Allianz SE · XETR:ALV
Allianz — Q2 2012 Earnings Presentation
90 slides from Allianz's earnings presentation, Aug 3, 2012
Slide 1: Group financial results 2Q 2012
Group financial results 2Q 2012 Oliver Bäte, Chief Financial Officer Analysts’ conference call August 03, 2012
Slide 2: Agenda: Summary 6M 2012
1 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 2
Slide 3: 6M - strong performance in a challenging environment
Group financial results 2Q 2012 – Summary 6M 2012 6M - strong performance in a challenging environment Total revenues increase 1.4 percent to EUR 55.2bn Operating profit grows 18.5 percent to EUR 4.7bn Net income at EUR 2.8bn, up 39 percent Capital position remains strong and balance sheet s
Slide 4: Highlights 6M 2012
Group financial results 2Q 2012 – Summary 6M 2012 Highlights 6M 2012 2011 2012 2011 2012 6M 6M 6M 6M +15.5% +1.4% P/C Group 55.2 1,992 2,301 54.5 Operating profit Total revenues (EUR mn) (EUR bn) CR 98.1% 96.8% L/H +19.3% Operating profit 1,381 1,647 +18.5% (EUR mn) Group 4,694 NBM 2.4% 1.8% Operati
Slide 5: Agenda: Highlights 2Q 2012
2 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 5
Slide 6: Solid results in the second quarter
Group financial results 2Q 2012 – Highlights 2Q 2012 Solid results in the second quarter Total revenues increase 2.5 percent to EUR 25.2bn Operating profit grows 2.8 percent to EUR 2.4bn Net income at EUR 1.3bn, up 23 percent Capital position remains strong and balance sheet strength further
Slide 7: Financial results further improved
Group financial results 2Q 2012 – Highlights 2Q 2012 Financial results further improved 2010 2011 2012 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q +2.5% Total revenues 29.9 30.1 (EUR bn) 25.4 24.5 26.0 24.6 24.1 25.0 25.2 Operating +2.8% profit 2,302 2,055 2,154 2,300 2,330 2,364 1,906 2,000 (EUR mn) 1,660 +23.2% Ne
Slide 8: Stable shareholders' equity
Group financial results 2Q 2012 – Highlights 2Q 2012 Stable shareholders’ equity Shareholders’ equity1 Estimation of stress impact3 (EUR mn) (EUR bn) -0.5% Equity markets -30%4 -2.3 48,245 48,013 44,915 Unrealized 6,726 6,724 Interest rate +100bps -4.2 gains/losses 4,626 Retained 12,756 12,526 Inter
Slide 9: Strong regulatory capital ratio with low sensitivity
Group financial results 2Q 2012 – Highlights 2Q 2012 Strong regulatory capital ratio with low sensitivity Conglomerate solvency1 Estimation of stress impact1 (EUR bn) +3%-p Ratio as of 30.06.12 186% 179% 183% 186% Equity markets -30% 176% 100% Interest rate +100bps 187% 43.8 44.9 42.6 Interest rate
Slide 10: Economic solvency ratio solid
Group financial results 2Q 2012 – Highlights 2Q 2012 Economic solvency ratio solid Economic solvency1 Estimation of Confidence level (EUR bn) stress impact2 99.5% -24%-p Ratio as of 30.06.12 178% Interest rate +100bps 207% 202% 178% Interest rate -100bps 150% 49.6 47.5 Equity markets +30% 188% Equit
Slide 11: Agenda: Group
3 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 11
Slide 12: Total revenues grow to EUR 25.2bn
Group financial results 2Q 2012 – Group Total revenues grow to EUR 25.2bn Revenue development1 (EUR bn) 29.9 30.1 14.3 14.8 25.4 26.0 25.0 25.2 24.5 24.6 24.1 10.0 9.4 10.7 10.6 10.2 9.5 10.8 2Q 12/11 Total Internal (in %) growth growth 15.1 Group +2.5 +0.0 14.1 14.3 13.8 13.7 12.6 13.0 12.9 11.8 P/
Slide 13: Operating profit grows to EUR 2.4bn
