Allianz Se · XETR:ALV

Allianz — Q2 2013 Earnings Presentation

101 slides from Allianz's earnings presentation, Aug 2, 2013

1. Slide 1: Group financial results 2Q 2013

   Group financial results 2Q 2013 Dieter Wemmer Chief Financial Officer Analysts’ conference call August 02, 2013

2. Slide 2: Highlights

   1 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 2

3. Slide 3: Group: business highlights 2Q 2013

   Group financial results 2Q 2013 Group: business highlights 2Q 2013 We provided quick help to more than 50,000 clients hit by the floods in Central Europe. To support Customer service claims handling, 300 additional staff were sent to affected regions. More than 60% of claims have been settled alread

4. Slide 4: Group: strong operating performance and high net income

   Group financial results 2Q 2013 Group: strong operating performance and high net income Total revenues Operating profit by segment (EUR bn) (EUR mn) +6.3%1 25.2 26.8 P/C 1,179 Operating profit (EUR mn) L/H 669 2Q 12 2Q 13 +5.2% Net income2 2,250 2,367 AM 804 (EUR mn) +26.8% 1,588 CO -274 1,252 2Q 12

5. Slide 5: Group: healthy capital position

   Group financial results 2Q 2013 Group: healthy capital position Shareholders’ equity (EUR mn) Conglomerate solvency (%) -5.0% -4%-p 50,388 181% 177% 47,866 Pro forma Restated restated 31.12.12 30.06.13 31.12.12 30.06.13 Economic solvency (%) S&P capital adequacy +7%-p 206% Allianz‘ rating at “AA“ 19

6. Slide 6: P/C: underlying growth of 2.3 percent

   Group financial results 2Q 2013 P/C: underlying growth of 2.3 percent1 (EUR mn) 2Q 2013 Revenues Total Internal Price Volume growth growth2 effect effect Total P/C segment 10,754 +0.3% +0.0% +0.8% -0.8% Large OEs Germany 1,669 -1.2% -0.5% France 894 +21.5% +1.4% Italy 1,034 +0.2% +0.2% Global lines

7. Slide 7: P/C: underwriting result continues to improve

   Group financial results 2Q 2013 P/C: underwriting result continues to improve Operating profit drivers Combined ratio (EUR mn) (in %) +12.3% NatCat impact1 -1.2%-p (in %-p) +123 +83 1,179 1,050 97.2 96.0 -77 Loss ratio 69.4 67.3 1.7 5.3 Expense ratio 27.8 28.7 Operating Underwriting Investment Other

8. Slide 8: P/C: lower combined ratio supports operating profit

   Group financial results 2Q 2013 P/C: lower combined ratio supports operating profit (EUR mn) 2Q 2013 Operating Δ p.y. Combined Δ p.y. NatCat Δ p.y.1 profit ratio impact in CR1 Total P/C segment 1,179 +12.3% 96.0% -1.2%-p 5.3%-p +3.6%-p Large OEs Germany -53 -143.4% 110.6% +11.0%-p 16.8%-p +14.3%-p F

9. Slide 9: P/C: operating investment result impacted by low interest rate environment

   Group financial results 2Q 2013 P/C: operating investment result impacted by low interest rate environment Investment result (EUR mn) Current yield (debt securities; in %) -8.9% 2Q 12 0.90 861 784 2Q 13 0.82 Total average asset base1 101.6 106.0 (EUR bn) Reinvestment yield4 (debt securities; in %) 2

10. Slide 10: L/H: unit-linked business drives growth

    Group financial results 2Q 2013 L/H: unit-linked business drives growth (EUR mn) 2Q 2013 Revenues Total Internal PVNBP Δ p.y. growth growth1 Δ p.y. Δ p.y. Total L/H segment 14,125 +9.8% +10.3% 11,099 +15.3% Large OEs Germany Life 3,674 +9.9% +9.9% 2,213 +2.1% France 2,139 +10.4% +10.4% 2,304 +64.9%

11. Slide 11: L/H: solid operating performance

    Group financial results 2Q 2013 L/H: solid operating performance (EUR mn) Operating profit by sources1 Operating profit by line -18.2% +76 +35 818 818 -44 31 669 -56 669 176 42 -160 157 611 470 Operating Loadings Investment Expenses Technical Impact of Operating 2Q 12 2Q 13 profit & fees margin marg

