Allianz SE · XETR:ALV

Allianz — Q1 2015 Earnings Presentation

86 slides from Allianz's earnings presentation, May 12, 2015

1. Slide 1: Group financial results 1Q 2015

   Group financial results 1Q 2015 Dieter Wemmer Chief Financial Officer Analyst conference call May 12, 2015

2. Slide 2: Agenda

   1 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 2

3. Slide 3: Business highlights from the first quarter of 2015

   Group financial results 1Q 2015 Business highlights from the first quarter of 2015  France/Digitalization: We started to use drones for claims assessment for commercial customers in February 2015 Property-Casualty  Germany: Wind storms “Niklas/Mike” cause 140,000 claims – Allianz to cover damages

4. Slide 4: Business highlights from the first quarter of 2015 - comments

   Group financial results 1Q 2015 Business highlights from the first quarter of 2015 Comments  Italy: Successful bancassurance-JV  USA: AZ Life again employer of choice continues Fortune magazine highlights Allianz Life’s Allianz SpA and Unicredito SpA working conditions and focus on career relaunch

5. Slide 5: Group: good start into the year

   Group financial results 1Q 2015 Group: good start into the year Total revenues (EUR bn) Operating profit drivers (EUR mn) +11.2%1 +4.8% 37.8 34.0 2,723 +224 +121 +82 2,855 -205 -91 1Q 14 1Q 15 Net income2 (EUR mn) +11.0% Operating P/C L/H AM CO Conso. Operating profit profit 1,640 1,822 1Q 14 1Q 15

6. Slide 6: Group: good start into the year - comments

   Group financial results 1Q 2015 Group: good start into the year Comments  Strong revenue growth  AM – in line Internal growth of 3.7% driven by both Operating profit down 14.0%, in line with P/C (+3.5%) and L/H (+5.3%). The latter run-rate of target range. Very strong deliberately dampened by prod

7. Slide 7: Group: SII ratio stable due to management actions

   Group financial results 1Q 2015 Group: SII ratio stable due to management actions Shareholders’ equity (EUR mn) Conglomerate solvency1,2 (%) +12.6% +10%-p 68,397 190% 60,747 181% 31.12.14 31.03.15 31.12.14 31.03.15 Solvency II capitalization2 (%) S&P capital adequacy +1%-p Allianz’ rating at “AA” 19

8. Slide 8: Group: SII ratio stable - comments

   Group financial results 1Q 2015 Group: SII ratio stable due to management actions Comments  Shareholders’ equity at record high  Comfortable Solvency II ratio Net income (EUR 1.8bn), positive F/X Rising capital requirements from lower effects (EUR 1.8bn) and higher net yields offset by higher avai

9. Slide 9: P/C: continued strong internal growth of 3.5 percent

   Group financial results 1Q 2015 P/C: continued strong internal growth of 3.5 percent (EUR mn) 1Q 2015 Revenues Total Internal Price Volume growth growth effect effect Δ p.y. Δ p.y. Total P/C segment1 17,339 +13.9% +3.5% +0.7% +2.8% Large OEs Germany 4,219 +3.2% +2.6% France 1,530 +6.1% +1.0% Italy 1

10. Slide 10: P/C: continued strong internal growth - comments

    Group financial results 1Q 2015 P/C: continued strong internal growth of 3.5 percent Comments  Revenues – excellent growth  AWP – strong growth continues Excellent growth of 13.9% with strong Continued strong diversified growth internal growth of 3.5%, despite Russian driven by all lines of busine

11. Slide 11: P/C: operating profit down on higher NatCat and FFIC

    Group financial results 1Q 2015 P/C: operating profit down on higher NatCat and FFIC restructuring expenses Operating profit drivers (EUR mn) Combined ratio (in %) -13.7% NatCat impact1 (in %-p) 1,489 +51 +2.0%-p 1,285 -149 -106 92.6 94.6 Loss ratio 64.6 66.4 0.5 1.9 Expense ratio 28.0 28.2 Operatin

