Allianz Group Financial information as of 31 March 2018

Transcription

1 Allianz Group Financial information as of 31 March 2018 Reporting by business segments and quarters (starting from 1Q 2017) Consolidated Balance Sheets Asset allocation Allianz Group overview Property-Casualty overview Property-Casualty by region Life/Health overview Life/Health details Life/Health by region Asset Management overview Corporate and Other overview Consolidation overview Note: Where past years' figures have been adjusted as a consequence of changes to accounting regulations or their application, these restatements are considered in the spreadsheets retroactively. Therefore the figures above may differ from the figures originally published in the Annual Reports and Interim Reports. The quarterly figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. The presented financial information does not represent financial statements within the meaning of International Accounting Standard (IAS) 1. 1 of 17

2 Consolidated Balance Sheets by business segments and quarters A S S E T S Allianz Group Cash and cash equivalents 15,744 17,154 17,911 17,119 16, % Financial assets carried at fair value through income 8,195 8,454 7,870 8,177 7, % Investments 541, , , , , % Loans and advances to banks and customers 105, , , , , % Financial assets for unit-linked contracts 114, , , , , % Reinsurance assets 16,078 15,225 16,386 16,375 16, % Deferred acquisition costs 25,311 24,061 23,538 23,184 24, % Deferred tax assets 1, % Other assets 39,266 38,041 36,875 37,731 40, % Non-current assets and assets of disposal groups classified as held for sale 13,869 14,378 13,999 14, % Intangible assets 13,655 13,353 13,320 13,262 13, % Total assets 894, , , , , % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income 11,804 11,073 11,346 11,291 10, % Liabilities to banks and customers 12,727 13,666 13,455 12,746 13, % Unearned premiums 26,549 24,902 23,321 21,442 26, % Reserves for loss and loss adjustment expenses 72,879 71,745 73,691 73,292 72, % Reserves for insurance and investment contracts 506, , , , , % Financial liabilites for unit-linked contracts 114, , , , , % Deferred tax liabilites 4,620 4,737 5,079 4,906 4, % Other liabilities 39,702 39,799 39,439 39,639 39, % Liabilities of disposal groups classified as held for sale 13,055 13,401 13,216 13, % Certificated liabilities 7,707 7,682 7,590 9,596 9, % Subordinated liabilities 13,646 13,448 13,340 13,295 13, % Total liabilities 823, , , , , % Shareholders' equity 67,680 64,198 65,027 65,553 63, % Non-controlling interests 2,979 2,864 3,350 3,049 2, % Total equity 70,659 67,062 68,377 68,602 65, % Total liabilities and equity 894, , , , , % 2 of 17

3 Consolidated Balance Sheets by business segments and quarters A S S E T S Cash and cash equivalents Financial assets carried at fair value through income Investments Loans and advances to banks and customers Financial assets for unit-linked contracts Reinsurance assets Deferred acquisition costs Deferred tax assets Other assets Non-current assets and assets of disposal groups classified as held for sale Intangible assets Total assets Property-Casualty 3,552 3,483 3,498 3,317 3, % % 103, , , , , % 10,950 10,805 10,981 10,610 10, % 10,553 9,980 11,402 11,437 11, % 5,253 5,026 4,803 4,715 5, % 1,040 1,001 1, % 25,168 22,842 22,572 22,787 24, % n.m. 2,844 2,820 2,954 2,985 3, % 163, , , , , % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income Liabilities to banks and customers Unearned premiums Reserves for loss and loss adjustment expenses Reserves for insurance and investment contracts Financial liabilites for unit-linked contracts Deferred tax liabilites Other liabilities Liabilities of disposal groups classified as held for sale Certificated liabilities Subordinated liabilities Total liabilities Shareholders' equity Non-controlling interests Total equity Total liabilities and equity % 862 1,205 1,336 1,237 1, % 22,260 20,648 18,979 17,065 22, % 62,010 60,832 62,689 62,093 61, % 14,838 14,791 14,791 14,928 14, % 2,513 2,412 2,435 2,445 2, % 17,641 17,142 17,644 18,876 16, % % % % 120, , , , , % 3 of 17