12. Slide 12: L/H: higher volumes increase value of new business

    Group financial results 2Q 2013 L/H: higher volumes increase value of new business (EUR mn) 2Q 2013 Operating Δ p.y. VNB Δ p.y. NBM Δ p.y. profit Total L/H segment 669 -18.2% 190 +16.6% 1.7% +0.0%-p Large OEs Germany Life 162 -48.7% 64 -4.5% 2.9% -0.2%-p France 123 -0.8% 1 -93.3% 0.1% -1.0%-p Italy

13. Slide 13: L/H: investment margin stable

    Group financial results 2Q 2013 L/H: investment margin stable (yields are pro-rata) Reinvestment yield4 (debt securities; in %) Based on Ø book value of assets1 2Q 12 2Q 13 3.9 Current yield2 1.2% 1.1% 3.1 Based on Ø aggregate policy reserves Current yield2 1.3% 1.3% Net harvesting and other 0.0% -0

14. Slide 14: L/H: stable MCEV

    Group financial results 2Q 2013 L/H: stable MCEV (EUR mn, after non-controlling interests) Free surplus Required capital VIF +1,124 +427 +376 27,304 +8 27,703 -198 -1,338 15,988 15,423 11,501 12,754 -185 -474 © Allianz SE 2013 12M 2012 Adjustment In-force Operating VNB Economic Net 6M 2013 MCEV and

15. Slide 15: AM: positive net flows despite market hiccup

    Group financial results 2Q 2013 AM: positive net flows despite market hiccup 3rd party net flows (EUR bn) Assets under management (EUR bn) -62.6% +6.6% 18.61 1,863 1,748 407 Allianz Group 394 6.91 3rd party 1,354 1,456 PIMCO 19.2 4.3 1.7 AllianzGI -1.1 2Q 12 2Q 13 2Q 12 2Q 13 © Allianz SE 2013 1) “O

16. Slide 16: AM: PIMCO AuM grew even in times of increasing interest rates

    Group financial results 2Q 2013 AM: PIMCO AuM grew even in times of increasing interest rates (in USD bn) +132bps1 5.14% +159bps2 3.84% 3.82% 2.25% 2.49% US treasury benchmark bond 10 years6 Mid +39%4 2013 End 1,621 1,609 End 2009 1,348 +77%3 Mid 2008 1,221 2006 End 976 2002 701 620 700 552 467 © Al

17. Slide 17: AM: AuM driven fees at record level

    Group financial results 2Q 2013 AM: AuM driven fees at record level Revenues development PIMCO (EUR mn) +21.2% +24.2% 1,433 Internal growth 1,154 40 +23.1% 1,8151 34 78 1,4971 55 39.2 42.5 Performance fees 1,120 1,393 Other net fee and commission income 2Q 12 2Q 13 3rd party AuM 42.5 45.0 margin2 (i

18. Slide 18: AM: operating profit up almost 40 percent

    Group financial results 2Q 2013 AM: operating profit up almost 40 percent Operating profit drivers Operating profit development (EUR mn) Internal growth (EUR mn) +41.9% +39.8% +315 +3 804 8041 -89 5751 95 575 37 AllianzGI PIMCO 543 700 Operating Net fee & Other Operating Operating 2Q 12 2Q 13 profit

19. Slide 19: CO: operating result at target

    Group financial results 2Q 2013 CO: operating result at target (EUR mn) Operating loss development and components -180 +20 -104 -9 -1 -274 -52.2% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2Q 12 2Q 13 © Allianz SE 2013 Δ 2Q 13/12 2Q 13 -277 -

20. Slide 20: Group: shareholders' net income up 27 percent

    Group financial results 2Q 2013 Group: shareholders’ net income up 27 percent (EUR mn) 2Q 12 2Q 13 Change Operating profit 2,250 2,367 +117 Non-operating items -151 132 +283 Realized gains/losses 370 458 +88 Impairments (net) -207 -64 +143 Income from fin. assets and liabilities carried at fair valu

