Allianz Se · XETR:ALV
Allianz — Q1 2012 Earnings Presentation
90 slides from Allianz's earnings presentation, May 15, 2012
Slide 1: Group financial results 1Q 2012
Group financial results 1Q 2012 Oliver Bäte, Chief Financial Officer Analysts’ conference call May 15, 2012
Slide 2: Agenda: Highlights
1 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 2
Slide 3: A very good start in 2012
Group financial results 1Q 2012 – Highlights A very good start in 2012 Total revenues stable at EUR 30.1bn Operating profit increases 40 percent to EUR 2.3bn supported by lower NatCat losses Net income at EUR 1.4bn, up 58% Capital position continues to be strong and balance sheet further de-
Slide 4: A strong quarter
Group financial results 1Q 2012 – Highlights A strong quarter 2010 2011 2012 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q +0.5%1 Total revenues 30.6 29.9 30.1 (EUR bn) 25.4 24.5 26.0 24.6 24.1 25.0 Operating +40.4% profit 2,302 2,055 2,154 2,300 2,330 1,906 2,000 (EUR mn) 1,732 1,660 +57.9% 1,603 1,445 Net income 1,2
Slide 5: Shareholders' equity grows further
Group financial results 1Q 2012 – Highlights Shareholders’ equity grows further Shareholders’ equity1 Estimation of stress impact3 (EUR mn) (EUR bn) +7.4% Equity markets -30%4 -2.7 48,245 44,491 44,915 Unrealized 6,726 Interest rate +100bps -4.1 5,057 4,626 gains/losses Retained 12,756 Interest rate
Slide 6: Conglomerate solvency strengthened
Group financial results 1Q 2012 – Highlights Conglomerate solvency strengthened Conglomerate solvency1 Estimation of stress impact1 (EUR bn) +4%-p Ratio as of 31.03.12 183% 173% 179% 183% Equity markets -30% 172% 100% Interest rate +100bps 185% 42.6 43.8 39.6 Interest rate -100bps 179% Credit loss/m
Slide 7: Strong economic solvency at Solvency II calibration
Group financial results 1Q 2012 – Highlights Strong economic solvency at Solvency II calibration Economic solvency1 Estimation of Confidence level (EUR bn) stress impact2 99.5% +18%-p Ratio as of 31.03.12 202% Interest rate +100bps 233% 184% 202% Interest rate -100bps 171% 49.2 49.6 Equity markets +
Slide 8: Economic solvency including model changes
Group financial results 1Q 2012 – Highlights Economic solvency including model changes (EUR bn) 184% +14%-p 198% +4%-p 202% +1.6 49.2 -1.2 49.6 Decrease due to non- 48.0 IFRS earnings transferable items (VIF) Market movements partly offset by going con- (equity market increase, cern reserve an
Slide 9: Agenda: Group
2 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 9
Slide 10: Total revenues at EUR 30.1bn
Group financial results 1Q 2012 – Group Total revenues at EUR 30.1bn Revenue development1 (EUR bn) 30.6 29.9 30.1 14.0 14.3 14.8 25.4 26.0 24.5 24.6 25.0 24.1 10.0 9.4 10.6 10.2 9.5 10.8 1Q 12/11 Total Internal (in %) growth growth 15.4 15.1 Group +0.5 -0.8 14.1 14.3 13.8 13.7 12.6 13.0 11.8 P/C +3.
