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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group 93 B Condensed Consolidated Interim Financial Statements 49 Consolidated Balance Sheets 50 Consolidated Income Statements 51 Consolidated Statements of Comprehensive Income 52 Consolidated Statements of Changes in Equity 53 Consolidated Statements of Cash Flows 55 Notes 28 – Claims and insurance benefits incurred (net) Claims and insurance benefits incurred (net) € mn three months ended 30 September Property- Casualty Life/Health Consoli- dation Group 2014 Gross Claims and insurance benefits paid (7,403) (5,151) 12 (12,542) Change in reserves for loss and loss adjustment expenses (372) 2 2 (368) Subtotal (7,775) (5,149) 14 (12,910) Ceded Claims and insurance benefits paid 413 131 (11) 534 Change in reserves for loss and loss adjustment expenses (4) 14 (2) 8 Subtotal 409 145 (12) 542 Net Claims and insurance benefits paid (6,990) (5,020) 1 (12,008) Change in reserves for loss and loss adjustment expenses (376) 16 1 (359) Total (7,366) (5,004) 2 (12,368) 2013 Gross Claims and insurance benefits paid (7,594) (4,636) 9 (12,221) Change in reserves for loss and loss adjustment expenses 57 (98) (6) (46) Subtotal (7,537) (4,734) 3 (12,268) Ceded Claims and insurance benefits paid 437 93 (8) 523 Change in reserves for loss and loss adjustment expenses (134) (2) 6 (130) Subtotal 303 92 (1) 393 Net Claims and insurance benefits paid (7,157) (4,543) 1 (11,698) Change in reserves for loss and loss adjustment expenses (77) (100) 1 (176) Total (7,234) (4,642) 2 (11,874) 27 – Income and expenses from fully consolidated private equity investments Income and Expenses from fully consolidated private equity investments € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Income Sales and service revenues 170 181 513 543 Subtotal 170 181 513 543 Expenses Cost of goods sold (51) (54) (158) (163) General and administrative expenses (121) (125) (353) (375) Interest expenses (18) (7) (33) (24) Subtotal (189) (186) (544) (562) Consolidation1 9 2 15 7 Total (11) (3) (16) (11) 1 This consolidation effect results from the deferred policyholder participation, recognized on the result from fully consolidated private equity investments within operating profit in the Life/Health business segment, that was reclassified into expenses from fully consolidated private equity investments in non- operating profit to ensure a consistent presentation of the ­Allianz Group‘s operating profit.

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