21. Slide 21: Upper end of target range in reach

    Group financial results 2Q 2013 Upper end of target range in reach Operating profit (EUR bn) 6M 2013 Outlook1 published 02/13 6M 2013 53%2  GPW growth 1.7% P/C 2.5  CR 95.1% 4.3 – 5.1 54%2  Revenue growth 9.0% L/H 1.5  NBM 1.8% 2.5 – 3.1 59%2  3rd party net inflows of EUR 50bn AM 1.7  CIR 54.3

22. Slide 22: Summary of 2Q 2013 results

    Group financial results 2Q 2013 Summary of 2Q 2013 results  Total revenues increase 6.3 percent to EUR 26.8bn  Operating profit grows 5.2 percent to EUR 2,367mn  Shareholders’ net income up 26.8 percent to EUR 1,588mn  Strong capital position and balance sheet © Allianz SE 2013 22

23. Slide 23: Highlights

    2 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 23

24. Slide 24: Group: business highlights 2Q 2013 – additional information

    Group financial results 2Q 2013 Group: business highlights 2Q 2013 Additional information  Central and Eastern European floods  Yapı Kredi Net claims after reinsurance EUR 329mn. Transaction closed, application for Reduced amount compared to initially mandatory tender offer regarding communicated

25. Slide 25: Group: strong operating performance and high net income – additional information

    Group financial results 2Q 2013 Group: strong operating performance and high net income Additional information  Growth  Asset Management Internal growth of 6.5%, driven by AM Another outstanding result despite market and L/H, P/C impacted by reduction in turbulences. AuM driven fees at highest cro

26. Slide 26: Group: healthy capital position – additional information

    Group financial results 2Q 2013 Group: healthy capital position Additional information  IAS  Economic solvency Shareholders’ equity and conglomerate Increase of economic solvency ratio driven solvency reflect new IAS 19: negative by slight decrease of available funds, which shareholders’ equity im

27. Slide 27: P/C: underlying growth of 2.3 percent – additional information

    Group financial results 2Q 2013 P/C: underlying growth of 2.3 percent1 Additional information  P/C growth  AGCS Internal growth ex crop +2.3%, of Seasonality of renewals at ART and which +1.5% volume and +0.8% price. profitability-driven underwriting.  Germany  Australia Price increases continue

28. Slide 28: P/C: underwriting result continues to improve – additional information

    Group financial results 2Q 2013 P/C: underwriting result continues to improve Additional information  Operating profit  Accident year loss ratio 12.3% operating profit growth driven by Up 1.5%-p to 73.0% entirely due to strong underwriting result. Investment NatCat. Attritional AY loss ratio ex re

29. Slide 29: P/C: lower combined ratio supports operating profit – additional information

    Group financial results 2Q 2013 P/C: lower combined ratio supports operating profit Additional information  Strong segment result  Italy All major OEs (ex Germany) have Best in class CR of 76.4%. Driven by improved operating profit and CR. stable average premiums. Low claims frequency, lower impac

30. Slide 30: P/C: operating investment result – additional information

    Group financial results 2Q 2013 P/C: operating investment result impacted by low interest rate environment Additional information  Interest income  Net harvesting and other Higher average asset base partly Mainly driven by negative FX. offsets negative effect of lower yields and lower dividend inc

31. Slide 31: L/H: unit-linked business drives growth – additional information

    Group financial results 2Q 2013 L/H: unit-linked business drives growth Additional information  Growth  Asia-Pacific Growth of 9.8% entirely driven by unit- Taiwan with 131% growth, entirely due to linked business without guarantees - unit-linked business without guarantees revenues doubled to EUR

32. Slide 32: L/H: solid operating performance – additional information

    Group financial results 2Q 2013 L/H: solid operating performance Additional information  Operating profit impact was overcompensated by change Quarterly operating profit affected by lower in DAC, reflected in “impact of change result from Germany and USA, most other in DAC”. OEs improved operating

33. Slide 33: L/H: higher volumes increase value of new business – additional information

    Group financial results 2Q 2013 L/H: higher volumes increase value of new business Additional information  VNB  France VNB increased 17% driven by higher VNB retreats due to lower margins volumes at constant margins. in group protection business and assumption changes. Decline in group  Germany p

