Allianz Se · XETR:ALV
Allianz — FY2023 Earnings Presentation
85 slides from Allianz's earnings presentation, Feb 23, 2024
Slide 1: Group financial results 2023
Group financial results 2023 Allianz Investor Relations App Apple App Store Google Play Store © Allianz 2024 Munich, Please note: February 23, 2024 presentations based on 2023 preliminary figures
Slide 2: Content/topics
Content/topics CEO assessment and outlook Oliver Bäte A Group financial results 2023 Claire-Marie Coste-Lepoutre B Glossary Disclaimer
Slide 3: CEO assessment and outlook
CEO assessment and outlook © Allianz 2024 Oliver Bäte Munich, Chief Executive Officer February 23, 2024
Slide 4: Allianz successfully navigates a challenged world
A. CEO ASSESSMENT AND OUTLOOK Allianz successfully navigates a challenged world Geopolitical tensions Decade-high Rising inflation polarization Frequent AI natural revolution catastrophes A2
Slide 5: Strong results flow from a resilient strategy
A. CEO ASSESSMENT AND OUTLOOK Strong results flow from a resilient strategy Results 2023 & Outlook 2024 Value Capture Program Delivery & confidence 4 1 Systematic execution Capital Management Corporate Health Unwavering discipline 3 2 Best-in-class resilience A3
Slide 6: Systematic execution drives steady growth
A. CEO ASSESSMENT AND OUTLOOK 1 Systematic execution drives steady growth Operating profit (EUR bn) 6.9 5.2 5.7 3.1 4.2 2.5 +4% +5% +4% CAGR CAGR CAGR 2018 2023 2018 2023 2018 2023 Property/Casualty Life/Health Asset Management 2023 2023 2023 • Double-digit internal growth • Low CSM sensitivities •
Slide 7: Executing on our Value Capture Program
A. CEO ASSESSMENT AND OUTLOOK 1 Executing on our Value Capture Program Transforming our Symbiotic relationship unlocks growth L/H & AM franchise Expanding our P/C leadership Successful Commercial turnaround position Boosting growth through Double-digit growth at Allianz Partners our scalable platfor
Slide 8: Scaling our strengths in L/H and AM
A. CEO ASSESSMENT AND OUTLOOK 1 Scaling our strengths in L/H and AM Insurance AuM invested in-house1… …with synergies in 3P AM EUR 8.3bn operating profit Other EUR EUR Leading life insurance 564bn distribution network AMs 1,712bn EUR 0.9bn fee income in AM #3 Life 16.3% Top 5 21.3% active AM Insurer
Slide 9: Commercial P/C performing well
A. CEO ASSESSMENT AND OUTLOOK 1 Commercial P/C performing well Operating profit1 (EUR bn) MidCorp 2.6 Allianz Global Corporate & Specialty Successful AGCS turnaround, 2.3 established global risk governance 1.2 Strong growth in MidCorp, including in the renewable energy sector 0.0 One face to the mar
Slide 10: Platform business growing strongly
A. CEO ASSESSMENT AND OUTLOOK 1 Platform business growing strongly , total business volume (in EUR bn) 2023 +23% p.a. 2022 Intl. Health insurer (ex. US) +0.4 9.3 #1 with 23% yoy growth +1.6 #1 Travel insurer globally +1.0 Global OEM partnerships 40+ 6.2 Global NPS 75 Best-in-class 2021 Health Travel
Slide 11: Corporate health at record levels
A. CEO ASSESSMENT AND OUTLOOK 2 Corporate health at record levels Customers (net promoter score1) Brand (brand value in USD bn2) Employees (IMIX & WWi+ in %-p3) 80 Outperforming 75 25 90 IMIX Best-in-Class IMIX 20.9 70 Loyalty Leader WWi+ Best-in-Class WWi+ 20 #1 insurer 81 60 since 2019 #1 80 50 59
Slide 12: Clear leadership in sustainability
A. CEO ASSESSMENT AND OUTLOOK 2 Clear leadership in sustainability Financed emissions of traded equity/ Carbon footprint of operations corporate bonds1 (in mn t CO2e) (in t CO2e per employee) AA -44% -62% -35% -57% 24.9 Prime 16.2 14.0 2.4 3rd highest score2 1.0 0.9 Net-Zero Transition Plan launched