Slide 11: Solid operating profit
Group financial results 1Q 2012 – Group Solid operating profit Operating profit in 1Q (EUR mn) Property/Casualty Life/Health Group 1,660 +79.3% +17.7% 2011 1,189 P/C +526 835 826 712 663 702 L/H +124 AM +85 +40.4% 2010 2011 2012 2010 2011 2012 Asset Management Corporate and Other CO -61 +16.1% -27.4
Slide 12: Corporate and Other
Group financial results 1Q 2012 – Group Corporate and Other (EUR mn) Operating loss development Operating loss components EUR -61mn -223 +3 -46 -1 -284 -17 Operating Holding Banking Alternative Consoli- Operating loss & Treasury Investments dation loss 1Q 11 1Q 12 Δ 1Q 12/11 -223 -251 1Q 12 -267 -15
Slide 13: Non-operating items
Group financial results 1Q 2012 – Group Non-operating items (EUR mn) 1Q 10 1Q 11 1Q 12 Δ 12/11 1Q 11 1Q 12 Realized gains/losses Realized gains/losses 386 116 and impairments of 711 303 -7 -310 - Equities 216 109 investments (net) - Debt securities 112 -13 Interest expense - Real estate and other 58
Slide 14: Exposure to selected sovereigns
Group financial results 1Q 2012 – Group Exposure to selected sovereigns Percent of total fixed income portfolio Unrealized gains/losses (EUR mn) EUR 430.6bn1 EUR 36.1bn Ireland 0.1% 8.4% 1.0% 31.03.2012 Portugal 0.1% Spain gross net2 Greece 0.0% Greece3 -18 -8 Ireland -11 -7 Portugal -94 -58 7.2% It
Slide 15: Net income development
Group financial results 1Q 2012 – Group Net income development (EUR mn) 1Q 10 1Q 11 1Q 12 Δ 12/11 Operating profit 1,732 1,660 2,330 +670 Non-operating items 259 -174 -95 +79 Income before taxes 1,991 1,486 2,235 +749 Income taxes -388 -571 -790 -219 Net income 1,603 915 1,445 +530 Non-controlling i
Slide 16: Agenda: P/C
3 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 16
Slide 17: P/C: Solid operating performance
Group financial results 1Q 2012 – P/C Solid operating performance Revenue growth of 3.8 percent to EUR 14.8bn, reflecting both positive price and volume effects ! Operating profit increases 79.3 percent to EUR 1.2bn supported by lower NatCat losses Combined ratio at 96.2 percent with 0.4%-p Na
Slide 18: Positive revenue momentum continues
Group financial results 1Q 2012 – P/C Positive revenue momentum continues Revenue development Revenues of sel. OEs2 1Q 10 1Q 11 1Q 12 Δ12/111 (EUR bn) (EUR mn) +3.8% Germany 3,900 3,864 3,893 +0.8% Countries Speaking German Switzerland 864 913 976 +0.2% 14.3 14.8 France 1,146 1,138 1,138 +0.0% Weste
Slide 19: Operating profit benefits from low NatCat losses
Group financial results 1Q 2012 – P/C Operating profit benefits from low NatCat losses Operating profit Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) +79.3% 1,323 1,329 1,147 1,122 1,189 +513 +16 1,189 1,111 1,093 -3 712 663 663 100.4 101.3 96.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Operatin
Slide 20: Combined ratio of 96.2 percent
Group financial results 1Q 2012 – P/C Combined ratio of 96.2 percent (in %) Combined ratio 1Q 10 1Q 11 1Q 12 -5.1%-p (sel. OEs) Germany 99.8 98.5 98.0 Countries Speaking German 100.4 101.3 96.3 97.1 94.9 97.6 97.6 96.2 95.0 Switzerland 95.8 93.6 93.4 France 106.8 97.7 98.6 Western & Southern Europe
Slide 21: Accident year loss ratio at 70.9 percent
Group financial results 1Q 2012 – P/C Accident year loss ratio at 70.9 percent (in %) Accident year loss ratio 9-quarter overview accident year loss ratio -6.3%-p 77.2 77.2 75.9 75.9 70.9 74.1 74.3 5.9 7.6 73.3 72.8 0.4 72.1 71.3 (9Q-Ø) 71.0 70.9 70.0 69.6 70.5 70.2 70.1 69.9 70.5 70.0 69.9 69.6 69.