34. Slide 34: L/H: investment margin stable – additional information

    Group financial results 2Q 2013 L/H: investment margin stable Additional information  Investment margin  Margin Up 5.7% thanks to growth (reserves up Margin increased by 1bp to 19bps. 3.8%) and a slightly better margin (+1bp). Compared to 1Q 2013 the margin fell by 3bps due to lower net harvesting

35. Slide 35: L/H: stable MCEV – additional information

    Group financial results 2Q 2013 L/H: stable MCEV Additional information  Economic variances EUR 376mn positive impact driven by lower spreads on Italian and Spanish government bonds and higher interest rates in Germany and Switzerland.  Net capital movement Net capital upstream by Life subsidiarie

36. Slide 36: AM: positive net flows – additional information

    Group financial results 2Q 2013 AM: positive net flows despite market hiccup Additional information  Development of net flows  Inflows at AllianzGI 3rd party net inflows despite rising Net inflows at AllianzGI driven by yields. YTD net inflows of EUR 49.6bn, institutional business. Retail inflows

37. Slide 37: AM: PIMCO AuM – additional information

    Group financial results 2Q 2013 AM: PIMCO AuM grew even in times of increasing interest rates (in USD bn) Additional information  Long-term AuM development PIMCO with a track record of rising AuM in both, rising and falling interest rate environments. This is also driven by net inflows. Annual net

38. Slide 38: AM: AuM driven fees – additional information

    Group financial results 2Q 2013 AM: AuM driven fees at record level Additional information  Revenues improved  AM margin improved AuM driven fees at highest level ever Revenue margin up, driven by an due to PIMCO, triggered by higher increased share of retail business and a average AuM and higher

39. Slide 39: AM: operating profit – additional information

    Group financial results 2Q 2013 AM: operating profit up almost 40 percent Additional information  Operating profit and outlook  CIR Operating profit 4th best in history, after CIR slightly higher than in 1Q 2013 due performance fee driven records in last to lower performance fees. three quarters.

40. Slide 40: CO: operating result at target – additional information

    Group financial results 2Q 2013 CO: operating result at target Additional information  Operating profit Previous year’s quarter better than normal, actual result in line with quarterly run-rate for full-year target of EUR -1.1 – -1.3 bn.  Holding & Treasury Increase in operating loss driven by hig

41. Slide 41: Group: shareholders' net income – additional information

    Group financial results 2Q 2013 Group: shareholders’ net income up 27 percent Additional information  Non-operating items Improvement of EUR 283mn, driven by higher realizations, lower impairments and improved result from private equity investments.  Tax Tax rate within expected range of 32% - 34%

42. Slide 42: Upper end of target range in reach – additional information

    Group financial results 2Q 2013 Upper end of target range in reach Additional information  6M operating result  Asset Management All business segments exceed their Remarkable net inflows combined with mid-point pro rata target. higher AuM driven margin of 44.3bps drive strong increase of operating

43. Slide 43: Additional information: Group

    3a 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 43

44. Slide 44: Group: key figures

    Group financial results 2Q 2013 – Additional information on Group Group: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2011 2011 2011 2012 2012 2012 2012 2013 2013 2Q 13/12 2011 2012 2013 Total revenues (EUR bn) 24.6 24.1 25.0 30.1 25.2 25.2 25.9 32.0 26.8 +1.6 54.5 55.2 58.8 - Prop

45. Slide 45: Highlights 6M 2013

    Group financial results 2Q 2013 – Additional information on Group Highlights 6M 2013 2012 2013 2012 2013 6M 6M 6M 6M Group +6.5% P/C +11.9% Total revenues 55.2 58.8 (EUR mn) 2,498 (EUR bn) 2,233 1.1% 3.0% NatCat impact CR 96.7% 95.1% 2.4% 3.6% Run-off ratio Group +12.7% L/H -7.2% Operating profit 5,

46. Slide 46: Group: shareholders' equity and stress tests

    Group financial results 2Q 2013 – Additional information on Group Group: shareholders’ equity and stress tests Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) -5.0% Equity markets -30%4 -2.1 50,388 47,866 43,457 Interest rate +100bps -4.9 10,122 6,559 Unrealized gains/losses 4,6

