Allianz Se · XETR:ALV

Allianz — Q3 2013 Earnings Presentation

95 slides from Allianz's earnings presentation, Nov 8, 2013

1. Slide 1: Group financial results 3Q 2013

   Group financial results 3Q 2013 Dieter Wemmer Chief Financial Officer Analysts’ conference call November 8, 2013

2. Slide 2: Highlights, Comments, Additional information, Glossary

   1 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 2

3. Slide 3: Group: business highlights 3Q 2013

   Group financial results 3Q 2013 Group: business highlights 3Q 2013 Allianz Cyber Protect launched in Germany in July. AGCS Market launches followed in Switzerland and UK in September, Austria in October. Perspektive: highly successful product launch reaching already 13% of new business Germany Life

4. Slide 4: Group: continued strong operating profit and increased net income

   Group financial results 3Q 2013 Group: continued strong operating profit and increased net income Total revenues Operating profit by segment (EUR bn) (EUR mn) -0.2%1 25.2 25.1 P/C 1,236 Operating profit (EUR mn) L/H 769 3Q 12 3Q 13 -0.7% 2,538 2,519 Net income2 AM 754 (EUR mn) +6.3% CO -230 1,359 1,

5. Slide 5: Group: shareholders' equity went up almost EUR 1bn compared to 30.06.13

   Group financial results 3Q 2013 Group: shareholders’ equity went up almost EUR 1bn compared to 30.06.13 Shareholders’ equity (EUR mn) Conglomerate solvency1 (%) -3.2% -4%-p 50,388 181% 48,770 177% 177% 47,866 Pro forma Restated restated 31.12.12 30.06.13 30.09.13 31.12.12 30.06.13 30.09.13 Economic

6. Slide 6: P/C: underlying growth of 3.0 percent

   Group financial results 3Q 2013 P/C: underlying growth of 3.0 percent1 (EUR mn) 3Q 2013 Revenues Total Internal Price Volume growth growth2 effect effect Δ p.y. Δ p.y. Total P/C segment 10,651 -6.5% -5.2% +0.7% -5.9% Large OEs Germany 1,885 -0.3% +1.0% France 963 +22.4% +1.9% Italy 853 +2.0% +2.0% G

7. Slide 7: P/C: strong underwriting results continue

   Group financial results 3Q 2013 P/C: strong underwriting results continue Operating profit drivers Combined ratio (EUR mn) (in %) +6.4% NatCat impact1 -1.4%-p (in %-p) +150 0 1,236 1,162 -76 96.2 94.8 Loss ratio 69.2 67.2 0.8 4.3 Expense ratio 27.0 27.6 Operating Underwriting Investment Other2 Opera

8. Slide 8: P/C: combined ratio improved to 94.8 percent

   Group financial results 3Q 2013 P/C: combined ratio improved to 94.8 percent (EUR mn) 3Q 2013 Operating Δ p.y. Combined Δ p.y. NatCat Δ p.y.1 profit ratio impact in CR1 Total P/C segment 1,236 +6.4% 94.8% -1.4%-p 4.3%-p +3.5%-p Large OEs Germany 24 -88.8% 105.2% +8.2%-p 14.0%-p +11.7%-p France 83 -2

9. Slide 9: P/C: operating investment result impacted by low interest rates and F/X

   Group financial results 3Q 2013 P/C: operating investment result impacted by low interest rate environment and F/X effects Investment result (EUR mn) Current yield (debt securities; in %) -9.6% 3Q 12 0.85 795 719 3Q 13 0.81 Total average asset base1 103.4 103.0 (EUR bn) Reinvestment yield4 (debt sec

10. Slide 10: L/H: strong growth with focus on margins

    Group financial results 3Q 2013 L/H: strong growth with focus on margins (EUR mn) 3Q 2013 Revenues Total Internal PVNBP Δ p.y. growth growth1 Δ p.y. Δ p.y. Total L/H segment 12,697 +6.6% +7.3% 9,175 -3.1% Large OEs Germany Life 4,125 +24.6% +24.6% 2,752 +19.9% France 1,947 +3.7% +3.7% 1,681 -14.5% I