Slide 22: Expense ratio stable
Group financial results 1Q 2012 – P/C Expense ratio stable (EUR mn) in % of NPE 28.0 28.0 27.9 2,812 2,633 2,708 7.2 7.6 7.2 726 Admin. expenses 712 697 6.5 6.6 Other acquisition 6.6 639 656 618 expenses 13.8 14.2 14.2 Commissions 1,303 1,372 1,430 © Allianz SE 2012 1Q 10 1Q 11 1Q 12 22
Slide 23: Average investment portfolio at EUR 98.8bn
Group financial results 1Q 2012 – P/C Average investment portfolio at EUR 98.8bn Average asset base1 Current yield (EUR bn) (in %) Other2 +3.7% Equities Cash Debt securities Equities Debt sec. 98.8 95.3 92.3 7.2 6.7 6.5 4.7 4.9 5.0 4.4 5.4 5.0 0.94 0.95 0.87 0.94 0.81 0.65 76.4 78.3 81.9 1Q 10 1Q 11
Slide 24: Operating investment income stable
Group financial results 1Q 2012 – P/C Operating investment income stable Operating investment income (EUR mn) +1.9% 889 865 844 841 839 823 817 774 759 in % of NPE 8.2 8.7 8.2 7.6 8.5 8.8 8.6 8.1 8.3 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2011 2012 +3.6% Interest & similar income1 854 941 887 906 896 953 9
Slide 25: Positive price effects on renewals
Group financial results 1Q 2012 – P/C Positive 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, esp. in retail Germany + 2.3
Slide 26: Agenda: L/H
4 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 26
Slide 27: L/H: Strong operating performance
Group financial results 1Q 2012 – L/H Strong operating performance Revenues at EUR 13.7bn, down 4.0 percent Operating asset base at EUR 444.3bn ! Operating profit at EUR 0.8bn, up 18 percent Value of new business at EUR 0.2bn, and new business margin at 1.9 percent © Allianz SE 2012 27
Slide 28: Revenues at EUR 13.7bn
Group financial results 1Q 2012 – L/H Revenues at EUR 13.7bn Revenue development Revenues of sel. OEs2 1Q 10 1Q 11 1Q 12 Δ12/111 (EUR bn) (EUR mn) -4.0% Germany Life 3,919 3,919 3,940 +0.5% German Speaking Countries 15.4 Germany Health 803 798 818 +2.5% 14.3 13.7 Switzerland 806 927 1,030 +4.3% Inve
Slide 29: Value of new business at EUR 223mn
Group financial results 1Q 2012 – L/H Value of new business at EUR 223mn New business margin1,2 Value of new business1,2 (VNB in % of PV of NB premiums) (EUR mn) 2.5 2.7 2.3 1.9 1.9 243 244 235 219 223 1Q 2Q 3Q 4Q 1Q 2011 2012 PV of NB premiums1,2 (EUR bn) 10.8 11.7 11.5 9.6 8.8 1Q 2Q 3Q 4Q 1Q © All
Slide 30: Value of new business by region
Group financial results 1Q 2012 – L/H Value of new business by region Value of new business New business margin (EUR mn)1,2 (in %)1,2 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 1Q 11 2Q 11 3Q 11 4Q 11 1Q 12 German Speaking 86 96 109 133 129 2.2 3.4 3.9 2.6 2.7 Countries Western & 58 58 47 31 42 1.9 2.1 2.0 1.0 1
Slide 31: Asset base increases to EUR 444bn
Group financial results 1Q 2012 – L/H Asset base increases to EUR 444bn Operating asset base (EUR bn) OAB Net flows (EUR bn) 1Q 11 1Q 12 431.1 as of 31.12.2011 Germany Life +0.3 +0.2 Net inflows +0.1 Germany Health +0.0 +0.0 France +0.0 -0.2 Interest & similar Italy -0.3 -1.1 +4.0 income1 CEE +0.0 +
Slide 32: Operating profit at EUR 826mn
Group financial results 1Q 2012 – L/H Operating profit at EUR 826mn Operating profit Operating profit drivers1 (EUR mn) (EUR mn) +17.7% 835 824 826 +148 826 702 679 702 -7 655 554 519 -17 520 87 69 78 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Operating Techn. Investm. Expense Operating profit result result result
Slide 33: Average asset base grows further
Group financial results 1Q 2012 – L/H Average asset base grows further Average asset base Current yield (EUR bn)1 (in %) Other2 +6.0% Equities Cash Debt securities Equities 368.5 Debt sec. 8.8 347.8 5.1 8.8 22.3 4.8 323.7 7.8 24.4 4.6 1.12 1.13 1.11 21.4 332.3 0.65 309.8 0.48 0.38 289.9 © Allianz SE
Slide 34: Net harvesting drives investment income