47. Slide 47: Group: revaluation reserve

    Group financial results 2Q 2013 – Additional information on Group Group: revaluation reserve (EUR bn) Off balance sheet Revaluation On balance sheet Shareholders’ Policyholders’ reserve share share 2.3 (40.0%) 2.4 (40.9%) 31.9 Real estate 5.7 Associated enterprises, joint ventures 0.1 Non- controlli

48. Slide 48: Group: conglomerate solvency ratio and stress tests

    Group financial results 2Q 2013 – Additional information on Group Group: conglomerate solvency ratio and stress tests Conglomerate solvency1 (EUR bn) Estimation of stress impact1 -4%-p Ratio as of 30.06.13 177% 197% 181% 177% Equity markets -30% 167% 48.4 44.4 44.6 Interest rate +100bps 179% Interes

49. Slide 49: Group: conglomerate solvency details as of 30.06.13

    Group financial results 2Q 2013 – Additional information on Group Group: conglomerate solvency details as of 30.06.13 (EUR bn) Available funds Required capital 25.2 Shareholders’ equity1 43.3 P/C 7.6 Dividend accruals -1.3 Goodwill, other intangibles, DTA -15.0 Subordinated bonds, participation cert

50. Slide 50: Group: economic solvency ratio and stress tests

    Group financial results 2Q 2013 – Additional information on Group Group: economic solvency ratio and stress tests Economic solvency1 (EUR bn) Estimation of stress impact2 Confidence level 99.5% +7%-p Ratio as of 30.06.13 206% 191% 199% 206% Interest rate +100bps 226% 49.3 48.7 Interest rate -100bps

51. Slide 51: Group: asset allocation

    Group financial results 2Q 2013 – Additional information on Group Group: asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group Other 30.06.12 30.06.13 30.06.12 30.06.13 30.06.12 30.06.13 30.06.12 30.06.13 30.06.12 30.06.13 30.06.12 30.06.13 Investments Equities 1 4.1 4.5 22.1 24.7 0

52. Slide 52: Group: investment result

    Group financial results 2Q 2013 – Additional information on Group Group: investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group 2Q 12 2Q 13 2Q 12 2Q 13 2Q 12 2Q 13 2Q 12 2Q 13 2Q 12 2Q 13 2Q 12 2Q 13 Operating investment result Interest and similar income1 965 925 4,402 4,347

53. Slide 53: Average AuM P/C and L/H

    Group financial results 2Q 2013 – Additional information on P/C and L/H Average AuM P/C and L/H (EUR bn) P/C L/H 31.03.13 30.06.13 Average 31.03.13 30.06.13 Average Investments Equities 1 4.1 4.5 4.3 24.9 24.7 24.8 Debt sec. 71.4 68.9 70.2 272.3 265.4 268.9 2 Cash and cash pool assets 6.5 5.0 5.7 6.

54. Slide 54: Group: overview investment portfolio

    Group financial results 2Q 2013 – Additional information on Group Group: overview investment portfolio (EUR bn) Group investments and loans1 as of 30.06.13 (30.06.12) Total EUR 504.1bn (EUR 481.9bn) Real estate2 Cash/ Other 2% (2%) 2% (1%) Equities Debt 504.1 6% (6%) 90% (91%) 481.9 448.4 © Allianz

55. Slide 55: Group: fixed income portfolio (30.06.13)

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio (30.06.13) By type of issuer Total By rating3 EUR 456.1bn Government 37% AAA 31% Covered 23% AA 22% Corporate 31% A 18% thereof Banking 7% BBB 24% ABS/MBS1 4% Non-investment grade 3% Other2 5% Not rated*

56. Slide 56: Group: fixed income portfolio - Government and government related

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio - Government and government related (30.06.13) By region Total By rating EUR 169.6bn1 Germany 16% AAA 26% Italy 17% AA 38% France 20% A 7% Spain 1% BBB 25% UK 1% Non-investment grade 2% Rest of Europe 18%

57. Slide 57: Group: fixed income portfolio - Covered bonds

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio - Covered bonds (30.06.13) By country Total By rating EUR 103.7bn Germany 49% AAA 69% France 16% AA 13% Spain 9% A 13% UK 5% BBB 5% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 0% Sweden 1%

