Allianz SE · XETR:ALV

Allianz — Q2 2015 Earnings Presentation

89 slides from Allianz's earnings presentation, Aug 7, 2015

1. Slide 1: Group financial results 2Q 2015

   Group financial results 2Q 2015 Dieter Wemmer Chief Financial Officer Analyst conference call August 7, 2015

2. Slide 2: Highlights and additional information

   1 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 2

3. Slide 3: Business highlights from the second quarter of 2015

   Group financial results 2Q 2015 Business highlights from the second quarter of 2015  Sharing economy: Allianz France partners with Drivy for private car rentals and Tripndrive, which offers free parking at airports in return for private rentals. Allianz Italy insures scooter sharing service in Mila

4. Slide 4: Business highlights from the second quarter of 2015 - comments

   Group financial results 2Q 2015 Business highlights from the second quarter of 2015 Comments  France: insuring the sharing economy  Asset Management: equity strategy Allianz France is a partner of the sharing expanded economy, a growing market. Drivy is the Both Allianz Global Investors and PIMCO

5. Slide 5: Group: good performance continues

   Group financial results 2Q 2015 Group: good performance continues Total revenues (EUR bn) Operating profit drivers (EUR mn) +2.4%1 +2.6% 29.5 30.2 +400 2,770 2,842 -132 -171 -10 -16 2Q 14 2Q 15 Net income2 (EUR mn) +15.0% Operating P/C L/H AM CO Conso. Operating 2,018 profit profit 1,755 2Q 14 2Q 15

6. Slide 6: Group: good performance continues - comments

   Group financial results 2Q 2015 Group: good performance continues Comments  Revenues – selective growth  AM – in line with budget Total revenues up 2.4%. Internal growth of Operating profit down 25.2%, in line with -3.8% driven by selective growth in L/H run-rate of target range. Bulk of (-6.0%),

7. Slide 7: Group: well prepared for Solvency II

   Group financial results 2Q 2015 Group: well prepared for Solvency II Shareholders’ equity (EUR mn) Conglomerate solvency1 (in %) -0.1% +12%-p 68,397 192% 190% 60,747 60,687 181% 31.12.14 31.03.15 30.06.15 31.12.14 31.03.15 30.06.15 Solvency II capitalization (in %) S&P capital adequacy +22%-p Allian

8. Slide 8: Group: well prepared for Solvency II - comments

   Group financial results 2Q 2015 Group: well prepared for Solvency II Comments  Shareholders’ equity down  Favorable markets drive Solvency II ratio Net income (EUR 2.0bn) and lower Lower capital requirements from higher actuarial losses for defined benefit pension yields combined with stable own f

9. Slide 9: P/C: good internal growth despite portfolio pruning

   Group financial results 2Q 2015 P/C: good internal growth despite portfolio pruning (EUR mn) 2Q 2015 Revenues Total Internal Price Volume growth growth effect effect Δ p.y. Δ p.y. Total P/C segment1 11,843 +9.2% +1.6% -0.2% +1.7% Large OEs Germany 1,755 -1.6% -1.4% Italy 1,204 +19.0% -1.9% France 91

10. Slide 10: P/C: good internal growth - comments

    Group financial results 2Q 2015 P/C: good internal growth despite portfolio pruning Comments  Revenues – good internal growth  AGCS – impacted by FFIC business Excellent total growth of 9.2%. Volume-driven GPW excluding FFIC business up strongly (internal internal growth of 1.6% good in light of g

11. Slide 11: P/C: strong OP growth as all profit components contribute

    Group financial results 2Q 2015 P/C: strong OP growth as all profit components contribute Operating profit drivers (EUR mn) Combined ratio (in %) +29.7% NatCat impact2 1,745 (in %-p) +187 -1.1%-p +178 +35 1,345 94.6 93.5 Loss ratio 66.2 65.7 1.6 1.1 Expense ratio 28.4 27.8 Operating Underwriting Inv

12. Slide 12: P/C: strong OP growth - comments

    Group financial results 2Q 2015 P/C: strong OP growth as all profit components contribute Comments  Good operating profit  AY LR – better on lower NatCat Strong operating profit growth of 29.7%. AY LR improves 0.6%-p to 69.1% on lower Underwriting and investment results NatCat losses. Attritional