11. Slide 11: L/H: solid operating performance

    Group financial results 3Q 2013 L/H: solid operating performance (EUR mn) Operating profit by sources1 Operating profit by line -5.6% -5.6% 815 +21 769 815 32 +100 769 22 +24 167 152 -172 -19 616 595 Operating Loadings Investment Expenses Technical Impact of Operating 3Q 12 3Q 13 profit & fees margi

12. Slide 12: L/H: higher margins drove value of new business

    Group financial results 3Q 2013 L/H: higher margins drove value of new business (EUR mn) 3Q 2013 Operating Δ p.y. VNB Δ p.y. NBM Δ p.y. profit Total L/H segment 769 -5.6% 215 +44.3% 2.3% +0.7%-p Large OEs Germany Life 175 -19.4% 76 +7.0% 2.8% -0.3%-p France 117 +23.2% 21 0.0% 1.3% +0.2%-p Italy 35 -

13. Slide 13: L/H: investment margin within expectations

    Group financial results 3Q 2013 L/H: investment margin within expectations (yields are pro-rata) Reinvestment yield4 (debt securities; in %) Based on Ø book value of assets1 3Q 12 3Q 13 3.3 3.3 Current yield2 1.1% 1.0% Based on Ø aggregate policy reserves Current yield2 1.2% 1.2% Net harvesting and

14. Slide 14: L/H: MCEV up 6 percent

    Group financial results 3Q 2013 L/H: MCEV up 6 percent (EUR mn, after non-controlling interests) Free surplus Required capital VIF +1,345 28,914 +1,476 +642 632 27,304 -1,317 -278 -258 15,988 14,615 11,501 13,666 -185 © Allianz SE 2013 12M 2012 Adjustment In-force Operating VNB Economic Net 9M 2013

15. Slide 15: AM: 3Q AuM mainly driven by F/X effects

    Group financial results 3Q 2013 AM: 3Q AuM mainly driven by F/X effects … (EUR bn) ∆ total AuM -2.2% -3.6% -2.8% 1,852 1,863 1,811 Allianz Group 414 407 407 +0.1% +0.1% +1.4% 0.0% assets -2.0% -3.2% 3rd party AuM 1,438 1,456 1,404 1,456 1,404 4Q 12 2Q 13 3Q 13 2Q 13 Net flows Market F/X Conso. 3Q 13

16. Slide 16: AM: while AuM driven fees continued to increase

    Group financial results 3Q 2013 AM: … while AuM driven fees continued to increase Revenues development PIMCO (EUR mn) -7.7% -10.0% 1,473 1,325 1,8451 25 1,7031 248 42 284 39.9 42.7 Performance fees 1,225 1,300 Other net fee and commission income 3Q 12 3Q 13 (AuM driven fees) 3rd party AuM 42.5 45.7

17. Slide 17: AM: operating profit at healthy level

    Group financial results 3Q 2013 AM: operating profit at healthy level Operating profit drivers Internal growth (EUR mn) -6.5% CIR -11.1% +126 +74 AllianzGI 8481 +33 7541 AllianzGI 77.0% 76 -241 -17 -30 99 71.0% -38 PIMCO PIMCO 49.2% 748 645 51.3% Operating Revenues Expenses F/X Operating profit Volu

18. Slide 18: CO: operating result improved EUR 31mn

    Group financial results 3Q 2013 CO: operating result improved EUR 31mn (EUR mn) Operating loss development and components +25 +4 +2 0 -230 -261 +11.9% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 3Q 12 3Q 13 © Allianz SE 2013 Δ 3Q 13/12 3Q 13 -

19. Slide 19: Group: shareholders' net income up 6 percent

    Group financial results 3Q 2013 Group: shareholders’ net income up 6 percent (EUR mn) 3Q 12 3Q 13 Change Operating profit 2,538 2,519 -19 Non-operating items -336 -242 +94 Realized gains/losses 107 134 +27 Impairments (net) -56 -136 -80 Income from fin. assets and liabilities carried at fair value -

