %. Unit-linked insurance contracts grew by € 5.8 bn due to good fund performance (€ 4.2 bn) and because premium inflows exceeded outflows by € 2.7 bn. Unit- linked investment contracts were up € 0.6 bn as the good fund performance of € 1.3 bn more than offset net outflows of € 0.7 bn. The net outflow recorded in Italy in the first quarter stabilized. The main drivers of currency effects were the stronger U.S. Dollar (€ 0.2 bn) and Asian currencies (€ 0.2 bn). 5 1 | This comprises assets of € 2.0 bn and € 1.9 bn and liabilities (including the market value liability option) of € (6.0) bn and € (6.3) bn as of 30 September 2012 and 31 December 2011, respectively. 2 | These do not include affiliates of € 1.3 bn and € 1.4 bn as of 30 September 2012 and 31 December 2011, respectively. 3 | Including cash and cash equivalents, as stated in our segment balance sheet, of € 4.9 bn and € 5.3 bn and receivables from cash pooling amounting to € 2.1 bn and € 2.5 bn, net of liabilities from ­securities lending and derivatives of € (1.6) bn and € (1.8) bn, as well as liabilities from cash pooling of € (1.1) bn and € (0.9) bn as of 30 September 2012 and 31 December 2011, respectively. 4 | Financial assets for unit-linked contracts represent assets owned by, and managed on behalf of, policyholders of the ­­­­Allianz Group, with all appreciation and depreciation in these assets accruing to the benefit of policyholders. As a result, the value of financial assets for unit-linked contracts in our balance sheet corresponds to the value of financial liabilities for unit-linked contracts. The International Financial Reporting Standards (IFRS) require the classification of any contract written by an insurance company either as an insurance contract or as an investment contract, depending on whether an insurance component is included. This requirement also applies to unit-linked products. In contrast to unit-linked investment contracts, unit-linked insurance contracts include a coverage for significant mortality or morbidity risk. 5 | Based on the closing rate on the respective balance sheet dates.

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