4 Consolidated Balance Sheets by business segments and quarters A S S E T S Cash and cash equivalents Financial assets carried at fair value through income Investments Loans and advances to banks and customers Financial assets for unit-linked contracts Reinsurance assets Deferred acquisition costs Deferred tax assets Other assets Non-current assets and assets of disposal groups classified as held for sale Intangible assets Total assets Life/Health 8,546 9,006 8,499 9,025 9, % 7,340 7,496 6,992 7,442 6, % 417, , , , , % 92,295 92,368 93,087 92,674 93, % 114, , , , , % 5,599 5,345 5,077 5,034 4, % 20,058 19,035 18,736 18,469 19, % % 17,872 17,895 17,492 19,416 17, % % 3,046 3,005 2,967 2,934 2, % 687, , , , , % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income Liabilities to banks and customers Unearned premiums Reserves for loss and loss adjustment expenses Reserves for insurance and investment contracts Financial liabilites for unit-linked contracts Deferred tax liabilites Other liabilities Liabilities of disposal groups classified as held for sale Certificated liabilities Subordinated liabilities Total liabilities Shareholders' equity Non-controlling interests Total equity Total liabilities and equity 11,588 10,828 11,015 11,021 10, % 5,492 6,128 5,939 5,655 5, % 4,309 4,293 4,371 4,402 4, % 10,904 10,956 11,044 11,256 11, % 491, , , , , % 114, , , , , % 3,455 3,666 4,013 3,956 3, % 15,023 14,864 14,248 14,600 13, % n.m % % 657, , , , , % 4 of 17

5 Consolidated Balance Sheets by business segments and quarters A S S E T S Cash and cash equivalents Financial assets carried at fair value through income Investments Loans and advances to banks and customers Financial assets for unit-linked contracts Reinsurance assets Deferred acquisition costs Deferred tax assets Other assets Non-current assets and assets of disposal groups classified as held for sale Intangible assets Total assets Asset Management , % % % % % 2,693 2,937 3,254 3,215 3, % n.m. 7,753 7,517 7,388 7,332 7, % 11,916 11,833 11,881 11,901 11, % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income Liabilities to banks and customers Unearned premiums Reserves for loss and loss adjustment expenses Reserves for insurance and investment contracts Financial liabilites for unit-linked contracts Deferred tax liabilites Other liabilities Liabilities of disposal groups classified as held for sale Certificated liabilities Subordinated liabilities Total liabilities Shareholders' equity Non-controlling interests Total equity Total liabilities and equity % % % 2,464 2,644 2,858 2,936 2, % n.m. 2,673 2,910 3,113 3,188 2, % 5 of 17

6 Consolidated Balance Sheets by business segments and quarters A S S E T S Cash and cash equivalents Financial assets carried at fair value through income Investments Loans and advances to banks and customers Financial assets for unit-linked contracts Reinsurance assets Deferred acquisition costs Deferred tax assets Other assets Non-current assets and assets of disposal groups classified as held for sale Intangible assets Total assets Corporate and Other 2,954 4,046 5,574 3,919 3, % % 104, , , , , % 6,613 6,089 5,166 5,368 5, % % 7,718 7,681 7,190 8,871 6, % 13,710 13,904 13,882 14, % % 136, , , , , % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income Liabilities to banks and customers Unearned premiums Reserves for loss and loss adjustment expenses Reserves for insurance and investment contracts Financial liabilites for unit-linked contracts Deferred tax liabilites Other liabilities Liabilities of disposal groups classified as held for sale Certificated liabilities Subordinated liabilities Total liabilities Shareholders' equity Non-controlling interests Total equity Total liabilities and equity % 7,810 7,806 7,959 7,208 7, % % % 25,590 25,495 24,874 26,242 24, % 13,074 13,262 13,241 13, % 10,508 10,434 10,342 12,367 11, % 13,601 13,403 13,295 13,250 13, % 71,120 71,081 70,421 73,396 57, % 6 of 17

