D _ Consolidated Financial Statements Ultimate loss for the individual accident years at the respective reporting date (net) Ultimate loss for the individual accident years at the respective reporting date (net) € mn Accident year 2012 Calendar year and prior 2013 2014 2015 2016 2017 2018 2019 2020 2021 Total 2012 83,635 2013 80,846 29,407 2014 80,944 29,560 30,625 2015 80,333 29,490 30,560 32,649 2016 79,420 29,206 30,244 32,211 33,116 2017 77,467 28,837 29,896 31,888 32,705 33,242 2018 76,972 28,764 29,665 31,713 32,158 32,972 34,165 2019 76,715 28,726 29,542 31,801 32,182 33,447 34,358 36,867 2020 76,410 28,672 29,460 31,613 32,183 33,063 34,363 36,570 36,398 2021 76,518 28,640 29,496 31,596 32,193 33,167 34,762 36,917 35,364 37,668 1 3 Surplus 7,117 766 1,129 1,053 923 75 (597) (49) 1,034 - 11,452 Reduction/(increase) 2 3 2021 versus 2020 (108) 32 (36) 17 (10) (104) (398) (347) 1,034 - 80 1_Includes effects from foreign currency translation adjustments and other changes. 2_The total development 2021 to 2020 of € 80 mn represents the cumulative surplus from re-estimating the ultimate loss for prior year claims. Considering foreign currency translation adjustments of net € 900 mn as well as changes in the consolidated subsidiaries of the Allianz Group and other changes of in total € 394 mn, this leads to an effective run-off of net € 1,374 mn, which can be found in the table "Change in reserves for loss and loss adjustment expenses" within this note. 3_Presentation not meaningful. Calendar year premiums earned and ultimate loss ratios for the individual accident years at the respective reporting date (net) Calendar year premiums earned and ultimate loss ratios for the individual accident years at the respective reporting date (net) Premiums earned (net) Accident year 2013 2014 2015 2016 2017 2018 2019 2020 2021 € mn % % % % % % % % % 2013 42,047 69.9 2014 43,759 70.3 70.0 2015 46,430 70.1 69.8 70.3 2016 46,588 69.5 69.1 69.4 71.1 2017 47,242 68.6 68.3 68.7 70.2 70.4 2018 48,305 68.4 67.8 68.3 69.0 69.8 70.7 2019 51,328 68.3 67.5 68.5 69.1 70.8 71.1 71.8 2020 51,631 68.2 67.3 68.1 69.1 70.0 71.1 71.2 70.5 2021 53,054 68.1 67.4 68.1 69.1 70.2 72.0 71.9 68.5 71.0 The ultimate loss of an accident year comprises all payments made for that accident year up to the reporting date, plus the loss reserves at the reporting date. Given complete information regarding all losses Further risk disclosure requirements of IFRS 4 in connection with IFRS 7 incurred up to the reporting date, the ultimate loss for each accident- are reflected in the following sections of the Risk and Opportunity year period would remain unchanged. In practice, however, the Report within the Group Management Report: ultimate loss (based on estimates) is exposed to fluctuations that reflect the increase in knowledge regarding the loss cases. The loss − Internal risk capital framework, ratio presented above deviates from the reported loss ratio because − Risk-based steering and risk management, the ultimate loss in the table above is based on the sum of the − Underwriting risk in the section Quantifiable risks and payments plus the loss reserves, not the incurred loss as stated in the opportunities by risk category. consolidated income statement. This means that effects like changes in consolidated subsidiaries, foreign currency translation and unwinding of discounted loss reserves are presented differently. As of 31 December 2021, the reserves for loss and loss adjustment expenses in the Property-Casualty business segment, which are expected to be due in 2022 amounted to € 21,000 mn, while those 154 Annual Report 2021 − Allianz Group