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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 31 Asset Management BUSINESS segment information € MN three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Management and loading fees 1,938 2,004 5,653 6,076 Performance fees 40 42 126 396 Other 6 12 37 51 Fee and commission income 1,984 2,059 5,817 6,524 Commissions (336) (337) (956) (1,062) Other (31) (24) (127) (58) Fee and commission expenses (367) (361) (1,083) (1,121) Net fee and commission income 1,617 1,697 4,734 5,403 Net interest income1 (2) 3 (3) 10 Income from financial assets and liabilities carried at fair value through income (net) 2 1 5 8 Other income 1 2 6 8 Operating revenues 1,618 1,703 4,742 5,429 Administrative expenses (net), excluding acquisition-related expenses (925) (949) (2,730) (2,966) Restructuring charges – 1 3 (5) Operating expenses (925) (949) (2,727) (2,971) Operating profit 694 755 2,015 2,458 Non-operating items 2 (5) (15) (59) Income before income taxes 696 749 2,000 2,399 Income taxes (258) (267) (738) (861) Net income 438 482 1,263 1,538 Cost-income ratio2 in % 57.1 55.7 57.5 54.7 1 Represents interest and similar income less interest expenses. 2 Represents operating expenses divided by operating revenues.

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