Group financial results 2Q 2012 – Group Operating profit grows to EUR 2.4bn Operating profit development (EUR mn) Property/Casualty Life/Health Group 2,300 -16.3% +20.9% 2Q 2011 P/C -217 1,329 1,147 1,112 824 821 679 L/H +142 2010 2011 2012 2010 2011 2012 AM +107 +2.8% Asset Management Corporate and
Slide 14: Corporate and Other results
Group financial results 2Q 2012 – Group Corporate and Other results (EUR mn) Operating loss development Operating loss components EUR +14mn -155 +24 +1 +3 -191 -191 -205 -205 -14 2Q 10 2Q 11 2Q 12 Operating Holding Banking Alternative Consoli- Operating loss & Treasury Investments dation loss 2Q 11
Slide 15: Non-operating items
Group financial results 2Q 2012 – Group Non-operating items (EUR mn) 2Q 10 2Q 11 2Q 12 Δ 12/11 2Q 11 2Q 12 Realized gains/losses Realized gains/losses 146 370 and impairments of -6 -283 163 +446 - Equities 59 141 investments (net) - Debt securities 53 194 Interest expense - Real estate and other 34
Slide 16: Limited exposure to selected sovereign debt
Group financial results 2Q 2012 – Group Limited exposure to selected sovereign debt Percent of total fixed income portfolio Unrealized gains/losses (EUR mn) EUR 437.8bn1 EUR 34.9bn Greece ~0.0% Ireland ~0.0% 8.0% 30.06.2012 Portugal 0.1% Spain 0.8% gross net2 Greece3 -15 -8 Ireland -8 -4 Portugal -5
Slide 17: Net income up 23 percent to EUR 1.3bn
Group financial results 2Q 2012 – Group Net income up 23 percent to EUR 1.3bn EUR mn 2Q 10 2Q 11 2Q 12 Δ 12/11 Operating profit 2,302 2,300 2,364 +64 Non-operating items -597 -686 -290 +396 Income before taxes 1,705 1,614 2,074 +460 Income taxes -548 -543 -754 -211 Net income 1,157 1,071 1,320 +249
Slide 18: Agenda: P/C
4 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 18
Slide 19: P/C: Strong revenue growth, operating profit at EUR 1.1bn
Group financial results 2Q 2012 – P/C Strong revenue growth, operating profit at EUR 1.1bn Revenues grow 5.2 percent to EUR 10.7bn ! Operating profit decreases 16.3 percent to EUR 1.1bn, due to prior year impacts Combined ratio at 97.4 percent with 1.7%-p NatCat and 2.1%-p favorable net run-of
Slide 20: P/C: Revenues up 5.2 percent to EUR 10.7bn
Group financial results 2Q 2012 – P/C Revenues up 5.2 percent to EUR 10.7bn Revenue development Revenues of sel. OEs2 2Q 10 2Q 11 2Q 12 Δ12/111 (EUR bn) (EUR mn) +5.2% Germany 1,642 1,636 1,690 +3.3% Countries Speaking German Switzerland 137 134 144 +3.0% 10.7 10.2 Western & France 714 733 736 +0.4%
Slide 21: P/C: Operating profit at EUR 1.1bn
Group financial results 2Q 2012 – P/C Operating profit at EUR 1.1bn Operating profit development Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) -16.3% 1,323 1,329 1,329 1,147 1,122 1,189 1,111 1,093 1,112 +13 1,112 -226 -4 663 96.3 95.0 97.4 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Operating Und
Slide 22: P/C: Combined ratio at 97.4 percent
Group financial results 2Q 2012 – P/C Combined ratio at 97.4 percent (in %) NatCat +2.4%-p Combined ratio 2Q 10 2Q 11 2Q 12 impact in (sel. OEs) 2Q12 101.3 96.3 97.1 94.9 97.6 97.6 96.2 97.4 Germany 100.4 101.8 99.6 +2.5 Countries Speaking German 95.0 Switzerland 91.9 88.5 90.8 +0.1 Western & France
Slide 23: P/C: Accident year loss ratio at 71.5 percent
Group financial results 2Q 2012 – P/C Accident year loss ratio at 71.5 percent (in %) Accident year loss ratio 9-quarter overview accident year loss ratio +0.5%-p 77.2 72.8 74.1 74.3 71.0 71.5 72.8 2.6 72.8 72.1 71.3 1.7 71.0 1.8 (9Q-Ø) 70.9 71.5 70.2 69.2 69.8 70.2 70.1 69.9 70.5 69.9 69.6 69.8 69.
