Allianz Se · XETR:ALV
Allianz — Q2 2011 Earnings Presentation
84 slides from Allianz's earnings presentation, Aug 5, 2011
Slide 1: Group financial results 2Q 2011
Group financial results 2Q 2011 Oliver Bäte, Chief Financial Officer Analysts’ conference call August 5, 2011
Slide 2: Agenda
1 1 Highlights Group financial results 2Q 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: Strong portfolio delivers resilient performance
Group financial results 2Q 2011 – Highlights Strong portfolio delivers resilient performance Revenues of EUR 24.6bn generating strong operating profit of EUR 2.3bn P/C operating profit up by 15.9 percent to EUR 1.3bn with a combined ratio at 95.0 percent L/H operating profit at EUR 0.7bn with
Slide 4: Quarterly results overview
Group financial results 2Q 2011 – Highlights Quarterly results overview 2009 2010 2011 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q -3.2%1 Total revenues 30.6 29.9 (EUR bn) 25.5 25.4 24.5 26.0 24.6 22.2 22.0 Operating -0.1% profit 2,009 2,302 2,055 2,154 2,300 1,762 1,960 1,732 (EUR mn) 1,660 -7.4% 1,872 1,603 Net in
Slide 5: Capital position continues to be strong
Group financial results 2Q 2011 – Highlights Capital position continues to be strong Shareholders’ equity1 Estimation of stress impact on (EUR mn) IFRS equity3 (EUR bn) -2.2% Equity markets -30%4 -3.2 44,491 43,560 42,615 Unrealized gains/ losses 5,057 4,000 Interest rate +100bps -4.4 4,281 Retained
Slide 6: Sound capitalization
Group financial results 2Q 2011 – Highlights Sound capitalization Conglomerate solvency1 Conglomerate solvency ratio2 (EUR bn) Target range: 150% – 170% +0%-p Ratio as of 30.06.11 180% 173% 180% 180% Equity markets -30%3 167% 100% Interest rate +100bps 181% 39.6 41.3 41.4 Interest rate -100bps 176%
Slide 7: Economic solvency up due to higher long term interest rates and lower volatility
Group financial results 2Q 2011 – Highlights Economic solvency up due to higher long term interest rates and lower volatility Economic solvency1 Stress impact2 (EUR bn) +7%-p Ratio as of 30.06.11 184% 177% 184% Interest rate +100bps 196% 54.6 56.2 Interest rate -100bps 165% Equity markets +30% 195%
Slide 8: Agenda
2 1 Highlights Group financial results 2Q 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: Quarterly revenues at EUR 24.6bn
Group financial results 2Q 2011 – Group Quarterly revenues at EUR 24.6bn Total revenues1 (EUR bn) 30.6 29.9 25.5 25.4 26.0 24.5 24.6 22.2 22.0 14.0 14.3 8.9 10.0 9.4 10.6 10.2 2Q 11/10 Total Internal 9.5 10.2 (in %) growth growth 15.2 15.4 15.1 Group -3.2 -0.9 14.1 14.3 12.6 13.0 11.8 10.8 P/C +2.4
Slide 10: Strong performance in Property/Casualty and Asset Management
Group financial results 2Q 2011 – Group Strong performance in Property/Casualty and Asset Management Operating Profit (EUR mn) Property/Casualty Life/Health Group 2,302 2Q 2010 +15.9% -17.6% 1,147 1,329 P/C +182 895 966 824 679 L/H -145 AM +12 -0.1% 2Q 2009 2010 2011 2009 2010 2011 CO -50 Asset Mana
Slide 11: Non-operating items
Group financial results 2Q 2011 – Group Non-operating items (EUR mn) 2Q 09 2Q 10 2Q 11 Δ 11/10 2Q 10 2Q 11 Realized gains/ losses Realized gains/ losses 181 146 and impairments of 815 -6 -283 -277 - Equities 177 59 investments (net) - Debt securities -21 53 - Real estate 25 34 Interest expense -214
Slide 12: Greek sovereign bond portfolio impaired to market values