Slide 13: Financial strength uncompromised
A. CEO ASSESSMENT AND OUTLOOK 3 Financial strength uncompromised 206% Strong Solvency II Ratio after proposed dividend increase Aa2 AA A+ Moody’s S&P Global AM Best A 11
Slide 14: Generating reliable and strong cash returns
A. CEO ASSESSMENT AND OUTLOOK 3 Generating reliable and strong cash returns Accumulated payout to shareholders (EUR bn) 50 EUR ~45bn payout to shareholders1 40 Organic Buy-backs growth 30 Inorganic growth 20 78% payout Dividend ratio 10 0 2016 2017 2018 2019 2020 2021 2022 2023 1) Includes 2023 divi
Slide 15: Delivering strong total returns in 2023
A. CEO ASSESSMENT AND OUTLOOK 4 Delivering strong total returns in 2023 Total shareholder return 2023 (in %) EUR 14.7bn 130 +26.8% Operating profit Allianz 120 EUR 9.1bn +14.6% S/h core net income STOXX Europe 600 Insurance 110 EUR 13.80 Dividend per share1 100 EUR 1.5bn Share buy-back 90 1Q 2Q 3Q 4
Slide 16: Strength and discipline drive new dividend policy
A. CEO ASSESSMENT AND OUTLOOK 4 Strength and discipline drive new dividend policy Allianz dividend policy1 Dividend per share (in EUR) DPS the higher of Dividend increased 14 13.803 +21% in 7 out of 8 years y-o-y 60% payout ratio2 +10%-p 12 or 10 previous year’s DPS 8 EUR 1bn plus share buy-back in
Slide 17: Confident outlook for 2024
A. CEO ASSESSMENT AND OUTLOOK 4 Confident outlook for 2024 Operating profit (EUR bn) Actual result 15.8 High Midpoint 14.7 14.8 Midpoint +4% 14.2 14.2 13.8 Low 13.4 13.4 11.9 12.0 12.0 11.5 11.5 10.8 driven by 11.1 11.1 COVID-19 10.71 10.81 10.8 10.4 10.5 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 18: Summary
A. CEO ASSESSMENT AND OUTLOOK Summary EUR 14.8bn 60% EUR 1bn ± EUR 1bn Operating New dividend Additional share profit outlook payout ratio buy-back in 2024 Value Capture Program Corporate Health Systematic execution Best-in-class resilience A 16
Slide 19: Group financial results 2023
Group financial results 2023 © Allianz 2024 Claire-Marie Coste-Lepoutre Munich, Chief Financial Officer February 23, 2024
Slide 20: Content/topics
Content/topics 1 Group financial results 2023 2 Additional information Glossary Disclaimer Note: The financial results are based on the new IFRS 9 (Financial Instruments) and IFRS 17 (Insurance Contracts) accounting standards, which have been adopted as of 1 January 2023. Comparative periods have be
Slide 21: Group 12M: operating profit at record level
B. GROUP FINANCIAL RESULTS 2023 Group 12M: operating profit at record level Group Property-Casualty Life/Health Asset Management Total business volume 12M 23 in EUR bn (internal growth vs. prior year in %) 161.7 (+8.0%) 76.5 (+11.2%) 77.9 (+5.6%) 8.1 (+2.4%) Operating profit 12M 23 in EUR mn (vs. pr
Slide 22: Group 12M: operating profit at record level – comments
B. GROUP FINANCIAL RESULTS 2023 Group 12M: operating profit at record level Comments • Strong internal growth of 8.0% • P/C – operating profit at EUR 6.9bn Internal growth in P/C at 11.2%, L/H at 5.6% and AM at OP at EUR 6.9bn (+1%), thereby at 99% of outlook midpoint. Very 2.4%. Consolidation (+0.2
Slide 23: Group 4Q: operating profit strong at EUR 3.8bn
B. GROUP FINANCIAL RESULTS 2023 Group 4Q: operating profit strong at EUR 3.8bn Group Property-Casualty Life/Health Asset Management Total business volume 4Q 23 in EUR bn (internal growth vs. prior year in %) 39.6 (+10.9%) 17.6 (+9.8%) 20.0 (+11.5%) 2.3 (+15.3%) Operating profit 4Q 23 in EUR mn (vs.