Slide 24: P/C: Expense ratio stable
Group financial results 2Q 2012 – P/C Expense ratio stable (in %) in % of NPE 27.9 28.0 28.0 5,688 5,321 5,476 7.0 6.9 7.0 1,430 Admin. expenses 1,320 1,366 6.7 6.7 6.7 1,314 1,345 Other acquisition 1,268 expenses 14.3 14.3 14.3 Commissions 2,733 2,796 2,913 © Allianz SE 2012 6M 10 6M 11 6M 12 24
Slide 25: P/C: Growing asset base offsets declining yield
Group financial results 2Q 2012 – P/C Growing asset base offsets declining yield Average asset base1 (EUR bn) Current yield (in %) Other2 +5.2% Equities Cash Debt securities Equities Debt securities 100.8 94.7 95.8 7.3 6.6 6.9 6.1 2.25 2.15 4.3 4.9 1.85 4.6 5.1 5.5 0.93 0.94 0.90 78.7 78.5 82.8 2Q 1
Slide 26: P/C: Stable investment returns
Group financial results 2Q 2012 – P/C Stable investment returns Operating investment income (EUR mn) -0.5% 889 865 861 844 841 839 823 817 759 in % of NPE 8.7 8.2 7.6 8.5 8.8 8.6 8.1 8.3 8.4 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2010 2011 2012 +1.3% Interest & similar income1 941 887 906 896 953 957 911 928 96
Slide 27: P/C: Price effects on renewals
Group financial results 2Q 2012 – P/C Price effects on renewals Pricing overview for selected operating entities1 (in %) Actual rate change Indication on Expert assessment of the market Selected OEs on renewals price trend Motor rates in the market hardening, but still not profitable Germany + 2.1
Slide 28: Agenda: L/H
5 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 28
Slide 29: L/H: Resilient results across key metrics
Group financial results 2Q 2012 – L/H Resilient results across key metrics Revenues stable at EUR 12.9bn Operating asset base grows to EUR 452.4bn ! Operating profit at EUR 0.8bn, up 21 percent New business margin at 1.7 percent and value of new business at EUR 163mn © Allianz SE 2012 29
Slide 30: L/H: Revenues stable at EUR 12.9bn
Group financial results 2Q 2012 – L/H Revenues stable at EUR 12.9bn Revenue development Revenues of sel. OEs2 2Q 10 2Q 11 2Q 12 Δ12/111 (EUR bn) (EUR mn) -0.9% Germany Life 3,985 3,650 3,342 -8.4% German Speaking Countries 14.1 Germany Health 798 802 817 +1.9% 13.0 12.9 Switzerland 233 289 335 +11.5
Slide 31: L/H: Solid new business margin in volatile market
Group financial results 2Q 2012 – L/H Solid new business margin in volatile market New business margin1,2 Value of new business1,2 (VNB in % of PV of NB premiums) (EUR mn) 2.5 2.7 1.9 1.9 1.7 244 235 219 223 2Q 3Q 4Q 1Q 2Q 163 2011 2012 PV of NB premiums1,2 (EUR bn) 11.7 11.5 9.6 9.6 8.8 2Q 3Q 4Q 1Q
Slide 32: L/H: Value of new business by region
Group financial results 2Q 2012 – L/H Value of new business by region Value of new business New business margin Capital return (EUR mn)1,2 (in %)1,2 2Q 12 (in %)5 Payback 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 2Q 11 3Q 11 4Q 11 1Q 12 2Q 12 IRR periods (yrs) German Speaking 96 109 133 129 73 3.4 3.9 2.6 2.7 2
Slide 33: L/H: Operating asset base grows to EUR 452bn
Group financial results 2Q 2012 – L/H Operating asset base grows to EUR 452bn Operating asset base (EUR bn) OAB Net flows (EUR bn) 2Q 11 2Q 12 444.3 as of 31.03.2012 Germany Life +0.5 +0.2 Net inflows +0.8 Germany Health +0.2 +0.2 France -0.2 -0.3 Interest & similar Italy -0.3 +0.0 +4.4 income1 CEE
Slide 34: L/H: Operating profit increases to EUR 821mn
Group financial results 2Q 2012 – L/H Operating profit increases to EUR 821mn Operating profit Operating profit drivers1 (EUR mn) (EUR mn) +20.9% 824 826 821 +28 +40 821 +74 702 679 679 655 554 520 519 83 66 76 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Operating Techn. Investm. Expense Operating profit result resu
Slide 35: L/H: Average asset base reaches EUR 377bn
Group financial results 2Q 2012 – L/H Average asset base reaches EUR 377bn Average asset base (EUR bn)1 Current yield (in %) Other2 +8.0% Equities Cash Debt securities 376.9 Equities 8.8 Debt securities 4.7 349.0 22.3 337.2 8.7 4.5 2.15 8.1 1.85 3.7 1.77 24.6 21.7 1.12 1.13 1.09 303.7 311.2 341.1 ©