Group financial results 2Q 2011 – Group Greek sovereign bond portfolio impaired to market values (EUR mn) Gross impairments on Operating profit effect Net income effect from impairments sovereign bonds from impairments (a/php1) (a/php1, a/tax, b/min) 644 48 596 Special effects Greece EUR 92mn France
Slide 13: Low exposure to peripheral sovereign bonds
Group financial results 2Q 2011 – Group Low exposure to peripheral sovereign bonds Total fixed income portfolio1 Government bonds 100% = EUR 399.6bn Spain Greece 1.2% 0.2% 35% 10% Portugal 10% 1.8% 0.2% 19% 26% Ireland 0.2% Gross exposure (EUR mn) Carrying Unrealized Unrealized Government value loss
Slide 14: Net income development
Group financial results 2Q 2011 – Group Net income development (EUR mn) 2Q 09 2Q 10 2Q 11 Δ 11/10 Operating profit 1,762 2,302 2,300 -2 Non-operating items 548 -597 -686 -89 Income before taxes 2,310 1,705 1,614 -91 Income taxes -438 -548 -543 +5 Net income 1,872 1,157 1,071 -86 Non-controlling inte
Slide 15: Agenda
3 1 Highlights Group financial results 2Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 15
Slide 16: P/C: Operating profit up 16 percent
Group financial results 2Q 2011 – P/C Operating profit up 16 percent Revenues at EUR 10.2bn, up 2.4 percent ! Operating profit at EUR 1,329mn, up 15.9 percent Combined ratio at 95.0 percent with 1.8%-p NatCat and favorable 4.0%-p run-off © Allianz SE 2011 16
Slide 17: P/C: Revenues up by 2.4% to EUR 10.2bn
Group financial results 2Q 2011 – P/C Revenues up by 2.4% to EUR 10.2bn Revenues Revenues of sel. OEs 2Q 09 2Q 10 2Q 11 Δ11/101 (EUR bn) (EUR mn) Germany 1,682 1,642 1,636 +0.4% Countries Speaking German +2.4% Switzerland 126 137 134 -4.0% 10.0 10.2 France 734 714 733 +2.7% South America 9.5 Europe
Slide 18: Operating profit up 16% to EUR 1,329mn
Group financial results 2Q 2011 – P/C Operating profit up 16% to EUR 1,329mn Operating profit Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) +160 +21 +1 1,329 +15.9% 1,147 1,323 1,329 1,169 1,147 1,122 1,031 895 712 Operating Under- Invest- Other Operating 663 profit writing ment p
Slide 19: Combined ratio at 95.0%
Group financial results 2Q 2011 – P/C Combined ratio at 95.0% (in %) NatCat Combined ratio 2Q 09 2Q 10 2Q 11 impact in -1.3%-p (sel. OEs) 2Q 112 Germany1 106.2 100.4 101.8 2.4%-p Countries 101.3 Speaking German 98.9 96.9 100.4 95.3 96.3 97.1 94.9 95.0 Switzerland 91.5 91.9 88.5 France 106.2 103.8 96
Slide 20: Accident year loss ratio with positive trend
Group financial results 2Q 2011 – P/C Accident year loss ratio with positive trend (in %) Accident year loss ratio 9-quarter overview accident year loss ratio -1.8%-p 77.2 75.9 72.7 72.8 71.0 73.0 72.7 72.8 1.1 2.6 72.1 71.5 72.1 1.8 (9Q-Ø) 71.3 71.0 71.6 70.2 69.2 71.6 71.5 70.5 70.0 70.2 69.9 69.1
Slide 21: Expense ratio stable
Group financial results 2Q 2011 – P/C Expense ratio stable (EUR mn) in % of NPE 28.0 27.9 28.0 5,476 5,232 5,321 7.0 6.9 8.9 1,366 Admin. expenses 1,320 1,663 6.7 6.7 Other acquisition 4.5 838 expenses 1,268 1,314 14.6 14.3 14.3 Commissions 2,731 2,733 2,796 © Allianz SE 2011 6M 091 6M 10 6M 11 1) A
Slide 22: Average investment portfolio grows to EUR 97bn
Group financial results 2Q 2011 – P/C Average investment portfolio grows to EUR 97bn Average asset base1,2 Current yield (EUR bn) (in %) Other3 Equities Cash +2.1% Debt securities Equities Debt sec. 96.9 94.9 6.6 6.9 88.3 4.5 6.0 6.8 5.1 5.5 2.25 5.5 4.7 1.85 1.34 1.01 0.93 0.93 71.3 78.7 78.5 2Q 09
Slide 23: Operating investment income on a high level
