Slide 1: Group financial results 2021
Group financial results 2021 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2022 Munich Please note: February 18, 2022 presentations based on 2021 preliminary figures
Slide 2: Content/topics
Content/topics CEO assessment and outlook Oliver Bäte A Group financial results 2021 Giulio Terzariol B Glossary Disclaimer
Slide 3: CEO assessment and outlook
CEO assessment and outlook © Allianz 2022 Oliver Bäte Munich, Chief Executive Officer February 18, 2022
Slide 4: Content
A. CEO ASSESSMENT AND OUTLOOK Content Transfor- Delivery Confidence mation A 24
Slide 5: Strong underlying result in fiscal 2021 …
A. CEO ASSESSMENT AND OUTLOOK Strong underlying result in fiscal 2021 … 149bn 13.4bn 6.6bn +6% +25% -3% Shareholders’ Revenues Operating profit Key figures net income 1.0bn 2021 (EUR) 10.8 209% 10.6% Share buy-back to come in 2022 +13% Target: ≥ 180% Target: ≥ 13% Dividend Return on Solvency II rati
Slide 6: … and over 3-year target period
A. CEO ASSESSMENT AND OUTLOOK … and over 3-year target period Operating profit (EUR bn) RoE (%) 13.4bn 20bn 13.2% 10.6% 20bn 11.5bn Target Target Performance CAGR 14.9%1 +5% -3%-p 2018 2021 2018 2021 NPS (%)2 IMIX (%)3 78% 20bn 84% 71% 74% Target Target Health +10%-p +7%-p 2018 2021 2018 2021 1) RoE
Slide 7: Good performance across stakeholders
A. CEO ASSESSMENT AND OUTLOOK Good performance across stakeholders Customers Employees Society USD 15bn 30% 25,000 58% of businesses are ~30% of Group OP Chair of UN-convened net- NPS loyalty leaders managed by female CEOs2 E zero asset owner alliance >25,000 employees and Brand value up 17% >120,00
Slide 8: Content
A. CEO ASSESSMENT AND OUTLOOK Content Transfor- Delivery Confidence mation A 68
Slide 9: Allianz value proposition in a nutshell
A. CEO ASSESSMENT AND OUTLOOK Allianz value proposition in a nutshell Purpose We secure your future Aspiration The trusted partner for protecting and growing your most valuable assets Promise Careful balance Delivery of benchmark Strong resilience in a across stakeholders results at scale transformi
Slide 10: Systematic value capture program …
A. CEO ASSESSMENT AND OUTLOOK Systematic value capture program … Value Margin Capital creation = Growth + expansion + efficiency 1 Transforming our Life & AM franchise 2 Expanding our P/C leadership position Boosting growth through our 3 scalable platforms 4 Driving verticalization & execution agili
Slide 11: … driving multiple levers for value creation
A. CEO ASSESSMENT AND OUTLOOK … driving multiple levers for value creation Transforming our Scale Life/AM Capital productivity Protection & 1 Life & AM franchise convergence of Life in-force health growth “Beat the best” Refocus Growth 2 Expanding our P/C leadership position in retail commercial mar
Slide 12: Transforming our Life & AM franchise
A. CEO ASSESSMENT AND OUTLOOK Transforming our Life & AM franchise Leading franchise1 Life and AM convergence Higher value creation >670bn Integration of Life and AM to create higher value for Transformation into capital- light asset gathering platforms customers and shareholders with high RoE and l
Slide 13: Example: AZ Life business model transformation
A. CEO ASSESSMENT AND OUTLOOK Example: AZ Life business model transformation Transaction Rationale Reinsurance of Financial impact (EUR)1 • Monetization of Allianz Life earnings Capital release 3.6bn at attractive terms • Stronger capital efficiency at EUR ~30bn RoE AZ Life +6%-p to ~18% to Talcott
Slide 14: Continuous tail-risk management