Slide 24: Group 4Q: operating profit strong at EUR 3.8bn – comments
B. GROUP FINANCIAL RESULTS 2023 Group 4Q: operating profit strong at EUR 3.8bn Comments • Internal growth excellent at 10.9% • P/C – solid OP despite EUR 0.8bn NatCat Internal growth in AM at 15.3%, L/H at 11.5% and P/C at OP up 2%, supported by very good investment result. 9.8%. Consolidation (-0.5
Slide 25: Group: strong solvency II ratio
B. GROUP FINANCIAL RESULTS 2023 Group: strong solvency II ratio Comprehensive s/h capital S/h equity – key sensitivities (EUR bn) +5.9% +30% +4% Equity markets -30% -4% 86.1 91.2 Interest rate +50bps -0% 31.7 32.7 SII non-parallel -50bps +0% Net CSM1 54.4 58.5 on gov. bonds -1% S/h equity Credit spr
Slide 26: Group: strong solvency II ratio – comments
B. GROUP FINANCIAL RESULTS 2023 Group: strong solvency II ratio Comments • Comprehensive shareholders’ capital • SII ratio – FY 2023 Shareholders’ equity increases by EUR 4.1bn. Main drivers: Increase of 5%-p from 201% to 206%. Major drivers: + EUR 8.5bn shareholders’ net income + 27%-p organic capi
Slide 27: Group: 27%-p operating capital generation
B. GROUP FINANCIAL RESULTS 2023 Group: 27%-p operating capital generation Own funds +13.8 +1.5 (EUR bn) 89.6 +7.3 -6.8 77.9 -4.2 +6.7 99.0 +5.4 93.7 89.5 84.0+2.9 77.9 -1.2 P/C AM L/H CO/Conso. 31.12.22 31.12.2021 Regulatory/ Regulatory Operating SII SII Market Market impact Capital Capitalmgmt./ mg
Slide 28: Group: 27%-p operating capital generation – comments
B. GROUP FINANCIAL RESULTS 2023 Group: 27%-p operating capital generation Comments • +27%-p gross SII capital generation in FY 2023 • Market impact +7%-p capital generation after tax and dividend. Growth- -1%-p impact. Strong equity markets, but lower interest rates related capital requirements for
Slide 29: P/C: double-digit internal growth
B. GROUP FINANCIAL RESULTS 2023 P/C: double-digit internal growth (EUR mn) Total business volume Rate change on renewals 2023 Total growth Internal growth 12M 23 12M 22 ∆ p.y. ∆ p.y. Total P/C segment 76,531 +8.4% +11.2% +7.1% +4.9% Selected OEs Germany 12,400 +6.5% +6.6% +6.6% +3.5% United Kingdom
Slide 30: P/C: double-digit internal growth – comments
B. GROUP FINANCIAL RESULTS 2023 P/C: double-digit internal growth Comments • Excellent internal growth of 11.2% • Australia – strong growth driven by price and volume Strong growth throughout the entire year driven by price Higher top-line in retail and commercial from positive volume and (+6.9%), v
Slide 31: P/C: operating profit at EUR 6.9bn
B. GROUP FINANCIAL RESULTS 2023 P/C: operating profit at EUR 6.9bn +0.6%-p Operating profit drivers Combined ratio (EUR mn) (in %) 93.3 93.8 +1.2% Retail1 95.0 95.8 6,827 +316 6,909 Commercial1 90.1 90.5 -56 -178 2022 2023 Loss ratio2 68.4% 69.3% t/o NatCat impact 2.8% 3.4% t/o run-off ratio -4.2% -
Slide 32: P/C: operating profit at EUR 6.9bn – comments
B. GROUP FINANCIAL RESULTS 2023 P/C: operating profit at EUR 6.9bn Comments • Solid result despite elevated NatCat • Run-off ratio at -3.2% – in line with normal expectation OP up 1% due to better investment result, partly Release of risk adjustment contributes -0.8%-p. compensated by insurance serv
Slide 33: P/C: combined ratio at 93% assuming normal NatCat
B. GROUP FINANCIAL RESULTS 2023 P/C: combined ratio at 93% assuming normal NatCat (EUR mn) Operating profit Combined ratio NatCat impact 2023 ∆ p.y. 2023 ∆ p.y. 2023 ∆ p.y. Total P/C segment 6,909 +1.2% 93.8% +0.6%-p 3.4%-p +0.6%-p Selected OEs Germany 1,167 -28.6% 93.9% +4.1%-p 6.9%-p +2.9%-p Unite
