Allianz Se · XETR:ALV
Allianz — Q1 2011 Earnings Presentation
82 slides from Allianz's earnings presentation, May 12, 2011
Slide 1: Group financial results 1Q 2011
Group financial results 1Q 2011 Oliver Bäte, Chief Financial Officer Analysts’ conference call May 12, 2011
Slide 2: Agenda
1 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 2
Slide 3: Allianz 1Q 2011
Group financial results 1Q 2011 – Highlights Allianz 1Q 2011 Total revenues on a high level at EUR 29.9bn Operating profit at EUR 1.7bn, despite severe NatCat losses Net income at EUR 915mn, due to lower non-operating result and temporarily higher tax rate Capital position continues to be st
Slide 4: Quarterly results overview
Group financial results 1Q 2011 – Highlights Quarterly results overview 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 Total revenues -2.2%1 (EUR bn) 27.7 30.6 29.9 25.5 25.4 24.5 26.0 22.2 22.0 Operating -4.2% profit 2,009 2,302 2,055 2,154 1,762 1,960 1,732 (EUR mn) 1,660 1,313 -42.9% Net i
Slide 5: Capital position continues to be strong
Group financial results 1Q 2011 – Highlights Capital position continues to be strong Shareholders’ equity1 Estimation of stress impact on (EUR mn) IFRS equity3 (EUR bn) -2.1% 44,491 43,560 Equity markets -30%4 -3.2 40,108 5,057 4,000 Unrealized gains/ losses 5,457 Interest rate +100bps -4.3 Retained
Slide 6: Sound capitalization
Group financial results 1Q 2011 – Highlights Sound capitalization Conglomerate solvency1 Conglomerate solvency ratio2 (EUR bn) Target range: 150% - 170% +7%-p Ratio as of 31.03.11 180% 164% 173% 180% Equity markets -30%3 167% 100% 41.3 Interest rate +100bps 181% 39.6 34.8 Interest rate -100bps 177%
Slide 7: Economic solvency at 177%
Group financial results 1Q 2011 – Highlights Economic solvency at 177% Economic solvency1 Estimated impact2 (EUR bn) +11%-p Ratio as of 31.03.11 177% 166% 177% Interest rate +100bps 189% 52.1 54.6 Interest rate -100bps 156% Equity markets +30% 192% 31.4 30.8 Equity markets -30% 161% Interest rate -1
Slide 8: Agenda
2 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 8
Slide 9: Total revenues at EUR 29.9bn
Group financial results 1Q 2011 – Group Total revenues at EUR 29.9bn Total revenues1 (EUR bn) 30.6 29.9 27.7 25.5 25.4 26.0 24.5 22.2 22.0 14.0 14.3 13.9 8.9 9.4 10.0 1Q 11/10 Total Internal 10.6 9.5 10.2 (in %) growth growth2 15.2 15.4 15.1 Group -2.2 -3.6 14.1 14.3 13.0 12.6 11.8 10.8 P/C +1.8 +0.