A. CEO ASSESSMENT AND OUTLOOK Continuous tail-risk management Selected examples Sales & underwriting Terms • Terms and conditions: harmonized wording through Allianz Product Elemental Lab (APL); >100 products designed in APL already and Life damage • New L/H business: 88% of PVNBP are capital-effici
Slide 15: Content
A. CEO ASSESSMENT AND OUTLOOK Content Transfor- Delivery Confidence mation A 13 15
Slide 16: Confident profit outlook …
A. CEO ASSESSMENT AND OUTLOOK Confident profit outlook1 … EUR bn ≥ 14.5 13.4 +1bn 13.4 -1bn 11.9 11.1 11.5 10.7 10.8 10.8 10.1 10.4 9.3 7.8 CAGR 3yr EPS growth2 +5-7% CAGR 10yr operating profit growth +6% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022e ... 2024 1) Impact from NatCat, fi
Slide 17: … with attractive & predictable dividend policy
A. CEO ASSESSMENT AND OUTLOOK … with attractive & predictable dividend policy1 DPS the higher of Minimum DPS (EUR) 50% payout ratio2 12.5 11.9 or 11.3 10.8 previous year’s DPS +5% 9.6 Flexible payout of excess capital via share buy-backs 2020 2021 2022 2023 2024 1) Dividend policy subject to sustain
Slide 18: Content/topics
Content/topics CEO assessment and outlook Oliver Bäte A Group financial results 2021 Giulio Terzariol B Glossary Disclaimer
Slide 19: Group financial results 2021
Group financial results 2021 © Allianz 2022 Giulio Terzariol Munich, Chief Financial Officer February 18, 2022
Slide 20: Content/topics
Content/topics Highlights 1 Additional information 2
Slide 21: Group: strong underlying result in 2021
B. GROUP FINANCIAL RESULTS 2021 Group: strong underlying result in 2021 Group Property-Casualty Life/Health Asset Management Total revenues 12M 21 in EUR bn (internal growth vs. prior year in %) 148.5 (+6.1%) 62.3 (+4.1%) 78.3 (+6.8%) 8.4 (+15.9%) Operating profit 12M 21 in EUR mn (vs. prior year in
Slide 22: Group: strong underlying result in 2021 (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: strong underlying result in 2021 Comments • Internal growth strong at 6.1% • P/C – good performance Strong internal growth across all segments. Operating profit up 31% due to improved underwriting Consolidation (+0.7%) and F/X (-1.1%) lead to total revenue and
Slide 23: Group: 4Q OP strong, NI impacted by litigation
B. GROUP FINANCIAL RESULTS 2021 Group: 4Q OP strong, NI impacted by litigation Group Property-Casualty Life/Health Asset Management Total revenues 4Q 21 in EUR bn (internal growth vs. prior year in %) 38.4 (+5.9%) 14.5 (+10.7%) 21.5 (+1.6%) 2.5 (+15.5%) Operating profit 4Q 21 in EUR mn (vs. prior ye
Slide 24: Group: 4Q OP strong, NI impacted by litigation (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: 4Q OP strong, NI impacted by litigation Comments • Internal growth strong at 5.9% • P/C – strong operating profit Strong internal growth across all segments. Operating profit increases by 76%/EUR +0.7bn mainly Consolidation (+0.8%) and F/X (+1.3%) lead to total
Slide 25: Group: strong capitalization
B. GROUP FINANCIAL RESULTS 2021 Group: strong capitalization Shareholders’ equity (EUR bn) Key sensitivities (EUR bn) -2.1% Equity markets -30% -5.4 80.8 81.6 80.0 Unrealized gains/losses1 17.6 16.8 +50bps -5.8 22.6 Interest rate Retained earnings, -50bps +5.7 F/X and undated 29.2 35.2 34.3 subordin
Slide 26: Group: strong capitalization (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: strong capitalization Comments • Shareholders’ equity • SII ratio – FY 2021 In FY 2021, shareholders’ equity decreases by Main drivers from 207% to 209%: EUR 0.9bn. Main drivers are + organic capital generation +29%-p (+11%-p after tax/dividend) + s/h net incom
Slide 27: Group: Solvency II ratio increases to 209%