13. Slide 13: P/C: Germany and CEE with strong OP growth

    Group financial results 2Q 2015 P/C: Germany and CEE with strong OP growth (EUR mn) 2Q 2015 Operating Δ p.y. Combined Δ p.y. NatCat Δ p.y.1 profit ratio impact in CR1 Total P/C segment2 1,745 +29.7% 93.5% -1.1%-p 1.1%-p -0.5%-p Large OEs Germany 385 +18.8% 86.3% -5.7%-p -0.3%-p -4.0%-p Italy 263 +7.

14. Slide 14: P/C: Germany and CEE with strong OP growth - comments

    Group financial results 2Q 2015 P/C: Germany and CEE with strong OP growth Comments  Germany – outstanding CR  UK – OP impacted by internal RI transaction CR benefits from lower NatCat, large losses CR negatively impacted by motor, increasing and ER. AY LR excl. NatCat unchanged. claims inflation

15. Slide 15: P/C: higher dividend income drives operating investment result

    Group financial results 2Q 2015 P/C: higher dividend income drives operating investment result increase Operating investment result Current yield (debt securities; in %) (EUR mn) +4.3% 2Q 14 0.80 805 840 2Q 15 0.74 Total average asset base1 104.4 113.9 Reinvestment yield4 (debt securities; in %) (EU

16. Slide 16: P/C: operating investment result - comments

    Group financial results 2Q 2015 P/C: higher dividend income drives operating investment result increase Comments  Operating investment result up Increase in operating investment result is mainly driven by higher dividend income from equities.  Investment expenses Increase triggered by higher inves

17. Slide 17: L/H: targeted growth

    Group financial results 2Q 2015 L/H: targeted growth (EUR mn) 2Q 2015 Revenues Total Internal PVNBP1 Δ p.y. growth growth Δ p.y. Δ p.y. Total L/H segment2 16,719 -1.4% -6.0% 14,004 -7.0% Large OEs Germany Life 4,063 -8.7% -8.7% 3,184 +2.9% Italy 3,366 +9.7% +9.7% 2,814 -32.5% USA 2,592 -22.7% -37.6%

18. Slide 18: L/H: targeted growth - comments

    Group financial results 2Q 2015 L/H: targeted growth Comments  Growth reflects change in product  Germany – traditional products retreat strategy Share of traditional savings & annuities in new Less single premiums from classic annuities business down by 9%-p to 34%. Launch of trigger premium drop

19. Slide 19: L/H: operating profit strong at EUR 0.9bn

    Group financial results 2Q 2015 L/H: operating profit strong at EUR 0.9bn (EUR mn) Operating profit by source1,2 Operating profit by line2 -13.4% -13.4% +124 +26 +33 985 985 -88 853 81 853 -226 177 91 119 727 643 Operating Loadings Investment Expenses Technical Impact of Operating 2Q 14 2Q 15 profit

20. Slide 20: L/H: operating profit - comments

    Group financial results 2Q 2015 L/H: operating profit strong at EUR 0.9bn Comments  Operating profit well on track  Expenses in line with production Operating profit at strong level despite Higher acquisition expenses in Asia more establishment of premium deficiency reserve than offset by impact f

21. Slide 21: L/H: mix change stabilizes NBM

    Group financial results 2Q 2015 L/H: mix change stabilizes NBM (EUR mn) 2Q 2015 VNB1 Δ p.y. NBM1 Δ p.y. Operating Δ p.y. profit Total L/H segment2 210 -45.4% 1.5% -1.1%-p 853 -13.4% Large OEs Germany Life 30 -60.3% 0.9% -1.5%-p 95 -70.3% Italy 29 -45.8% 1.0% -0.3%-p 102 +32.8% USA 64 -54.7% 2.6% -1.