58. Slide 58: Group: fixed income portfolio - Corporate

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio - Corporate (30.06.13) By sector Total By rating EUR 142.6bn Banking 24% AAA 5% Other financials 8% AA 12% Consumer 16% A 35% Communication 10% BBB 40% Industrial 7% Non-investment grade 6% Utility 10% No

59. Slide 59: Group: fixed income portfolio - Banks

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio - Banks (30.06.13) By country Total By rating EUR 34.3bn Germany 20% AAA 11% UK 9% AA 23% France 7% A 44% Italy 5% BBB 16% Rest Eurozone 18% Non-investment grade 5% Europe ex Eurozone 11% Not rated 1% USA

60. Slide 60: Group: fixed income portfolio - ABS/MBS

    Group financial results 2Q 2013 – Additional information on Group Group: fixed income portfolio - ABS/MBS (30.06.13) By type of category Total By rating EUR 18.5bn U.S. Agency 17% AAA 76% CMBS 51% AA 12% RMBS 9% A 6% CMO/CDO 4% BBB 2% Credit Card 2% Non-investment grade 4% Auto 2% Not rated 0% Other

61. Slide 61: Group: equity portfolio (30.06.13)

    Group financial results 2Q 2013 – Additional information on Group Group: equity portfolio (30.06.13) By region Total By industry EUR 30.4bn1 Germany 17% Banking 7% Eurozone ex Germany 26% Other Financials 15% Europe ex Eurozone 17% Consumer 21% NAFTA 11% Basic materials 9% Rest of World 8% Utilities

62. Slide 62: Group: real estate portfolio

    Group financial results 2Q 2013 – Additional information on Group Group: real estate portfolio1 By region Total By sectors EUR 18.4bn2 France 33% Office 64% Germany 26% Residential 19% Switzerland 16% Retail 13% Italy 7% Other/mixed 4% Spain 3% Rest of Eurozone 6% USA 1% Rest of World 8% By segment

63. Slide 63: Additional information: Property-Casualty

    3b 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 63

64. Slide 64: P/C: key figures

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2011 2011 2011 2012 2012 2012 2012 2013 2013 2Q 13/12 2011 2012 2013 Gross premiums written (EUR bn) 10.2 10.8 9.5 14.8 10.7 11.4 10.0 15.2 10.8 +0.1 24.4

65. Slide 65: P/C: loss ratio and run-off

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 9-quarter overview accident year loss ratio +1.5%-p 9Q avg. Including NatCat 74.1 74.3 Excluding NatCat 73.0 71.0 71.5 71.7 73.0 71.0 70.9 71.5 70.7 1.8 1.7 5.3 7

66. Slide 66: P/C: expense ratio

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 28.0 27.9 28.4 5,885 5,674 5,470 6.8 7.0 7.0 1,405 1,417 Admin. expenses 1,362 7.3 6.6 6.7 1,512 Other acquisition 1,344 expenses 1,312 14.3 14.3 14.3 Commissions 2,796 2,913 2,968 ©

67. Slide 67: P/C: average asset base and yields

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: average asset base and yields Average asset base1 (EUR bn) Current yield (in %) Other2 +4.8% Equities Cash Debt securities Equities Debt securities 105.6 100.8 7.8 95.8 7.3 5.7 6.9 6.1 4.3 4.9 4.6 5.5 2.15 1.85 1.69 7

68. Slide 68: P/C: operating investment income

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: operating investment income (EUR mn) -8.9% 865 889 861 817 839 795 763 784 734 in % of NPE 8.8 8.6 8.1 8.3 8.4 7.4 7.0 7.4 7.6 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2011 2012 2013 -4.1% Interest & similar income1 953 957 911 928

69. Slide 69: P/C: Price effects on renewals

    Group financial results 2Q 2013 – Additional information on Property-Casualty P/C: Price effects on renewals Pricing overview for selected operating entities1 (in %) Selected OEs Actual rate change on Assessment / trends of rate change on renewals renewals and momentum  Motor retail ongoing market

70. Slide 70: Additional information: Life/Health

    3c 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 70

71. Slide 71: L/H: key figures

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2011 2011 2011 2012 2012 2012 2012 2013 2013 2Q 13/12 2011 2012 2013 Statutory premiums (EUR bn) 13.0 11.8 13.8 13.7 12.9 11.9 13.9 14.8 14.1 +1.2 27.2 26.6 29.