12. Slide 12: P/C: operating profit down - comments

    Group financial results 1Q 2015 P/C: operating profit down on higher NatCat and FFIC restructuring expenses Comments  Solid operating profit  AY loss ratio – driven by NatCat Operating result negatively impacted AY loss ratio increases 2.6%-p to 69.7%. year-on-year by NatCat increase and Higher Na

13. Slide 13: P/C: good underwriting result as NatCat normalizes

    Group financial results 1Q 2015 P/C: good underwriting result as NatCat normalizes 1Q 2015 Operating Δ p.y. Combined Δ p.y. NatCat Δ p.y.1 profit ratio impact in CR1 Total P/C segment 1,285 -13.7% 94.6% +2.0%-p 1.9%-p +1.4%-p Large OEs Germany 218 -34.1% 98.0% +7.4%-p 7.3%-p +7.3%-p France 116 -9.5%

14. Slide 14: P/C: good underwriting result - comments

    Group financial results 1Q 2015 P/C: good underwriting result as NatCat normalizes Comments  Germany – attritional LR better  Credit insurance Attritional LR improves further due to price Modest increase in CR due to higher AY LR strength and lower attritional frequency. and lower run-off ratio. P

15. Slide 15: P/C: higher equity allocation supports current income

    Group financial results 1Q 2015 P/C: higher equity allocation supports current income Operating investment result (EUR mn) Current yield (debt securities; in %) +6.8% 1Q 14 0.77 799 748 1Q 15 0.70 Total average asset base1 102.8 112.9 Reinvestment yield4 (debt securities; in %) (EUR bn) 1Q 14 2.6 1Q

16. Slide 16: P/C: higher equity allocation - comments

    Group financial results 1Q 2015 P/C: higher equity allocation supports current income Comments  Operating investment result up Increase in operating investment result is mainly driven by a swing of the net harvesting & other result, due to a higher F/X result net of hedging.  Interest & similar in

17. Slide 17: L/H: product management results in selective growth

    Group financial results 1Q 2015 L/H: product management results in selective growth (EUR mn) 1Q 2015 Revenues Total Internal PVNBP2 Δ p.y. growth growth Δ p.y. Δ p.y. Total L/H segment1 18,822 +9.7% +5.3% 17,545 +23.1% Large OEs Germany Life 4,788 -3.8% -3.8% 4,094 +18.8% USA 2,699 +5.6% -13.3% 2,78

18. Slide 18: L/H: product management - comments

    Group financial results 1Q 2015 L/H: product management results in selective growth Comments  Italy and F/X drive revenues  USA – ongoing re-pricing Italian UL business (EUR +1.4bn) and F/X Several re-pricing actions ensure strong (EUR +0.9bn) more than offset declining FIA NBM of 2.8%. Drop in FI

19. Slide 19: L/H: operating profit strong at EUR 1.1bn

    Group financial results 1Q 2015 L/H: operating profit strong at EUR 1.1bn (EUR mn) Operating profit by sources1,2 Operating profit by line2 +25.5% +25.5% +331 +31 -138 1,104 1,104 +169 -170 123 880 880 73 224 176 757 631 Operating Loadings Investment Expenses Technical Impact of Operating 1Q 14 1Q 1

20. Slide 20: L/H: operating profit strong - comments

    Group financial results 1Q 2015 L/H: operating profit strong at EUR 1.1bn Comments  Operating profit at record level  Expenses in line with production Operating profit up due to better investment Expense increase in line with higher margin and higher reserve base. Based on a production and F/X dev

21. Slide 21: L/H: value of new business affected by low yields

    Group financial results 1Q 2015 L/H: value of new business affected by low yields (EUR mn) 1Q 2015 VNB1 Δ p.y. NBM1 Δ p.y. Operating Δ p.y. profit Total L/H segment2 269 -25.7% 1.5% -1.0%-p 1,104 +25.5% Large OEs Germany Life 73 -17.1% 1.8% -0.8%-p 423 +53.8% USA 65 -43.0% 2.4% -2.2%-p 163 -3.5% Ita