20. Slide 20: Summary of 3Q 2013 results

    Group financial results 3Q 2013 Summary of 3Q 2013 results  Total revenues remained stable at EUR 25.1bn  Operating profit of EUR 2,519mn  Shareholders’ net income up 6.3 percent to EUR 1,445mn  Strong capital position and balance sheet © Allianz SE 2013 20

21. Slide 21: Highlights 9M 2013

    Group financial results 3Q 2013 Highlights 9M 2013 2012 2013 2012 2013 9M 9M 9M 9M Group +4.4% P/C +10.0% Total revenues (EUR mn) 80.5 84.0 3,395 3,734 (EUR bn) 1.0% 3.4% NatCat impact CR 96.5% 95.0% 2.1% 3.9% Run-off ratio Group +7.9% L/H -6.7% Operating profit (EUR mn) (EUR mn) 7,121 7,683 2,458 2

22. Slide 22: Outlook: expected operating profit 2013 slightly above target range

    Group financial results 3Q 2013 Outlook: expected operating profit 2013 slightly above target range Operating profit (EUR bn) 9M 2013 Outlook1 published 02/13 9M 2013 79%2  GPW development -0.8% P/C 3.7  CR 95.0% 4.3 – 5.1 82%2  Revenue growth 8.3% L/H 2.3  NBM 1.9% 2.5 – 3.1 85%2  3rd party ne

23. Slide 23: Highlights

    2 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 23

24. Slide 24: Group: business highlights 3Q 2013 - comments

    Group financial results 3Q 2013 Group: business highlights 3Q 2013 Comments  AGCS  Direct distribution New product protects businesses against Genialloyd with 948k customers and online risks. Provides cover for own GPW of EUR 375mn in 9M 2013. Now damage sustained if company falls victim the numbe

25. Slide 25: Group: continued strong operating profit - comments

    Group financial results 3Q 2013 Group: continued strong operating profit and increased net income Comments  Growth  Asset Management Internal growth of 1.0%, driven by L/H, Impacted by decreased performance P/C impacted by reduction in crop business, fees, which were at an exceptionally AM with lo

26. Slide 26: Group: shareholders' equity up almost EUR 1bn - comments

    Group financial results 3Q 2013 Group: shareholders’ equity up almost EUR 1bn compared to 30.06.13 Comments  IAS  Economic solvency Shareholders’ equity and conglomerate Increase of solvency ratio driven by solvency reflect amended IAS 19: negative higher available funds, due to net shareholders’

27. Slide 27: P/C: underlying growth of 3.0 percent - comments

    Group financial results 3Q 2013 P/C: underlying growth of 3.0 percent Comments  P/C growth  AGCS Underlying internal growth ex crop +3.0%, Positive impact from seasonality in ART’s of which +2.2% volume and +0.8% price. Insurance Linked Markets’ business.  Germany  AWP As in 2Q, price increases

28. Slide 28: P/C: strong underwriting results continue - comments

    Group financial results 3Q 2013 P/C: strong underwriting results continue Comments  Operating profit  Accident year loss ratio 6.4% operating profit growth driven by Up 0.8%-p to 71.5% due to NatCat. strong underwriting result despite major AY loss ratio ex NatCat down 2.7%-p NatCat impact. Invest

29. Slide 29: P/C: combined ratio improved to 94.8 percent - comments

    Group financial results 3Q 2013 P/C: combined ratio improved to 94.8 percent Comments  Strong segment result  Credit insurance Majority of units post higher operating Operating profit decline largely driven profits driven by lower combined ratios. by lower run-off, a higher accident year Germany h

30. Slide 30: P/C: operating investment result - comments

    Group financial results 3Q 2013 P/C: operating investment result impacted by low interest rate environment and F/X effects Comments  Investment result Lower yields account for around half of the y.o.y. decline. F/X losses including related hedging transactions are another major driver.  Duration A

31. Slide 31: L/H: strong growth with focus on margins - comments

    Group financial results 3Q 2013 L/H: strong growth with focus on margins Comments  Revenues  France Growth in Germany and unit-linked premiums Growth in Protection & Health and Individual in Italy more than offsets the drop in Life offsets declines in Group Pension and premiums in Asia and Benelux