72. Slide 72: L/H: key metrics

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: key metrics New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.0 1.8 1.7 1.6 1.7 256 238 190 2Q 3Q 4Q 1Q 2Q 163 2012 2013 149 PV of NB premiums1 (EUR bn) 13.0 13.2 11.1 9.6 9.5 2Q 3Q 4Q 1

73. Slide 73: L/H: new business profitability by region

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: new business profitability by region Value of new business New business margin Capital return (EUR mn)1,2 (in %)1,2 2Q 13 (in %)3 Payback 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 IRR period (yrs) German S

74. Slide 74: L/H: operating asset base

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: operating asset base Operating asset base1 (EUR bn) OAB Net flows (EUR bn) 2Q 12 2Q 13 484.8 as of 31.03.2013 Germany Life +0.2 +0.6 Net inflows +1.9 Germany Health +0.2 +0.2 France -0.3 +0.2 Interest & similar Italy +0.0 +

75. Slide 75: L/H: average asset base and yields

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: average asset base and yields Average asset base1 (EUR bn) Current yield (in %) Other2 +6.7% Equities Cash Debt securities Equities 402.3 Debt securities 9.2 6.9 376.9 24.8 8.8 4.7 349.0 8.7 22.3 4.5 24.6 2.15 1.85 1.87 311

76. Slide 76: L/H: operating investment income

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: operating investment income Operating investment income -10.6% (EUR mn) 4,723 4,535 4,364 4,256 4,461 3,834 3,834 4,054 3,101 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2011 2012 2013 -1.2% Interest & similar income1 4,176 4,025 3,991 4,04

77. Slide 77: L/H: operating profit details

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: operating profit details1 (EUR mn) L/H Guaranteed Protection Unit linked segment savings & annuities & health w/o guarantee 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q Δ4 20124 20134 20124 20134 20124 20133 20124 20134 Loadings & fees 1,010 1,

78. Slide 78: L/H: operating investment income details

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: operating investment income details (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2011 2011 2011 2012 2012 2012 2012 2013 2013 1 Interest & similar income 4,176 4,025 3,991 4,042 4,402 4,145 4,159 4,058 4,347 Investment expenses -183

79. Slide 79: L/H: MCEV development (1/2)

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: MCEV development (1/2) (EUR mn, after non-controlling interests) Free surplus Required capital +1,124 +427 +376 27,703 VIF 27,304 +8 27,312 -198 -1,338 15,988 15,942 15,423 11,501 11,536 12,754 -185 -166 -474 12M 2012 Adjus

80. Slide 80: L/H: MCEV development (2/2)

    Group financial results 2Q 2013 – Additional information on Life/Health L/H: MCEV development (2/2) (EUR mn, after non-controlling interests) 1 8 = 8 Foreign Exchange effects, inc. +68 for US, -30 in Switzerland 2 1,569 = 763 Projected release of risk free profits from VIF in the reporting period 32

81. Slide 81: L/H: value of new business

    Group financial results 2Q 2013 – Additional information on Life/Health 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 2Q 12 2Q 13 2Q 12 2Q 13 2Q 12 2Q 13 Δ% 2Q 12 2Q 13 2Q 12 2Q 13 German

82. Slide 82: Additional information: Asset Management

    3d 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 82

83. Slide 83: AM: key figures

    Group financial results 2Q 2013 – Additional information on Asset Management AM: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2011 2011 2011 2012 2012 2012 2012 2013 2013 2Q 13/12 2011 2012 2013 Operating revenues 1,303 1,326 1,600 1,439 1,497 1,845 2,005 1,911 1,815 +318 2,576 2,9

84. Slide 84: AM: assets under management

    Group financial results 2Q 2013 – Additional information on Asset Management AM: assets under management AuM development (EUR bn) +6.6% 1,934 1,827 1,852 1,863 1,748 1,657 1,653 417 1,592 408 414 407 1,508 394 Allianz 376 387 370 Group 357 assets 3rd party 1,151 1,222 1,281 1,266 1,354 1,419 1,438 1