Slide 10: Operating profit at EUR 1.7bn
Group financial results 1Q 2011 – Group Operating profit at EUR 1.7bn (EUR mn) Property/Casualty Life/Health Δ 1Q 11/10 -6.9% -15.9% 969 Group 1,732 835 1Q 2010 712 663 702 296 P/C -49 1Q 2009 2010 2011 2009 2010 2011 L/H -133 Asset Management Corporate and Other AM +62 -4.2% CO +28 +13.3% +11.2% Co
Slide 11: Non-operating items
Group financial results 1Q 2011 – Group Non-operating items (EUR mn) 1Q 09 1Q 10 1Q 11 Δ 11/10 1Q 10 1Q 11 Realized gains/ losses Realized gains/ losses 763 386 and impairments of -498 711 303 -408 - Equities 653 216 investments (net) - Debt securities 79 112 - Real estate 31 58 Interest expense -23
Slide 12: Net income
Group financial results 1Q 2011 – Group Net income (EUR mn) 1Q 09 1Q 10 1Q 11 Δ 11/10 Operating profit 1,313 1,732 1,660 -72 Non-operating items -974 259 -174 -433 Income before taxes 339 1,991 1,486 -505 Income taxes 16 -388 -571 -183 Net income from continuing operations 355 1,603 915 -688 Discont
Slide 13: Agenda
3 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 13
Slide 14: Performance impacted by severe NatCat losses
Group financial results 1Q 2011 – P/C Performance impacted by severe NatCat losses Revenues at EUR 14.3bn, up 1.8 percent Operating profit at EUR 663mn, down 6.9 percent ! Combined ratio at 101.3 percent EUR 737mn NatCat losses equal to 7.6 percentage points combined ratio © Allianz SE 2011
Slide 15: Revenues at EUR 14.3bn
Group financial results 1Q 2011 – P/C Revenues at EUR 14.3bn Revenues Revenues of sel. OEs2 1Q 09 1Q 10 1Q 11 Δ11/101 (EUR bn) (EUR mn) Germany 4,034 3,900 3,864 -0.8% Countries Speaking German +1.8% Switzerland 833 864 913 +0.5% France 1,170 1,146 1,138 -0.7% South America 13.9 14.0 14.3 Europe inc
Slide 16: Operating profit at EUR 663mn
Group financial results 1Q 2011 – P/C Operating profit at EUR 663mn Operating profit Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) -6.9% 712 +49 663 -1 -97 1,323 1,169 1,147 1,122 969 1,031 895 712 Operating Under- Invest- Other Operating 663 writing ment profit profit 1Q 10 Δ 1Q
Slide 17: Combined ratio at 101.3%
Group financial results 1Q 2011 – P/C Combined ratio at 101.3% (in %) NatCat Combined ratio +0.9%-p 1Q 09 1Q 10 1Q 11 impact in (sel. OEs) 1Q 11 101.3 Germany1 94.8 99.8 98.5 1.2%-p Countries Speaking 100.4 German 98.7 98.9 96.9 96.3 97.1 94.9 95.3 Switzerland 93.6 95.8 93.6 France 114.0 106.8 97.7
Slide 18: Severe NatCat losses in 1Q 2011
Group financial results 1Q 2011 – P/C Severe NatCat losses in 1Q 2011 (EUR mn) NatCat impact EUR 737mn Other 40 Events in Australia 178 Pro rata Earthquake in 322 Japan NatCat budget EUR 267mn 197 Earthquake in © Allianz SE 2011 New Zealand 18
Slide 19: NatCat impact normalized over the year in the recent past
Group financial results 1Q 2011 – P/C NatCat impact normalized over the year in the recent past Development of NatCat impact 1Q 12M EUR mn in %-p of combined ratio in %-p of combined ratio EUR mn 3.7 2007 349 2.0 774 2008 259 2.8 667 1.7 2009 200 2.1 447 1.2 2010 555 3.2 1,264 5.9 © Allianz SE 2011
Slide 20: Positive trend in core markets
Group financial results 1Q 2011 – P/C Positive trend in core markets Development of accident year loss ratio (in %) 72.4 71.9 76.1 72.5 70.7 NatCat & large claims 67.5 67.0 62.7 68.6 68.9 Excl. NatCat & large claims AZ Sach 84.6 81.3 76.5 79.6 76.0 67.6 65.1 62.2 64.7 66.5 France 78.3 78.5 76.2 72.4
Slide 21: Accident year loss ratio excl. NatCat at 69.6 percent
Group financial results 1Q 2011 – P/C Accident year loss ratio excl. NatCat at 69.6 percent (in %) Accident year loss ratio 9-quarter overview accident year loss ratio +1.3%-p 77.2 77.2 75.9 75.9 73.4 5.9 7.6 73.2 73.4 72.7 72.8 2.1 72.1 71.5 72.1 (9Q-Ø) 71.3 71.3 70.0 69.6 71.3 71.6 71.5 70.5 70.0
