Total business volume: Total business volume presents a measure for the overall amount of business generated during a specific reporting period. Total business volume in the Allianz Group comprises: Gross premiums written as well as fee and commission income in Property-Casualty ; Statutory gross premiums written in Life/Health; and Operating revenues in Asset Management.
The definition of total business volume is comparable to the definition of total revenues previously used in Allianz Group. The revenues from our banking business, however, are no longer part of the total business volume anymore as the remaining banking activities can be considered immaterial.
Shareholders’ core net income: Presents the portion of shareholders’ net income before non-operating market movements and before amortization of specific/certain acquisition-related intangible assets (including any related tax effects).
Operating insurance service result: Presents in profit or loss insurance revenue, insurance service expenses including incurred claims and other incurred insurance service expenses as well as the reinsurance service result. The following components are also included by Allianz: 1) Non-attributable acquisition, administrative and claims expenses of our operating entities which under IFRS 4 were also included in the underwriting result; 2) Adjustments for claims and expense variances where our operating entities share the technical results with the policyholders (only for insurance contracts under the variable fee approach); 3) Restructuring expenses that are shared with the policyholder.
Annualized Core Return on Equity (RoE): Represents the annualized ratio of shareholders’ core net income to the average shareholders' equity at the beginning and at the end of the period. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity undated subordinated bonds classified as shareholders’ equity and net OCI (“Other comprehensive income“) are excluded.
Combined ratio: Represents the total of acquisition and administrative expenses, claims and insurance benefits incurred, and the reinsurance result divided by insurance revenue.
Contractual Service Margin (CSM): Balance sheet liability, containing deferred discounted future profits of in-force long duration business.