Allianz SE · XETR:ALV
Allianz — Goldman Sachs European Financials Conference 2010
18 slides from Allianz's conference presentation, Jun 10, 2010
Slide 1: Allianz – an opportunity
Paul Achleitner, Chief Financial Officer Allianz – an opportunity Goldman Sachs European Financials Conference Madrid, 10 June 2010
Slide 2: Allianz at a glance – scale and diversification matter
Allianz - an opportunity Allianz at a glance – scale and diversification matter Segments1,3 Regions1,3 Operating profit in % Operating profit in % AM P/C Growth markets Germany EUR 97bn total revenues1 Specialty EUR 1,023bn 3rd party AuM2 insurance 6% L/H 17% 10% 21% EUR 7.2bn operating profit1 168%
Slide 3: World class operations
Allianz - an opportunity World class operations Excellent business positions1 Leading P/C insurer globally Top 5 in Life business globally Top 5 asset manager globally Global top 5 insurer by market cap Strong rating (AA, stable outlook)2 Largest global assistance provider EULER HERMES
Slide 4: Clear strategy
Allianz - an opportunity Clear strategy Business X Insurance + X Investment Customers X Institutions + X Individuals Finance X Capital + X Cash Operations X Capabilities + X Competitiveness © Allianz SE 2010 4
Slide 5: Attractive dividend policy
Allianz - an opportunity Attractive dividend policy Dividend per share (EUR) 5.50 4.10 3.80 3.50 Dividend yield1 1.9% 2.8% 3.5% 3.3% 5.6% 2.00 Balance between payout and solvency Payout ratio 19% 23% 31% 40%2 40%2 Target solvency range 150 - 170% Current dividend yield ~5% 2005 2006 2007 2008
Slide 6: Sound performance in the crisis
Allianz - an opportunity Sound performance in the crisis 2007 2008 2009 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating profit (in EUR bn) STOXX Europe 600 2.9 2.6 2.6 2.7 2.2 2.2 1.9 2.0 1.8 1.6 1.4 0.9 Solvency ratio (in %)1 191 166 155 158 155 157 155 156 162 164 148 154 © Allianz SE 2010 100% 1)
Slide 7: First quarter – good start into 2010
Allianz - an opportunity First quarter – good start into 2010 Revenues up 10.3 percent to EUR 30.6bn, driven by continued strong growth in L/H and AM Operating profit of EUR 1.7bn up 20.4 percent compared to a low first quarter 2009 operating profit Net income at EUR 1.6bn Strong capital pos
Slide 8: Strong revenue growth
Allianz - an opportunity Strong revenue growth (EUR bn) Total revenues1 30.6 27.7 26.9 25.5 23.0 22.2 22.0 21.5 Total Internal 21.1 (in %) 13.9 14.0 growth growth2 13.7 8.9 9.0 9.5 1Q 10 +10.3 +9.7 9.8 10.2 10.8 P/C +0.8 -0.1 12.3 13.1 13.0 11.8 10.8 15.2 15.4 10.7 L/H +18.0 +17.3 9.4 AM +55.9 +62.4
Slide 9: Quarterly results overview
Allianz - an opportunity Quarterly results overview (EUR mn) 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 +10.3% Total revenues 30.6 26.9 27.7 25.5 (EUR bn) 21.5 21.1 23.0 22.2 22.0 +20.4% Operating 2,659 profit1 2,226 1,929 2,048 1,563 1,786 1,709 1,419 881 +274.5% 2,306 1,887 Net income/l
Slide 10: Strong capitalization
Allianz - an opportunity Strong capitalization Shareholders’ equity1 Conglomerate solvency3 (EUR mn) (EUR bn) +8.2% Available funds Solvency ratio Requirement 43,461 +4%-p 40,166 6,244 157% 164% 168% 5,457 33,684 Unrealized gains/losses 2,011 8,582 6,074 Revenue 3,104 reserves2 36.3 34.8 31.8 Paid-i
Slide 11: Operating profit of EUR 1.7bn
Allianz - an opportunity Operating profit of EUR 1.7bn (EUR mn) Property/Casualty Life/Health 1Q 10 Δ 1Q 10/09 -26.5% +102.0% 1,496 P/C 712 -26.5% 969 712 812 589 402 L/H 812 +102.0% 1Q 2008 2009 2010 2008 2009 2010 AM 466 +120.9% Asset Management Corporate and Other CO -251 n/m +120.9% n/m 466 Cons
Slide 12: P/C 1Q 2010: exceptionally high NatCat claims
Allianz - an opportunity P/C 1Q 2010: exceptionally high NatCat claims Revenues Operating profit Comments (EUR bn) (EUR mn) Growth focused on profitable markets +0.8% -26.5% and segments Operating profit lower mainly due to 13.9 14.0 969 high NatCat of EUR 555mn (5.9%-p) Adjusted for NatCat an
Slide 13: L/H 1Q 2010: strong growth and improving margins
Allianz - an opportunity L/H 1Q 2010: strong growth and improving margins Revenues Operating profit Comments (EUR bn) (EUR mn) Strong growth across all products, +18.0% +102.0% especially pure unit-linked Investment result drives operating 15.4 profit (lower impairments) 13.0 812 Operating ass
Slide 14: AM 1Q 2010: exceptional performance
Allianz - an opportunity AM 1Q 2010: exceptional performance 3rd party AuM Operating profit Comments (EUR bn) (EUR mn) 3rd party assets now exceed +33.5% +120.9% EUR 1trn Strong net inflows continue with 1,023 EUR 37bn 466 Outstanding fixed income 766 performance leads to strong increase in pe
Slide 15: Investments: pillar of strength in volatile environment
Allianz - an opportunity Investments: pillar of strength in volatile environment Conservative asset allocation (31.03.2010) Investment portfolio EUR 427bn Determined by expected liability cash flows Fixed income portfolio: Cash/Other Debt instruments - 86% rated A or better 1% 90% Real estate -
Slide 16: Megatrends remain – but industry has to prepare for the “new normal”
Allianz - an opportunity Megatrends remain – but industry has to prepare for the “new normal” Megatrends Demography “South-East Climate change Digitalization shift” New normal Lower growth Implications Higher risk aversion ¨ Capital strength and More regulation brand matter ¨ Operational efficiency
Slide 17: Key take-aways
Allianz - an opportunity Key take-aways Significant scale and diversification advantages Resilient and proven business model Conservative investment portfolio Strong capital base with limited sensitivity Transparent and tight capital management Attractive underlying profitability Strong underwriting
Slide 18: 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 expectations and other forward-looking statements that are based on management’s current views
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