22. Slide 22: L/H: mix change stabilizes NBM - comments

    Group financial results 2Q 2015 L/H: mix change stabilizes NBM Comments New Business Operating profit  VNB affected by interest rates  Germany Life – lower investment margin Decrease of VNB mainly due to low interest Decline entirely driven by investment margin rate environment. Change in business

23. Slide 23: L/H: strong investment margin of 21bps

    Group financial results 2Q 2015 L/H: strong investment margin of 21bps (yields are pro-rata) Based on Ø book value of assets1 2Q 14 2Q 15 Reinvestment yield6 (debt securities; in %) Current yield2 1.0% 1.0% Based on Ø aggregate policy reserves 3.0 2.8 Current yield2 1.2% 1.2% Net harvesting and othe

24. Slide 24: L/H: investment margin - comments

    Group financial results 2Q 2015 L/H: strong investment margin of 21bps Comments  Current yield quite resilient  PHP driven by investment result Current yield based on aggregate policy Different pattern of investment result leads to reserves down by 3bps only. Negative impact 1.5%-p higher PHP rati

25. Slide 25: Our German Life business sustainable and highly performing

    Group financial results 2Q 2015 Our German Life business sustainable and highly performing Attractive Sustainable Attractive for customers business model for shareholders Annual crediting1 Healthy investment margin Operating profit and dividend 6% 2.5% above guarantees EUR mn 4.95% 4.7% 1,200 1,079

26. Slide 26: German Life business - comments

    Group financial results 2Q 2015 Our German Life business sustainable and highly performing Comments  Win-win situation  Healthy investment margin Specific German Life business model creates Current yield minus average minimum win-win situation: guarantee; net harvesting and other not - attractive

27. Slide 27: AM: AuM flat in 1H 2015

    Group financial results 2Q 2015 AM: AuM flat in 1H 2015 (EUR bn) ∆ total AuM +0.5% -6.0% -6.3% 1,933 1,801 1,811 Allianz Group 525 488 488 1,408 +0.5% assets 0.0% 1,323 -2.1% -1.3% -3.1% 3rd party AuM 1,313 1,408 1,323 31.12.14 31.03.15 30.06.15 31.03.15 Net flows1 Market & F/X De-/ 30.06.15 Other i

28. Slide 28: AM: AuM flat in 1H 2015 - comments

    Group financial results 2Q 2015 AM: AuM flat in 1H 2015 Comments  Segment – 3rd party AuM increase vs 4Q  PIMCO – strong investment performance 2014, but decrease vs 1Q 2015 84% of 3rd party AuM outperformed their F/X impact, PIMCO net outflows and market benchmarks on a trailing 3-year basis effe

29. Slide 29: AM: strong revenue growth at AllianzGI

    Group financial results 2Q 2015 AM: strong revenue growth at AllianzGI (EUR mn) Revenues development1 Internal growth PIMCO3 Internal growth -3.6% -17.7% -10.5% -27.1% 1,238 1,607 1,108 1,548 46 67 52 24 Performance fees Other net fee and commission income 41.6 39.6 (AuM driven fees) 1,192 1,088 3rd

30. Slide 30: AM: revenue growth - comments

    Group financial results 2Q 2015 AM: strong revenue growth at AllianzGI Comments  Segment – revenues supported by  PIMCO – 3rd party AuM margin driven by AllianzGI and USD business mix Significantly strengthened USD (1.37 USD/EUR Lower share of mutual fund business leads to average in 2Q 2014, 1.11

31. Slide 31: AM: full-year operating profit target range confirmed

    Group financial results 2Q 2015 AM: full-year operating profit target range confirmed Internal growth Operating profit drivers (EUR mn) -36.9% CIR -25.2% AllianzGI 6761 364 76.1% 89 +79 5051 AllianzGI +67 139 68.7% PIMCO -226 -15 -34 -23 51.8% 597 -19 PIMCO 2,740 64.3% 396 Operating Revenues Expense

32. Slide 32: AM: operating profit - comments

    Group financial results 2Q 2015 AM: full-year operating profit target range confirmed Comments  Segment – operating profit in line with  Segment – CIR increases driven by PIMCO expectations Increase primarily driven by loss of scale at Decline in local currency average 3rd party PIMCO and – to a l

33. Slide 33: CO: operating result in line with expectations

    Group financial results 2Q 2015 CO: operating result in line with expectations (EUR mn) Operating loss development and components +9 0 0 -219 -19 -230 -4.7% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2Q 14 2Q 15 Δ 2Q 15/14 © Allianz SE 2015 2

