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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group64 Business Segment Information – Total revenues and reconciliation of Operating profit (loss) to Net income (loss) (Continued) Business Segment Information – Total revenues and reconciliation of Operating profit (loss) to Net income (loss) (Continued) € mn Property-Casualty Life/Health nine months ended 30 September 2014 2013 2014 2013 Total revenues1 37,317 36,602 49,977 41,659 Premiums earned (net) 32,291 31,459 18,131 18,141 Operating investment result Interest and similar income 2,689 2,704 12,891 12,573 Operating income from financial assets and liabilities carried at fair value through income (net) 20 (61) (512) (1,468) Operating realized gains/losses (net) 129 44 2,328 2,159 Interest expenses, excluding interest expenses from external debt (49) (31) (75) (56) Operating impairments of investments (net) (10) (9) (443) (219) Investment expenses (232) (233) (645) (581) Subtotal 2,547 2,414 13,542 12,408 Fee and commission income 955 915 752 474 Other income 46 29 114 111 Claims and insurance benefits incurred (net) (21,179) (21,030) (15,258) (14,459) Change in reserves for insurance and investment contracts (net)2 (428) (318) (9,946) (10,068) Loan loss provisions – – – – Acquisition and administrative expenses (net), excluding acquisition-related expenses and one-off effect from pension revaluation (9,037) (8,861) (4,189) (4,048) Fee and commission expenses (894) (843) (290) (191) Operating amortization of intangible assets – – (14) – Restructuring charges (6) (13) 8 (2) Other expenses (38) (18) (195) (73) Reclassification of tax benefits – – – – Operating profit (loss) 4,257 3,733 2,655 2,293 Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) (77) 7 (42) 14 Non-operating realized gains/losses (net) 355 463 135 86 Non-operating impairments of investments (net) (119) (181) (15) (14) Subtotal 159 290 78 87 Income from fully consolidated private equity investments (net) – – – – Interest expenses from external debt – – – – Acquisition-related expenses – – – – One-off effect from pension revaluation (537) – (7) – Non-operating amortization of intangible assets (27) (24) (27) (10) Reclassification of tax benefits – – – – Non-operating items (405) 265 44 77 Income (loss) before income taxes 3,852 3,999 2,698 2,370 Income taxes (1,155) (1,185) (808) (706) Net income (loss) 2,697 2,814 1,891 1,664 Net income (loss) attributable to: Non-controlling interests 117 123 87 67 Shareholders 2,581 2,691 1,804 1,597 1 Total revenues comprise statutory gross premiums written in Property-Casualty and Life/Health, operating revenues in Asset Management and total revenues in Corporate and Other (Banking). 2 For the nine months ended 30 September2014, includes expenses for premium refunds (net) in Property- Casualty of € (224) mn (2013: € (148) mn).

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