Group financial results 2Q 2011 – P/C Operating investment income on a high level Operating investment income (EUR mn) +2.5% 844 841 865 782 791 823 774 759 693 in % of NPE 8.4 8.1 7.4 8.2 8.7 8.2 7.6 8.5 8.8 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2009 2010 2011 +1.3% Interest & similar income1 906 845 858 854
Slide 24: Positive price effect on renewals continue in 2011
Group financial results 2Q 2011 – P/C Positive price effect on renewals continue in 2011 Pricing overview for selected operating entities (in %) Price impact Nominal tariff Expert assessment of the market Selected OEs on YTD increase renewals1 for 20112 Motor rates in the market show signs of hard
Slide 25: Agenda
4 1 Highlights Group financial results 2Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 25
Slide 26: L/H: Results on track
Group financial results 2Q 2011 – L/H Results on track Revenues at EUR 13.0bn, below very high result in 2Q 2010 Operating asset base grows to EUR 423bn with EUR 0.4bn of net inflows ! Operating profit at EUR 679mn, burdened by current impairments on Greek sovereign bonds Value of new busine
Slide 27: Revenues at EUR 13.0bn
Group financial results 2Q 2011 – L/H Revenues at EUR 13.0bn Revenues Revenues of sel. OEs2 2Q 09 2Q 10 2Q 11 Δ11/101 (EUR bn) -8.1% (EUR mn) Germany Life 3,436 3,985 3,650 -8.4% Countries Speaking German 14.1 Germany Health 792 798 802 +0.5% 13.0 11.8 Switzerland 260 233 289 +14.7% Premiums France
Slide 28: Operating asset base grows to EUR 423bn
Group financial results 2Q 2011 – L/H Operating asset base grows to EUR 423bn Operating asset base (EUR bn) OAB as of 31.03.2011 419.1 Net flows (EUR bn) 2Q 10 2Q 11 Germany Life +0.8 +0.5 Net inflows +0.4 Germany Health +0.2 +0.2 France +0.0 -0.2 Interest & similar +4.2 Italy +0.3 -0.3 income1 CEE
Slide 29: Operating profit at EUR 679mn
Group financial results 2Q 2011 – L/H Operating profit at EUR 679mn Operating profit Operating profit drivers1 Impairments on (EUR mn) (EUR mn) Greek sovereign bonds, net -17.6% EUR -76mn 824 -25 679 -65 -55 966 939 835 824 655 702 679 554 Operating Techn. Investm. Expense Operating 469 profit resul
Slide 30: Average asset base increases by 3.8 percent
Group financial results 2Q 2011 – L/H Average asset base increases by 3.8 percent Average asset base Current yield (EUR bn)1 (in %) Other2 +3.8% Equities Cash Debt securities Equities 351.0 Debt sec. 338.3 8.7 6.5 8.1 4.8 24.6 21.7 1.82 1.77 1.85 292.6 7.6 311.2 1.18 1.11 1.12 6.7 303.7 18.3 260.0 ©
Slide 31: Resilient operating investment income
Group financial results 2Q 2011 – L/H Resilient operating investment income Operating investment income -5.6% (EUR mn) 4,274 4,062 4,022 4,063 4,095 4,123 3,808 3,834 3,624 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2009 2010 2011 +5.1% Interest & similar income1 3,611 3,541 3,431 3,522 3,974 3,636 3,850 3,807 4,17
Slide 32: Stable value creation from new business
Group financial results 2Q 2011 – L/H Stable value creation from new business New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.6 2.5 287 2.2 2.2 1.8 240 242 217 206 2Q 3Q 4Q 1Q 2Q 2010 2011 PV of NB premiums1 (EUR bn) 12.2 11.2 10.7 9.3 9.6 2Q 3Q 4Q 1Q 2Q © Alli
Slide 33: Value of new business by region
Group financial results 2Q 2011 – L/H Value of new business by region Value of new business New business margin (EUR mn)1 (in %)1 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 2Q 10 3Q 10 4Q 10 1Q 11 2Q 11 German Sp. 119 77 90 86 96 3.7 2.7 2.0 2.2 3.4 Countries Europe 93 60 63 68 66 2.3 2.4 1.8 2.1 2.2 Growth Mark
Slide 34: MCEV growing to EUR 28bn