34. Slide 34: CO: operating result - comments

    Group financial results 2Q 2015 CO: operating result in line with expectations Comments  Holding & Treasury – higher loss Mainly due to higher costs for pensions due to lower discount rate and slightly higher marketing expenses.  Banking – improvement Improved operating result mainly due to lower

35. Slide 35: Group: shareholders' net income up 15 percent

    Group financial results 2Q 2015 Group: shareholders’ net income up 15 percent (EUR mn) 2Q 14 2Q 15 Change Operating profit 2,770 2,842 +72 Non-operating items -37 137 +174 Realized gains/losses (net) 243 424 +181 Impairments (net) -24 -43 -20 Income from fin. assets and liabilities carried at fair v

36. Slide 36: Group: net income - comments

    Group financial results 2Q 2015 Group: shareholders’ net income up 15 percent Comments  Non-operating items improved Positive development driven by higher realized gains/losses (net) in equities (EUR 154mn) and debt securities (EUR 261mn), overcompensating slightly higher impairments.  Tax rate be

37. Slide 37: Summary

    Group financial results 2Q 2015 Summary  Total revenues at EUR 30.2bn (+2.4%) Outlook1 : Allianz confirms operating profit outlook  Operating profit of EUR 2,842mn (+2.6%) for 2015 at upper end of target range at  Shareholders’ net income of EUR 10.8bn EUR 2,018mn (+15.0%)  Strong capital positi

38. Slide 38: Additional information: Group

    2a 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 38

39. Slide 39: Financial highlights 6M 2015

    Group financial results 2Q 2015 Financial highlights 6M 2015 2014 2015 2014 2015 6M 6M 6M 6M Group +7.1% P/C1 +6.9% Total revenues (EUR mn) 63.4 67.9 2,835 3,030 (EUR bn) 1.1% 1.5% NatCat impact CR 93.6% 94.1% 2.9% 3.3% Run-off ratio Group +3.7% L/H1 +5.0% Operating profit (EUR mn) (EUR mn) 5,697 1,

40. Slide 40: Group: key figures

    Group financial results 2Q 2015 – Additional information on Group Group: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 Total revenues (EUR bn) 34.0 29.5 28.8 30.1 37.8 30.2 +0.7 63.4 67.9 +4.5 Property-Casualty 15.2 10.8 11.3 11.0

41. Slide 41: Group: shareholders' equity and stress tests

    Group financial results 2Q 2015 – Additional information on Group Group: shareholders’ equity and stress tests Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) Equity markets -30% -2.8 -0.1% 68,397 Interest rate +50bps -3.1 60,747 60,687 18,197 Interest rate -50bps +3.0 Unrealize

42. Slide 42: Group: revaluation reserve

    Group financial results 2Q 2015 – Additional information on Group Group: revaluation reserve (EUR bn) Off-balance sheet Revaluation On-balance sheet reserve Shareholders’ Policyholders’ share share 2.5 (33.9%) 3.6 (48.8%) Real estate 55.8 Associates and joint ventures 6.4 1.0 Non- controlling 12.9 E

43. Slide 43: Group: conglomerate solvency ratio and stress tests

    Group financial results 2Q 2015 – Additional information on Group Group: conglomerate solvency ratio and stress tests Conglomerate solvency1 (EUR bn) Estimation of stress impact1,2 +12%-p Ratio as of 30.06.15 192% 181% 190% 192% Equity markets -30% 181% 54.7 55.7 49.8 Interest rate +50bps 195% Inter

44. Slide 44: Group: conglomerate solvency details as of 30.06.15

    Group financial results 2Q 2015 – Additional information on Group Group: conglomerate solvency details as of 30.06.15 (EUR bn) Available funds Required capital Shareholders’ 29.0 52.8 equity1 Dividend accrual -1.9 P/C 8.1 Goodwill, -16.0 other intangibles, DTA Subordinated bonds, +12.2 participation