Group financial results 1Q 2012 – L/H Net harvesting drives investment income Operating investment income +14.6% (EUR mn) 4,723 4,022 4,063 4,095 4,123 3,834 3,834 3,808 3,101 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2011 2012 +6.2% Interest & similar income1 3,522 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4
Slide 35: MCEV development
Group financial results 1Q 2012 – L/H MCEV development (EUR mn, after non-controlling interests) Free surplus Required capital VIF 223 422 22,871 756 55 1,105 21,973 20,868 -558 14,683 15,129 14,814 8,460 7,802 6,603 -549 -958 -272 © Allianz SE 2012 12M 2011 Adjustment 12M 2011 Inforce Operating VNB
Slide 36: Agenda: Asset Management
5 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 36
Slide 37: AM: Outstanding performance continues in 2012
Group financial results 1Q 2012 – AM Outstanding performance continues in 2012 Assets under Management grow 10.7 percent to EUR 1,653bn 3rd party net inflows of EUR 23.5bn ! Operating profit up 16.1 percent to EUR 0.6bn New structure for Allianz Asset Management (AAM) with PIMCO and AllianzG
Slide 38: Total Assets under Management grow 10.7 percent
Group financial results 1Q 2012 – AM Total Assets under Management grow 10.7 percent AuM development (EUR bn) +15.1% +10.7% based on refined AuM definition 1,657 1,6531 1,592 1,518 1,4921 1,508 1,430 1,443 387 376 1,312 370 354 357 Allianz 291 312 354 Group 289 assets 3rd party 1,023 1,139 1,131 1,1
Slide 39: 3rd party net inflows of almost EUR 24bn
Group financial results 1Q 2012 – AM 3rd party net inflows of almost EUR 24bn 3rd party net flow development (EUR bn) 40.3 37.1 22.9 23.5 19.6 12.9 14.0 9.9 -5.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2011 2012 Net flows © Allianz SE 2012 in % of 3rd 4.0 2.2 3.5 1.1 1.2 1.7 0.9 -0.4 1.8 party AuM eop 39
Slide 40: Net fee and commission income up to EUR 1.4bn
Group financial results 1Q 2012 – AM Net fee and commission income up to EUR 1.4bn Net fee & commission income development (EUR mn) Internal +12.7% growth: +7.9% 1,4152 1,256 1,097 44 56 Performance fees 128 38.2 39.8 41.7 Other net fee and 969 1,200 1,371 commission income 1Q 10 1Q 11 1Q 12 © Allia
Slide 41: Operating profit increases to EUR 613mn
Group financial results 1Q 2012 – AM Operating profit increases to EUR 613mn Operating profit Operating profit drivers Internal (EUR mn) (EUR mn) growth: Cost-income ratio (in %) +16.1% +10.3% +159 +7 663 613 613 516 521 557 528 528 537 528 466 -81 58.2 58.5 57.4 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Operating
Slide 42: PIMCO with continued strong overall performance
Group financial results 1Q 2012 – AM PIMCO with continued strong overall performance PIMCO business development Total AuM New setup 3-year-outperformance2 (EUR bn) (in %) 1,3311 94 961 89 946 781 1Q 10 1Q 11 1Q 12 31.03.10 31.03.11 31.03.12 Total net flows New setup Operating profit New setup (EUR b
Slide 43: AllianzGI with operating profit of EUR 78mn
Group financial results 1Q 2012 – AM AllianzGI with operating profit of EUR 78mn AllianzGI business development Total AuM New setup 3-year-outperformance2 (EUR bn) (in %) 514 527 60 63 621 2951 1Q 10 1Q 11 1Q 12 31.03.10 31.03.11 31.03.12 Total net flows New setup Operating profit New setup (EUR bn)
Slide 44: Agenda: Summary
6 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 44
Slide 45: A very good start in 2012
Group financial results 1Q 2012 – Highlights A very good start in 2012 Total revenue stable at EUR 30.1bn Outlook1: Operating profit EUR 8.2bn Operating profit increases 40 percent to +/- 0.5bn EUR 2.3bn supported by lower NatCat losses Net income at EUR 1.4bn, up 58% Capital position contin
Slide 46: Agenda: Additional information
7 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2012 46
Slide 47: Result by segments overview