32. Slide 32: L/H: solid operating performance - comments

    Group financial results 3Q 2013 L/H: solid operating performance Comments  Operating profit  Impact of change in DAC Quarterly operating profit down Impact of EUR 32mn within normal range by 5.6% but still solid at EUR 769mn. of expectations. Change in DAC 9M 2013 operating profit of EUR 2.3bn pre

33. Slide 33: L/H: higher margins drove value of new business - comments

    Group financial results 3Q 2013 L/H: higher margins drove value of new business Comments  VNB  France VNB increase of 44% driven by significantly Increase in operating profit due to better higher NBM (2.3% vs. 1.6%). The increase combined ratios in Health and capital gains. in margins can be attri

34. Slide 34: L/H: investment margin within expectations - comments

    Group financial results 3Q 2013 L/H: investment margin within expectations Comments  Margin  Reinvestment yield Margin decreased by 6bps to 17bps. Reinvestment yield at previous year’s level The 9M 2013 margin stands at 58bps and 20bps higher than in 2Q 2013. and is well on track to reach a normal

35. Slide 35: L/H: MCEV up 6 percent - comments

    Group financial results 3Q 2013 L/H: MCEV up 6 percent Comments  MCEV  Free surplus Increase of 6% mainly due to favorable Turned positive due to lower required capital economic conditions, VNB, and expected following favorable economic developments. profits after EUR 1.3bn capital movement.  MCE

36. Slide 36: AM: 3Q AuM mainly driven by F/X effects - comments

    Group financial results 3Q 2013 AM: 3Q AuM mainly driven by F/X effects … Comments  Segment AuM  F/X / interest rates 3rd party AuM slightly below 2Q 2013, USD weakened from 1.30 USD/EUR driven by USD weakening and by 3rd party end of 2Q 2013 to 1.35 USD/EUR net outflows of EUR 26.7bn, mitigated b

37. Slide 37: AM: AuM driven fees continued to increase - comments

    Group financial results 3Q 2013 AM: … while AuM driven fees continued to increase Comments  Revenues  AuM margin Decline in total revenues attributable to 3rd party AuM margin increased due to exceptionally high level of performance fees the continuous shift to higher-margin non- in 3Q 2012. 3rd p

38. Slide 38: AM: operating profit at healthy level - comments

    Group financial results 3Q 2013 AM: operating profit at healthy level Comments  Operating profit  CIR Operating profit declined compared with Slight increase in segment CIR purely 3Q 2012, but rose by 18% if adjusted triggered by lower performance fees. for F/X and performance fees. CIR excluding

39. Slide 39: CO: operating result improved EUR 31mn - comments

    Group financial results 3Q 2013 CO: operating result improved EUR 31mn Comments  Operating profit All three reportable segments contributed to the improvement. Actual result in line with quarterly run-rate for full-year published target of EUR -1.1 to -1.3 bn.  Holding & Treasury Decrease in opera

40. Slide 40: Group: shareholders' net income up 6 percent - comments

    Group financial results 3Q 2013 Group: shareholders’ net income up 6 percent Comments  Non-operating items Improvement of EUR 94mn, mainly due to lower amortization of intangible assets and lower acquisition-related expenses.  Impairments (net) Increase driven by impairment on real estate investme

41. Slide 41: Outlook: expected operating profit 2013 - comments

    Group financial results 3Q 2013 Outlook: expected operating profit 2013 slightly above target range Comments  9M 2013 operating result Better than expected compared to half year stage when we specified the outlook to be at the upper end of EUR 9.2bn +/- 500mn, our previously published target range.