45. Slide 45: Group: Solvency II capitalization and stress tests

    Group financial results 2Q 2015 – Additional information on Group Group: Solvency II capitalization and stress tests SII capitalization1,2 (EUR bn) Estimation of stress impact3 +22%-p Ratio as of 30.06.15 212% 191% 192% 212% Equity markets +30% 220% 70.0 69.9 Equity markets -30% 205% 66.0 Interest r

46. Slide 46: Group: asset allocation

    Group financial results 2Q 2015 – Additional information on Group Group: asset allocation (EUR bn) Property-Casualty Life / Health Asset Corporate and Consolidation Group Management Other 30.06.14 30.06.15 30.06.14 30.06.15 30.06.14 30.06.15 30.06.14 30.06.15 30.06.14 30.06.15 30.06.14 30.06.15 Inve

47. Slide 47: Group: investment result

    Group financial results 2Q 2015 – Additional information on Group Group: investment result (EUR mn) Property-Casualty Life / Health Asset Corporate and Consolidation Group Management Other 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2Q 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 Operating inves

48. Slide 48: Group: overview investment portfolio

    Group financial results 2Q 2015 – Additional information on Group Group: overview investment portfolio Group investments and loans Asset allocation as of 30.06.15 (30.06.14) (EUR bn) Real estate1 Cash / Other 2% (2%) 2% (2%) 664.7 631.6 Equities Debt 7% (7%) 89% (89%) 572.9 © Allianz SE 2015 30.06.1

49. Slide 49: Group: fixed income portfolio

    Group financial results 2Q 2015 – Additional information on Group Group: fixed income portfolio (30.06.15) By type of issuer Total By rating3 EUR 562.0bn Government 38% AAA 23% Covered 18% AA 26% Corporate 33% A 18% thereof Banking 6% BBB 27% ABS/MBS1 4% Non-investment grade 3% Other2 6% Not rated4

50. Slide 50: Group: fixed income portfolio - Government and government related

    Group financial results 2Q 2015 – Additional information on Group Group: fixed income portfolio – Government and government related (30.06.15) By region Total By rating EUR 215.7bn1 Germany 12% AAA 21% Italy 13% AA 43% France 18% A 8% Spain 4% BBB 24% Rest of Europe 20% Non-investment grade 2% USA 6

51. Slide 51: Group: fixed income portfolio - Covered bonds

    Group financial results 2Q 2015 – Additional information on Group Group: fixed income portfolio – Covered bonds (30.06.15) By country Total By rating EUR 102.0bn Germany 43% AAA 58% France 17% AA 25% Spain 9% A 12% Italy 7% BBB 5% UK 4% Non-investment grade 1% Ireland 1% Not rated 0% Rest of World 1

52. Slide 52: Group: fixed income portfolio - Corporate

    Group financial results 2Q 2015 – Additional information on Group Group: fixed income portfolio – Corporate (30.06.15) By sector Total By rating EUR 187.6bn Banking 17% AAA 2% Other financials 8% AA 9% Consumer 20% A 35% Communication 10% BBB 45% Energy 9% Non-investment grade 7% Industrial 8% Not r

53. Slide 53: Group: equity portfolio

    Group financial results 2Q 2015 – Additional information on Group Group: equity portfolio (30.06.15) By region Total By industry EUR 46.5bn1 Germany 13% Consumer 23% Eurozone ex Germany 22% Banking 8% Europe ex Eurozone 20% Other Financials 13% NAFTA 16% Basic materials 7% Rest of World 12% Utilitie

54. Slide 54: Group: real estate portfolio

    Group financial results 2Q 2015 – Additional information on Group Group: real estate portfolio1 By region Total By sectors EUR 24.7bn2,3 France 28% Office 61% Germany 25% Residential 15% Switzerland 12% Retail 18% Italy 8% Other/mixed 6% USA 6% Poland 2% Rest of Eurozone 10% Rest of World 9% By segm

55. Slide 55: Additional information: Property-Casualty

    2b 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 55

56. Slide 56: P/C: key figures

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 Gross premiums written (EUR bn) 15.2 10.8 11.3 11.0 17.3 11.8 +1.0 26.1 29.2 +3.1 Operating profit 1,