22. Slide 22: L/H: value of new business - comments

    Group financial results 1Q 2015 L/H: value of new business affected by low yields Comments New Business Operating profit  VNB suffers from low yield environment  German Life – jump in investment margin Growth of PVNBP (+23.1%) not sufficient to Increase entirely driven by investment margin compens

23. Slide 23: L/H: investment margin driven by market appreciation

    Group financial results 1Q 2015 L/H: investment margin driven by market appreciation (yields are pro-rata) Based on Ø book value of assets1 1Q 14 1Q 15 Reinvestment yield6 (debt securities; in %) Current yield2 1.0% 0.9% Economic reinvestment yield (incl. derivatives) Based on Ø aggregate policy res

24. Slide 24: L/H: investment margin - comments

    Group financial results 1Q 2015 L/H: investment margin driven by market appreciation Comments  Current yield and guarantees drop  PHP driven by harvesting Current yield based on aggregate policy Increased harvesting offset by sharp increase reserves decreases by 5bps. Negative impact of PHP (EUR +

25. Slide 25: AM: 3rd party assets under management up

    Group financial results 1Q 2015 AM: 3rd party assets under management up 7 percent (EUR bn) ∆ total AuM +7.3% +7.2% 1,933 1,801 461 Allianz Group 525 488 +10.2% 1,408 assets 1,313 +0.5% +2.0% -0.2% -5.2% 3rd party AuM 1,313 1,411 1,408 31.12.14 31.03.15 31.12.14 Net flows1 Market & F/X De-/ 31.03.15

26. Slide 26: AM: 3rd party assets under management - comments

    Group financial results 1Q 2015 AM: 3rd party assets under management up 7 percent Comments  Segment – strong increase of  PIMCO – strong investment performance 3rd party AuM 87% of 3rd party AuM outperformed their Significant F/X impact, market effects and benchmarks on a trailing 3-year basis ne

27. Slide 27: AM: revenues up, driven by AllianzGI and F/X

    Group financial results 1Q 2015 AM: revenues up, driven by AllianzGI and F/X Revenues development1 Internal growth PIMCO Internal growth (EUR mn) -10.7% -3.1% -19.8% +3.7% 1,178 1,141 11 26 1,517 1,573 19 59 41.0 39.5 Performance fees 1,167 1,115 Other net fee and commission income 1Q 14 1Q 15 (AuM

28. Slide 28: AM: revenues up - comments

    Group financial results 1Q 2015 AM: revenues up, driven by AllianzGI and F/X Comments  Strong F/X impact on revenues  PIMCO margin driven by business mix Significantly positive F/X impact due to Lower share of mutual fund business leads to development of USD from 1.37 USD/EUR decrease of 3rd party

29. Slide 29: AM: operating profit in line with expectations

    Group financial results 1Q 2015 AM: operating profit in line with expectations Internal growth Operating profit drivers (EUR mn) -26.7% -14.0% AllianzGI 6461 364 72.1% 96 +82 5551 AllianzGI +30 +2 +9 135 68.9% -169 -6 -39 PIMCO PIMCO 52.2% 563 2,740 428 62.5% Operating Revenues Expenses F/X Operatin

30. Slide 30: AM: operating profit - comments

    Group financial results 1Q 2015 AM: operating profit in line with expectations Comments  Segment OP in line with target  PIMCO CIR deteriorates EUR 555mn operating profit in line with run- PIMCO CIR up 10.3%-p due to the loss of rate of full-year target of EUR 2.2 - 2.8bn. scale (on F/X adjusted b

31. Slide 31: CO: operating result significantly improved

    Group financial results 1Q 2015 CO: operating result significantly improved (EUR mn) Operating loss development and components +15 +3 +104 -1 -101 -222 +54.4% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 1Q 14 1Q 15 Δ 1Q 15/14 © Allianz SE 2015

32. Slide 32: CO: operating result - comments

    Group financial results 1Q 2015 CO: operating result significantly improved Comments  Holding & Treasury – lower loss Positive impact related to the adapted cost allocation scheme for the pension provisions between the German subsidiaries and Allianz SE more than compensates negative effect from lo