7 Consolidated Balance Sheets by business segments and quarters A S S E T S Cash and cash equivalents Financial assets carried at fair value through income Investments Loans and advances to banks and customers Financial assets for unit-linked contracts Reinsurance assets Deferred acquisition costs Deferred tax assets Other assets Non-current assets and assets of disposal groups classified as held for sale Intangible assets Total assets Consolidation % % -83,904-84,146-83,942-84,599-85, % -4,893-4,823-4,587-4,488-4, % % -1,582-1,636-1,654-1,752-1, % -14,185-13,313-13,633-16,558-10, % % -105, , , , , % L I A B I L I T I E S A N D E Q U I T Y Financial liabilites carried at fair value through income Liabilities to banks and customers Unearned premiums Reserves for loss and loss adjustment expenses Reserves for insurance and investment contracts Financial liabilites for unit-linked contracts Deferred tax liabilites Other liabilities Liabilities of disposal groups classified as held for sale Certificated liabilities Subordinated liabilities Total liabilities Shareholders' equity Non-controlling interests Total equity Total liabilities and equity % -1,611-1,646-1,953-1,527-1, % % % % -1,582-1,636-1,654-1,752-1, % -21,015-20,346-20,184-23,015-17, % % -2,824-2,774-2,773-2,794-2, % % -27,675-27,161-27,350-29,848-24, % 7 of 17

8 Asset allocation by business segments Property-Casualty Life/Health Asset Management Corporate and Other Consolidation Allianz Group EUR bn Cash and cash pool assets net of cash collaterals Equities Equities available-for-sale Equities associates/joint ventures Debt securities Loans and advances Other Real estate held for investment Fixed assets of renewable energy investments Funds held by others under reinsurance contracts assumed Investment portfolio Financial assets and liabilities designated at fair value Financial assets and liabilities held for trading Group/segment financial assets Investment portfolio Affiliates Investment portfolio including affiliates ) Net of liabilities from securities lending and including liabilities from cash pooling. 2) Excluding affiliates. 3) Net of liabilities. 8 of 17

9 Allianz Group overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Total revenues 1 36,224 29,994 28,256 31, ,149 36, % Premiums earned (net) 17,820 17,323 17,341 18,942 71,427 17, % Operating investment result Interest and similar income 5,399 5,700 5,323 5,427 21,848 5, % Operating income from financial assets and liabilities carried at fair value through income (net) , % Operating realized gains/losses (net) 1,790 1, ,552 5,513 1, % Interest expenses, excluding interest expenses from external debt % Operating impairments of investments (net) n.m. Investment expenses , % Subtotal 6,470 5,612 5,371 6,470 23,923 5, % Fee and commission income 2,592 2,999 2,513 2,832 10,937 2, % Other income % Claims and insurance benefits incurred (net) -13,025-12,369-12,468-13,355-51,218-12, % Operating change in reserves for insurance and investment contracts (net) -3,666-3,034-3,320-4,346-14,366-2, % Loan loss provisions n.m. Acquisition and administrative expenses (net), excluding acquisition-related expenses -6,357-6,327-6,160-6,865-25,709-6, % Fee and commission expenses , ,857-1, % Operating amortization of intangible assets % Operating restructuring charges n.m. Other expenses % Operating profit 2,932 2,928 2,477 2,760 11,097 2, % Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) n.m. Non-operating realized gains/losses (net) , % Non-operating impairments of investments (net) n.m. Subtotal % Non-operating change in reserves for insurance and investment contracts (net) % Interest expenses from external debt % Acquisition-related expenses % Non-operating amortization of intangible assets % Non-operating restructuring charges % Non-operating items % Income before income taxes 2,712 2,886 2,335 2,216 10,148 2, % Income taxes , % Net income 1,920 2,093 1,670 1,524 7,207 2, % Net income attributable to: Non-controlling interests % Shareholders 1,816 1,994 1,566 1,427 6,803 1, % 1) Total revenues comprise premiums written in Property-Casualty, statutory premiums in Life/Health, operating revenues in Asset Management and total revenues in Corporate and Other (Banking). 9 of 17