57. Slide 57: P/C: portfolio split

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: portfolio split1 Combined ratio < 95% > 95% <100% > 100% Key contributors Italy France FFIC2 (6M 2015)  CR 84.6%. Ongoing excellent  Favorable CR of 95.0%  CR of 130.1% affected by performance in a softening combin

58. Slide 58: P/C: loss ratio and run-off

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 6-quarter overview accident year loss ratio -0.6%-p 6Q avg. Including NatCat 69.6 69.1 Excluding NatCat 1.6 1.1 71.3 69.6 69.7 68.5 69.1 69.2 68.0 68.0 68.1 69.8

59. Slide 59: P/C: expense ratio

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 28.2 28.0 6,456 5,948 6.1 6.5 1,418 Admin. expenses 1,373 6.9 7.1 1,601 Other acquisition 1,499 expenses 14.9 14.6 3,438 Commissions 3,075 © Allianz SE 2015 6M 14 6M 15 59

60. Slide 60: P/C: operating investment result

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: operating investment result (EUR mn) +4.3% 805 799 840 748 770 743 in % of NPE 7.2 7.5 6.9 6.5 6.9 7.3 1Q 2Q 3Q 4Q 1Q 2Q 2014 2015 +4.2% Interest & similar income1 840 922 878 885 843 961 Net harvesting & other2 -23 -

61. Slide 61: P/C: average asset base and yields

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: average asset base and yields Average asset base1,2 (EUR bn) Current yield2 (in %) Other3 +9.1% Equities Cash Debt securities Equities 113.4 Debt securities 103.9 9.9 7.5 5.6 5.9 7.0 5.8 2.13 1.88 90.9 84.7 0.80 0.74

62. Slide 62: P/C: price effects on renewals

    Group financial results 2Q 2015 – Additional information on Property-Casualty P/C: price effects on renewals Pricing overview for selected operating entities1 (in %) Actual rate change on Selected OEs Assessment/trends of rate change on renewals renewals and momentum  Ongoing hard market in motor e

63. Slide 63: Additional information: Life/Health

    2c 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 63

64. Slide 64: L/H: key figures

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 Statutory premiums (EUR bn) 17.2 17.0 15.9 17.4 18.8 16.7 -0.2 34.1 35.5 +1.4 Operating profit 880 985 790

65. Slide 65: L/H: operating profit details

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: operating profit details1 (EUR mn) L/H Guaranteed Protection Unit-linked segment 2 savings & annuities & health w/o guarantee Delta 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 2014 2Q 2015 2Q 15/14 Loadings & fees 1,

66. Slide 66: L/H: key new business metrics

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: key new business metrics New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.6 2.7 2.5 2.5 1.5 1.5 385 390 362 330 269 1Q 2Q 3Q 4Q 1Q 2Q 210 2014 2015 PV of NB premiums1 (EUR bn) 17.5 1Q 2

67. Slide 67: L/H: new business profitability by region (1/2)

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: new business profitability by region (1/2)1,2 (EUR mn) Value of New business Present value of Recurring Single Internal rate Payback new business margin (in %) new business premium premium premium of return3 (in %) period (

68. Slide 68: L/H: new business profitability by region (2/2)

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: new business profitability by region (2/2)1,2,3 Value of new business New business margin (EUR mn) (in %) 1Q 2Q 3Q 4Q 1Q 2Q 1Q 2Q 3Q 4Q 1Q 2Q 2014 2014 2014 2014 2015 2015 2014 2014 2014 2014 2015 2015 German speaking count

69. Slide 69: L/H: MCEV on SII balance sheet

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: MCEV on SII balance sheet (EUR mn) +2,832 +631 31,807 +1,214 +671 28,570 +991 -1,692 +1,103 27,899 -739 26,796 631 479 -152 VNB Tax VNB before after tax tax 12M 14 Structural 12M 14 Re- 12M 14 Expected Operating VNB Economi

70. Slide 70: L/H: MCEV development highlights

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: MCEV on SII balance sheet development highlights (EUR mn, after non-controlling interests) 1 Operating variances and assumption changes +1,214 thereof +138 Experience variance mainly from positive variance in European entit