33. Slide 33: Group: shareholders' net income up

    Group financial results 1Q 2015 Group: shareholders’ net income up 11 percent (EUR mn) 1Q 14 1Q 15 Change Operating profit 2,723 2,855 +132 Non-operating items -117 -61 +56 Realized gains/losses 126 318 +192 Impairments (net) -66 -20 +46 Income from fin. assets and liabilities carried at fair value

34. Slide 34: Group: shareholders' net income - comments

    Group financial results 1Q 2015 Group: shareholders’ net income up 11 percent Comments  Non-operating items improved Positive development driven by higher realized gains/losses and lower impairments.  Tax rate slightly better than expected Tax rate helped by shift in the regional composition of re

35. Slide 35: Summary

    Group financial results 1Q 2015 Summary  Total revenues at EUR 37.8bn (+11.2%) Outlook1: Confirmation of  Operating profit of EUR 2,855mn (+4.8%) operating profit outlook of EUR 10.4bn  Shareholders’ net income of EUR 1,822mn (+11.0%) +/- 0.4bn  Strong capital and balance sheet © Allianz SE 2015

36. Slide 36: Additional information

    2a 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 36

37. Slide 37: Group: key figures

    Group financial results 1Q 2015 – Additional information on Group Group: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 Total revenues (EUR bn) 34.0 29.5 28.8 30.1 37.8 +3.8 Property-Casualty 15.2 10.8 11.3 11.0 17.3 +2.1 Life / Health 17.2 17.0 15.9 17.4 18.8 +1.7 Asse

38. Slide 38: Group: shareholders' equity and stress tests

    Group financial results 1Q 2015 – Additional information on Group Group: shareholders’ equity and stress tests Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) Unrealized Equity markets -30% -2.8 gains/losses +12.6% Retained earnings2 68,397 Interest rate +50bps -3.5 Paid-in capi

39. Slide 39: Group: revaluation reserve

    Group financial results 1Q 2015 – Additional information on Group Group: revaluation reserve (EUR bn) Off-balance sheet Revaluation On-balance sheet reserve Shareholders’ Policyholders’ share share 2.5 (34.6%) 3.4 (47.7%) Real estate 87.3 Associates and joint ventures 6.3 0.9 Non- Equity 15.1 contro

40. Slide 40: Group: conglomerate solvency ratio and stress tests

    Group financial results 1Q 2015 – Additional information on Group Group: conglomerate solvency ratio and stress tests Conglomerate solvency1,2 (EUR bn) Estimation of stress impact1,2,3 +10%-p Ratio as of 31.03.15 190% 181% 190% 54.7 Equity markets -30% 179% 49.8 Interest rate +50bps 192% Interest ra

41. Slide 41: Group: conglomerate solvency details

    Group financial results 1Q 2015 – Additional information on Group Group: conglomerate solvency details as of 31.03.15 (EUR bn) Available funds Required capital P/C Shareholders’ 28.8 54.6 L/H equity1 AM CO Dividend accrual -4.0 7.9 Goodwill, -16.6 other intangibles, DTA Subordinated bonds, +12.2 par

42. Slide 42: Group: Solvency II capitalization and stress tests

    Group financial results 1Q 2015 – Additional information on Group Group: Solvency II capitalization and stress tests SII capitalization1,2,3 (EUR bn) Estimation of stress impact4 +1%-p Ratio as of 31.03.15 192% 191% 192% Equity markets +30% 200% 70.0 66.0 Equity markets -30% 184% Interest rate +50bp

43. Slide 43: Group: asset allocation

    Group financial results 1Q 2015 – Additional information on Group Group: asset allocation (EUR bn) Property-Casualty Life / Health Asset Corporate and Consolidation Group Management Other 31.03.14 31.03.15 31.03.14 31.03.15 31.03.14 31.03.15 31.03.14 31.03.15 31.03.14 31.03.15 31.03.14 31.03.15 Inve

44. Slide 44: Group: investment result

    Group financial results 1Q 2015 – Additional information on Group Group: investment result (EUR mn) Property-Casualty Life / Health Asset Corporate and Consolidation Group Management Other 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 1Q 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 Operating inves