10 Property-Casualty overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Gross premiums written 17,703 11,685 11,549 11,325 52,262 17, % Ceded premiums written -1, , ,442-1, % Change in unearned premiums (net) -4,470 1,063 1,408 1, , % Premiums earned (net) 11,721 11,837 11,838 11,846 47,242 11, % Interest and similar income , % Operating income from financial assets and liabilities carried at fair value through income (net) % Operating realized gains/losses (net) % Fee and commission income , % Other income % Operating revenues 13,073 13,288 13,049 13,115 52,526 12, % Claims and insurance benefits incurred (net) -7,871-7,685-8,115-7,754-31,425-7, % Change in reserves for insurance and investment contracts (net) % Interest expenses % Operating impairments of investments (net) n.m. Investment expenses % Acquisition and administrative expenses (net) -3,329-3,410-3,358-3,439-13,537-3, % Fee and commission expenses , % Other expenses n.m. Operating expenses -11,815-11,842-12,010-11,806-47,473-11, % Operating profit 1,259 1,446 1,039 1,309 5,053 1, % Non-operating income from financial assets and liabilities carried at fair value through income (net) n.m. Non-operating realized gains/losses (net) % Non-operating impairments of investments (net) % Amortization of intangible assets % Restructuring charges % Non-operating items n.m. Income before income taxes 1,253 1,508 1,160 1,280 5,201 1, % Income taxes , % Net income 913 1, ,807 1, % Net income attributable to: Non-controlling interests % Shareholders 864 1, ,640 1, % Loss ratio (in %) p thereof: Run-off ratio (in %) p thereof: NatCat ratio (in %) p Expense ratio (in %) p Combined ratio (in %) p 10 of 17

11 Property-Casualty by region - 1Q Gross premiums written Premiums earned (net) Operating profit (loss) Combined ratio Loss ratio Internal growth 1 Expense ratio 1Q 17 1Q 18 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 % % % % % % % Germany 4,416 4, ,001 2, Switzerland 1,110 1, Central & Eastern Europe German Speaking Countries and Central & Eastern Europe 6,452 6, ,052 3, Italy 1,086 1, ,083 1, France 1,492 1, ,022 1, Benelux Turkey Greece Asia Pacific Western & Southern Europe and Asia Pacific 3 3,614 3, ,820 2, Spain Portugal Latin America Iberia & Latin America 1,420 1, AGCS 2,334 2, ,061 1, Reinsurance PC 2,481 2, ,269 1, United Kingdom Credit Insurance Ireland Australia Africa Middle East Global Insurance Lines & Anglo Markets, Middle East and Africa 7,150 7, ,910 3, Allianz Partners 4 1,671 1, ,030 1, Consolidation 5-2,604-2,750 n.m Total 17,703 17, ,721 11,733 1,259 1, ) This reflects the growth of gross premiums written on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects. 2) Effective 1 January 2018, Central & Eastern Europe includes Austria, Russia and Ukraine. Prior year figures have been adjusted. 3) Includes for 1Q 2018 EUR - mn (2017: EUR 8 mn) operating profit from an associated entity in India. 4) The reportable segment Allianz Partners includes the businesses of Allianz Travel and Assistance, Allianz Care and Allianz Automotive in addition to income and expenses from a management holding. 5) Represents elimination of transactions between Allianz Group companies in different geographic regions. 11 of 17

12 Life/Health overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Statutory premiums 16,904 16,714 15,099 18,560 67,277 17, % Ceded premiums written % Change in unearned premiums (net) % Statutory premiums (net) 16,602 16,464 14,807 18,344 66,217 16, % Deposits from insurance and investment contracts -10,503-10,978-9,304-11,248-42,032-10, % Premiums earned (net) 6,099 5,486 5,503 7,096 24,185 5, % Interest and similar income 4,419 4,637 4,349 4,451 17,856 4, % Operating income from financial assets and liabilities carried at fair value through income (net) , % Operating realized gains/losses (net) 1,765 1, ,501 5,333 1, % Fee and commission income , % Other income n.m. Operating revenues 12,334 10,967 10,831 13,548 47,679 11, % Claims and insurance benefits incurred (net) -5,154-4,684-4,354-5,606-19,798-4, % Operating change in reserves for insurance and investment contracts (net) -3,586-2,890-3,239-4,222-13,937-2, % Interest expenses % Operating impairments of investments (net) n.m. Investment expenses , % Acquisition and administrative expenses (net) -1,709-1,559-1,506-1,792-6,565-1, % Fee and commission expenses % Operating amortization of intangible assets % Operating restructuring charges n.m. Other expenses % Operating expenses -11,179-9,839-9,762-12,488-43,268-10, % Operating profit 1,155 1,128 1,069 1,060 4,412 1, % Non-operating income from financial assets and liabilities carried at fair value through income (net) n.m. Non-operating realized gains/losses (net) % Non-operating change in reserves for insurance and investment contracts (net) % Non-operating impairments of investments (net) % Non-operating amortization of intangible assets % Non-operating restructuring charges n.m. Non-operating items % Income before income taxes 1,101 1,204 1, ,377 1, % Income taxes , % Net income , % Net income attributable to: Non-controlling interests % Shareholders , % New business margin (in %) p Value of new business , % Present value of new business premiums 14,748 13,606 11,993 15,168 55,515 14, % Operating asset base (in EUR bn) % Net flows (in EUR bn) % 12 of 17