B. GROUP FINANCIAL RESULTS 2021 Group: Solvency II ratio increases to 209% +12.9 +0.0 Own funds 84.9 +0.2 -4.5 86.0 (EUR bn) -7.6 +5.9 +5.1 +3.4 -1.4 P/C AM L/H CO/Conso. 31.12.20 Regulatory/ Operating SII Market Capital mgmt./ Tax/ 31.12.21 model changes earnings impact management other actions SII
Slide 28: Group: Solvency II ratio increases to 209% (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: Solvency II ratio increases to 209% Comments • 29%-p SII capital generation pre-tax/dividend • Capital management/management actions SII capital generation net of tax and dividend amounts to Life back-book management e.g. in the U.S. and in +11%-p in FY 2021. S
Slide 29: Group: strong ESG performance
B. GROUP FINANCIAL RESULTS 2021 Group: strong ESG performance Carbon footprint of prop. investments Carbon footprint of operations Renewable electricity of operations (in mn t CO2e1) (in t CO2e per employee) (share of total electricity used) -25% target -30% target +51%-p target -16% -32% +20%-p 24.
Slide 30: Group: strong ESG performance (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: strong ESG performance Comments • Carbon footprint of proprietary investments: -16% • Share of renewable electricity: +20%-p Successful continuation of portfolio decarbonization. 77% share of renewable electricity, up from 57% in 2020, Improvement 2021 vs. 2020
Slide 31: P/C: 4% internal growth
B. GROUP FINANCIAL RESULTS 2021 P/C: 4% internal growth EUR mn Revenues YTD change on renewals 2021 Total growth Internal growth 2021 Momentum ∆ p.y. ∆ p.y. Total P/C segment 62,272 +4.8% +4.1% +3.6% n.a. Selected OEs Germany 11,080 +1.5% +1.3% +2.0% stable United Kingdom 4,530 +0.2% -3.2% +2.8% pos
Slide 32: P/C: 4% internal growth (comments)
B. GROUP FINANCIAL RESULTS 2021 P/C: 4% internal growth Comments • Internal growth at 4.1% – accelerating in 2H • Australia – price and volume positive Price (+2.2%), volume (+1.4%) and service income Good growth in retail and commercial. Total growth also (+0.6%) contribute. Strong acceleration in
Slide 33: P/C: operating profit at EUR 5.7bn
B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Operating profit drivers (EUR mn) Combined ratio (in %) +30.6% -2.5%-p 96.3 93.8 +1,386 +86 5,710 Loss ratio 69.5 67.0 -133 NatCat impact2 4,371 1.7 3.1 (in %-p) Expense ratio 26.8 26.7 2020 2021 Run-off ratio3 (in %) Operating Under
Slide 34: P/C: operating profit at EUR 5.7bn (comments)
B. GROUP FINANCIAL RESULTS 2021 P/C: operating profit at EUR 5.7bn Comments • Operating profit up 31% • Expense ratio – excellent performance Better underwriting and investment results partially Continued improvements in several OEs (e.g. GER, FRA) offset by lower ‘other’ result which benefited from
Slide 35: P/C: good underlying performance
B. GROUP FINANCIAL RESULTS 2021 P/C: good underlying performance EUR mn Operating profit Combined ratio NatCat impact on CR 2021 ∆ p.y. 2021 ∆ p.y. 2021 ∆ p.y. Total P/C segment 5,710 +30.6% 93.8% -2.5%-p 3.1%-p +1.4%-p Selected OEs Germany 1,140 -4.7% 93.5% +0.6%-p 7.0%-p +5.7%-p United Kingdom 369
Slide 36: P/C: good underlying performance (comments)
B. GROUP FINANCIAL RESULTS 2021 P/C: good underlying performance Comments • Germany – impacted by NatCat • LatAm – OP declines driven by Brazil and Mexico High NatCat losses partially compensated by Motor deterioration in Brazil driven by higher frequency and improvements in attritional LR and ER. i
Slide 37: P/C: investment result up 3%
B. GROUP FINANCIAL RESULTS 2021 P/C: investment result up 3% Operating investment result1 Current yield Economic reinvestment yield (EUR mn) (debt securities; in %) (debt securities; in %) +3.4% 2.27 2.10 2,642 1.4 1.4 2,556 2020 2021 2020 2021 Total average asset base4 Duration5 2020 2021 (EUR bn)
