Allianz SE · XETR:ALV
Allianz — FY2015 Earnings Presentation
20 slides from Allianz's earnings presentation, Feb 19, 2016
Slide 1: Investments
Investments Maximilian Zimmerer Member of the Board of Management Allianz SE Analyst conference call February 19, 2016
Slide 2: Allianz Investment Management 2015
C 1 Allianz Investment Management 2015 Investments 2 Portfolio information © Allianz SE 2016
Slide 3: High quality investment portfolio
C. Investments High quality investment portfolio Asset allocation Total: EUR 638.3bn Debt instruments by rating2 (2014: EUR 614.6bn) Debt instruments 89% (89%) AAA 23% Equities 7% (7%) AA 26% Real estate1 2% (2%) A 17% Cash/Other 2% (2%) BBB 27% Non-investment grade 4% Not rated3 2% By segment (EUR
Slide 4: Increased capital efficiency enables Allianz to increase its investments in alternative assets
C. Investments Increased capital efficiency enables Allianz to increase its investments in alternative assets Duration of Allianz asset portfolio Declining yields 3% 2% 8.1 1% 6.9 7.5 10yr EUR swaps rate Duration extension 0% 2013 2014 2015 Solvency II capitalization 200% 194% 191% Stable solvency r
Slide 5: Alternative asset quota currently at 14% – up from 11% in 2014
C. Investments Alternative asset quota currently at 14% – up from 11% in 2014 Alternative investment portfolio 2015: EUR 92 bn Mid-term target: EUR 110 bn Total EUR 40bn Alternative equity Avg. expected return EUR 666bn1 Real estate 4-6% Alternative equity Infrastructure equity 5-8% 6% Renewable ene
Slide 6: Strong growth of 24% and increased diversification within alternative assets
C. Investments Strong growth of 24% and increased diversification within alternative assets Current volume (vs. 2014) Investment examples EUR bn Shopping Center Dublin Mortgages 36.1 +17% EUR 900mn investment in real estate portfolio close to Dublin. It includes Dundrum Town Centre, Ireland’s pre-
Slide 7: Superior investment management within peer group
C. Investments Superior investment management within peer group IFRS investment performance p.a.1 Allianz Group operating profit and amongst core peers 2007 - 2014 thereof investment result2 (EUR bn) Allianz with high credit quality and low expected loss 5.2% compared to peers 10.7 10.1 10.4 4.7% 9.
Slide 8: 4% total IFRS yield provides strong basis for distribution to stakeholders
C. Investments 4% total IFRS yield provides strong basis for distribution to stakeholders Reference performance EU Aggregate: +1.0% US Aggregate $: +0.5% MSCI Europe: +8.2% Current Total Total yield1 IFRS yield1 performance1 3.5% 4.0% 1.2% 7.9 Real estate/ 25.0 Other -1.5 22.0 Equities -3.42 Debt/Ca
Slide 9: New investment yields 2015
C. Investments New investment yields 2015 Regional allocation Maturity P/C New F/I investments Yield (in years) 11% Government 1 52% 2.4% 8 17% Covered 16% 1.3% 6 52% Corporate 29% 2.3% 7 20% ABS/MBS 3% 3.4% 52 Total F/I 2015 100% 2.2% 7 Europe Emerging markets North America Asia-Pacific 2% Maturity
Slide 10: Strong buffers and resilient margins in L/H
C. Investments Strong buffers and resilient margins in L/H Business in force New business 5.1%3 280bp Current yield 4.6%2 (reserves) ~2.5% 170bp Current 150bp yield 3.8%1 (assets) + strong buffer EUR 29bn of RfB 2.3% equal 7.1% of aggregate policy reserves ~0.8% Allianz Leben Reinvestment yield of 0
Slide 11: Exposure to Oil and Gas sector – 2% of investment portfolio
C. Investments Exposure to Oil and Gas sector – 2% of investment portfolio Fixed income by region Total Equity by region Total EUR 10.7bn EUR 1.6bn USA 26% USA 18% UK 17% UK 25% France 6% France 20% Italy 8% Italy 4% Rest of Eurozone 11% Rest of Eurozone 23% Rest of Europe 8% Rest of Europe 4% Asia-
Slide 12: Underlying trends 2015/16 and Allianz’ strategic response
C. Investments Underlying trends 2015/16 and Allianz’ strategic response Trends and market environment Investment strategy Geopolitical tensions Distinguish between continue to drive volatility temporary fluctuations and long-term developments Slowing growth in China puts pressure Differentiation an
Slide 13: Allianz Investment Management 2014 Portfolio information
C 1 Allianz Investment Management 2014 Investments 2 Portfolio information © Allianz SE 2016
Slide 14: High quality fixed income portfolio
C. Investments 89% High quality fixed income portfolio Investment portfolio By type of issuer Total By rating3 EUR 568.1bn Government 38% AAA 23% Covered 17% AA 26% Corporate 35% A 17% thereof Banking 6% BBB 27% ABS/MBS1 4% Non-investment grade 4% Other2 6% Not rated4 2% By segment (EUR bn) AFS unre
Slide 15: Government bond allocation concentrated in EMU core countries
C. Investments 34% Government bond allocation concentrated Investment in EMU core countries portfolio By region Total By rating EUR 217.5bn1 France 18% AAA 21% Italy 14% AA 44% Germany 12% A 7% Spain 5% BBB 24% Rest of Europe 20% Non-investment grade 3% USA 7% Not rated 1% Rest of World 16% Supranat
Slide 16: Details sovereigns
C. Investments Details sovereigns (EUR bn) Group L/H P/C Book % thereof Book % thereof Book % thereof value of F/I domestic value of F/I (L/H) domestic value of F/I (P/C) domestic France 39.2 6.9% 19.5 32.7 7.5% 17.0 4.3 5.1% 2.4 Italy 29.3 5.2% 16.4 24.9 5.7% 14.0 3.5 4.0% 2.3 Germany 26.4 4.6% 23.
Slide 17: Fixed income portfolio: covered bonds
C. Investments 15% Fixed income portfolio: covered bonds Investment portfolio By country Total By rating EUR 98.7bn Germany 42% AAA 58% France 16% AA 24% Spain 10% A 12% Italy 8% BBB 5% UK 5% Non-investment grade 0% Ireland 1% Not rated 0% Rest of World 19% By segment (EUR bn) AFS unrealized gains/l
Slide 18: Fixed income portfolio: corporates
C. Investments 31% Fixed income portfolio: corporates Investment portfolio By sector Total By rating EUR 196.2bn Banking1 16% AAA 2% Other financials 9% AA 9% Consumer 21% A 33% Communication 10% BBB 45% Energy 8% Non-investment grade 8% Industrial 8% Not rated2 3% Utility 11% Other 18% By segment (
Slide 19: Equity portfolio
C. Investments 7% Equity portfolio Investment portfolio By region Total By industry EUR 45.7bn1 Germany 14% Consumer 25% Eurozone ex Germany 21% Banking 7% Europe ex Eurozone 20% Other Financials 12% NAFTA 17% Basic materials 6% Rest of World 11% Utilities 2% Multinational2 17% Industrial 6% Energy
Slide 20: Real estate portfolio (market value)
C. Investments 2%1 Real estate portfolio (market value) Investment portfolio By region Total By sectors EUR 29.3bn2,3 France 25% Office 57% Germany 24% Retail 21% Switzerland 12% Residential 17% USA 8% Other/mixed 5% Italy 7% Rest of Eurozone 16% Rest of World 9% By segment (EUR bn) Unrealized gains