Group financial results 2Q 2011 – L/H MCEV growing to EUR 28bn (EUR mn) 1,751 -780 28,006 26,422 -322 819 -366 482 26,099 2,423 Free surplus 2,628 2,645 10,894 Required capital 11,021 10,719 14,689 12,773 12,736 VIF 31.12.10 Adjustment 31.12.10 Inforce Operating and VNB Economic Net 30.06.11 MCEV an
Slide 35: Agenda
5 1 Highlights Group financial results 2Q 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: AM: Outstanding performance continues
Group financial results 2Q 2011 – AM Outstanding performance continues Total Assets under Management grow by 5.4 percent to EUR 1,508bn, internal growth of 11.1 percent AGI recorded 3rd party net inflows of EUR 21bn ! Operating profit up by 2.3 percent to EUR 528mn, internal growth of 14.5 per
Slide 37: Total AuM up by 5.4 percent
Group financial results 2Q 2011 – AM Total AuM up by 5.4 percent Assets under Management Internal (EUR bn) +5.4% growth: +11.1% 1,518 1,492 1,508 1,430 1,443 1,312 354 312 354 357 1,202 291 1,150 289 1,067 276 Allianz 272 Group 254 assets 3rd party 813 878 926 1,023 1,139 1,131 1,164 1,138 1,151 AuM
Slide 38: AGI recorded 3rd party net inflows of EUR 21bn
Group financial results 2Q 2011 – AM AGI recorded 3rd party net inflows of EUR 21bn AGI 3rd party net flow development (EUR bn) 40.2 37.0 33.2 22.0 22.6 21.1 21.0 12.9 13.6 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2009 2010 2011 Net flows in % of 3rd 2.8 4.2 2.6 4.1 2.3 3.6 1.2 1.2 1.9 party AuM bop © Allianz SE
Slide 39: Net fee and commission income up 9.2 percent
Group financial results 2Q 2011 – AM Net fee and commission income up 9.2 percent (EUR mn) Internal +9.2% growth: +21.3% 1,2972 1,188 81 88 752 Performance fees 20 36.1 39.1 40.3 Other net fee and 732 1,100 1,216 commission income 2Q 09 2Q 10 2Q 11 3rd party AuM driven margin1 (in bps) © Allianz SE
Slide 40: Operating profit up 2.3 percent
Group financial results 2Q 2011 – AM Operating profit up 2.3 percent Operating profit Operating profit drivers Internal (EUR mn) (EUR mn) growth: +14.5% Cost-income ratio (in %) +2.3% +109 +6 516 528 576 557 528 -103 516 521 528 466 368 246 Operating Net fee & Other Operat. Operating profit comm. in
Slide 41: Exceptional performance of fixed income
Group financial results 2Q 2011 – AM Exceptional performance of fixed income Fixed income 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +0.4% +10.6% 90 94 992 997 490 71 443 684 247 Cost- Net flows income +22.4 +27.7 +18.0 ratio 50.9 45.6 49.9 (quart
Slide 42: Cost-income ratio for equity improves to 71.9 percent
Group financial results 2Q 2011 – AM Cost-income ratio for equity improves to 71.9 percent Equity 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +6.1% +40.0% 65 35 153 63 62 25 145 xx 128 114.8 78.0 71.9 Cost- Net flows income -1.6 -4.8 +1.5 ratio (qu
Slide 43: Agenda
6 1 Highlights Group financial results 2Q 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 2Q 2011 – Summary Summary Revenues of EUR 24.6bn generating strong Outlook1: operating profit of EUR 2.3bn on track P/C operating profit up by 15.9 percent to EUR 1.3bn with a combined ratio at 95.0 percent L/H operating profit at EUR 0.7bn with a new business margin at
Slide 45: Agenda
7 1 Highlights Group financial results 2Q 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 2Q 2011 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 Total revenues (EUR bn) 10.0 10.2 14.1 13.0 1.2 1.3 0.1 0.1 0.0 0.0 25.4 24.6 Operating pro
Slide 47: Key figures: Group