Slide 36: L/H: Investment income at EUR 4.5bn
Group financial results 2Q 2012 – L/H Investment income at EUR 4.5bn Operating investment income +18.3% (EUR mn) 4,723 4,535 4,063 4,095 4,123 3,834 3,834 3,808 3,101 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2010 2011 2012 +5.4% Interest & similar income1 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4,042 4,402 Net
Slide 37: L/H: 6M MCEV development
Group financial results 2Q 2012 – L/H 6M MCEV development (EUR mn, after non-controlling interests) Free surplus Required capital VIF +149 +386 +1,234 +2,068 21,729 20,868 -2,137 16,562 14,814 -839 6,838 6,603 -549 -1,671 © Allianz SE 2012 12M 2011 Adjustment Inforce Operating VNB Economic Net 6M 20
Slide 38: Agenda: Asset Management
6 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 38
Slide 39: AM: Excellent performance, again
Group financial results 2Q 2012 – AM Excellent performance, again Assets under Management grow 15.9 percent to EUR 1,748bn 3rd party net flows of EUR 18.6bn ! Operating profit strong at EUR 0.6bn, up 20 percent Cost-income ratio improved to 57.6 percent © Allianz SE 2012 39
Slide 40: AM: Total Assets under Management grow to EUR 1,748bn
Group financial results 2Q 2012 – AM Total Assets under Management grow to EUR 1,748bn AuM development (EUR bn) +15.9% 1,748 1,657 1,653 1,592 394 1,518 1,492 1,508 387 1,430 1,443 376 370 Allianz 354 354 357 Group 291 312 assets 3rd party 1,139 1,131 1,164 1,138 1,151 1,222 1,281 1,266 1,354 AuM ©
Slide 41: AM: Remarkable 3rd party net inflows again
Group financial results 2Q 2012 – AM Remarkable 3rd party net inflows again 3rd party net flow development (EUR bn) 40.3 22.9 23.5 19.6 18.6 12.9 14.0 9.9 -5.1 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2010 2011 2012 Net flows 2.2 3.5 1.1 1.2 1.7 0.9 -0.4 1.8 1.5 © Allianz SE 2012 in % of 3rd party AuM eop 41
Slide 42: AM: Revenues reach EUR 1.5bn
Group financial results 2Q 2012 – AM Revenues reach EUR 1.5bn Net fee & commission income development Internal (EUR mn) +15.2% growth: AAM 3rd party AuM driven margin1 +4.1% (in bps) 1,4942 1,297 55 1,188 81 88 Performance fees 39.1 40.3 41.9 Other net fee and 1,100 1,216 1,439 commission income 2Q
Slide 43: AM: Operating profit grows to EUR 635mn
Group financial results 2Q 2012 – AM Operating profit grows to EUR 635mn Operating profit Operating profit drivers Internal (EUR mn) (EUR mn) growth: Cost-income ratio (in %) +20.3% +7.2% +197 663 613 635 635 557 -3 516 521 528 528 537 528 -87 56.6 59.5 57.6 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Operating Net
Slide 44: PIMCO continues strong performance
Group financial results 2Q 2012 – AM PIMCO continues strong performance PIMCO key metrics Total AuM New setup 3-year-outperformance2 (EUR bn) (in %) 1,4301 91 95 961 904 965 30.06.10 30.06.11 30.06.12 30.06.10 30.06.11 30.06.12 Total net flows New setup Operating profit New setup (EUR bn) (EUR mn) C
Slide 45: Cost-income ratio below 70 percent
Group financial results 2Q 2012 – AM Cost-income ratio below 70 percent Allianz GIobal Investors key metrics Total AuM New setup 3-year-outperformance2 (EUR bn) (in %) 508 526 60 61 561 2911 30.06.10 30.06.11 30.06.12 30.06.10 30.06.11 30.06.12 Total net flows New setup Operating profit New setup (E
Slide 46: Agenda: Summary
7 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 46
Slide 47: Another solid quarter in a challenging environment
Group financial results 2Q 2012 – Summary Another solid quarter in a challenging environment … to strong 6M 2012 results 2Q 2012 Outlook1: contributing … Total revenues increase to EUR 55.2bn Total revenues at We remain on track to Operating profit grows achieve our 12M 2012 EUR 25.2bn to EUR
Slide 48: Agenda: Additional information
8 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 48
Slide 49: Result by segments overview