13 Life/Health details for 1Q by line of business and by profit sources Life/Health Guaranteed savings & Capital-efficient Protection & Unit-linked without segment 1 annuities products health guarantees 1Q 17 1Q 18 18/17 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 Loadings & fees 1,504 1, Loadings from premiums as % of statutory premiums 5.9% 5.8% -0.1%-p 5.5% 5.4% 3.1% 3.8% 15.9% 16.1% 2.5% 2.0% Loadings from reserves as % of average reserves % 0.07% -0.00%-p 0.08% 0.07% 0.04% 0.04% 0.06% 0.05% 0.04% 0.11% Unit-linked management fees as % of average unit-linked reserves % 0.11% +0.01%-p 0.05% 0.06% -2.90% -0.92% % 0.19% 0.16% Investment margin 1, as % of average aggregate policy reserves 0.25% 0.23% -0.02%-p 0.20% 0.18% 0.43% 0.35% 0.07% 0.14% 4.58% 3.57% Expenses -1,679-1, Acquisition expenses and commissions -1,228-1, as % of PVNBP -7.8% -7.7% +0.0%-p -9.3% -10.4% -7.9% -7.3% -10.0% -9.6% -4.0% -4.9% Administrative and other expenses as % of average reserves % -0.08% +0.00%-p -0.06% -0.06% -0.06% -0.06% -0.36% -0.33% -0.09% -0.09% Technical margin Operating profit before change in DAC 1,138 1, Impact of change in DAC Capitalization of DAC Amortization, unlocking and true-up of DAC Operating profit 1,155 1, Statutory premiums 16,904 17, ,546 5,609 4,610 4,677 2,617 2,697 3,132 4,102 Average unit-linked reserves 113, ,215 5,190 61,348 49, ,343 67,361 Average aggregate policy reserves 423, ,235 6, , , , ,692 36,771 39, Average reserves 2 536, ,450 12, , , , ,527 36,771 39,812 51,728 67,703 PVNBP 4 15,827 16, ,731 2,742 5,007 5,674 3,360 3,550 3,729 4,174 1) Profit sources are based on 21 in scope OEs with a coverage of 99.3% of the revenues. Operating profit from OEs that are not in scope is included in Investment margin. 2) Aggregate policy reserves and unit-linked reserves. 3) Calculation based on unit-linked fees on unit-linked reserves. 4) PVNBP is before non-controlling interests. 13 of 17

14 Life/Health by region - 1Q Statutory premiums 1 Premiums earned (net) Operating profit (loss) Return on equity 2 Internal growth 3 1Q 17 1Q 18 1Q 18 1Q 17 1Q 18 1Q 17 1Q 18 12M 17 1Q 18 % % % Germany Life 5,273 5, ,526 2, Germany Health Switzerland Central & Eastern Europe German Speaking Countries and Central & Eastern Europe 7,423 7, ,822 3, Italy 2,650 2, France 2,073 2, Benelux Turkey Greece Asia Pacific 1,215 1, Western & Southern Europe and Asia Pacific 5 6,777 7, ,753 1, Spain Portugal Latin America Iberia & Latin America USA 6 2,298 2, Reinsurance LH Africa Middle East Global Insurance Lines & Anglo Markets, Middle East and Africa Consolidation and Other n.a Total 16,904 17, ,099 5,931 1,155 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 the ratio of net income divided by the average total equity excluding unrealized gains/losses on bonds (net of shadow accounting) and deducting goodwill. For reportable segments and the business segment Life/Health the return on equity is calculated without deducting goodwill. 3) This reflects the growth of statutory premiums on an internal basis, adjusted for foreign currency translation and (de-)consolidation effects. 4) Effective 1 January 2018, Central & Eastern Europe includes Austria and Russia. Prior year figures have been adjusted. 5) Includes for 1Q 2018 EUR 9 mn (2017: EUR 4 mn) operating profit from an associated entity in India. 6) The return on equity as shown in the table represents the calculation method for the reportable segments, while the return on equity for the life insurance entity in the United States amounted to 10.7% for year to date 2018 (2017: 11.7%). 7) Represents mainly elimination of transactions between Allianz Group companies in different geographic regions. 14 of 17