Slide 34: P/C: combined ratio at 93% assuming normal NatCat – comments
B. GROUP FINANCIAL RESULTS 2023 P/C: combined ratio at 93% assuming normal NatCat Comments • Germany – NatCat and inflation • Spain – operating profit and CR improve significantly Higher CR driven by NatCat and large losses as well as Solid performance in a challenging market environment. inflationa
Slide 35: P/C: excellent investment result of EUR 2.7bn
B. GROUP FINANCIAL RESULTS 2023 P/C: excellent investment result of EUR 2.7bn Operating investment result Current yield Economic reinvestment yield (EUR mn) (debt securities; in %) (debt securities, in %) +13.0% 3.34 4.3 2,748 2.54 3.1 2,432 2022 2023 2022 2023 2022 2023 Total average asset base3 Du
Slide 36: P/C: excellent investment result – comments
B. GROUP FINANCIAL RESULTS 2023 P/C: excellent investment result of EUR 2.7bn Comments • Interest & similar income • Reinvestment yield (debt securities) Higher income from debt and cash driven by interest rates. Economic reinvestment yield strong at 4.3%. • Interest accretion fully in line with exp
Slide 37: L/H: value of new business at EUR 4bn
B. GROUP FINANCIAL RESULTS 2023 L/H: value of new business at EUR 4bn New business Value of new (EUR mn) PVNBP PVNBP by LoB margin business 2023 ∆ p.y.1 2023 ∆ p.y. 2023 ∆ p.y. 8% Total L/H segment 67,281 +1.6% 5.9% +0.0%-p 3,985 +2.2% 22% EUR mn 46% USA 18,308 +15.9% 6.1% -1.8%-p 1,125 -10.1% 67,28
Slide 38: L/H: value of new business – comments
B. GROUP FINANCIAL RESULTS 2023 L/H: value of new business at EUR 4bn Comments • Value of new business up 2.2% to EUR 4.0bn • USA – largest contributor to VNB with 28% share VNB growth driven by volume with attractive NBM. Share Sales increase supported by FIA sales promotion. NBM strong at of capit
Slide 39: L/H: normalized CSM growth at 4.9%
B. GROUP FINANCIAL RESULTS 2023 L/H: normalized CSM growth at 4.9% Contractual service margin CSM sensitivities (EUR mn) +3,022 +500 +4,515 57,568 +30% +5% Equity markets 52,227 -2,696 52,601 -30% -5% -4,967 VNB (12M 23) 3,985 +50bps -1% Interest rate 31,104 + Non-attr. expenses 637 31,955 -50bps +0
Slide 40: L/H: normalized CSM growth – comments
B. GROUP FINANCIAL RESULTS 2023 L/H: normalized CSM growth at 4.9% Comments • Gross CSM slightly up by EUR 0.4bn • Economic variances Normalized CSM growth (EUR 2.6bn) and economic Favorable impact from market movements (EUR +0.9bn) variances (EUR 0.5bn) largely offset by non-economic driven by high
Slide 41: L/H: operating profit strong at EUR 5.2bn
B. GROUP FINANCIAL RESULTS 2023 L/H: operating profit strong at EUR 5.2bn Operating profit Operating profit by LoB (EUR mn) (EUR mn) 2022 2023 ∆ p.y. CSM release 5,020 4,967 -53 30% 30% Release of risk adjustment 566 512 -54 EUR mn 5,191 Variances from claims & expenses1 -625 -380 +244 (+23.1%) Loss
Slide 42: L/H: operating profit strong – comments
B. GROUP FINANCIAL RESULTS 2023 L/H: operating profit strong at EUR 5.2bn Comments • Operating profit strong at EUR 5.2bn L/H segment 4Q 2022 4Q 2023 ∆ CSM release in line with expectations. CSM release ratio PVNBP (EUR bn) 15.2 16.7 +10.3% at 8.6%. Strong contribution from operating investment NBM
Slide 43: L/H: good results across operating entities
B. GROUP FINANCIAL RESULTS 2023 L/H: good results across operating entities (EUR mn) CSM Operating profit ∆ YTD t/o CSM 2023 ∆ p.y. 2023 ∆ p.y. normalized1 release Total L/H segment 52,601 +0.7% +4.9% 5,191 +23.1% 4,967 USA 11,704 -3.2% +6.0% 1,085 +172.6% 1,122 Germany Life 16,213 -1.0% +5.0% 1,079