Slide 38: P/C: investment result up 3% (comments)
B. GROUP FINANCIAL RESULTS 2021 P/C: investment result up 3% Comments • Interest & similar income • Current yield Higher income from equities (∆ EUR +160mn, Reduction in current yield in line with expectations. mainly from private equity investments) which was • Reinvestment yield negatively impacte
Slide 39: L/H: successful new business management
B. GROUP FINANCIAL RESULTS 2021 L/H: successful new business management PVNBP share by line EUR mn 2020 2021 ∆ p.y. PVNBP 61,497 78,650 +27.9% Total L/H segment 2.8 3.2 APE 8,616 9,615 +11.6% Single premium 37,281 45,455 +21.9% Protection & health 5.5 18% 21% 5.4 Recurring premium 4,888 5,069 +3.7%
Slide 40: L/H: successful new business management (comments)
B. GROUP FINANCIAL RESULTS 2021 L/H: successful new business management Comments PVNBP by line PVNBP by OE • Strong new business across preferred lines • Germany Life – new business remains on high level Protection & health increases 52% resp. EUR 5.7bn Good acceptance of modified products. NBM clos
Slide 41: L/H: operating profit up 15% to EUR 5bn
B. GROUP FINANCIAL RESULTS 2021 L/H: operating profit up 15% to EUR 5bn Operating profit by source (EUR mn) Operating profit by line (EUR mn) +14.9% +14.9% 5,011 +173 +583 5,011 +246 4,359 4,359 +284 910 781 578 -635 488 1,452 1,087 2,003 2,071 Operating Loadings Investment Technical Expenses Impact
Slide 42: L/H: operating profit up 15% to EUR 5bn (comments)
B. GROUP FINANCIAL RESULTS 2021 L/H: operating profit up 15% to EUR 5bn Comments • OP is EUR 0.6bn above FY target range midpoint Operating profit by line Operating profit driven by investment margin (+6%), • Protection & health UL management fees (+22%), loadings from reserves Low prior-year result
Slide 43: L/H: value of new business up 45%
B. GROUP FINANCIAL RESULTS 2021 L/H: value of new business up 45% EUR mn Value of new business New business margin Operating profit 2021 ∆ p.y. 2021 ∆ p.y. 2021 ∆ p.y. Total L/H segment 2,527 +45.0% 3.2% +0.4%-p 5,011 +14.9% Germany Life 631 -6.0% 2.9% -0.1%-p 1,240 +3.2% USA 530 +121.1% 3.9% +1.5%-
Slide 44: L/H: value of new business up 45% (comments)
B. GROUP FINANCIAL RESULTS 2021 L/H: value of new business up 45% Comments New business Operating profit • NBM very good at 3.2% • Germany Life – strong performance Improvement driven by better business mix (+0.5%-p). Increase driven by higher technical margin. Most countries with improving or stabl
Slide 45: L/H: investment margin very good at EUR 4.4bn
B. GROUP FINANCIAL RESULTS 2021 L/H: investment margin very good at EUR 4.4bn Investment margin Economic reinvestment yield 2020 2021 (debt securities; in %) 1.6 1.7 Based on Ø book value of assets1 (EUR bn) 627 648 Current yield 2.86% 2.96% Based on Ø aggregate policy reserves (EUR bn) 490 510 2020
Slide 46: L/H: investment margin very good at EUR 4.4bn (comments)
B. GROUP FINANCIAL RESULTS 2021 L/H: investment margin very good at EUR 4.4bn Comments • Investment margin up 6% • Investment margin very good at 87bps Result of slightly higher investment margin (∆ +1bp to PHP of 79.8% vs. 79.5% in prior year. 87bps) and growth of reserve base (+4.1%). FY level for
Slide 47: AM: total AuM increase 9% to EUR 2.6tn
B. GROUP FINANCIAL RESULTS 2021 AM: total AuM increase 9% to EUR 2.6tn Total assets under management (EUR bn) 3rd party AuM split (EUR bn) +9.2% Asset classes Multi-assets Regions Europe 2,609 EUR 206bn (+27.7%) EUR 637bn (+13.5%) Equities Asia Pacific 2,389 EUR 205bn (+25.7%) EUR 238bn (+11.5%) -5.
