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Interim Report Third Quarter 2014

86 Interim Report Third Quarter and First Nine Months of 2014    Allianz Group 15 – Reserves for loss and loss adjustment expenses Reserves for loss and loss adjustment expenses € mn as of 30 September 2014 as of 31 December 2013 Property-Casualty 58,646 56,614 Life/Health 10,482 9,960 Consolidation (12) (9) Total 69,116 66,566 change in the reserves for loss and loss adjustment expenses in the property-casualty business segment The following table reconciles the beginning and ending reserves of the ­Allianz Group, including the effect of reinsurance ceded, in the Property-Casualty business segment for the nine months ended 30 September 2014 and 2013. Although discounted loss reserves have been reclassified to “Reserves for insurance and investment con- tracts” in the balance sheet in 2013, the underlying business develop- ment of these Property-Casualty reserves is still considered in the loss and loss adjustment expenses as well as in the loss ratio and is, therefore, included in the development of the reserves below. change in the reserves for loss and loss adjustment expenses in the property-casualty business segment € mn 2014 2013 Gross Ceded Net Gross Ceded Net As of 1 January 56,614 (6,070) 50,544 62,711 (6,904) 55,807 Balance carry forward of discounted loss reserves 3,207 (306) 2,901 – – – Subtotal 59,821 (6,376) 53,445 62,711 (6,904) 55,807 Loss and loss adjustment expenses incurred Current year 23,730 (1,642) 22,088 24,043 (1,797) 22,246 Prior years (1,143) 234 (909) (1,485) 269 (1,216) Subtotal 22,587 (1,408) 21,179 22,558 (1,528) 21,030 Loss and loss adjustment expenses paid Current year (10,262) 229 (10,033) (10,648) 321 (10,328) Prior years (11,704) 1,078 (10,625) (12,570) 1,252 (11,318) Subtotal (21,966) 1,307 (20,658) (23,218) 1,573 (21,646) Foreign currency trans­lation adjustments and other changes 1,708 (297) 1,411 (936) 171 (765) Changes in the consolidated subsidiaries of the ­Allianz Group – – – 145 (70) 75 Subtotal 62,151 (6,774) 55,377 61,259 (6,758) 54,502 Ending balance of discounted loss reserves (3,505) 312 (3,193) (3,215) 292 (2,924) As of 30 September 58,646 (6,462) 52,184 58,044 (6,466) 51,578

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