85. Slide 85: AM: net flows

    Group financial results 2Q 2013 – Additional information on Asset Management AM: net flows 3rd party net flow development (EUR bn) 42.6 40.1 31.5 23.5 19.6 18.6 9.9 6.9 -5.1 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 2011 2012 2013 Net flows 1.7 0.9 -0.4 1.8 1.5 2.3 2.8 3.0 0.5 © Allianz SE 2013 in % of 3rd party A

86. Slide 86: AM: operating profit

    Group financial results 2Q 2013 – Additional information on Asset Management AM: operating profit Operating profit development 3rd party AuM 30.06.12 30.06.13 (EUR mn) (EUR bn) PIMCO 1,157 1,238 PIMCO New setup Cost-income AllianzGI 170 189 ratio (in %) 52.9 51.2 Other 27 29 700 543 Total 3rd party

87. Slide 87: AM: 3rd party AuM

    Group financial results 2Q 2013 – Additional information on Asset Management AM: 3rd party AuM1 (EUR bn) AuM development AuM regional breakdown2 1,456 29 1,354 31.12.12 1,438 27 147 134 Internal Other3 growth: 1,151 Net inflows +50 17 376 +0.9% 372 Asia-Pacific 114 and rest 300 Market effects -37 Eu

88. Slide 88: AM: 3rd party AuM class and product mix

    Group financial results 2Q 2013 – Additional information on Asset Management AM: 3rd party AuM1 (EUR bn) AuM class mix2 AuM product mix3 Retail Equity Institutional Fixed Income 1,456 1,456 1,354 1,354 161 145 1,151 538 1,151 476 153 394 757 878 918 997 1,207 1,294 © Allianz SE 2013 30.06.11 30.06.1

89. Slide 89: AM: reconciliation Asset Management

    Group financial results 2Q 2013 – Additional information on Asset Management AM: reconciliation Asset Management Operating profit development (EUR mn) 804 +58 +13 +1 0 22 +157 Other Asset 95 Management 575 Units 21 Allianz Global 37 Investors PIMCO 543 700 Segment Management -26 -13 Operating PIMCO

90. Slide 90: Additional information: Corporate and Other

    3e 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 90

91. Slide 91: Corporate and Other: key figures

    Group financial results 2Q 2013 – Additional information on Corporate and Other Corporate and Other: key figures (EUR mn) 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M 6M 2011 2011 2011 2012 2012 2012 2012 2013 2013 2Q 13/12 2011 2012 2013 Total revenues (Banking) 137 129 150 155 141 142 152 148 132 -9 288

92. Slide 92: Glossary

    4 1 Highlights Group financial results 2Q 2013 2 Comment pages 3 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 4 Glossary © Allianz SE 2013 92

93. Slide 93: 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

94. Slide 94: 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. Co

95. Slide 95: 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

96. Slide 96: Glossary (4)

    Glossary (4) L/H operating profit sources The objective of the Life/Health operating profit sources analysis is to explain movements in IFRS results by analyzing underlying drivers of performance on a L/H segment consolidated basis. Loadings & fees: Includes premium and reserve based fees, unit-link

97. Slide 97: Glossary (5)

    Glossary (5) Modified duration Is a measure for the interest rate sensitivity of the portfolio. MoR Represents operating profit divided by the average of (a) current quarter end and prior quarter end net reserves and (b) current quarter end and prior year end net reserves, whereby net reserves equal

98. Slide 98: 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

99. Slide 99: Glossary (7)

    Glossary (7) Shadow DAC Shadow accounting is applied in order to include the effect of unrealized gains or losses from the debt or equity securities classified as available for sale in the measurement of Deferred Acquisition Costs in the same way as it is done for realized gains or losses. Due to vi

100. Slide 100: Glossary (8)

     Glossary (8) 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 URR The unearned revenue reserve contains premium components that refer to future periods, whic

101. Slide 101: Disclaimer

     Disclaimer These assessments are, as always, subject to the disclaimer provided below. Forward-looking statements The statements contained herein may include prospects, statements of extent of credit defaults, (vii) interest rate levels, (viii) currency exchange future expectations and other forward

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