Slide 48: AM: total AuM increase 9% to EUR 2.6tn (comments)
B. GROUP FINANCIAL RESULTS 2021 AM: total AuM increase 9% to EUR 2.6tn Comments • Total AuM up 9% • Investment outperformance Increase due to 15% higher 3rd party assets; AM segment: 91% of 3rd party AuM outperform EUR 110bn 3rd party net inflows as the largest driver, benchmarks on a trailing 3-yea
Slide 49: AM: EUR 110bn 3rd party net inflows
B. GROUP FINANCIAL RESULTS 2021 AM: EUR 110bn 3rd party net inflows 3rd party assets under management development (EUR bn) 3rd party net flow split (EUR bn) +14.9% Asset Fixed income +62.3 +116.7 1,966 classes +64.6 +27.8 Equities +11.4 1,712 +45.5 Multi-assets +24.8 Alternatives +11.4 Regions Ameri
Slide 50: AM: EUR 110bn 3rd party net inflows (comments)
B. GROUP FINANCIAL RESULTS 2021 AM: EUR 110bn 3rd party net inflows Comments • 3rd party AuM up 15% to EUR 2tn • 3rd party net flows PIMCO: EUR +65bn 3rd party AuM increase by EUR 255bn to a new all-time 3rd party net inflows from fixed income, alternatives and high. Very strong 3rd party net inflow
Slide 51: AM: 14% revenue growth
B. GROUP FINANCIAL RESULTS 2021 AM: 14% revenue growth Revenues development (EUR mn) PIMCO (EUR mn) AllianzGI (EUR mn) +14.3% +12.9% +17.7% Internal growth +15.9% +14.1% +20.5% 8,396 6,071 Performance fees 633 475 AuM driven & 7,347 5,377 other revenues1 2,333 402 258 158 1,983 143 6,945 7,762 5,119
Slide 52: AM: 14% revenue growth (comments)
B. GROUP FINANCIAL RESULTS 2021 AM: 14% revenue growth Comments • Segment revenues – up 14% • 3rd party AuM margin – stable Significant revenue increase by EUR 1.0bn due to rising Segment and PIMCO margins stable, AllianzGI margin AuM driven fees (∆ EUR 814mn/+12%) following higher slightly down by
Slide 53: AM: operating profit up 22%
B. GROUP FINANCIAL RESULTS 2021 AM: operating profit up 22% Operating profit drivers (EUR mn) PIMCO +22.3% +14.8% +1,257 +24.5% Internal growth 2,589 3,4891 2,256 2,8531 363 Performance fee impact2 -534 -86 228 OP excl. performance fee impact2 CIR (in %) 58.1 57.4 +19.1% fee impact2 2,625 3,127 61.2
Slide 54: AM: operating profit up 22% (comments)
B. GROUP FINANCIAL RESULTS 2021 AM: operating profit up 22% Comments • Segment – OP at EUR 3.5bn, up 22% • 4Q 2021 – OP up 21% Strong result at both operating entities. Higher revenues drive OP. Favorable F/X. CIR OP grows mainly due to higher average 3rd party AuM improves by 0.5%-p to 58.2%. (+10%
Slide 55: CO: in line with expectations
B. GROUP FINANCIAL RESULTS 2021 CO: in line with expectations Operating result development and components +55 +23 +0 -20 -772 -831 -7.1% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2020 2021 ∆ 2021/2020 2021 -836 59 5 0 2020 -891 36 24 0 B 37
Slide 56: CO: in line with expectations (comments)