Group financial results 2Q 2012 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 Total revenues (EUR bn) 10.2 10.7 13.0 12.9 1.3 1.5 0.1 0.1 0.0 0.0 24.6 25.2 Operating pro
Slide 50: Key figures: Group
Group financial results 2Q 2012 – Additional information on Group Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2010 2010 2010 2011 2011 2011 2011 2012 2012 2Q 12/11 2010 2011 2012 Total revenues (EUR bn) 25.4 24.5 26.0 29.9 24.6 24.1 25.0 30.1 25.2 +0.6 56.0 54.5 55.2 Operating pro
Slide 51: Key figures: P/C
Group financial results 2Q 2012 – Additional information on P/C Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2010 2010 2010 2011 2011 2011 2011 2012 2012 2Q 12/11 2010 2011 2012 Gross premiums written (EUR bn) 10.0 10.6 9.4 14.3 10.2 10.8 9.5 14.8 10.7 +0.5 23.9 24.4 25.5 Operating
Slide 52: P/C: Remarks concerning the operating entities' revenues
Group financial results 2Q 2012 – Additional information on P/C Remarks concerning the operating entities’ revenues Germany In 2011, transfer of China Branch to Asia Pacific (impact 2010: EUR 12mn) Switzerland In 2010, sale of Phenix and Alba (impact 2010: EUR 13mn) Reinsurance A large proportion of
Slide 53: Key figures: L/H
Group financial results 2Q 2012 – Additional information on L/H Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2010 2010 2010 2011 2011 2011 2011 2012 2012 2Q 12/11 2010 2011 2012 Statutory premiums (EUR bn) 14.1 12.6 15.1 14.3 13.0 11.8 13.8 13.7 12.9 -0.1 29.5 27.2 26.6 Operating p
Slide 54: L/H: Remarks concerning the operating entities' revenues
Group financial results 2Q 2012 – Additional information on L/H Remarks concerning the operating entities’ revenues Switzerland In 2010, sale of Phénix Vie; in 2012, Amaya is now reported within Spain (impact 2010: EUR 10mn; impact 2011: EUR 1mn) France As of 2011, business written by Allianz Global
Slide 55: L/H: Operating investment income - details
Group financial results 2Q 2012 – Additional information on L/H Operating investment income – details (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2010 2010 2010 2011 2011 2011 2011 2012 2012 1 Interest & similar income 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4,042 4,402 Investment expenses -184 -160 -215
Slide 56: MCEV and VNB methodology updated
Group financial results 2Q 2012 – Additional information on L/H MCEV and VNB methodology updated 2012 methodology adjustment effects Yield curve extrapolation VNB MCEV Changes In line with guidance from EU Commission implemented to Extrapolation starting at 20 years +48mn +2.8bn achieve greater
Slide 57: L/H: Value of new business
Group financial results 2Q 2012 – Additional information on 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 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 Δ% 2Q 11 2Q 12 2Q 11 2Q 12 German Speaking Cou
Slide 58: L/H: MCEV development (1/2)
Group financial results 2Q 2012 – Additional information on L/H MCEV development (1/2) (EUR mn, after non-controlling interests) Free surplus Required capital +1,234 +149 +386 VIF +2,068 21,729 20,868 -2,137 -839 Required 14,814 16,562 capital VIF 6,603 6,838 Free surplus -549 -1,671 12M 2011 Adjust
Slide 59: L/H: MCEV development (2/2)
Group financial results 2Q 2012 – Additional information on L/H MCEV development (2/2) (EUR mn, after minorities) (EUR mn, after non-controlling interests) 1 2,068 = 2,762 Impact yield curve extrapolation from 20 year (was 30 years) for Euro -952 Impact implementation going concern reserve in German
Slide 60: Key figures: AM
Group financial results 2Q 2012 – Additional information on AM Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2010 2010 2010 2011 2011 2011 2011 2012 2012 2Q 12/11 2010 2011 2012 Operating revenues 1,188 1,256 1,426 1,273 1,303 1,326 1,600 1,439 1,497 +194 2,304 2,576 2,936 Operating
Slide 61: AM: 3rd party AuM
