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Interim Report Third Quarter 2012

E x e c u t i v e S u m m a r y 3 In the life insurance industry, global premium growth remained sluggish. In emerging markets, premium growth recovered. In advanced markets, however, premium growth stalled or even contracted with some European markets – for example, France and Spain – among the hardest hit due to the difficult economic conditions and competition. The U.S. market sent mixed signals, annuity sales dropped as a result of low return guarantees, but other sales continued to improve in the life industry, albeit slowly. Needless to say, the persistent low-yield environment, coupled with overall modest economic growth, continues to be a challenge for traditional life business. …… Management’s assessment of results Despite the tough economic and market conditions – which weighed heavily on premium growth for the life industry – we managed to increase Total revenues from € 24.1 bn to € 25.2 bn. All our operating segments contributed to this positive development. On an internal basis 1 , revenues grew by 1.2 %. We earned a strong operating profit of € 2,532 mn, an increase of 32.8 %. This increase was mainly driven by our Life/ Health business thanks to its higher investment result and from Asset Management due to the increase in assets under management and performance fees. Our Property-Casualty segment also contributed, although to a lesser extent, as our underwriting result benefited from the benign natural catastrophe environment. Thanks to our good operating performance and strongly improved non-operating result, our net income also significantly rebounded from € 258 mn to € 1,437 mn. The third quarter of 2011 was severely impacted by high investment losses from the European sovereign debt crisis. Our capitalization remained strong compared to 31 December 2011. Shareholders’ equity increased by 15.6 % to € 51,915 mn and conglomerate solvency further strengthened by 11 percentage points to 190 % 2 . Total Revenues 3 2012 to 2011 Third quarter comparison Total revenues – Segments4 | in � mn 3Q 2010 3Q 2011 3Q 2012 Internal growth Corporate and Other Asset Management Life/Health Property-Casualty 25,20724,07024,522 142 1,845 11,912 11,392 +7.8% +25.5% (1.6)% +1.7% 129 1,326 11,806 10,832 146 1,256 12,553 10,600 +1.2%+0.2% 1 | Internal total revenue growth excludes the effects of foreign currency translation as well as acquisitions and disposals. Please refer to page 52 for a reconciliation of ­nominal total revenue growth to internal total revenue growth for each of our segments and the ­­­­­Allianz Group as a whole. 2 |  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 %. 3 | Total revenues comprise statutory gross premiums written in Property-Casualty and in Life/Health, operating revenues in Asset Management and total revenues in Corporate and Other (Banking).­ For further information, please refer to page 51. 4 | Total revenues include € (84) mn, € (23) mn and € (33) mn from consolidation for 3Q 2012, 2011 and 2010, respectively.

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