42. Slide 42: Additional information: Group

    3a 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 42

43. Slide 43: Group: key figures

    Group financial results 3Q 2013 – Additional information on Group Group: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2011 2011 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2011 2012 2013 Total revenues (EUR bn) 24.1 25.0 30.1 25.2 25.2 25.9 32.0 26.8 25.1 -0.1 78.5 80.5 84.0 - Prop

44. Slide 44: Group: shareholders' equity and stress tests

    Group financial results 3Q 2013 – Additional information on Group Group: shareholders’ equity and stress tests Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) -3.2% Equity markets -30%4 -2.1 50,388 48,770 43,457 10,122 Interest rate +100bps -4.7 6,774 Unrealized gains/losses 4,6

45. Slide 45: Group: revaluation reserve

    Group financial results 3Q 2013 – Additional information on Group Group: revaluation reserve (EUR bn) Off balance sheet Revaluation On balance sheet Shareholders’ Policyholders’ reserve share share 2.3 (37.1%) 2.8 (45.3%) 32.4 Real estate 5.9 Associated enterprises, joint ventures 0.2 Non- controlli

46. Slide 46: Group: conglomerate solvency ratio and stress tests

    Group financial results 3Q 2013 – Additional information on Group Group: conglomerate solvency ratio and stress tests Conglomerate solvency1 (EUR bn) Estimation of stress impact1 -4%-p Ratio as of 30.09.13 177% 197% 181% 177% 177% Equity markets -30% 168% 48.4 44.4 44.6 44.8 Interest rate +100bps 17

47. Slide 47: Group: conglomerate solvency details as of 30.09.13

    Group financial results 3Q 2013 – Additional information on Group Group: conglomerate solvency details as of 30.09.13 (EUR bn) Available funds Required capital 25.3 Shareholders’ 44.3 equity1 P/C 7.6 Assumed dividend -1.9 Goodwill, -15.3 other intangibles, DTA Subordinated bonds, +10.0 L/H 15.2 part

48. Slide 48: Group: economic solvency ratio and stress tests

    Group financial results 3Q 2013 – Additional information on Group Group: economic solvency ratio and stress tests Economic solvency1 (EUR bn) Estimation of stress impact2 Confidence level 99.5% +13%-p Ratio as of 30.09.13 212% 191% 199% 212% Interest rate +100bps 224% 49.3 49.9 Interest rate -100bps

49. Slide 49: Group: asset allocation

    Group financial results 3Q 2013 – Additional information on Group Group: asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group Other 30.09.12 30.09.13 30.09.12 30.09.13 30.09.12 30.09.13 30.09.12 30.09.13 30.09.12 30.09.13 30.09.12 30.09.13 Investments Equities 1 4.1 4.6 23.3 26.2 0

50. Slide 50: Group: investment result

    Group financial results 3Q 2013 – Additional information on Group Group: investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group 3Q 12 3Q 13 3Q 12 3Q 13 3Q 12 3Q 13 3Q 12 3Q 13 3Q 12 3Q 13 3Q 12 3Q 13 Operating investment result Interest and similar income1 911 876 4,145 4,112

51. Slide 51: Average AuM P/C and L/H

    Group financial results 3Q 2013 – Additional information on P/C and L/H Average AuM P/C and L/H (EUR bn) P/C L/H 30.06.13 30.09.13 Average 30.06.13 30.09.13 Average Investments Equities 1 4.5 4.6 4.6 24.7 26.2 25.5 Debt sec. 68.9 68.3 68.6 265.4 266.1 265.7 2 Cash and cash pool assets 5.0 5.3 5.1 7.

52. Slide 52: Group: overview investment portfolio

    Group financial results 3Q 2013 – Additional information on Group Group: overview investment portfolio (EUR bn) Group investments and loans1 as of 30.09.13 (30.09.12) Total EUR 506.7bn (EUR 497.5bn) Real estate2 Cash / Other 2% (2%) 2% (1%) Equities Debt 497.5 506.7 6% (6%) 90% (91%) 457.4 © Allianz

53. Slide 53: Group: fixed income portfolio (30.09.13)

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio (30.09.13) By type of issuer Total By rating3 EUR 456.1bn Government 38% AAA 30% Covered 22% AA 24% Corporate 31% A 17% thereof Banking 7% BBB 24% ABS/MBS1 4% Non-investment grade 3% Other2 5% Not rated*

54. Slide 54: Group: fixed income portfolio – Government and government related

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio – Government and government related (30.09.13) By region Total By rating EUR 173.3bn1 Germany 16% AAA 26% Italy 16% AA 39% France 19% A 7% Spain 1% BBB 25% UK 1% Non-investment grade 1% Rest of Europe 18%