Slide 44: L/H: good results across operating entities – comments
B. GROUP FINANCIAL RESULTS 2023 L/H: good results across operating entities Comments CSM Operating profit • USA • USA – strong profitability Strong normalized CSM growth (EUR 0.7bn) more than Prior-year result from Allianz Life USA impacted by accounting offset by F/X (EUR -0.4bn) and non-economic m
Slide 45: AM: total AuM up 4%
B. GROUP FINANCIAL RESULTS 2023 AM: total AuM up 4% Total assets under management 3rd party AuM split (EUR bn) (EUR bn) +3.8% Asset classes Regions Multi-assets Europe 2,224 2,141 EUR 172bn (+2.8%) EUR 529bn (-3.2%) Equities Asia-Pacific Allianz Group 511 EUR 147bn (+7.5%) EUR 309bn (+18.4%) 506 +1.
Slide 46: AM: total AuM up 4% – comments
B. GROUP FINANCIAL RESULTS 2023 AM: total AuM up 4% Comments • Total AuM up 4% • Investment performance Total AuM increase to EUR 2.2tn. Favorable effect from 78% of 3rd party AuM outperform benchmarks on a trailing 3-year markets mitigated by adverse F/X. basis before fees. 4Q 2023 vs. 3Q 2023: tot
Slide 47: AM: 3rd party AuM up 5%
B. GROUP FINANCIAL RESULTS 2023 AM: 3rd party AuM up 5% 3rd party assets under management development 3rd party net flow split (EUR bn) (EUR bn) +4.7% Fixed income +29.8 Asset classes Equities -10.5 +103.9 1,712 1,635 +24.4 Multi-assets -2.8 -48.2 -2.9 Alternatives +5.0 America +18.2 +21.5 Regions E
Slide 48: AM: 3rd party AuM up 5% – comments
B. GROUP FINANCIAL RESULTS 2023 AM: 3rd party AuM up 5% Comments • 3rd party AuM at EUR 1.7tn • 3rd party net flows AM segment: EUR +22bn 5% increase of 3rd party AuM versus end of FY 2022. Inflows driven by fixed income business and supported by Strong market impact, supported by year-end rally, an
Slide 49: AM: performance fees at record level
B. GROUP FINANCIAL RESULTS 2023 AM: performance fees at record level Revenues PIMCO AllianzGI (EUR mn) (EUR mn) (EUR mn) -1.8% -0.1% -7.7% Internal growth +2.4% +2.7% +0.3% 8,234 8,086 Performance fees 6,064 6,058 474 AuM driven & 817 317 2,169 658 2,002 other revenues1 157 159 7,760 7,268 5,747 5,4
Slide 50: AM: performance fees at record level – comments
B. GROUP FINANCIAL RESULTS 2023 AM: performance fees at record level Comments • Segment revenues – internal growth +2.4% • Segment margin – 38.9bps Excluding F/X impacts, revenues increase by 1% mainly Slight decrease from 39.2 to 38.9bps (-0.4bps) driven by AllianzGI. due to a record level of perfo
Slide 51: AM: operating profit above outlook midpoint
B. GROUP FINANCIAL RESULTS 2023 AM: operating profit above outlook midpoint Operating profit drivers PIMCO (EUR mn) (EUR mn) -2.2% -0.5% -0.0% Internal growth 3,1981 +45 3,1261 234 2,464 2,453 -37 -80 460 Performance fee impact2 OP excl. performance 59.4 59.5 CIR (in %) fee impact2 2,964 fee impact2
Slide 52: AM: operating profit above outlook midpoint – comments
B. GROUP FINANCIAL RESULTS 2023 AM: operating profit above outlook midpoint Comments • Segment – OP at EUR 3.1bn • AllianzGI – OP at EUR 667mn EUR 3.1bn OP above outlook midpoint of EUR 3.0bn. Lower operating expenses and higher other revenues do not fully OP flat excluding F/X as higher levels of p
Slide 53: CO: better than expected
B. GROUP FINANCIAL RESULTS 2023 CO: better than expected Operating result development and components (EUR mn) +72 +88 -0 -474 -540 -93 -12.3% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2022 2023 2023 -768 172 123 0 2022 -675 84 51 0 B 35
