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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 25 Life/Health BUSINESS segment information € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Statutory premiums1 15,853 12,698 49,977 41,659 Ceded premiums written (182) (144) (569) (451) Change in unearned premiums (125) (54) (366) (218) Statutory premiums (net) 15,546 12,500 49,043 40,990 Deposits from insurance and investment contracts (9,690) (6,631) (30,912) (22,849) Premiums earned (net) 5,856 5,869 18,131 18,141 Interest and similar income 4,260 4,127 12,891 12,573 Operating income from financial assets and liabilities carried at fair value through income (net) (207) (537) (512) (1,468) Operating realized gains/losses (net) 746 541 2,328 2,159 Fee and commission income 263 166 752 474 Other income 32 31 114 111 Operating revenues 10,949 10,198 33,703 31,990 Claims and insurance benefits incurred (net) (5,004) (4,642) (15,258) (14,459) Change in reserves for insurance and investment contracts (net) (3,175) (3,138) (9,946) (10,068) Interest expenses (27) (16) (75) (56) Operating impairments of investments (net)  (102) (25) (443) (219) Investment expenses (219) (198) (645) (581) Acquisition and administrative expenses (net), excluding one-off effect from pension revaluation (1,488) (1,322) (4,189) (4,048) Fee and commission expenses (110) (61) (290) (191) Operating amortization of intangible assets (5) – (14) – Restructuring charges (1) (1) 8 (2) Other expenses (30) (26) (195) (73) Operating expenses (10,159) (9,429) (31,048) (29,698) Operating profit 790 769 2,655 2,293 Non-operating items (15) 27 44 77 Income before income taxes 776 795 2,698 2,370 Income taxes (245) (233) (808) (706) Net income 530 562 1,891 1,664 Margin on reserves2 in basis points 61 66 70 66 1 Statutory premiums are gross premiums written from sales of life and health insurance policies as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction. 2 Represents annualized operating profit divided by the average of (a) the current quarter-end and previous quarter-end net reserves and (b) the current quarter-end and previous year-end net reserves, where net reserves equal reserves for loss and loss adjustment ­expenses, reserves for insurance and investment contracts and financial liabilities for unit-linked contracts less reinsurance assets.

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