45. Slide 45: Group: overview investment portfolio

    Group financial results 1Q 2015 – Additional information on Group Group: overview investment portfolio Group investments and loans Asset allocation as of 31.03.15 (31.03.14) (EUR bn) Real estate1 Cash / Other 2% (2%) 2% (2%) 664.7 Equities Debt 614.6 7% (7%) 89% (89%) 556.1 © Allianz SE 2015 31.03.1

46. Slide 46: Group: fixed income portfolio

    Group financial results 1Q 2015 – Additional information on Group Group: fixed income portfolio (31.03.15) By type of issuer Total By rating3 EUR 593.5bn Government 39% AAA 23% Covered 18% AA 27% Corporate 33% A 18% thereof Banking 6% BBB 26% ABS/MBS1 4% Non-investment grade 4% Other2 6% Not rated4

47. Slide 47: Group: fixed income portfolio - Government

    Group financial results 1Q 2015 – Additional information on Group Group: fixed income portfolio – Government and government related (31.03.15) By region Total By rating EUR 232.5bn1 Germany 12% AAA 21% Italy 14% AA 43% France 20% A 8% Spain 4% BBB 24% Rest of Europe 20% Non-investment grade 2% USA 6

48. Slide 48: Group: fixed income portfolio - Covered bonds

    Group financial results 1Q 2015 – Additional information on Group Group: fixed income portfolio – Covered bonds (31.03.15) By country Total By rating EUR 106.9bn Germany 43% AAA 53% France 16% AA 26% Spain 10% A 14% Italy 7% BBB 6% UK 5% Non-investment grade 1% Ireland 1% Not rated 0% Rest of World

49. Slide 49: Group: fixed income portfolio - Corporate

    Group financial results 1Q 2015 – Additional information on Group Group: fixed income portfolio – Corporate (31.03.15) By sector Total By rating EUR 194.7bn Banking 18% AAA 2% Other financials 8% AA 9% Consumer 20% A 35% Communication 10% BBB 44% Energy 9% Non-investment grade 7% Industrial 8% Not r

50. Slide 50: Group: equity portfolio

    Group financial results 1Q 2015 – Additional information on Group Group: equity portfolio (31.03.15) By region Total By industry EUR 47.4bn1 Germany 14% Consumer 24% Eurozone ex Germany 22% Banking 8% Europe ex Eurozone 20% Other Financials 13% NAFTA 14% Basic materials 7% Rest of World 12% Utilitie

51. Slide 51: Group: real estate portfolio

    Group financial results 1Q 2015 – Additional information on Group Group: real estate portfolio1 By region Total By sectors EUR 24.7bn2,3 France 28% Office 61% Germany 25% Residential 15% Switzerland 12% Retail 18% Italy 8% Other/mixed 6% USA 6% Poland 2% Rest of Eurozone 10% Rest of World 9% By segm

52. Slide 52: Additional information

    2b 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 52

53. Slide 53: P/C: key figures

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 Gross premiums written (EUR bn) 15.2 10.8 11.3 11.0 17.3 +2.1 Operating profit 1,489 1,345 1,422 1,125 1,285 -205 Underwriting result 704 51

54. Slide 54: P/C: portfolio split

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: portfolio split1 Combined ratio < 95% > 95% <100% > 100% Key contributors Italy UK Turkey (3M 2015)  CR 83.5%. Ongoing excellent  CR 97.7%. Strong internal  CR 101.0% driven by a performance in a softening growth o

55. Slide 55: P/C: loss ratio and run-off

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 5-quarter overview accident year loss ratio +2.6%-p 5Q avg. Including NatCat 69.7 Excluding NatCat 67.0 1.9 71.3 0.5 69.6 69.7 69.3 68.5 66.5 67.7 69.8 68.1 67.0

56. Slide 56: P/C: expense ratio

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 28.0 28.2 Admin. expenses Other acquisition 3,249 expenses Commissions 2,912 6.4 732 6.4 671 7.1 7.1 819 743 14.7 14.4 1,698 1,498 © Allianz SE 2015 1Q 14 1Q 15 56

