Allianz SE · XETR:ALV

Allianz — Debt Investor Presentation (February 2006)

29 slides from Allianz's debt investor presentation, February 2006

  1. Slide 1: Perpetual Subordinated Hybrid Capital Securities Roadshow Europe

    Not for Distribution in or into, among others, the United States, Canada, Japan, Australia and Italy or, among others, to U.S., Canadian, Japanese, Australian or Italian persons. Distribution is only allowed in Germany and in or into specific European countries where the Notification procedure accor

  2. Slide 2: Agenda

    Agenda Overview Capital and risk profile Transaction Appendix © Allianz AG 2006 2

  3. Slide 3: Allianz - leading positions in key markets and segments

    Allianz - leading positions in key markets and segments Property/Casualty Life/Health Banking Asset Management ƒ Total revenues1: ƒ Total revenues1: ƒ Net operating revenues1: ƒ Total revenues1: EUR 43.0bn EUR 45.2bn EUR 6.2bn EUR 2.5bn Market share 2004 in % Market share 2004 in % Total AuM 3rd par

  4. Slide 4: 3+One: key intermediate targets achieved

    3+One: key intermediate targets achieved EUR bn 2003 2004 2005 CAGR 21.3% 1 Protect and enhance 41.2 1 capital base 28.0 30.0 Shareholders‘ Strengthen operating equity2 (Preview) 2 profitability 6.840 7.5941 CAGR 38.1% 3.982 3 Reduce complexity Operating profit (Preview) CAGR 20.5% 54.5 Increase of

  5. Slide 5: Key strategic initiatives for profitable growth

    Key strategic initiatives for profitable growth Centralized Growth distribution Sustain- German Merger European Sustain- Customer Next steps ability insurance RAS into complexity ability Focus 1. wave holding Allianz reduction 2. wave Italian integration1 Profitability © Allianz AG 2006 1) Subject t

  6. Slide 6: Example: sustainability program

    Example: sustainability program Expected IFRS improvement before tax and min., after restructuring costs In EUR m ƒ Full management P/C1 730 commitment Life2 650 ƒ Ramp-up of 1st wave includes 440 480 420 - only 11 countries 270 220 - in P/C only motor 60 - not all functional areas 210 220 230 250 ƒ

  7. Slide 7: "Eurofficiency" action plan

    “Eurofficiency” action plan 1. Integration of the RAS-Group - Acquisition of minority shareholdings in Italy (before cash tender offer: 44.6%, after cash tender offer: 23.7%) - Statutory merger RAS into Allianz AG - Conversion of Allianz AG into European joint-stock company (SE) 2. Streamlining of E

  8. Slide 8: Merger of RAS into Allianz

    Merger of RAS into Allianz Rationale RAS (2004) - Increase exposure to the attractive Revenues: 16.4bn Italian insurance market Net profit3: 0.7bn - Streamline Allianz’ group structure - Financially attractive 44.6% Procedure third-party shareholders. ƒ Voluntary Cash Tender Offer (46.8% take-up1) T

  9. Slide 9: First mover advantage - Societas Europaea (SE)

    First mover advantage - Societas Europaea (SE) Structure Advantages ƒ Stock corporation under ƒ First financial services provider with European law truly European identity ƒ Two-tier board structure ƒ European corporate governance ƒ Allows reduction of number of structure supervisory board members ƒ

  10. Slide 10: German reorganization

    German reorganization Today Planned Allianz AG Allianz SE Life P/C Health German Insurance Holding Adminis- Adminis- Adminis- tration tration tration Life P/C Health Distrib. Administration Distribution Distrib. Distrib. Distribution © Allianz AG 2006 16 regional headquarters 4 regions 10

  11. Slide 11: Agenda

    Agenda Overview Capital and risk profile Transaction Appendix © Allianz AG 2006 11

  12. Slide 12: Capital base strengthened and Group deleveraged

    Capital base strengthened and Group deleveraged (EUR bn) Capital base Outstanding senior bonds Subordinated bonds1 Straight bonds Shareholders’ equity2 Exchangeable bonds Commercial paper 47.1 14.6 35.5 7.3 32.0 11.7 6.4 10.5 24.9 5.5 4.0 5.7 39.8 7.5 3.9 30.0 5.7 5.2 28.0 4.7 3.4 21.0 2.8 1.13 3.0

  13. Slide 13: Balanced maturity structure of issued bonds

    Balanced maturity structure of issued bonds1 (adjusted for new bond, in EUR m) Senior debt Total volume outstanding2: EUR 14,271m leverage ratio < 20% Interest coverage ratio > 10x New 1,632 3,724 2,200 2,000 1,103 1,262 900 1,000 450 2006 2007 2008 2012 2020 2022 2025 Perpetual © Allianz AG 2006 Su

  14. Slide 14: Committed to strong ratings

    Committed to strong ratings Ratings Standard & Poor’s Moody’s Insurer financial AA-/stable outlook Aa3/stable outlook strength Counterparty credit AA- stable outlook n.a. Senior unsecured AA- Aa3/stable outlook debt1 Subordinated debt1 A/A-2 A2/stable outlook © Allianz AG 2006 Commercial paper A-1+

  15. Slide 15: Comprehensive Risk/Capital analysis integrated in existing business-planning process

    Comprehensive Risk/Capital analysis integrated in existing business-planning process Risk/Capital analysis Risk/Capital reporting Capital-management process 6 Risk View Pre-strategic dialogue 1Q 2003 5 1Q 2004 Capital View 4 ƒ Group capital & solvency Strategic dialogue 3 2 ƒ OE capital & solvency 1