B. GROUP FINANCIAL RESULTS 2021 CO: in line with expectations Comments • Operating result at EUR -0.8bn Lower operating loss mainly due to higher investment income, reflected in result from Holding & Treasury. Result from Alternative investments declines due to transfer of Allianz Real Estate to Ass
Slide 57: Group: shareholders’ net income at EUR 6.6bn
B. GROUP FINANCIAL RESULTS 2021 Group: shareholders’ net income at EUR 6.6bn EUR mn 2020 2021 p.y. Operating profit 10,751 13,400 +2,649 Non-operating items -1,148 -3,880 -2,733 Realized gains/losses (net) 1,458 1,829 +371 Impairments (net) -860 -320 +539 Income from financial assets and liabiliti
Slide 58: Group: shareholders’ net income at EUR 6.6bn (comments)
B. GROUP FINANCIAL RESULTS 2021 Group: shareholders’ net income at EUR 6.6bn Comments • Shareholders’ net income down by EUR 0.2bn • Restructuring expenses Higher operating profit (∆ EUR +2.6bn) more than offset Continued investments in productivity and by non-operating profit (∆ EUR -2.7bn). effici
Slide 59: Outlook 2022 – operating profit
B. GROUP FINANCIAL RESULTS 2021 Outlook 2022 – operating profit P/C L/H AM Corp/Cons Group High +10% +1bn Mid-point 6.0 4.8 3.4 -0.8 13.4 Low -10% -1bn +12% Mid-point 2021 5.6 4.4 2.8 -0.8 12.0 Actual 2021 5.7 5.0 3.5 -0.8 13.4 Disclaimer: Impact from NatCat, financial markets, F/X and global econom
Slide 60: Content/topics
Content/topics Highlights 1 Additional information 2
Slide 61: Allianz track record
ADDITIONAL INFORMATION Allianz track record Operating profit 2021: EUR 13.4bn Investment portfolio 2021: EUR 808.5bn By segments1 By regions1 Asset allocation Debt instruments by rating6 Debt instruments 83% AAA 18% P/C Insurance 40% Germany 24% • Government 36% AA 24% L/H Insurance 35% W&S Europe 2
Slide 62: ESG at Allianz (1/3)
ADDITIONAL INFORMATION ESG at Allianz (1/3) Ratings & commitments Governance ESG ratings Sustainability Board As of 31st December 2020 2021 Advises the Board of Management on all sustainability related matters DJSI/S&P Global 98th percentile Top rank 5 members of Allianz SE Board of Management plus
Slide 63: ESG at Allianz (2/3)
ADDITIONAL INFORMATION ESG at Allianz (2/3) Insurance Proprietary investments Revenues from sustainable solutions Proprietary sustainable investments EUR mn 2020 2021 EUR bn 20203 2021 Sustainable insurance solutions 1,025.21 1,022.0 Global Portfolio ESG screened 835 849 Insurance solutions with a s
Slide 64: ESG at Allianz (3/3)
ADDITIONAL INFORMATION ESG at Allianz (3/3) Human resources Operations Diversity Greenhouse gas emissions 2020 2021 2020 2021 Total number of employees 150,269 155,411 Scope 1 – direct GHG emissions (t CO2e) 28,714 28,699 Women in Allianz SE Supervisory Board 33.3% 33.3% Scope 2 – indirect GHG emiss
