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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 n e m o n t 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 t2 i. Executive Summary Third quarter 2012 ◾ Total revenues increased to € 25.2 bn. ◾ Operating profit grew 32.8 % to € 2,532 mn. ◾ Net income rebounded to € 1,437 mn. ◾ Strong solvency ratio up by 11 percentage points to 190 %.1 ◼◼ Segment Overview The ­­­Allianz Group consists of its operating subsidiaries in over 70 countries and the parent company, ­­­Allianz SE. The Group’s results are reported by business segment: Property-Casualty insurance, Life/Health insurance, Asset Management and Corporate and Other activities. Although the majority of profits are still derived from our insurance operations, contributions from Asset Management have grown steadily over recent years. ◼◼ key figures Three months ended 30 September Total revenues Operating profit Net income Solvency ratio 1, 2 € mn € mn ∆ | Difference quarter over quarter € mn % 2012 25,207 2,532 ∆ + 32.8 % 1,437 190 2011 24,070 1,906 ∆ (7.3) % 258 179 2010 24,522 2,055 1,268 173 ◼◼ Earnings Summary for the Third quarter 2012 …… operating environment The world economy lost further steam well into the summer – largely due to the unrelenting sovereign debt crisis in the Eurozone. Low interest rates and financial market volatility continued to put pressure on the insurance industry’s earnings and balance sheets. However, equity markets saw an upward trend in the third quarter and selected corporate and sovereign credit spreads narrowed. In the property-casualty insurance industry, market conditions continued to slowly improve in many countries. Premium growth was mainly driven by rate increases, for example in Germany and Australia, supported by relatively robust economic growth in emerging markets. After the extraordinarily costly natural catastrophes in 2011, conditions in 2012 have been relatively benign. 1 |  Solvency according to the E.U. Financial Conglomerates Directive. Off-balance sheet reserves are accepted by the authorities as eligible capital only upon request. ­­­­Allianz SE has not submitted an application so far. Excluding off-balance sheet reserves, the solvency ratio as of 30 September 2012 would be 181 % (31 December 2011: 170 %, 31 December 2010: 164 %). 2 | Solvency ratio figures as of 31 December 2011 and 2010, respectively.