Group financial results 2Q 2011 – Additional information on Group Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2009 2009 2009 2010 2010 2010 2010 2011 2011 2Q 11/10 2009 2010 2011 Total revenues (EUR bn) 22.2 22.0 25.5 30.6 25.4 24.5 26.0 29.9 24.6 -0.8 49.9 56.0 54.5 Operating pro
Slide 48: Key figures: P/C
Group financial results 2Q 2011 – Additional information on P/C Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2009 2009 2009 2010 2010 2010 2010 2011 2011 2Q 11/10 2009 2010 2011 Gross premiums written (EUR bn) 9.5 10.2 8.9 14.0 10.0 10.6 9.4 14.3 10.2 +0.2 23.4 23.9 24.4 Operating
Slide 49: Remarks concerning the operating entities' revenues (P/C)
Group financial results 2Q 2011 – Additional information on P/C Remarks concerning the operating entities’ revenues Germany Transfer of China Branch to Asia Pacific (impact 2010: EUR 12mn) Switzerland Sale of Phénix and Alba (impact 2009: EUR 12mn, 2010: EUR 13mn) Spain Industrial commercial busines
Slide 50: Key figures: L/H
Group financial results 2Q 2011 – Additional information on L/H Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2009 2009 2009 2010 2010 2010 2010 2011 2011 2Q 11/10 2009 2010 2011 Statutory premiums (EUR bn) 11.8 10.8 15.2 15.4 14.1 12.6 15.1 14.3 13.0 -1.1 24.8 29.5 27.2 Operating p
Slide 51: Remarks concerning the operating entities' revenues (L/H)
Group financial results 2Q 2011 – Additional information on L/H Remarks concerning the operating entities’ revenues Switzerland Sale of Phénix Vie (impact 2009: EUR 8mn, 2010: EUR 9mn) France France business generated by Allianz Global Life (AGL) is transferred from AGL to France 1Q 2011 (impact 201
Slide 52: Operating investment income – details
Group financial results 2Q 2011 – Additional information on L/H Operating investment income – details (EUR mn) 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 Interest & similar income1 3,611 3,541 3,431 3,522 3,974 3,636 3,850 3,807 4,176 Investment expenses -152 -151 -181 -
Slide 53: New business key performance indicators
Group financial results 2Q 2011 – Additional information on L/H New business1 key performance indicators (EUR mn) Value of New business Present value of Recurring Single new business margin new business premium premium premium 2 Region 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 Δ% 2Q 10 2Q 11 2Q 10 2Q 11 G
Slide 54: MCEV development (1/2)
Group financial results 2Q 2011 – Additional information on L/H MCEV1 development (1/2) (EUR mn) 1,751 -780 28,006 26,422 -322 819 -366 482 26,099 2,423 Free surplus 2,628 2,645 10,894 Required capital 11,021 10,719 14,689 12,773 12,736 VIF 31.12.10 Adjustment 31.12.10 Inforce Operating and VNB Econ
Slide 55: MCEV development (2/2)
Group financial results 2Q 2011 – Additional information on L/H MCEV1 development (2/2) (EUR mn) 1 1,398 = 708 Release of annual risk free profits from VIF 249 Inforce capital release 98 Risk free return on NAV 343 Over-returns earned in the year on inforce and NAV, mainly from US spreads 2 -330 = -
Slide 56: Key figures: AM
Group financial results 2Q 2011 – Additional information on AM Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2009 2009 2009 2010 2010 2010 2010 2011 2011 2Q 11/10 2009 2010 2011 Operating revenues 780 899 1,294 1,116 1,188 1,256 1,426 1,273 1,303 +115 1,496 2,304 2,576 Operating pro
Slide 57: 3rd party AuM
Group financial results 2Q 2011 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail Institutional 1,139 1,151 1,139 1,151 18 17 100 114 31.12.10 1,164 Other3 374 394 175 172 Internal Net inflows growth: 813 Asia-Pacific +34 and rest 81