Slide 65: Financial leverage and cash flow (EUR bn)
ADDITIONAL INFORMATION Financial leverage and cash flow (EUR bn) Leverage ratios Cash flow Financial leverage1 24.5% 25.9% (EUR bn) 2019 2020 2021 Ø 3yr Senior debt leverage2 9.8% 11.9% Net cash remittance6 6.8 6.8 6.7 6.8 of which P/C 4.5 3.1 2.6 3.4 16.2 15.5 of which L/H 1.5 2.3 2.8 2.2 78.5 75.3
Slide 66: Investment portfolio
ADDITIONAL INFORMATION Investment portfolio Asset allocation Total: EUR 808.5bn Debt instruments by rating2 (2020: EUR 790.3bn) Debt instruments 83% (86%) AAA 18% Equities 12% (9%) AA 24% Real estate1 2% (2%) A 22% Cash/Other 3% (3%) BBB 29% Non-investment grade 5% Not rated3 3% By segment (EUR bn)
Slide 67: Economic reinvestment yields 2021
ADDITIONAL INFORMATION Economic reinvestment yields 2021 New F/I Maturity Regional allocation Yield investments in years P/C 10% P/C Government bonds1 49% 1.4% 10 18% Covered2 18% 1.1% 10 50% Corporates 33% 1.4% 8 22% Total F/I 2021 100% 1.4% 9 Europe Emerging markets L/H Government bonds1 48% 1.2%
Slide 68: Alternative asset quota of 25%
ADDITIONAL INFORMATION Alternative asset quota of 25% Total Current volume (EUR bn) Average EUR 849bn1 expected return Real estate3 59.5 3-6% • Current yield: 5.3% Infrastructure equity 12.6 Total 93.9 5-8% • 63% real estate Renewable energy 4.1 3-6% • EUR 26.1bn gross Allianz 11%2 unrealized gains/
Slide 69: Fixed income portfolio
ADDITIONAL INFORMATION Fixed income portfolio By type of issuer Total By rating3 EUR 672.3bn Government 36% AAA 18% Covered 8% AA 24% Corporate 44% A 22% thereof Banking 5% BBB 29% ABS/MBS1 4% BBB+ 9% BBB 14% Other2 8% BBB- 6% Non-investment grade 5% Not rated4 3% By segment (EUR bn) 39.2 0.0 AFS un
Slide 70: Government bond allocation
ADDITIONAL INFORMATION Government bond allocation By region Total By rating EUR 240.5bn1 France 16% AAA 19% Germany 13% AA 41% Italy 8% A 17% Spain 6% BBB 17% Rest of Europe 23% Non-investment grade 5% USA 8% Not rated 1% Rest of World 18% Supranational 8% By segment (EUR bn) 14.2 0.0 AFS unrealized
Slide 71: Government bonds (EUR bn)
ADDITIONAL INFORMATION Government bonds (EUR bn) Group L/H P/C Book value % of FI Group Book value % of FI L/H Book value % of FI P/C France 38.5 5.7% 32.7 6.1% 3.2 3.4% Germany 31.2 4.6% 25.9 4.8% 2.8 2.9% Supranational 20.3 3.0% 18.3 3.4% 1.3 1.4% USA 19.3 2.9% 16.7 3.1% 2.5 2.6% Italy 18.4 2.7% 1
Slide 72: Fixed income portfolio: covered bonds
ADDITIONAL INFORMATION Fixed income portfolio: covered bonds By country Total By rating EUR 55.6bn Germany 38% AAA 77% France 15% AA 22% Spain 6% A 0% Italy 5% BBB 1% UK 3% Non-investment grade 0% Rest of World 33% Not rated 0% By segment (EUR bn) 6.0 0.0 AFS unrealized gains/losses (EUR bn) 3.4 10.