57. Slide 57: P/C: operating investment result

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: operating investment result (EUR mn) +6.8% 805 770 799 748 743 in % of NPE 7.2 7.5 6.9 6.5 6.9 1Q 2Q 3Q 4Q 1Q 2014 2015 +0.3% Interest & similar income1 840 922 878 885 843 Net harvesting & other2 -23 -43 -19 -50 31 I

58. Slide 58: P/C: average asset base and yields

    Group financial results 1Q 2015 – Additional information on Property-Casualty P/C: average asset base and yields Average asset base1,2 (EUR bn) Current yield2 (in %) Other3 +9.8% Equities Cash Debt securities Equities 112.4 Debt securities 102.3 9.7 7.4 6.2 5.8 6.7 5.3 1.11 1.15 89.8 0.77 83.8 0.70

59. Slide 59: P/C: price effects on renewals

    Group financial results 1Q 2015 – 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: Ongoing hard market exp

60. Slide 60: Additional information

    2c 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 60

61. Slide 61: L/H: key figures

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 Statutory premiums (EUR bn) 17.2 17.0 15.9 17.4 18.8 +1.7 Operating profit 880 985 790 673 1,104 +224 Non-operating items 4 54 -15 -55 -39 -43 Inc

62. Slide 62: L/H: operating profit details

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: operating profit details1 (EUR mn) L/H Guaranteed Protection Unit-linked segment 2 savings & annuities & health w/o guarantee Delta 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 2014 1Q 2015 1Q 15/14 Loadings & fees 1,

63. Slide 63: L/H: key new business metrics

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: key new business metrics New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.6 2.7 2.5 2.5 1.5 385 390 362 330 269 1Q 2Q 3Q 4Q 1Q 2014 2015 PV of NB premiums1 (EUR bn) 17.5 1Q 2Q 3Q 4Q 1Q

64. Slide 64: L/H: new business profitability by region (1/2)

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: new business profitability by region (1/2)1,2 (EUR mn) Value of New business Present value of Recurring Single Internal rate Payback 3 3 new business margin (in %) new business premium premium premium of return (in %) perio

65. Slide 65: L/H: new business profitability by region (2/2)

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: new business profitability by region (2/2)1,2,3 Value of new business New business margin (EUR mn) (in %) 1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q 2014 2014 2014 2014 2015 2014 2014 2014 2014 2015 German speaking countries 114 89 86 1

66. Slide 66: L/H: MCEV on MVBS

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: MCEV on MVBS (EUR mn) +824 +456 +339 +1,211 29,110 29,162 +1,103 27,899 26,796 -1,300 -187 -81 339 269 -70 VNB Tax VNB before after tax tax 12M 14 Structural 12M 14 Re- 12M 14 Expected Operating VNB Economic Net Tax 3M 15 M

67. Slide 67: L/H: MCEV on MVBS development highlights

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: MCEV on MVBS development highlights (EUR mn, after non-controlling interests) +470 Projected release from risk free profits and expected over-return earned in the year 1 +824 = +354 Projected unwinding of inforce at the ris

68. Slide 68: L/H: operating investment result

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: operating investment result (EUR mn) +69.0% 7,108 4,884 4,207 4,451 3,915 1Q 2Q 3Q 4Q 1Q 2014 2015 +6.4% Interest & similar income1 4,135 4,448 4,233 4,385 4,399 Net harvesting & other2 267 668 437 -213 2,935 Investment exp

69. Slide 69: L/H: average asset base and yields

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: average asset base and yields Average asset base1,2 (EUR bn) Current yield2 (in %) +19.1% Other3 Equities 493.7 Cash Debt securities Equities 10.4 7.6 Debt securities 34.8 414.4 10.1 7.8 29.2 0.99 0.97 0.88 0.87 440.9 367.2

70. Slide 70: L/H: operating asset base

    Group financial results 1Q 2015 – Additional information on Life/Health L/H: operating asset base Operating asset base (EUR bn) Net flows (EUR bn) 1Q 14 1Q 15 OAB 571.0 Germany Life +0.9 +0.8 as of 31.12.14 Germany Health 0.0 0.0 Net flows +4.3 France +0.5 +0.2 Italy +0.7 +1.5 Interest & similar CEE