55. Slide 55: Group: fixed income portfolio – Covered bonds

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio – Covered bonds (30.09.13) By country Total By rating EUR 102.2bn Germany 49% AAA 65% France 16% AA 17% Spain 9% A 13% UK 5% BBB 4% Ireland 2% Non-investment grade 1% Switzerland 2% Not rated 0% Sweden 1%

56. Slide 56: Group: fixed income portfolio – Corporate

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio – Corporate (30.09.13) By sector Total By rating EUR 140.4bn Banking 23% AAA 4% Other financials 8% AA 11% Consumer 17% A 35% Communication 10% BBB 42% Industrial 7% Non-investment grade 6% Utility 11% No

57. Slide 57: Group: fixed income portfolio – Banks

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio – Banks (30.09.13) By country Total By rating EUR 32.4bn Germany 21% AAA 12% UK 9% AA 24% France 7% A 44% Italy 5% BBB 16% Rest Eurozone 17% Non-investment grade 4% Europe ex Eurozone 11% Not rated 0% USA

58. Slide 58: Group: fixed income portfolio – ABS/MBS

    Group financial results 3Q 2013 – Additional information on Group Group: fixed income portfolio – ABS/MBS (30.09.13) By type of category Total By rating EUR 17.8bn U.S. Agency 15% AAA 75% CMBS 49% AA 12% RMBS 11% A 6% CMO/CDO 3% BBB 5% Credit Card 2% Non-investment grade 2% Auto 3% Not rated 0% Othe

59. Slide 59: Group: equity portfolio (30.09.13)

    Group financial results 3Q 2013 – Additional information on Group Group: equity portfolio (30.09.13) By region Total By industry EUR 32.1bn1 Germany 16% Banking 8% Eurozone ex Germany 28% Other Financials 14% Europe ex Eurozone 17% Consumer 21% NAFTA 12% Basic materials 9% Rest of World 8% Utilities

60. Slide 60: Group: real estate portfolio

    Group financial results 3Q 2013 – Additional information on Group Group: real estate portfolio1 By region Total By sectors EUR 18.4bn2 France 33% Office 64% Germany 26% Residential 19% Switzerland 16% Retail 13% Italy 7% Other/mixed 4% Spain 3% Rest of Eurozone 6% USA 1% Rest of World 8% By segment

61. Slide 61: Additional information: Property-Casualty

    3b 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 61

62. Slide 62: P/C: key figures

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2011 2011 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2011 2012 2013 Gross premiums written (EUR bn) 10.8 9.5 14.8 10.7 11.4 10.0 15.2 10.8 10.7 -0.7 35.3

63. Slide 63: P/C: loss ratio and run-off

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 9-quarter overview accident year loss ratio +0.8%-p 9Q avg. Including NatCat 74.1 Excluding NatCat 71.5 74.1 74.3 4.0 70.7 73.0 71.5 71.7 71.5 0.8 4.3 70.9 70.7 7

64. Slide 64: P/C: expense ratio

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 27.6 27.6 28.2 8,861 8,589 8,244 6.6 6.6 6.7 2,070 2,045 Admin. expenses 2,018 7.1 6.5 6.5 2,217 Other acquisition 2,031 expenses 1,940 14.5 14.5 14.4 Commissions 4,286 4,513 4,574 ©

65. Slide 65: P/C: average asset base and yields

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: average asset base and yields Average asset base1 (EUR bn) Current yield (in %) Other2 -0.3% Equities Cash Debt securities Equities Debt securities 102.8 102.5 96.6 7.3 7.8 7.1 6.9 5.1 4.8 4.1 4.6 5.3 1.88 1.46 79.4 8

66. Slide 66: P/C: operating investment income

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: operating investment income (EUR mn) -9.6% 889 861 817 839 795 763 784 734 719 in % of NPE 8.6 8.1 8.3 8.4 7.4 7.0 7.4 7.6 6.7 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 -3.8% Interest & similar income1 957 911 928 965

67. Slide 67: P/C: Price effects on renewals

    Group financial results 3Q 2013 – Additional information on Property-Casualty P/C: Price effects on renewals Pricing overview for selected operating entities1 (in %) Actual rate change on Selected OEs Assessment/trends of rate change on renewals renewals and momentum  Motor: Continuously hardening

68. Slide 68: Additional information: Life/Health

    3c 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 68

69. Slide 69: L/H: key figures

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2011 2011 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2011 2012 2013 Statutory premiums (EUR bn) 11.8 13.8 13.7 12.9 11.9 13.9 14.8 14.1 12.7 +0.8 39.1 38.5 41.