Slide 54: CO: better than expected – comments
B. GROUP FINANCIAL RESULTS 2023 CO: better than expected Comments • Operating loss of EUR -474mn (∆ EUR +66mn) at 59% of FY outlook midpoint (better) Higher contribution from Banking and Alternative Investments more than offsets decline in result from Holding & Treasury. • Holding & Treasury Lower i
Slide 55: Group: net cash remittance at EUR 8bn
B. GROUP FINANCIAL RESULTS 2023 Group: net cash remittance at EUR 8bn Net cash remittance1 Cash flow – details (EUR bn) (EUR bn) 2021 2022 2023 Series 1 8.2 Net cash remittance1 6.7 5.1 8.2 6.7 of which P/C 3.0 3.2 3.0 5.1 of which L/H 2.8 6.5 3.0 of which AM 1.8 -3.3 2.8 Net remittance ratio2 98% 7
Slide 56: Group: net cash remittance – comments
B. GROUP FINANCIAL RESULTS 2023 Group: net cash remittance at EUR 8bn Comments • 2021 net cash remittance Remittance negatively impacted by COVID-19 impact on net income (EUR -1.0bn). • 2022 net cash remittance Includes impact from Structured Alpha (EUR -6.1bn) and U.S. back-book management (EUR +4.
Slide 57: Group: excellent s/h core net income
B. GROUP FINANCIAL RESULTS 2023 Group: excellent s/h core net income (EUR mn) 2022 2023 p.y. Operating profit 13,814 14,746 +931 Non-operating items -4,150 -3,164 +986 Realized gains/losses (net) 930 -302 -1,232 Expected credit loss and impairments (net) -562 -203 +360 Result from assets and liabi
Slide 58: Group: excellent s/h core net income – comments
B. GROUP FINANCIAL RESULTS 2023 Group: excellent s/h core net income Comments • S/h core net income up EUR 2.1bn to EUR 9.1bn • Result from assets and liabilities measured at FV Increase driven by operating profit (∆ EUR +0.9bn), Driven by fair value through P&L assets. Line item also includes non-o
Slide 59: Outlook 2024 – operating profit
B. GROUP FINANCIAL RESULTS 2023 Outlook 2024 – operating profit (EUR bn) P/C L/H AM Corp/Cons Group High +10% +1bn Midpoint 7.3 5.2 3.1 -0.8 14.8 Low -10% -1bn +4% Midpoint 2023 7.0 5.0 3.0 -0.8 14.2 Actual 2023 6.9 5.2 3.1 -0.5 14.7 Disclaimer: Impact from NatCat, financial markets, F/X and global
Slide 60: Outlook 2024 – operating profit – comments
B. GROUP FINANCIAL RESULTS 2023 Outlook 2024 – operating profit Comments • P/C – target midpoint at EUR 7.3bn +/- 10 percent • L/H – target midpoint at EUR 5.2bn +/- 10 percent Implied growth of total business volume between 5 and 7 Expected total business volume (= gross statutory percent translati
Slide 61: Content/topics
Content/topics 1 Group financial results 2023 2 Additional information • Allianz track record Page B44 • Financial leverage B45 • Investment portfolio B46 • Economic reinvestment yields B55 • Sustainability B56 Glossary Disclaimer
Slide 62: Allianz track record
ADDITIONAL INFORMATION Allianz track record Operating profit 2023: EUR 14.7bn Investment portfolio 2023: EUR 740.3bn5 By segments1 By regions1 Asset allocation Debt instruments by rating P/C Insurance 45% Germany 20% Debt instruments 78% AAA 15% L/H Insurance 34% W&S Europe 24% • Treasury & AA 24% G
Slide 63: Leverage ratios and ratings
ADDITIONAL INFORMATION Leverage ratios and ratings Leverage ratios Insurer financial strength ratings / outlook (EUR bn) (31.12.2023) Financial leverage1 24.2% 23.0% 32.7 S&P AA stable 31.7 Moody’s Aa2 stable 49.6 53.7 Shareholders’ equity (adj.)2 16.8 17.3 Net CSM Subordinated bonds3 A.M. Best A+ s
Slide 64: Investments: accounting vs. economic view