  16. Slide 16: Efficient risk management: sufficient leeway for growth

    Efficient risk management: sufficient leeway for growth Required risk capital1 Required vs. available Available funds2 ∆ 04/03 Risk categories 2004 ∆(in 04/03 %) Surplus 2004 ∆ 04/03 (in %) EUR (in %) Market/ALM 15.2 -6.2 15.8bn Shareholders’ equity 30.8 +7.8 Credit/counterparty 5.9 -4.8 Minorities

  17. Slide 17: Strong capital base under all measures

    Strong capital base under all measures Available risk capital as % of requirement (2005e) > 300% > 170% > 150% 100% Insurance Financial Economic group conglomerate solvency1 regulatory regulatory © Allianz AG 2006 solvency solvency Comfortable risk buffer even under stress scenarios 1) According to

  18. Slide 18: Agenda

    Agenda Overview Capital and risk profile Transaction Appendix © Allianz AG 2006 18

  19. Slide 19: Terms and Conditions (1/2)

    Terms and Conditions (1/2) Issuer ƒ Allianz Finance II B.V. Guarantor ƒ Allianz AG Securities ƒ Undated Subordinated Fixed Rate Callable Bonds Denomination ƒ EUR 1,000 Status ƒ Junior to all senior and dated subordinated obligations ƒ Pari passu to perpetual subordinated obligations Offering size ƒ

  20. Slide 20: Terms and Conditions (2/2)

    Terms and Conditions (2/2) Optional deferral ƒ If Allianz pays no dividend on any class of shares subject to ACSM cumulative - solvency condition being met and - if no mandatory deferral has occurred ƒ Obligation to pay deferred interest via ACSM1 if guarantor pays dividend again (cumulative) Mandat

  21. Slide 21: Agenda

    Agenda Overview Capital and risk profile Transaction Appendix © Allianz AG 2006 21

  22. Slide 22: Group overview (1/2): profitable growth

    Group overview (1/2): profitable growth Total revenues (EUR bn) Rolling forecast CAGR: +3.1% +3.0% 2005e from 99.81 merger 93.8 96.9 prospectus! 12M 03 12M 04 12M 05e Operating profit (EUR m) CAGR: +38.1 % +10.0% 6,840 7,594 3,982 © Allianz AG 2006 12M 03 12M 04 12M 05e 1) Segment consolidated 22

  23. Slide 23: Group overview (2/2): profitable growth

    Group overview (2/2): profitable growth Net income1 (EUR m) Rolling forecast CAGR: +3.6% +29.5% 2005e from merger 4,0461 4,340 3,3521 prospectus! 12M 03 12M 04 12M 05e Shareholders’ equity2 (EUR bn) CAGR: +21.3% +37.3% 41.2 28.0 30.0 © Allianz AG 2006 12M 03 12M 04 12M 05e 1) For 2003 and 2004 net i

  24. Slide 24: Group: key figures per quarter

    Group: key figures per quarter (EUR m) 2003 2004 2005 Delta 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 3Q 05/04 Total revenues1 (EUR bn) 21.6 22.8 27.3 22.2 23.1 24.3 28.3 23.7 23.8 0.7 Operating profit 939 892 1,224 1,998 1,869 1,749 1,820 2,374 1,723 -146 (Non-op.) Trading income -175 -119 -34 -1 -1 -13 -2 -159 -

  25. Slide 25: Group: result by segments overview

    Group: result by segments overview (EUR m) P/C L/H1 Banking AM Consolidation Total 9M 04 9M 05 9M 04 9M 05 9M 04 9M 05 9M 04 9M 05 9M 04 9M 05 9M 04 9M 05 Total revenues (EUR bn) 34.6 34.4 31.9 34.9 5.0 4.6 1.7 1.9 -0.6 -0.2 72.6 75.7 Operating profit2 2,898 3,090 1,048 1,283 567 759 578 785 0 0 5,0

  26. Slide 26: Group asset allocation: breakdown per segment

    Group asset allocation1: breakdown per segment (EUR bn) 9M 05 Total in % P/C in % L/H in % Bank. in % AM in % Equity 59.2 15.3 20.6 20.0 33.2 12.6 5.3 27.5 0.1 14.3 Fixed income 310.7 80.6 76.2 73.8 221.2 84.3 12.7 65.8 0.6 85.7 Real estate 14.3 3.7 4.8 4.7 8.2 3.1 1.3 6.7 0.0 0.0 Other 1.6 0.4 1.5

  27. Slide 27: Investor Relations contacts

    Investor Relations contacts Oliver Schmidt Tel. +49 (0) 89 3800-3963 Holger Klotz Tel. +49 (0) 89 3800-18124 Head of e-mail: e-mail: Investor Relations oliver.schmidt@allianz.com holger.klotz@allianz.com Susanne Arheit Tel. +49 (0) 89 3800-3324 Christian Tel. +49 (0) 89 3800-3892 Lamprecht e-mail: e

  28. Slide 28: Disclaimer (1/2)

    Disclaimer (1/2) No Offer This presentation does not constitute an offer of the described securities. The offer is only be made pursuant a prosepectus that can be found on our website under www.allianz.com. In particular, the offer is not made in or directed towards the United States of America, Can

  29. Slide 29: Disclaimer (2/2)

    Disclaimer (2/2) Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assumptions and involve known and unknown risks and uncertai

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