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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group16 Property-Casualty BUSINESS segment information € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Gross premiums written1 11,254 10,650  37,317 36,602  Ceded premiums written (959) (859) (3,122) (3,290) Change in unearned premiums 885 977  (1,904) (1,853) Premiums earned (net) 11,180 10,768  32,291 31,459  Interest and similar income 897 885  2,689 2,704  Operating income from financial assets and liabilities  carried at fair value through income (net) 4 (35) 20 (61) Operating realized gains/losses (net) 74 14  129 44  Fee and commission income 347 317 955 915  Other income 7 11  46 29  Operating revenues 12,509 11,960  36,130 35,089  Claims and insurance benefits incurred (net) (7,366) (7,234) (21,179) (21,030) Change in reserves for insurance and investment contracts (net) (168) (107) (428) (318) Interest expenses (20) (9) (49) (31) Operating impairments of investments (net) (4) (2) (10) (9) Investment expenses (88) (88) (232) (233) Acquisition and administrative expenses (net),  excluding one-off effect from pension revaluation (3,089) (2,976) (9,037) (8,861) Fee and commission expenses (323) (295) (894) (843) Restructuring charges (5) (11) (6) (13) Other expenses (24) (6) (38) (18) Operating expenses (11,086) (10,725) (31,873) (31,356) Operating profit 1,422 1,235  4,257 3,733  Non-operating items 86 (74) (405) 265 Income before income taxes 1,509 1,161 3,852 3,999 Income taxes (426) (365) (1,155) (1,185) Net income 1,083 796 2,697 2,814 Loss ratio2 in % 65.9 67.2  65.6 66.8  Expense ratio3 in % 27.6 27.6  28.0 28.2  Combined ratio4 in % 93.5 94.8  93.6 95.0  1 For the Property-Casualty business segment, total revenues are measured based upon gross premiums written. 2 Represents claims and insurance benefits incurred (net) divided by premiums earned (net). 3 Represents acquisition and administrative expenses (net), excluding one-off effect from pension revalu- ation, divided by premiums earned (net). 4 Represents the total of acquisition and administrative expenses (net), excluding one-off effect from pension revaluation, and claims and insurance benefits incurred (net) divided by premiums earned (net).

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