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Interim Report Third Quarter 2014

Interim Report Third Quarter and First Nine Months of 2014    Allianz Group96 34 – Acquisition and administrative expenses (net) Acquisition and administrative expenses (net) € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Property-Casualty Acquisition costs Incurred (2,384) (2,307) (7,479) (7,380) Commissions and profit received on reinsurance business ceded 105 132 298 352 Deferrals of acquisition costs 1,259 1,334 4,520 4,477 Gross amortization of deferred acquisition costs (1,382) (1,470) (4,316) (4,240) Subtotal (2,402) (2,311) (6,977) (6,791) Administrative expenses (687) (665) (2,597)1 (2,070) Subtotal (3,089) (2,976) (9,574) (8,861) Life/Health Acquisition costs Incurred (1,264) (1,041) (3,810) (3,297) Commissions and profit received on reinsurance business ceded 26 17 72 46 Deferrals of acquisition costs 808 633 2,556 2,100 Gross amortization of deferred acquisition costs (661) (556) (1,818) (1,832) Subtotal (1,091) (947) (3,001) (2,982) Administrative expenses (397) (375) (1,196) (1,066) Subtotal (1,488) (1,322) (4,197) (4,048) Asset Management Personnel expenses (582) (601) (1,749)1 (1,961) Non-personnel expenses (342) (348) (991) (1,046) Subtotal (924) (949) (2,740) (3,007) Corporate and Other Administrative expenses (353) (327) (266)1 (968) Subtotal (353) (327) (266) (968) Consolidation 15 (7) (96)1 12 Total (5,839) (5,581) (16,873) (16,872) 1 Including one-off effect from pension revaluation. Please refer to note 4 for further details. 33 – Investment expenses investment expenses € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Investment management expenses (158) (129) (409) (387) Depreciation of real estate held for investment (59) (56) (170) (157) Other expenses from real estate held for investment (45) (42) (113) (109) Total (261) (227) (693) (653) 32 – Impairments of investments (net) Impairments of investments (net) € mn three months ended 30 September nine months ended 30 September 2014 2013 2014 2013 Impairments Available-for-sale investments Equity securities (113) (46) (301) (305) Debt securities (31) (11) (275) (36) Subtotal (144) (57) (576) (341) Investments in associates and joint ventures – (81) – (81) Real estate held for investment (21) (16) (22) (38) Loans and advances to banks and customers (1) (5) (3) (17) Non-current assets and assets and liabilities of disposal groups classified as held for sale (3) (31) (5) (31) Subtotal (168) (189) (605) (507) Reversals of impairments Available-for-sale investments Debt securities – 10 – 11 Real estate held for investment 12 17 12 17 Loans and advances to banks and customers – 1 1 1 Subtotal 12 27 13 29 Total (156) (162) (592) (478)

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