Group financial results 2Q 2012 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM regional breakdown2 1,354 27 134 31.12.11 1,281 Other3 1,139 1,151 18 17 Asia-Pacific 202 Internal and rest 100 114 growth: Net inflows +42 +8.2%376 Europe 98 ex Germany 172 175 Market effects
Slide 62: AM: 3rd party AuM client and product mix
Group financial results 2Q 2012 – Additional information on AM 3rd party AuM1 (EUR bn) AuM client mix AuM product mix2 Retail Equity Institutional Fixed Income 1,354 1,354 145 1,139 1,151 1,139 1,151 476 145 153 374 394 765 757 878 992 997 1,207 © Allianz SE 2012 30.06.10 30.06.11 30.06.12 30.06.10
Slide 63: Reconciliation Asset Management
Group financial results 2Q 2012 – Additional information on AM Reconciliation Asset Management Operating profit development (EUR mn) 635 +69 +1 +26 +11 0 21 528 Non-AAM/ Other 10 97 Allianz Global 96 Investors PIMCO 474 543 AAM Holding -52 -26 Operating PIMCO Allianz Global AAM Non- Consolidation Op
Slide 64: Key figures: Corporate and Other
Group financial results 2Q 2012 – Additional information on Corporate and Other Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2010 2010 2010 2011 2011 2011 2011 2012 2012 2Q 12/11 2010 2011 2012 Total revenues (Banking) 138 146 175 151 137 129 150 155 141 +4 266 288 296 Operating pr
Slide 65: Asset allocation
Group financial results 2Q 2012 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 30.06.11 30.06.12 Investments Equities 2 5.6 4.1 24.7 22.1 0.1 0.1
Slide 66: Average AuM P/C and L/H: basis for yield calculation
Group financial results 2Q 2012 – Additional information on P/C and L/H Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H 31.03.12 30.06.12 Average 31.03.12 30.06.12 Average Investments Equities 1 5.2 4.1 4.6 22.4 22.1 22.3 Debt sec. 65.3 65.1 65.2 240.2 248.8 244.5 2 Cash and ca
Slide 67: Investment result
Group financial results 2Q 2012 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group1 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 2Q 11 2Q 12 Operating investment result Interest and similar income2 953 965 4,176 4,402 4 6 11
Slide 68: Shareholders' equity
Group financial results 2Q 2012 – Additional information on Group Shareholders’ equity (EUR mn) Paid-in Retained Foreign Unrealized Shareholders' Non-controlling Total equity capital earnings currency gains and equity interests translation losses (net) adjustments Balance as of 31.12.10 28,685 13,08
Slide 69: Revaluation reserve of EUR 27.9bn
Group financial results 2Q 2012 – Additional information on Group Revaluation reserve of EUR 27.9bn (EUR bn) Off balance sheet Revaluation On balance sheet Shareholders’ Policyholders’ reserve share share 2.2 (36.8%) 2.7 (46.0%) 27.9 Real estate 5.8 Associated enterprises, joint ventures 0.1 Non- co
Slide 70: Conglomerate solvency: details as of 30.06.12
Group financial results 2Q 2012 – Additional information on Group Conglomerate solvency: details as of 30.06.12 (EUR bn) Available funds Required capital 24.2 Shareholders’ equity1 43.5 P/C 7.4 Dividend accruals -1.0 Goodwill, other intangibles -14.5 Commerzbank shares -0.1 Subordinated L/H 14.6 bon
Slide 71: Overview investment portfolio
Group financial results 2Q 2012 – Additional information on Group Overview investment portfolio (EUR bn) Group investments and loans1 as of 30.06.12 (31.12.11) Total EUR 481.9 (EUR 461.1bn) Real estate2 Cash/Other 2% (2%) 1% (2%) 448.4 461.1 481.9 Equities Debt 6% (6%) 91% (90%) © Allianz SE 2012 30
Slide 72: Fixed income portfolio (30.06.12)
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio (30.06.12) By type of issuer Total By rating3 EUR 437.8bn Government 36% AAA 41% Covered 24% AA 13% Corporate 30% A 26% thereof Banking 9% BBB 15% ABS/MBS1 5% Non-investment grade 3% Other2 5% Not rated* 2% *) m
Slide 73: Fixed income portfolio: government and government related
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio: government and government related (30.06.12) By region Total By rating EUR 158.5bn1 Germany 17% AAA 43% Italy 20% AA 17% France 18% A 28% Spain 2% BBB 8% UK 1% Non-investment grade 2% Rest of Europe 18% Not rat