Slide 22: Expense ratio stable
Group financial results 1Q 2011 – P/C Expense ratio stable (EUR mn) in % of NPE 27.6 28.0 28.0 2,575 2,633 2,708 Underlying development overall flat Admin. expenses 825 712 697 8.8 7.6 7.2 Total expenses up EUR +75mn, thereof: - F/X effect EUR +47mn 6.6 6.6 - One-offs EUR +13mn, e.g. Other 4.5 a
Slide 23: Average investment portfolio growth to EUR 96bn
Group financial results 1Q 2011 – P/C Average investment portfolio growth to EUR 96bn Average asset base1 Current yield (EUR bn) (in %) Other2 +4.1% Equities Cash Debt securities Equities 96.3 Debt sec. 1.06 92.5 6.7 87.6 6.5 0.94 0.93 5.9 0.87 6.9 4.6 5.0 5.4 4.93 0.65 5.8 0.50 70.0 76.4 78.3 1Q 09
Slide 24: Operating investment income on a high level
Group financial results 1Q 2011 – P/C Operating investment income on a high level Operating investment income (EUR mn) +6.3% 851 844 841 823 782 791 774 759 693 in % of NPE 9.1 8.4 8.1 7.4 8.2 8.7 8.2 7.6 8.5 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009 2010 2011 +4.9% Interest & similar income1 899 906 845 858
Slide 25: Positive price effect on renewals continue in 2011
Group financial results 1Q 2011 – P/C Positive price effect on renewals continue in 2011 Pricing overview for selected operating entities (in %) Selected OEs Price impact Nominal tariff Estimated Expert assessment of the market on YTD increase FY2012 renewals1 for 20112 pricing trend No further pr
Slide 26: Agenda
4 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 26
Slide 27: Results on track
Group financial results 1Q 2011 – L/H Results on track Revenues at EUR 14.3bn, lower by 7.1 percent Operating asset base at EUR 419bn with EUR 1.7bn net inflows ! Operating profit at EUR 702mn, down 15.9 percent Value of new business at EUR 240mn, and new business margin at 2.2 percent © All
Slide 28: Revenues at EUR 14.3bn
Group financial results 1Q 2011 – L/H Revenues at EUR 14.3bn Revenues Revenues of sel. OEs2 1Q 09 1Q 10 1Q 11 Δ11/101 (EUR bn) (EUR mn) -7.1% Germany Life 3,479 3,919 3,919 +0.0% Countries Speaking German Germany Health 791 803 798 -0.6% 15.4 Switzerland 693 806 927 +2.5% 14.3 13.0 France 1,784 2,47
Slide 29: Net inflows of EUR 1.7bn
Group financial results 1Q 2011 – L/H Net inflows of EUR 1.7bn Operating asset base (EUR bn) OAB as of 31.12.2010 421.5 Net flows (EUR bn) 1Q 10 1Q 11 Germany Life +0.5 +0.3 Net inflows +1.7 Germany Health +0.1 +0.0 France +0.6 +0.0 Interest & similar +3.8 Italy +0.6 -0.3 income1 CEE +0.1 +0.0 Marke
Slide 30: Operating profit at EUR 702mn
Group financial results 1Q 2011 – L/H Operating profit at EUR 702mn Operating profit Operating profit drivers1 (EUR mn) (EUR mn) -15.9% 835 -45 +24 702 -112 966 939 835 824 655 702 554 Operating Techn. Investm. Expense Operating 469 profit result result result profit 1Q 10 Δ 1Q 11/10 1Q 11 296 1Q 11
Slide 31: Average asset base increases by 7.7 percent
Group financial results 1Q 2011 – L/H Average asset base increases by 7.7 percent Average asset base Current yield (EUR bn)1 (in %) Other2 +7.7% Equities Cash Debt securities Equities Debt sec. 349.9 8.8 1.20 324.9 6.9 1.11 1.13 7.8 24.4 5.8 285.3 21.4 7.6 8.43 20.4 309.8 0.48 0.38 248.9 289.9 0.29
Slide 32: High level of operating investment income
Group financial results 1Q 2011 – L/H High level of operating investment income Operating investment income +2.5% (EUR mn) 4,274 4,063 4,095 4,123 4,062 4,022 3,624 3,808 1,990 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009 2010 2011 +8.1% Interest & similar income1 3,261 3,611 3,541 3,431 3,522 3,974 3,636 3,850