Slide 58: Key figures: Corporate and Other
Group financial results 2Q 2011 – Additional information on Corporate and Other Key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2009 2009 2009 2010 2010 2010 2010 2011 2011 2Q 11/10 2009 2010 2011 Total revenues (Banking) 124 119 157 128 138 146 175 151 137 -1 241 266 288 Operating pr
Slide 59: Corporate and Other
Group financial results 2Q 2011 – Additional information on Corporate and Other Corporate and Other (EUR mn) Operating loss Operating loss components EUR -50mn -155 -32 -9 -9 0 -205 -155 Operating Holding Banking Alternative Conso Operating loss & Treasury Investments loss -205 2Q 10 Δ 2Q 11/10 2Q 1
Slide 60: Asset allocation
Group financial results 2Q 2011 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other Balance sheet items 30.06.10 30.06.11 30.06.10 30.06.11 30.06.10 30.06.11 30.06.10 30.06.11 30.06.10 30.06.11 30.06.10 30.06.11 Investments Equities 2 5.2 5
Slide 61: Average AuM P/C and L/H: basis for yield calculation
Group financial results 2Q 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 31.03.11 30.06.11 Average 31.03.11 30.06.11 Average Investments Equities 1 5.4 5.6 5.5 24.4 24.7 24.6 Debt sec. 60.5 61.0 60.8 212.6 216.0
Slide 62: Investment result
Group financial results 2Q 2011 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Consolidation Group1 Other 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 2Q 10 2Q 11 Operating investment result 2 Interest and similar income 941 953 3,974 4,176 -1 4
Slide 63: Shareholders' equity
Group financial results 2Q 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 (restated) 2
Slide 64: Revaluation reserve of EUR 19.0bn
Group financial results 2Q 2011 – Additional information on Group Revaluation reserve of EUR 19.0bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 19.0 Real estate 2.1 (38%) 2.4 (44%) Associated enterprises, joint ventures 5.4 5.8 0.0 Non- co
Slide 65: Conglomerate solvency: details as of 30.06.11
Group financial results 2Q 2011 – Additional information on Group Conglomerate solvency: details as of 30.06.11 (EUR bn) Available funds Required capital 23.0 Shareholders’ 41.0 equity1 Dividend accruals -0.7 P/C 7.2 Goodwill, other intangibles -14.3 Commerzbank shares -0.7 Subordinated bonds, parti
Slide 66: Overview investment portfolio
Group financial results 2Q 2011 – Additional information on Group Overview investment portfolio (EUR bn) Group investments and loans1 as of 30.06.11 (31.12.10) Total EUR 448.4bn (EUR 444.9bn) Real estate2 Cash/ Other 2% (2%) 2% (2%) 444.9 448.4 Equities 440.3 7% (7%) © Allianz SE 2011 30.06.10 31.12
Slide 67: Fixed income portfolio (30.06.11)
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio (30.06.11) By type of issuer Total By rating3 EUR 399.6bn Government 35% AAA 45% Covered 26% AA 14% Corporate 29% A 25% thereof Banking 10% BBB 10% ABS/MBS1 5% Non-investment grade 2% Other2 5% Not rated* 4% *)
Slide 68: Fixed income portfolio: government and government related
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio: government and government related (30.06.11) By region Total By rating EUR 139.7bn1 Germany 21% AAA 40% Italy 21% AA 21% France 14% A 30% Spain 4% BBB 5% UK 1% Non-investment grade 2% Rest of Europe 21% Not rat
Slide 69: Fixed income portfolio: covered bonds