Slide 74: Fixed income portfolio: covered bonds
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio: covered bonds (30.06.12) By country Total By rating EUR 103.9bn Germany 53% AAA 77% France 15% AA 11% Spain 9% A 9% UK 6% BBB 3% Ireland 1% Non-investment grade 0% Switzerland 2% Not rated 0% Sweden 1% Rest of
Slide 75: Fixed income portfolio: corporate
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio: corporate (30.06.12) By sector Total By rating EUR 130.5bn Banking 29% AAA 8% Other financials 8% AA 9% Consumer 14% A 38% Communication 9% BBB 34% Industrial 7% Non-investment grade 6% Utility 9% Not rated1 5%
Slide 76: Fixed income portfolio corporate: thereof banks
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio corporate: thereof banks (30.06.12) By country Total By rating EUR 37.7bn Germany 15% AAA 10% UK 12% AA 18% France 10% A 51% Italy 6% BBB 16% Spain 1% Non-investment grade 5% Rest Eurozone 16% Not rated 0% Europ
Slide 77: Fixed income portfolio: ABS
Group financial results 2Q 2012 – Additional information on Group Fixed income portfolio: ABS (30.06.12) By type of category Total By rating EUR 20.8bn U.S. Agency 26% AAA 81% CMBS 48% AA 7% RMBS 7% A 7% CMO/CDO 6% BBB 1% Credit Card 2% Non-investment grade 4% Auto 2% Not rated 0% Other 9% By segmen
Slide 78: Equity portfolio (30.06.12)
Group financial results 2Q 2012 – Additional information on Group Equity portfolio (30.06.12) By region Total By industry EUR 27.9bn1 Germany 18% Banking 7% Other Financials 15% Eurozone Consumer 19% ex Germany 27% Europe Basic materials 10% ex Eurozone 18% Utilities 3% NAFTA 16% Industrial 5% Rest
Slide 79: Equity exposure
Group financial results 2Q 2012 – Additional information on Group Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 5.2 1 36.4 0.4 0.3 0.3 3.2 31.61 3.2 1 0.7 30.8 2.0 1.7 0.7 0.6 38.4 12.1 10.9 10.4 26.8 24.0 24.3 3.0 2.0 1.6 0.5 0.4 -0.5 0.4 4.9 5.4 6.2 5.7 4.9 4.2
Slide 80: Real estate portfolio
Group financial results 2Q 2012 – Additional information on Group Real estate portfolio1 By region Total By sectors EUR 17.3bn2 France 34% Office 64% Germany 26% Residential 19% Switzerland 16% Retail 12% Italy 8% Other/mixed 5% Spain 3% Rest of Eurozone 5% USA 1% Rest of World 7% By segment (EUR bn
Slide 81: Agenda: Glossary
9 1 Summary 6M 2012 Group financial results 2Q 2012 2 Highlights 2Q 2012 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information 9 Glossary © Allianz SE 2012 81
Slide 82: 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
Slide 83: 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 Cov
Slide 84: 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
Slide 85: Glossary (4)
Glossary (4) L/H operating profit drivers The objective of the Life/Health operating profit driver analysis is to explain movements in IFRS results by analyzing underlying drivers on a L/H segment consolidated basis Technical result: Technical result comprises risk result (difference between total r
Slide 86: Glossary (5)
Glossary (5) 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 reserves for loss and loss adjustment expenses, reserves for insurance and investm
Slide 87: 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
Slide 88: 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
Slide 89: Glossary (8)
Glossary (8) VIF Value of inforce: Present value of future profits from in-force business (PVFP) minus the time value of financial options and guarantees (O&G) granted to policyholders, minus the cost of residual non-hedgeable risk (CNHR), minus the frictional cost of holding required capital (CReC)
Slide 90: Disclaimer
Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements The statements contained herein may include statements of future levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency expecta