Slide 33: Profitable new business
Group financial results 1Q 2011 – L/H Profitable new business New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.5 2.6 283 287 2.2 2.2 1.8 240 217 206 1Q 2Q 3Q 4Q 1Q 2010 2011 PV of NB premiums1 (EUR bn) 11.5 12.2 11.2 10.7 9.3 1Q 2Q 3Q 4Q 1Q © Allianz SE 2011 201
Slide 34: Value of new business by region
Group financial results 1Q 2011 – L/H Value of new business by region Value of new business New business margin (EUR mn)1 (in %)1 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 1Q 10 2Q 10 3Q 10 4Q 10 1Q 11 German Sp. 117 119 77 90 86 3.3 3.7 2.7 2.0 2.2 Countries Europe 100 93 60 63 68 2.4 2.3 2.4 1.8 2.1 Growth Ma
Slide 35: Agenda
5 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 35
Slide 36: Strong contribution to Group performance
Group financial results 1Q 2011 – AM Strong contribution to Group performance Total Assets under Management at EUR 1,492bn 3rd party net inflows of EUR 14bn ! Operating profit up by 13.3 percent in line with asset growth Cost-income ratio at 58.5 percent © Allianz SE 2011 36
Slide 37: Total AuM up by 13.7 percent
Group financial results 1Q 2011 – AM Total AuM up by 13.7 percent Assets under Management Negative F/X (EUR bn) +13.7% effects of EUR 54bn included 1,518 in total AuM vs. 1,492 31.12.2010 1,430 1,443 1,312 354 1,202 291 312 354 1,150 289 1,067 1,014 276 Allianz 272 254 Group 248 assets 3rd party 766
Slide 38: 3rd party net inflows of EUR 14bn
Group financial results 1Q 2011 – AM 3rd party net inflows1 of EUR 14bn 3rd party net flow development (EUR bn) 40.2 37.0 33.2 21.0 22.0 22.6 12.9 13.6 6.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2009 2010 2011 Net flows in % of 3rd 1.0 2.8 4.2 2.6 4.1 2.3 3.6 1.2 1.2 party AuM bop © Allianz SE 2011 1) AGI only
Slide 39: Net fee and commission income up 14.5 percent
Group financial results 1Q 2011 – AM Net fee and commission income up 14.5 percent (EUR mn) +14.5% Internal growth: +14.6% 1,2562 1,097 56 128 709 Performance fees 14 36.1 38.2 39.8 Other net fee and 695 969 1,200 commission income 1Q 09 1Q 10 1Q 11 3rd party AuM driven margin1 (in bps) © Allianz SE
Slide 40: Operating profit up 13.3 percent
Group financial results 1Q 2011 – AM Operating profit up 13.3 percent Operating profit Operating profit drivers (EUR mn) (EUR mn) Cost-income ratio (in %) +13.3% +159 -2 528 576 466 557 -95 516 521 528 466 368 246 Operating Net fee & Other Operat. Operating 211 profit comm. inc. income expenses prof
Slide 41: Exceptional performance of fixed income
Group financial results 1Q 2011 – AM Exceptional performance of fixed income Fixed income 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +12.6% +22.3% 88 92 461 982 377 872 657 51 Cost- 210 income Net flows +10.6 +35.0 +17.0 ratio 54.5 48.0 49.7 (in %
Slide 42: Cost-income ratio for equity improves to 73.5 percent
Group financial results 1Q 2011 – AM Cost-income ratio for equity improves to 73.5 percent Equity 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +3.3% +30.8% 155 34 150 66 68 26 61 108 Cost- 77.2 115.0 73.5 income ratio Net flows -3.7 +2.2 -3.0 (in %)
Slide 43: Agenda
6 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 43
Slide 44: Summary
Group financial results 1Q 2011 – Summary Summary Outlook1: Total revenues on a high level at EUR 29.9bn on track Operating profit at EUR 1.7bn, despite severe NatCat losses Net income at EUR 915mn, due to lower non-operating result and temporarily higher tax rate Capital position continues
Slide 45: Agenda
7 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 45