70. Slide 70: L/H: key metrics

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: key metrics New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.3 2.0 1.8 1.7 256 1.6 238 215 190 3Q 4Q 1Q 2Q 3Q 2012 2013 149 PV of NB premiums1 (EUR bn) 13.0 13.2 11.1 9.5 9.2 3Q 4Q 1Q 2

71. Slide 71: L/H: new business profitability by region

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: new business profitability by region Value of new business New business margin Capital return (EUR mn)1,2 (in %)1,2 3Q 13 (in %)3 Payback 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 IRR period (yrs) German S

72. Slide 72: L/H: operating asset base

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: operating asset base Operating asset base (EUR bn) OAB Net flows (EUR bn) 3Q 12 3Q 13 477.5 as of 30.06.2013 Germany Life +0.3 +1.0 Net inflows +3.5 Germany Health +0.1 +0.1 France -0.1 +0.1 Interest & similar Italy -0.3 +0

73. Slide 73: L/H: average asset base and yields

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: average asset base and yields Average asset base1 (EUR bn) Current yield (in %) Other2 +3.3% Equities Cash Debt securities Equities 399.7 Debt securities 386.8 9.3 7.4 9.1 4.4 25.5 354.9 22.7 8.6 5.1 23.0 318.2 350.6 357.5

74. Slide 74: L/H: operating investment income

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: operating investment income Operating investment income -10.8% (EUR mn) 4,723 4,535 4,364 4,256 4,461 3,834 4,054 3,893 3,101 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2012 2013 -0.8% Interest & similar income1 4,025 3,991 4,042 4,40

75. Slide 75: L/H: operating profit details

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: operating profit details1 (EUR mn) L/H Guaranteed Protection Unit linked segment savings & annuities & health w/o guarantee 3Q 3Q 3Q 3Q 3Q 3Q 3Q 3Q Δ4 20124 20134 20124 20134 20124 20133 20124 20134 Loadings & fees 1,083 1,

76. Slide 76: L/H: Operating investment income details

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: Operating investment income details (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2011 2011 2012 2012 2012 2012 2013 2013 2013 Interest & similar income1 4,025 3,991 4,042 4,402 4,145 4,159 4,058 4,347 4,112 Investment expenses -210

77. Slide 77: L/H: MCEV development (1/2)

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: MCEV development (1/2) (EUR mn, after non-controlling interests) Free surplus Required capital +1,345 VIF +1,476 +642 28,914 27,304 27,046 -278 -1,317 -632 -258 15,988 15,758 14,615 11,501 11,476 13,666 -185 -187 12M 2012 A

78. Slide 78: L/H: MCEV development (2/2)

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: MCEV development (2/2) (EUR mn, after non-controlling interests) 1 -258 = -258 F/X effects, inc. -124 for US, -70 in Indonesia 2 2,209 = 1,088 Projected release of risk free profits from VIF in the reporting period 515 Proj

79. Slide 79: L/H: value of new business

    Group financial results 3Q 2013 – Additional information on Life/Health L/H: value of new business1 (EUR mn) Value of New business Present value of Recurring Single new business margin new business premium premium premium 2 Region 3Q 12 3Q 13 3Q 12 3Q 13 3Q 12 3Q 13 Δ% 3Q 12 3Q 13 3Q 12 3Q 13 German

80. Slide 80: Additional information: Asset Management

    3d 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 80

81. Slide 81: AM: key figures (1/2)

    Group financial results 3Q 2013 – Additional information on Asset Management AM: key figures (1/2) (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2011 2011 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2011 2012 2013 Operating revenues 1,326 1,600 1,439 1,497 1,845 2,005 1,911 1,815 1,703 -142 3,9