71. Slide 71: Additional information

    2d 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 71

72. Slide 72: AM: AAM key figures (1/2)

    Group financial results 1Q 2015 – Additional information on Asset Management AM: AAM key figures (1/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 Operating revenues 1,517 1,607 1,618 1,646 1,573 +56 Performance fees 19 67 40 149 59 +40 Operating profit 646 676 694 588 555 -91 No

73. Slide 73: AM: AAM key figures (2/2)

    Group financial results 1Q 2015 – Additional information on Asset Management AM: AAM key figures (2/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 PIMCO Operating profit 563 597 594 488 428 -135 Performance fees 11 46 25 122 26 +15 Cost-income ratio (in %) 52.2 51.8 52.4 61.2 62.

74. Slide 74: AM: splits of 3rd party AuM

    Group financial results 1Q 2015 – Additional information on Asset Management AM: splits of 3rd party AuM1 (EUR bn) AAM PIMCO AllianzGI 31.03.14 31.03.15 31.03.14 31.03.15 31.03.14 31.03.15 Regions2 America 839 837 772 748 67 89 Europe 372 423 233 241 139 182 Asia-Pacific 131 148 111 126 20 22 Invest

75. Slide 75: Additional information

    2e 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 75

76. Slide 76: CO: key figures

    Group financial results 1Q 2015 – Additional information on Corporate and Other CO: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2014 2014 2014 2014 2015 1Q 15/14 Total revenues (Banking) 139 132 135 151 140 +1 Operating profit -222 -219 -248 -131 -101 +121 Holding & Treasury -248 -245 -267 -157 -143 +

77. Slide 77: Additional information

    3 1 Highlights Group financial results 1Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 77

78. Slide 78: Glossary (1)

    Glossary (1) AAM Allianz Asset Management, mainly the holding company of PIMCO and AllianzGI 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 clas

79. Slide 79: Glossary (2)

    Glossary (2) AuM splits by Mutual funds: Investment vehicles (in the US, investment companies, subject to the US code; in investment vehicle Germany, vehicles subject to the “Standard-Anlagerichtlinien des Fonds” Investmentgesetz) where the money of several individual investors is pooled into one ac

80. Slide 80: Glossary (3)

    Glossary (3) EIOPA European Insurance and Occupational Pensions Authority Expense ratio (ER) Acquisition and administrative expenses (net) divided by premiums earned (net) F/X Foreign exchange Fair value (FV) The price that would be received to sell an asset or paid to transfer a liability in an ord

81. Slide 81: Glossary (4)

    Glossary (4) Internal growth Enhances the understanding of our total revenue performance by excluding the effects of foreign currency translation as well as of acquisitions and disposals IRR Internal rate of return: The discount rate which gives a zero value of new business under real-world projecti

82. Slide 82: Glossary (5)

    Glossary (5) Loss ratio (LR) Claims and insurance benefits incurred (net) divided by premiums earned (net). Loss ratio calendar year (c.y.) includes the results of the prior year reserve development in contrast to the loss ratio accident year (a.y.). Loss severity Average claim size (accident year g

83. Slide 83: Glossary (6)

    Glossary (6) NPE Net premiums earned OAB Operating asset base: Represents all operating investment assets within the L/H segment. This includes investments & loans, financial assets and liabilities carried at fair value as well as unit-linked investments. Market value liability option is excluded. O

84. Slide 84: Glossary (7)

    Glossary (7) Retained earnings In addition to the reserve required by law in the financial statements of the Group parent company, this item consists mainly of the undistributed profits of Group entities and amounts transferred from consolidated net income. RfB Reserves for premium refunds (in Germa

85. Slide 85: Glossary (8)

    Glossary (8) Total revenues Represent the sum of P/C segment’s gross premiums written, L/H segment’s statutory premiums, operating revenues in Asset Management and total revenues in Corporate and Other (Banking) Unrealized gains and losses (net) Include primarily unrealized gains and losses from ava

86. Slide 86: 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

Allianz — Q1 2015 Earnings Presentation on 6ix