Slide 46: Result by segments overview
Group financial results 1Q 2011 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 Total revenues (EUR bn) 14.0 14.3 15.4 14.3 1.1 1.3 0.1 0.2 0.0 -0.2 30.6 29.9 Operating pr
Slide 47: Key figures
Group financial results 1Q 2011 – Additional information on Group Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2009 2009 2009 2009 2010 2010 2010 2010 2011 1Q 11/10 Total revenues (EUR bn) 27.7 22.2 22.0 25.5 30.6 25.4 24.5 26.0 29.9 -0.7 Operating profit 1,313 1,762 2,009 1,960 1,732 2,302
Slide 48: Key figures
Group financial results 1Q 2011 – Additional information on P/C Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2009 2009 2009 2009 2010 2010 2010 2010 2011 1Q 11/10 Gross premiums written (EUR bn) 13.9 9.5 10.2 8.9 14.0 10.0 10.6 9.4 14.3 +0.3 Operating profit 969 895 1,031 1,169 712 1,147 1,
Slide 49: Remarks concerning the operating entities' revenues
Group financial results 1Q 2011 – Additional information on P/C Remarks concerning the operating entities’ revenues Germany Transfer of China Branch to Asia Pacific (impact 2010: EUR 6mn) Switzerland Sale of Phénix and Alba (impact 2009: EUR 60mn, 2010: EUR 64mn) Spain Industrial commercial business
Slide 50: Key figures
Group financial results 1Q 2011 – Additional information on L/H Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2009 2009 2009 2009 2010 2010 2010 2010 2011 1Q 11/10 Statutory premiums (EUR bn) 13.0 11.8 10.8 15.2 15.4 14.1 12.6 15.1 14.3 -1.1 Operating profit 296 966 939 469 835 824 655 554 7
Slide 51: Remarks concerning the operating entities' revenues
Group financial results 1Q 2011 – Additional information on L/H Remarks concerning the operating entities’ revenues Switzerland Sale of Phénix Vie (impact 2009: EUR 9mn, 2010: EUR 9mn) France France business made by Allianz Global Life (AGL) is transferred from AGL to France 1Q 2011 (impact 2010: EU
Slide 52: Operating investment income – details
Group financial results 1Q 2011 – Additional information on L/H Operating investment income – details (EUR mn) 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 Interest & similar income1 3,261 3,611 3,541 3,431 3,522 3,974 3,636 3,850 3,807 Investment expenses -138 -152 -151 -
Slide 53: New business
Group financial results 1Q 2011 – Additional information on L/H New business1 (EUR mn) Value of New business Present value of Recurring Single new business margin new business premium premium premium 2 Region 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 Δ% 1Q 10 1Q 11 1Q 10 1Q 11 German Speaking Countries 11
Slide 54: Key figures
Group financial results 1Q 2011 – Additional information on AM Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2009 2009 2009 2009 2010 2010 2010 2010 2011 1Q 11/10 Operating revenues 716 780 899 1,294 1,116 1,188 1,256 1,426 1,273 +157 Operating profit 211 246 368 576 466 516 521 557 528 +62
Slide 55: 3rd party AuM
Group financial results 1Q 2011 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail Institutional 1,138 1,138 19 1,023 112 31.12.10 1,023 18 1,164 88 Other3 172 Internal 766 161 Net inflows growth: 384 Asia-Pacific +14 +2.2% and rest 2
Slide 56: Key figures
Group financial results 1Q 2011 – Additional information on Corporate and Other Key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2009 2009 2009 2009 2010 2010 2010 2010 2011 1Q 11/10 Total revenues (Banking) 117 124 119 157 128 138 146 175 151 +23 Operating profit Holding & Treasury -170 -210 -
Slide 57: Corporate and Other