Group financial results 1Q 2012 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 Total revenues (EUR bn) 14.3 14.8 14.3 13.7 1.3 1.4 0.2 0.2 -0.2 0.0 29.9 30.1 Operating pr
Slide 48: Key figures: Group
Group financial results 1Q 2012 – Additional information on Group Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2010 2010 2010 2010 2011 2011 2011 2011 2012 1Q 12/11 Total revenues (EUR bn) 30.6 25.4 24.5 26.0 29.9 24.6 24.1 25.0 30.1 +0.2 Operating profit 1,732 2,302 2,055 2,154 1,660 2,300
Slide 49: Key figures: P/C
Group financial results 1Q 2012 – Additional information on P/C Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2010 2010 2010 2010 2011 2011 2011 2011 2012 1Q 12/11 Gross premiums written (EUR bn) 14.0 10.0 10.6 9.4 14.3 10.2 10.8 9.5 14.8 +0.5 Operating profit 712 1,147 1,122 1,323 663 1,329
Slide 50: Remarks concerning the operating entities' revenues (P/C)
Group financial results 1Q 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 6mn) Switzerland In 2010, sale of Phenix and Alba (impact 2010: EUR 64mn) Spain In 2010, industrial commerci
Slide 51: Key figures: L/H
Group financial results 1Q 2012 – Additional information on L/H Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2010 2010 2010 2010 2011 2011 2011 2011 2012 1Q 12/11 Statutory premiums (EUR bn) 15.4 14.1 12.6 15.1 14.3 13.0 11.8 13.8 13.7 -0.6 Operating profit 835 824 655 554 702 679 520 519 8
Slide 52: Remarks concerning the operating entities' revenues (L/H)
Group financial results 1Q 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) In 2011, business written by Allianz Global Life (AGL
Slide 53: Operating investment income – details
Group financial results 1Q 2012 – Additional information on L/H Operating investment income – details (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2010 2010 2010 2010 2011 2011 2011 2011 2012 1 Interest & similar income 3,522 3,974 3,636 3,850 3,807 4,176 4,025 3,991 4,042 Investment expenses -145 -184 -160
Slide 54: MCEV and NBM methodology updated
Group financial results 1Q 2012 – Additional information on L/H MCEV and NBM methodology updated Impact of model changes 2012 methodology (EUR) adjustment effects Changes Yield curve extrapolation VNB MCEV In line with European Commission guidance implemented to Extrapolation starting at 20 year
Slide 55: Value of new business
Group financial results 1Q 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 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 Δ% 1Q 11 1Q 12 1Q 11 1Q 12 German Speaking Cou
Slide 56: MCEV development (1/2)
Group financial results 1Q 2012 – Additional information on L/H MCEV development (1/2) (EUR mn, after minorities) Free surplus 223 422 22,871 756 55 Required capital 1,105 21,973 VIF 20,868 -558 14,683 15,129 14,814 8,460 7,802 6,603 -549 -958 -272 12M 2011 Adjustment 12M 2011 Inforce Operating VNB
Slide 57: MCEV development (2/2)
Group financial results 1Q 2012 – Additional information on L/H MCEV development (2/2) (EUR mn, after minorities) (EUR mn, after minorities) 1 1,105 = 2,778 Impact yield curve extrapolation from 20 year (was 30 years) for Euro -952 Impact implementation going concern reserve in Germany Life -648 Imp
Slide 58: Key figures: AM
Group financial results 1Q 2012 – Additional information on AM Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2010 2010 2010 2010 2011 2011 2011 2011 2012 1Q 12/11 Operating revenues 1,116 1,188 1,256 1,426 1,273 1,303 1,326 1,600 1,439 +166 Operating profit 466 516 521 557 528 528 537 663 61
Slide 59: Transition – Total AuM
Group financial results 1Q 2012 – Additional information on AM Transition – Total AuM (EUR bn) New setup 1,6571 1,6572 Non-AAM 26 Equities 164 AllianzGI 526 AAM business units Fixed income 1,491 PIMCO 1,105 © Allianz SE 2012 31.12.11 01.01.12 1) Includes also EUR 2.0bn “other” assets 2) Before AuM a