ADDITIONAL INFORMATION Investments: accounting vs. economic view Investment portfolio Investment portfolio Accounting view1 Economic view YE 2023 Asset allocation Accounting view1 Δ reconciliation2 Economic view Asset allocation EUR bn Debt Instruments 76% Debt instruments 557 76% 24 581 78% Debt In
Slide 65: Investment portfolio (economic view)
ADDITIONAL INFORMATION Investment portfolio (economic view) Asset allocation Total: EUR 740.3bn Debt instruments by rating (2022: EUR 708.8bn) Debt Instruments 78% AAA 15% Equities 11% AA 24% Real Estate 8% A 24% Cash/Other 3% BBB 26% Non-investment grade 6% Trading category Not rated3 4% Traded 68%
Slide 66: Debt instruments (economic view)
ADDITIONAL INFORMATION Debt instruments (economic view) By type of issuer Total By rating Treasury & Gov-t related 38% EUR 580.9bn AAA 15% Securitized1 24% AA 24% Corporate 38% A 24% thereof Banking 6% BBB 26% BBB+ 8% Trading category BBB 13% Traded 77% BBB- 5% Non-traded 23% Non-investment grade 6%
Slide 67: Debt instruments: government bonds (economic view)
ADDITIONAL INFORMATION Debt instruments: government bonds (economic view) By region Total By rating EUR 219.9bn1 France 14% AAA 16% Germany 12% AA 39% Italy 9% A 17% Spain 4% BBB 20% Rest of Europe 22% Non-investment grade 5% USA 9% Not rated 2% Rest of World 23% Supranational 7% By segment (EUR bn)
Slide 68: Government bonds details (economic view)
ADDITIONAL INFORMATION Government bonds details (economic view) Group L/H P/C Exposure (EUR bn) % of FI Group Exposure (EUR bn) % of FI L/H Exposure (EUR bn) % of FI P/C France 31.3 5.4 25.1 5.5 3.0 3.4 Germany 26.1 4.5 21.4 4.7 2.9 3.3 Italy 19.4 3.3 12.3 2.7 2.6 2.9 USA 19.1 3.3 16.0 3.5 2.9 3.2 S
Slide 69: Debt instruments: securitized bonds (economic view)
ADDITIONAL INFORMATION Debt instruments: securitized bonds (economic view) By type Total By rating EUR 142.1bn Mortgages 50% AAA 37% Covered 32% AA 28% ABS/MBS (Non-US Agency) 15% A 21% MBS (US Agency) 2% BBB 9% Other 1% Non-investment grade 3% Not rated 2% Trading category Traded 50% Non-traded 50%
Slide 70: Debt instruments: corporates (economic view)
ADDITIONAL INFORMATION Debt instruments: corporates (economic view) By sector Total By rating EUR 218.9bn Banking 16% AAA 1% Other financials 17% AA 6% Consumer 19% A 34% Industrial 19% BBB 43% Utility 10% Non-investment grade 8% Communication 7% Not rated 8% Energy 7% Other 4% Trading category Trad
Slide 71: Equity portfolio (economic view)
ADDITIONAL INFORMATION Equity portfolio (economic view) By region Total By industry EUR 78.2bn Germany 9% Energy 7% Eurozone excl. Germany 13% Consumer 6% Europe excl. Eurozone 10% Industrial 5% NAFTA 27% Banking 4% Rest of World 14% Other financials 2% Multinational1 27% Basic materials 1% Utilitie
Slide 72: Real estate portfolio (economic view)
ADDITIONAL INFORMATION Real estate portfolio (economic view) By region Total By sectors EUR 58.4bn Germany 17% Office 49% France 14% Residential 16% Switzerland 10% Logistics 13% Italy 7% Retail 10% Rest of Eurozone 20% Other/mixed 11% USA 12% Rest of World 20% Trading category Traded 0% Non-traded
Slide 73: Economic reinvestment yields 2023
ADDITIONAL INFORMATION Economic reinvestment yields 2023 Regional allocation New F/I Maturity P/C 9% Yield investments in years 24% P/C Government bonds1 53% 3.9% 9 49% Securitized 17% 4.7% 8 19% Corporates 30% 4.6% 7 Europe Emerging markets North America Asia-Pacific Total F/I 2023 100% 4.3% 8 2% L