Group financial results 1Q 2011 – Additional information on Corporate and Other Corporate and Other (EUR mn) Operating loss Operating loss components EUR +28mn -2 0 -223 -251 +5 +25 -184 Operating Holding Banking Alternative Conso Operating loss & Treasury Investments loss -223 1Q 10 Δ 1Q 11/10 1Q 1
Slide 58: Asset allocation
Group financial results 1Q 2011 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other Balance sheet items 31.03.10 31.03.11 31.03.10 31.03.11 31.03.10 31.03.11 31.03.10 31.03.11 31.03.10 31.03.11 31.03.10 31.03.11 Investments Equities 2 5.0 5
Slide 59: Average AuM P/C and L/H: basis for yield calculation
Group financial results 1Q 2011 – 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 31.12.10 31.03.11 Average 31.12.10 31.03.11 Average Investments Equities 1 5.4 5.4 5.4 24.4 24.4 24.4 Debt sec. 60.4 60.5 60.5 212.8 212.6
Slide 60: Investment result
Group financial results 1Q 2011 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Consolidation Group1 Other 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 1Q 10 1Q 11 Operating investment result Interest and similar income2 854 896 3,522 3,807 9 7 50
Slide 61: Shareholders' equity
Group financial results 1Q 2011 – 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 31.12.09, as previous
Slide 62: Revaluation reserve of EUR 17.4bn
Group financial results 1Q 2011 – Additional information on Group Revaluation reserve of EUR 17.4bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 17.4 Real estate 2.1 (38.8%) 2.4 (44.4%) Associated enterprises, joint ventures 5.4 5.8 0.0 Non
Slide 63: Conglomerate solvency: details as of 31.03.11
Group financial results 1Q 2011 – Additional information on Group Conglomerate solvency: details as of 31.03.11 (EUR bn) Available funds Required capital 22.9 Shareholders’ 42.7 equity1 Dividend accruals -2.4 P/C 7.2 Goodwill, other intangibles -14.4 Commerzbank shares -0.7 Subordinated bonds, parti
Slide 64: Overview investment portfolio
Group financial results 1Q 2011 – Additional information on Group Overview investment portfolio (EUR bn) Group investments and loans1 as of 31.03.11 (31.12.10) Total EUR 445.2bn (EUR 444.9bn) Real estate2 Cash/ Other 2% (2%) 2% (2%) 444.9 445.2 Equities 426.6 7% (7%) Debt instruments 89% (89%) © All
Slide 65: Fixed income portfolio (31.03.11)
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio (31.03.11) By type of issuer Total By rating3 EUR 396.5bn Government 35% AAA 44% Covered 25% AA 13% Corporate 29% A 27% thereof Banking 10% BBB 10% ABS/MBS1 5% Non-investment grade 2% Other2 6% Not rated* 4% *)
Slide 66: Fixed income portfolio: government and government related
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio: government and government related (31.03.11) By region Total By rating EUR 139.0bn1 Germany 22% AAA 40% Italy 20% AA 20% France 14% A 31% Spain 4% BBB 4% UK 1% Non-investment grade 3% Rest of Europe 22% Not rat
Slide 67: Fixed income portfolio: covered bonds
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio: covered bonds (31.03.11) By country Total By rating EUR 100.7bn Germany 56% AAA 89% Spain 10% AA 4% France 13% A 4% UK 5% BBB 2% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 1% Sweden 1% Rest of
Slide 68: Fixed income portfolio: corporate
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio: corporate (31.03.11) By sector Total By rating EUR 114.1bn Banking 34% AAA 7% Other financials 11% AA 13% Consumer 11% A 41% Communication 9% BBB 27% Industrial 6% Non-investment grade 4% Utility 9% Not rated1
Slide 69: Fixed income portfolio: banks
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio: banks (31.03.11) By country Total By rating EUR 39.0bn Germany 13% AAA 12% UK 9% AA 23% France 10% A 55% Italy 7% BBB 8% Rest Eurozone 19% Non-investment grade 1% Europe ex Eurozone 12% Not rated 1% USA 17% Res