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio: covered bonds (30.06.11) By country Total By rating EUR 102.0bn Germany 56% AAA 90% Spain 10% AA 4% France 13% A 3% UK 5% BBB 2% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 1% Sweden 1% Rest of
Slide 70: Fixed income portfolio: corporate
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio: corporate (30.06.11) By sector Total By rating EUR 116.4bn Banking 35% AAA 7% Other financials 11% AA 13% Consumer 11% A 42% Communication 8% BBB 26% Industrial 6% Non-investment grade 4% Utility 9% Not rated1
Slide 71: Fixed income portfolio: banks
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio: banks (30.06.11) By country Total By rating EUR 40.5bn Germany 13% AAA 12% UK 9% AA 22% France 10% A 56% Italy 7% BBB 8% Rest Eurozone 19% Non-investment grade 1% Europe ex Eurozone 12% Not rated 1% USA 17% Res
Slide 72: Fixed income portfolio: ABS
Group financial results 2Q 2011 – Additional information on Group Fixed income portfolio: ABS (30.06.11) By type of category Total By rating EUR 18.6bn U.S. Agency 25% AAA 81% CMBS 46% AA 4% RMBS 8% A 9% CMO/CDO 9% BBB 1% Credit Card 2% Non-investment grade 4% Auto 1% Not rated 1% Other 9% By segmen
Slide 73: Equity portfolio (30.06.11)
Group financial results 2Q 2011 – Additional information on Group Equity portfolio (30.06.11) By region Total By industry EUR 33.4bn1 Germany 24% Financials 25% Consumer 16% Eurozone ex Germany 34% Basic materials 11% Europe Utilities 5% ex Eurozone 19% Industrial 7% NAFTA 12% Energy 5% Rest of Worl
Slide 74: Equity exposure
Group financial results 2Q 2011 – Additional information on Group Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 5.2 36.41 36.41 33.51 0.3 0.4 0.4 3.3 3.2 3.9 0.7 0.7 0.7 12.7 33.8 11.5 -0.6 12.1 3.0 3.0 3.3 0.4 23.7 26.9 26.8 0.5 0.4 4.4 6.1 4.9 5.2 5.5 5.7 3.4 3.
Slide 75: Real estate portfolio
Group financial results 2Q 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 76: Agenda
8 1 Highlights Group financial results 2Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 76
Slide 77: 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 78: Glossary (2)
Glossary (2) Covered bonds Debt securities covered by a pool of mortgage loans or by public-sector loans with investors having a preferential claim in case of a default Current yield Interest and similar income/ average asset base at book value (excluding income from financial assets and liabilities
Slide 79: 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 80: 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 81: Glossary (5)
Glossary (5) Operating profit Earnings from ordinary activities before income taxes and minority interests in earnings, excluding, as applicable for each respective segment, all or some of the following items: Income from financial assets and liabilities held for trading (net), realized gains/ losse
Slide 82: Glossary (6)
Glossary (6) Residential mortgage-backed Debt instruments that are backed by portfolios of mortgages on residential rather than securities (RMBS) commercial real estate Retained earnings Retained earnings comprise the net income of the current year, not yet distributed earnings of prior years and tr
Slide 83: Glossary (7)
Glossary (7) Stress tests Conglomerate solvency ratio stress tests are based on the following scenarios - Credit loss/ migration: scenario based on probabilities of default in 1932, migrations adjusted to mimic recession and assumed recovery rate of 30% - Credit spread: 100bps increase in the credit
Slide 84: 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