82. Slide 82: AM: key figures (2/2)

    Group financial results 3Q 2013 – Additional information on Asset Management AM: key figures (2/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2012 2013 PIMCO Operating profit 516 543 748 813 796 700 645 -103 1,807 2,141 Cost-income ratio (in %) 52.2 52.9 49

83. Slide 83: AM: splits of 3rd party AuM

    Group financial results 3Q 2013 – Additional information on Asset Management AM: splits of 3rd party AuM1 AM PIMCO Allianz GI 3Q 3Q 3Q 3Q 3Q 3Q 2012 2013 2012 2013 2012 2013 2 Regions (in %) America 65.4 61.5 71.7 68.0 32.6 31.7 Europe 22.4 26.3 18.0 21.7 55.8 58.3 Asia Pacific 10.2 10.0 10.3 10.3 1

84. Slide 84: Additional information: Corporate and Other

    3e 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 84

85. Slide 85: Corporate and Other: key figures

    Group financial results 3Q 2013 – Additional information on Corporate and Other Corporate and Other: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2011 2011 2012 2012 2012 2012 2013 2013 2013 3Q 13/12 2011 2012 2013 Total revenues (Banking) 129 150 155 141 142 152 148 132 132 -10 41

86. Slide 86: Glossary

    4 1 Highlights Group financial results 3Q 2013 2 Comments 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 86

87. Slide 87: Glossary (1)

    Glossary (1) AAM Allianz Asset Management (former AGI) ABS Asset-backed securities: Structured bonds or notes collateralized by a pool of assets such as loans, bonds or mortgages. As characteristics of the collaterals vary considerably (with regard to asset class, quality, maturity, etc.), so do ass

88. Slide 88: Glossary (2)

    Glossary (2) Commercial mortgage-backed Commercial mortgage-backed security (CMBS) is a type of mortgage backed security securities (CMBS) that is secured by the underlying pool of loans on commercial properties. Cost-income ratio (CIR) Represents operating expenses divided by operating revenues. Co

89. Slide 89: Glossary (3)

    Glossary (3) Financial liabilities carried at Financial liabilities carried at fair value through income include primarily negative market values from fair value through income derivatives and short selling of securities. Derivatives shown as financial liabilities carried at fair value through incom

90. Slide 90: Glossary (4)

    Glossary (4) L/H operating profit sources The objective of the Life/Health operating profit sources analysis is to explain movements in IFRS results by analyzing underlying drivers of performance on a L/H segment consolidated basis. Loadings & fees: Includes premium and reserve based fees, unit-link

91. Slide 91: Glossary (5)

    Glossary (5) Modified duration Is a measure for the interest rate sensitivity of the portfolio. MoR Represents operating profit divided by the average of (a) current quarter end and prior quarter end net reserves and (b) current quarter end and prior year end net reserves, whereby net reserves equal

92. Slide 92: Glossary (6)

    Glossary (6) PIMCO Pacific Investment Management Company Group Premiums written/ earned Premiums written represent all premium revenues in the year under review. Premiums earned represent (IFRS) that part of the premiums written used to provide insurance coverage in that year. In the case of life in

93. Slide 93: Glossary (7)

    Glossary (7) Shadow DAC Shadow accounting is applied in order to include the effect of unrealized gains or losses from the debt or equity securities classified as available for sale in the measurement of Deferred Acquisition Costs in the same way as it is done for realized gains or losses. Due to vi

94. Slide 94: Glossary (8)

    Glossary (8) Unrealized gains and losses (net) Include primarily unrealized gains and losses from available-for-sale investments net of tax and (as part of shareholders’ equity) policyholder participation URR The unearned revenue reserve contains premium components that refer to future periods, whic

95. Slide 95: Disclaimer

    Disclaimer These assessments are, as always, subject to the disclaimer provided below. Forward-looking statements The statements contained herein may include prospects, statements of extent of credit defaults, (vii) interest rate levels, (viii) currency exchange future expectations and other forward

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