Slide 70: Fixed income portfolio: ABS
Group financial results 1Q 2011 – Additional information on Group Fixed income portfolio: ABS (31.03.11) By type of category Total By rating EUR 18.9bn U.S. Agency 26% AAA 81% CMBS 44% AA 4% RMBS 8% A 9% CMO/CDO 9% BBB 1% Credit Card 2% Non-investment grade 4% Auto 1% Not rated 1% Other 10% By segme
Slide 71: Equity portfolio (31.03.11)
Group financial results 1Q 2011 – Additional information on Group Equity portfolio (31.03.11) By region Total By industry EUR 32.9bn1 Germany 24% Financials 25% Consumer 15% Eurozone ex Germany 35% Basic materials 11% Europe Utilities 5% ex Eurozone 19% Industrial 8% NAFTA 11% Energy 6% Rest of Worl
Slide 72: Equity exposure
Group financial results 1Q 2011 – Additional information on Group Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 5.2 34.7 36.41 36.01 0.4 0.4 0.4 3.3 3.2 4.3 0.7 0.7 0.7 12.7 33.8 11.9 -0.3 12.4 3.0 2.9 3.8 0.4 24.6 26.9 26.6 0.5 0.4 4.5 6.1 5.5 5.1 5.5 5.5 3.2 3.2
Slide 73: Real estate portfolio
Group financial results 1Q 2011 – Additional information on Group Real estate portfolio1 By region Total By sectors EUR 17.3bn2 France 31% Office 63% Germany 27% Residential 20% Switzerland 16% Retail 10% Rest of Eurozone 17% Other/mixed 7% USA 2% Rest of world 7% By segment (EUR bn) Net unrealized
Slide 74: Agenda
8 1 Highlights Group financial results 1Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 74
Slide 75: Glossary (1)
Glossary (1) 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 asset-backed securities AFS Available-for-sal
Slide 76: Glossary (2)
Glossary (2) DAC Deferred acquisition costs: Commissions, underwriting expenses and policy issuance costs, which vary with and are primarily related to the acquisition and renewal of insurance contracts. These acquisition costs are deferred, to the extent that they are recoverable, and are subject t
Slide 77: Glossary (3)
Glossary (3) F/X Foreign exchange Goodwill Difference between a subsidiary’s purchase price and the relevant proportion of its net assets valued at the current value of all assets and liabilities at the time of acquisition Gross/Net In insurance terminology the terms “gross” and “net” mean before an
Slide 78: Glossary (4)
Glossary (4) Loss frequency Number of accident year claims reported divided by number of risks in-force Loss ratio Claims and insurance benefits incurred (net) divided by premiums earned (net). Loss ratio calendar year (c.y.) includes the results of the prior year reserve development in contrast to
Slide 79: Glossary (5)
Glossary (5) Performance AM AllianzGI account-based, asset-weighted 3-year investment performance of third-party assets vs. benchmark including all accounts managed by equity and fixed income managers of AllianzGI. For some retail equity funds the net of fee performance is compared to the median per
Slide 80: Glossary (6)
Glossary (6) Risk capital Minimum capital required to ensure solvency over the course of one year with a certain probability which is also linked to our rating ambition Risk-weighted assets (RWA) All assets of a bank multiplied by the respective risk-weight according to the degree of risk of each ty
Slide 81: Glossary (7)
Glossary (7) Unrealized gains and losses (net) Include primarily unrealized gains and losses from available-for-sale investments net of tax and (as part of shareholders’ equity) policyholder participation VNB Value of new business: The additional value to shareholder created through the activity of
Slide 82: 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