Slide 60: 3rd party AuM
Group financial results 1Q 2012 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM regional breakdown2 1,266 27 31.12.11 1,281 1,138 127 Other3 19 Internal Asia-Pacific 1,023 112 growth: and rest 18 188 Net inflows +24 +5.2% 376 88 172 Market Europe 99 effects +40 ex Germany
Slide 61: 3rd party AuM: client and product mix
Group financial results 1Q 2012 – Additional information on AM 3rd party AuM1 (EUR bn) AuM client mix AuM product mix Retail Equity Institutional Fixed Income 1,266 1,2662 1,138 149 1,1382 445 1,023 1,0232 384 155 150 333 690 754 821 872 982 1,116 © Allianz SE 2012 31.03.10 31.03.11 31.03.12 31.03.1
Slide 62: Reconciliation Asset Management
Group financial results 1Q 2012 – Additional information on AM Reconciliation Asset Management Operating profit development (EUR mn) 613 +18 +12 0 22 528 +69 -14 Non-AAM 10 78 AllianzGI 92 PIMCO 447 516 -3 © Allianz SE 2012 AAM Holding -21 Operating PIMCO AllianzGI AAM Non- Con- Operating profit Hol
Slide 63: Key figures: Corporate and Other
Group financial results 1Q 2012 – Additional information on Corporate and Other Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2010 2010 2010 2010 2011 2011 2011 2011 2012 1Q 12/11 Total revenues (Banking) 128 138 146 175 151 137 129 150 155 +4 Operating profit Holding & Treasury -226 -138 -2
Slide 64: Asset allocation
Group financial results 1Q 2012 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other Balance sheet items 31.03.11 31.03.12 31.03.11 31.03.12 31.03.11 31.03.12 31.03.11 31.03.12 31.03.11 31.03.12 31.03.11 31.03.12 Investments Equities 2 5.4 5
Slide 65: Average AuM P/C and L/H: basis for yield calculation
Group financial results 1Q 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 Balance sheet items 31.12.11 31.03.12 Average 31.12.11 31.03.12 Average Investments Equities 1 4.9 5.2 5.0 22.1 22.4 22.3 Debt sec. 63.2 65.3 64.3 229.6 240.2
Slide 66: Investment result
Group financial results 1Q 2012 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group1 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 1Q 11 1Q 12 Operating investment result Interest and similar income2 896 928 3,807 4,042 7 6 55
Slide 67: Shareholders' equity
Group financial results 1Q 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 68: Revaluation reserve of EUR 28.2bn
Group financial results 1Q 2012 – Additional information on Group Revaluation reserve of EUR 28.2bn (EUR bn) Off balance sheet Revaluation On balance sheet Shareholders’ Policyholders’ reserve share share 2.2 (36.8%) 2.7 (46.1%) 28.2 Real estate 5.8 Associated enterprises, joint ventures 0.1 Non- co
Slide 69: Impact of model changes on economic solvency
Group financial results 1Q 2012 – Additional information on Group Impact of model changes on economic solvency Estimates based on 4Q 2011 Ratio as of 31.12.11 184% Model changes introduced with 1Q: Yield curve modeling: 20y starting point for extrapolation +10%-p of EUR swap curve (ultimate forwar
Slide 70: Conglomerate solvency: details as of 31.03.12
Group financial results 1Q 2012 – Additional information on Group Conglomerate solvency: details as of 31.03.12 (EUR bn) Available funds Required capital 23.9 Shareholders’ 44.2 equity1 Dividend accruals -2.6 P/C 7.3 Goodwill, other intangibles -14.4 Commerzbank shares -0.3 Subordinated bonds, parti
Slide 71: Overview investment portfolio
Group financial results 1Q 2012 – Additional information on Group Overview investment portfolio (EUR bn) Group investments and loans1 as of 31.03.12 (31.12.11) Total EUR 475.9bn (EUR 461.1bn) Real estate2 Cash/ Other 2% (2%) 2% (2%) 475.9 Equities Debt 461.1 6% (6%) 90% (90%) 445.2 © Allianz SE 2012
Slide 72: Fixed income portfolio (31.03.12)