15 Asset Management overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Net fee and commission income 1,512 1,564 1,550 1,749 6,374 1, % Net interest and similar income n.m. Income from financial assets and liabilities carried at fair value through income (net) n.m. Other income n.m. Operating revenues 1,558 1,556 1,544 1,750 6,408 1, % Administrative expenses (net), excluding acquisition-related expenses ,053-3, % Investment expenses 0 Other expenses % Operating expenses ,053-3, % Operating profit , % Realized gains/losses (net) % Impairments of investments (net) 0 Acquisition-related expenses % Amortization of intangible assets % Restructuring charges % Non-operating items % Income before income taxes , % Income taxes % Net income , % Net income attributable to: Non-controlling interests % Shareholders , % Cost-income ratio (in %) p Assets under management (in EUR bn) 1,916 1,915 1,922 1,960 1,960 1, % thereof: Allianz Group assets under management (in EUR bn) % thereof: Third-party assets under management (in EUR bn) 1,403 1,406 1,413 1,448 1,448 1, % Third-party net flows (in EUR bn) % Performance fees (in ) % 15 of 17

16 Corporate and Other overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Total revenues % Interest and similar income % Operating income from financial assets and liabilities carried at fair value through income (net) % Fee and commission income , % Other income % Operating revenues , % Interest expenses, excluding interest expenses from external debt % Loan loss provisions n.m. Investment expenses % Administrative expenses (net), excluding acquisition-related expenses , % Fee and commission expenses , % Other expenses % Operating expenses , ,237-4, % Operating profit (loss) n.m. Non-operating income from financial assets and liabilities carried at fair value through income (net) n.m. Realized gains/losses (net) % Impairments of investments (net) n.m. Interest expenses from external debt % Acquisition-related expenses % Amortization of intangible assets % Restructuring charges n.m. Non-operating items , % Income (loss) before income taxes , % Income taxes % Net income (loss) , % Net income (loss) attributable to: Non-controlling interests % Shareholders , % 16 of 17

17 Consolidation overview by quarters 1Q 17 2Q 17 3Q 17 4Q Q 18 18/17 Total revenues % Premiums earned (net) 0 Operating investment result Interest and similar income % Operating income from financial assets and liabilities carried at fair value through income (net) % Operating realized gains/losses (net) % Interest expenses, excluding interest expenses from external debt % Operating impairments of investments (net) 0 Investment expenses % Subtotal % Fee and commission income , % Other income % Claims and insurance benefits incurred (net) n.m. Operating change in reserves for insurance and investment contracts (net) % Loan loss provisions 0 Acquisition and administrative expenses (net), excluding acquisition-related expenses % Fee and commission expenses , % Operating amortization of intangible assets 0 Operating restructuring charges 0 Other expenses % Operating profit n.m. Non-operating investment result Non-operating income from financial assets and liabilities carried at fair value through income (net) n.m. Non-operating realized gains/losses (net) % Non-operating impairments of investments (net) 0 Subtotal n.m. Non-operating change in reserves for insurance and investment contracts (net) 0 Interest expenses from external debt 0 Acquisition-related expenses 0 Non-operating amortization of intangible assets 0 Non-operating restructuring charges 0 Non-operating items n.m. Income before income taxes n.m. Income taxes % Net income n.m. Net income attributable to: Non-controlling interests % Shareholders n.m. 17 of 17