Slide 74: Allianz Net-Zero Transition Plan – 30 intermediate targets
ADDITIONAL INFORMATION Allianz Net-Zero Transition Plan – 2030 intermediate targets Financed emissions of Carbon footprint of Carbon footprint of Carbon footprint of traded equity/corporate operations2 commercial portfolio3,4 motor retail portfolio3,5 bonds1 (in mn t CO2e) (in t CO2e per employee) (
Slide 75: Content/topics
Content/topics 1 Group financial results 2023 2 Additional information Glossary Disclaimer
Slide 76: Glossary (1)
GLOSSARY Glossary (1) AGCS Allianz Global Corporate & Specialty AllianzGI Allianz Global Investors AM (The Allianz business segment) Asset Management APR Accident insurance with premium refund (“Unfallversicherung mit Beitragsrückzahlung”): Special form of accident insurance where the policyholder,
Slide 77: Glossary (2)
GLOSSARY Glossary (2) CEE Central and Eastern Europe CIR Cost-income ratio: Operating expenses divided by operating revenues. CO (The Allianz business segment) Corporate and Other Comprehensive shareholders’ Shareholders’ equity plus net CSM. capital Core EPS Core earnings per share: Calculated by d
Slide 78: Glossary (3)
GLOSSARY Glossary (3) dNPS Digital net promoter score: A measurement of customers’ willingness to recommend Allianz. ECL Expected credit loss Economic reinvestment yield Reflects the reinvestment yield, including F/X hedging costs on non-domestic hard-currency F/X bonds as well as expected F/X losse
Slide 79: Glossary (4)
GLOSSARY Glossary (4) IFRS International Financial Reporting Standards: As of 2002, the term IFRS refers to the total set of standards adopted by the International Accounting Standards Board. Standards approved before 2002 continue to be referred to as International Accounting Standards (IAS). IMIX
Slide 80: Glossary (5)
GLOSSARY Glossary (5) LatAm Latin America: South America and Mexico LIC Liability for incurred claims LoB Line of business LR Loss ratio: Represents the total of claims and insurance benefits incurred and the reinsurance result divided by insurance revenue. LRC Liability for remaining coverage: Liab
Slide 81: Glossary (6)
GLOSSARY Glossary (6) OP Operating profit: The portion of income before income taxes that is attributable to the ongoing core operations of the Allianz Group, which generally excludes the following non-operating effects: realized gains/losses (net), expected credit loss allowance, income from deriva
Slide 82: Glossary (7)
GLOSSARY Glossary (7) Pre-tax operating capital Represents the change in SII capitalization following regulatory model changes and which is attributable to generation a) changes in own funds as a consequence of operating SII earnings and b) changes in SCR as a consequence of business evolution. Fact
Slide 83: Glossary (8)
GLOSSARY Glossary (8) TBV Total business volume: It presents a measure for the overall amount of business generated during a specific reporting period. According to our business segments, total business volume in the Allianz Group comprises: - Gross premiums written as well as fee and commission inc
Slide 84: Content/topics
Content/topics 1 Group financial results 2023 2 Additional information Glossary Disclaimer
Slide 85: Cautionary note regarding forward-looking statements
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- dustry generally, (iv) the frequency and severity No duty to update ments, such as prospects or expectations, that of insured loss events, including those resulting Allianz assumes no obliga