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio (31.03.12) By type of issuer Total By rating3 EUR 430.6bn Government 36% AAA 42% Covered 24% AA 13% Corporate 30% A 26% thereof Banking 9% BBB 13% ABS/MBS1 5% Non-investment grade 3% Other2 5% Not rated* 3% *) m
Slide 73: Fixed income portfolio: government and government related
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio: government and government related (31.03.12) By region Total By rating EUR 155.9bn1 Germany 18% AAA 44% Italy 20% AA 16% France 18% A 30% Spain 3% BBB 6% UK 1% Non-investment grade 2% Rest of Europe 18% Not rat
Slide 74: Fixed income portfolio: covered bonds
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio: covered bonds (31.03.12) By country Total By rating EUR 103.7bn Germany 53% AAA 80% France 14% AA 14% Spain 10% A 5% UK 5% BBB 1% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 0% Sweden 1% Rest of
Slide 75: Fixed income portfolio: corporate
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio: corporate (31.03.12) By sector Total By rating EUR 127.2bn Banking 30% AAA 7% Other financials 9% AA 11% Consumer 13% A 38% Communication 9% BBB 32% Industrial 7% Non-investment grade 7% Utility 9% Not rated1 5
Slide 76: Fixed income portfolio corporate: thereof banks
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio corporate: thereof banks (31.03.12) By country Total By rating EUR 38.3bn Germany 15% AAA 10% UK 11% AA 19% France 9% A 50% Italy 7% BBB 17% Rest Eurozone 18% Non-investment grade 4% Europe ex Eurozone 12% Not r
Slide 77: Fixed income portfolio: ABS
Group financial results 1Q 2012 – Additional information on Group Fixed income portfolio: ABS (31.03.12) By type of category Total By rating EUR 20.0bn CMBS 48% AAA 80% U.S. Agency 27% AA 7% RMBS 6% A 8% CMO/CDO 6% BBB 1% Credit Card 2% Non-investment grade 3% Auto 2% Not rated 1% Other 9% By segmen
Slide 78: Equity portfolio (31.03.12)
Group financial results 1Q 2012 – Additional information on Group Equity portfolio (31.03.12) By region Total By industry EUR 29.6bn1 Germany 20% Banking 9% Other Financials 13% Eurozone ex Germany 28% Consumer 19% Europe Basic materials 10% ex Eurozone 18% Utilities 3% NAFTA 15% Industrial 6% Rest
Slide 79: Equity exposure
Group financial results 1Q 2012 – Additional information on Group Equity exposure (EUR bn) Gross equity exposure Net equity exposure CO Equity gearing AM L/H P/C 36.01 31.61 32.51 12.4 10.9 0.0 10.9 38.7 5.2 3.2 2.0 3.2 2.0 0.4 0.3 0.3 0.7 0.6 0.7 2.9 2.0 1.8 26.6 24.0 24.6 0.5 0.4 0.4 5.5 5.4 5.3 5
Slide 80: Real estate portfolio
Group financial results 1Q 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
8 1 Highlights Group financial results 1Q 2012 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 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) MVLO Market value liability option Nat Cat Accumulation of claims that are all related to the same natural or weather/atmospheric event during a certain period of time and where AZ Group's estimated gross loss exceeds EUR 20mn if one country is affected (respectively EUR 50mn if more th
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) Solvency ratio Ratio indicating the capital adequacy of a company comparing eligible funds to required capital Sovereign bonds Sovereign bonds include government and government agency bonds Statutory premiums Represent gross premiums written from sales of life insurance policies, as wel
Slide 89: Glossary (8)
Glossary (8) 3-year-outperformance AM Allianz Asset Management account-based, asset-weighted three-year investment performance of third- party assets versus the primary target including all accounts managed by equity and fixed income managers of Allianz Asset Management. For some retail funds the ne
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