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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group72 Reportable segments – Life/Health (Continued) Reportable segments – Life/Health (Continued) € mn German Speaking Countries Western & Southern Europe nine months ended 30 September 2014 2013 2014 2013 Statutory premiums1 17,876 16,398 17,489 14,791 Ceded premiums written (127) (127) (924) (810) Change in unearned premiums (163) (118) (28) (3) Statutory premiums (net) 17,586 16,154 16,538 13,979 Deposits from insurance and investment contracts (6,347) (4,760) (13,034) (10,577) Premiums earned (net) 11,239 11,394 3,504 3,402 Interest and similar income 6,849 6,730 2,898 2,883 Operating income from financial assets and liabilities carried at fair value through income (net) 231 (904) (65) 133 Operating realized gains/losses (net) 1,727 1,599 565 415 Fee and commission income 63 37 385 317 Other income 97 86 13 25 Operating revenues 20,207 18,942 7,300 7,175 Claims and insurance benefits incurred (net) (10,411) (9,243) (3,028) (2,996) Change in reserves for insurance and investment contracts (net) (6,609) (6,910) (1,662) (1,866) Interest expenses (68) (75) (15) (16) Operating impairments of investments (net)  (208) (165) (227) (63) Investment expenses (425) (382) (166) (149) Acquisition and administrative expenses (net), excluding one-off effect from pension revaluation (1,219) (1,174) (1,347) (1,280) Fee and commission expenses (29) (18) (182) (156) Operating amortization of intangible assets (14) – – – Restructuring charges – (2) – (1) Other expenses (180) (65) (10) (9) Operating expenses (19,163) (18,031) (6,638) (6,534) Operating profit 1,045 911 662 641 Non-operating income from financial assets and liabilities carried at fair value through income (net) – – (5) (4) Non-operating realized gains/losses (net) – – 128 38 Non-operating impairments of investments (net) – – (11) (10) One-off effect from pension revaluation (7) – – – Non-operating amortization of intangible assets (1) (1) (8) (3) Non-operating items (8) (1) 104 22 Income before income taxes 1,036 911 766 662 Income taxes (344) (335) (212) (162) Net income 692 576 554 501 Net income attributable to: Non-controlling interests – – 28 21 Shareholders 692 576 526 479 Margin on reserves2 in basis points 59 55 58 62 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 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. 3 Presentation not meaningful.

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