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Interim Report Third Quarter 2014

A Interim Group Management Report 5 Executive Summary 12 Property-Casualty Insurance Operations 22 Life/Health Insurance Operations 28 Asset Management 32 Corporate and Other 35 Outlook 37 Balance Sheet Review 44 Reconciliations Interim Report Third Quarter and First Nine Months of 2014    Allianz Group 9 Total revenues and reconciliation of operating profit to net income (loss) € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Total revenues1 28,781 25,144 92,201 83,968 Premiums earned (net) 17,035 16,637 50,421 49,600 Operating investment result Interest and similar income 5,299 5,129 15,976 15,709 Operating income from financial assets and liabilities carried at fair value through income (net) (177) (562) (449) (1,491) Operating realized gains/losses (net) 709 557 2,272 2,169 Interest expenses, excluding interest expenses from external debt (103) (93) (303) (306) Operating impairments of investments (net) (106) (27) (453) (208) Investment expenses (261) (227) (693) (653) Subtotal 5,360 4,777 16,352 15,221 Fee and commission income 2,590 2,583 7,536 8,016 Other income 37 42 160 144 Claims and insurance benefits incurred (net) (12,368) (11,874) (36,434) (35,484) Change in reserves for insurance and investment contracts (net)2 (3,419) (3,248) (10,457) (10,417) Loan loss provisions (7) (18) (31) (47) Acquisition and administrative expenses (net), excluding acquisition-related expenses and one-off effect from pension revaluation (5,839) (5,581) (16,995) (16,831) Fee and commission expenses (847) (788) (2,459) (2,354) Operating amortization of intangible assets (5) – (14) – Restructuring charges (1) 15 8 (84) Other expenses (46) (28) (101) (82) Reclassification of tax benefits 158 – 158 – Operating profit (loss) 2,650 2,518 8,144 7,682 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) (54) (1) (155) 2 Non-operating realized gains/losses (net) 184 133 552 859 Non-operating impairments of investments (net) (50) (135) (139) (270) Subtotal 79 (3) 258 590 Income from fully consolidated private equity investments (net) (11) (3) (16) (11) Interest expenses from external debt (212) (207) (623) (680) Acquisition-related expenses – – 6 (41) One-off effect from pension revaluation – – 117 – Non-operating amortization of intangible assets (29) (30) (69) (87) Reclassification of tax benefits (158) – (158) – Non-operating items (331) (242) (485) (229) Income (loss) before income taxes 2,319 2,277 7,658 7,453 Income taxes (632) (746) (2,373) (2,447) Net income (loss) 1,687 1,530 5,285 5,007 Net income (loss) attributable to: Non-controlling interests 81 85 283 267 Shareholders 1,606 1,445 5,002 4,740 Basic earnings per share in € 3.54 3.19 11.02 10.46 Diluted earnings per share in € 3.52 3.14 10.95 10.33 1 TotalrevenuescomprisestatutorygrosspremiumswritteninProperty-CasualtyandinLife/Health,operating revenues in Asset Management and total revenues in Corporate and Other (Banking). 2 For the three months ended 30 September 2014, expenses for premium refunds (net) in the business segment Property-Casualty of € (93) mn (3Q 2013: € (48) mn) are included. For the nine months ended 30 September 2014, expenses for premium refunds (net) in the business segment Property-Casualty of € (224) mn (9M 2013: € (148) mn) are included.

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