Slide 73: Fixed income portfolio: corporates
ADDITIONAL INFORMATION Fixed income portfolio: corporates By sector Total By rating EUR 295.5bn Banking 12% AAA 2% Other financials 15% AA 11% Consumer 20% A 31% Utility 9% BBB 46% Industrial 7% Non-investment grade 7% Communication 8% Not rated1 3% Energy 7% Other 21% By segment (EUR bn) 14.9 0.0 A
Slide 74: Fixed income portfolio: ABS
ADDITIONAL INFORMATION Fixed income portfolio: ABS By type of issuer Total By rating EUR 28.8bn CMBS 45% AAA 61% CMO/CDO 23% AA 23% US Agency 13% A 8% RMBS 2% BBB 6% Auto 2% Non-investment grade 2% Credit Card 0% Not rated 0% Other 16% By segment (EUR bn) 1.5 0.0 AFS unrealized gains/losses (EUR bn)
Slide 75: Equity portfolio
ADDITIONAL INFORMATION Equity portfolio By region Total By industry EUR 95.2bn1 Germany 6% Consumer 15% Eurozone ex Germany 16% Other financials 14% Europe ex Eurozone 12% Industrial 6% NAFTA 23% Basic materials 2% Rest of World 22% Banking 4% Multinational2 21% Utilities 1% Energy 2% Funds and othe
Slide 76: Real estate portfolio (incl. own use, market value)
ADDITIONAL INFORMATION Real estate portfolio (incl. own use, market value) By region Total By sectors EUR 59.5bn1 Germany 21% Office 53% France 16% Residential 15% USA 12% Retail 11% Switzerland 9% Logistics 12% Italy 7% Other/mixed 9% Rest of Eurozone 13% Rest of World 21% By segment (EUR bn) 1.9 0
Slide 77: Content/topics
Content/topics Group financial results 1 Additional information 2 Glossary Disclaimer
Slide 78: Glossary (1)
GLOSSARY Glossary (1) AFS Available for sale: Available-for-sale investments are non-derivative financial assets which have been acquired neither for sale in the near term nor to be held to maturity. They are shown at fair value on the balance sheet. AGCS Allianz Global Corporate & Specialty Allianz
Slide 79: Glossary (2)
GLOSSARY Glossary (2) Bps Basis points: 1 Basis point = 0.01%. CEE Central and Eastern Europe CIR Cost-income ratio: Operating expenses divided by operating revenues CO (The Allianz business segment) Corporate and Other CR Combined ratio: Represents the total of acquisition and administrative expens
Slide 80: Glossary (3)
GLOSSARY Glossary (3) FV Fair value: The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FVO Fair-value option: Financial assets and liabilities designated at fair value through income are me
Slide 81: Glossary (4)
GLOSSARY Glossary (4) L/H (The Allianz business segment) Life and Health insurance L/H lines of business Guaranteed savings & annuities: Life insurance products linked to life expectancy, offering life and / or death benefits in the form of single or multiple payments to beneficiaries and possibly i
Slide 82: Glossary (5)
GLOSSARY Glossary (5) LoB Line of business LR Loss ratio: Represents claims and insurance benefits incurred (net), divided by premiums earned (net). The calendar year (CY) loss ratio includes the results of the prior year’s reserve development in addition to the accident year (AY) loss ratio. LTC Lo
Slide 83: Glossary (6)
GLOSSARY Glossary (6) Operating SII earnings Operating SII earnings represent the change in own funds, before tax and dividend accrual, that is attributable to the Allianz Group’s ongoing core operations. As such, operating SII earnings comprise: expected return from existing business, new business
Slide 84: Glossary (7)
GLOSSARY Glossary (7) Reinsurance Insurance companies transfer parts of the insurance risk they have assumed to reinsurance companies. Retained earnings In addition to the reserve legally required in the group parent company’s financial statements, this item mainly comprises the undistributed profit
Slide 85: Glossary (8)
GLOSSARY Glossary (8) Statutory premiums Gross premiums written from the sales of life and health insurance policies, as well as gross receipts from sales of unit-linked and other investment-related products, in accordance with the statutory accounting principles applicable in the insurer’s home jur
Slide 86: Content/topics
Content/topics Group financial results 1 Additional information 2 Glossary Disclaimer
Slide 87: Cautionary note regarding forward-looking statements
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- dustry generally, (iv) the frequency and severity No duty to update ments, such as prospects or expectations, that of insured loss events, including those resulting Allianz assumes no obliga