71. Slide 71: L/H: operating investment result

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: operating investment result (EUR mn) -1.7% 7,108 4,884 4,802 4,207 4,451 3,915 1Q 2Q 3Q 4Q 1Q 2Q 2014 2015 +8.4% Interest & similar income1 4,135 4,448 4,233 4,385 4,399 4,821 Net harvesting & other2 267 668 437 -213 2,935

72. Slide 72: L/H: average asset base and yields

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: average asset base and yields Average asset base1,2 (EUR bn) Current yield2 (in %) +15.9% Other3 499.5 Equities Cash 10.5 Debt securities Equities 6.6 Debt securities 37.1 431.1 10.2 8.4 30.0 1.82 1.73 445.3 0.96 382.5 0.88

73. Slide 73: L/H: operating asset base

    Group financial results 2Q 2015 – Additional information on Life/Health L/H: operating asset base Operating asset base (EUR bn) Net flows (EUR bn) 2Q 14 2Q 15 OAB 622.7 Germany Life +0.9 +0.8 as of 31.03.15 Germany Health +0.1 +0.1 Net flows +3.2 France +0.1 -0.1 Italy +1.5 +1.6 Interest & similar C

74. Slide 74: Additional information: Asset Management

    2d 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 74

75. Slide 75: AM: AAM key figures (1/2)

    Group financial results 2Q 2015 – Additional information on Asset Management AM: AAM key figures (1/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 Operating revenues 1,517 1,607 1,618 1,646 1,573 1,548 -59 3,124 3,121 -3 Performance fees 19

76. Slide 76: AM: AAM key figures (2/2)

    Group financial results 2Q 2015 – Additional information on Asset Management AM: AAM key figures (2/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 PIMCO Operating profit 563 597 594 488 428 396 -201 1,160 823 -336 Performance fees 11 46 25 1

77. Slide 77: AM: splits of 3rd party AuM

    Group financial results 2Q 2015 – Additional information on Asset Management AM: splits of 3rd party AuM1 (EUR bn) AAM PIMCO AGI 30.06.14 30.06.15 30.06.14 30.06.15 30.06.14 30.06.15 Regions2 America 853 765 780 680 72 85 Europe 385 416 240 232 145 185 Asia-Pacific 135 142 114 120 21 22 Investment v

78. Slide 78: Additional information: Corporate and Other

    2e 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 78

79. Slide 79: CO: key figures

    Group financial results 2Q 2015 – Additional information on Corporate and Other CO: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q Delta 6M 6M Delta 2014 2014 2014 2014 2015 2015 2Q 15/14 2014 2015 6M 15/14 Total revenues (Banking) 139 132 135 151 140 131 -1 270 270 0 Operating profit -222 -219 -248 -131 -1

80. Slide 80: Glossary

    3 1 Highlights Group financial results 2Q 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2015 80

81. Slide 81: Glossary (1)

    Glossary (1) AAM Allianz Asset Management, mainly the holding company of PIMCO and AllianzGI 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 clas

82. Slide 82: Glossary (2)

    Glossary (2) AuM splits by Mutual funds: Investment vehicles (in the US, investment companies, subject to the US code; in investment vehicle Germany, vehicles subject to the “Standard-Anlagerichtlinien des Fonds” Investmentgesetz) where the money of several individual investors is pooled into one ac

83. Slide 83: Glossary (3)

    Glossary (3) EIOPA European Insurance and Occupational Pensions Authority Expense ratio (ER) Acquisition and administrative expenses (net) divided by premiums earned (net) F/X Foreign exchange Fair value (FV) The price that would be received to sell an asset or paid to transfer a liability in an ord

84. Slide 84: Glossary (4)

    Glossary (4) Internal growth Enhances the understanding of our total revenue performance by excluding the effects of foreign currency translation as well as of acquisitions and disposals IRR Internal rate of return: The discount rate which gives a zero value of new business under real-world projecti

85. Slide 85: Glossary (5)

    Glossary (5) Loss ratio (LR) Claims and insurance benefits incurred (net) divided by premiums earned (net). Loss ratio calendar year (c.y.) includes the results of the prior year reserve development in contrast to the loss ratio accident year (a.y.). Loss severity Average claim size (accident year g

86. Slide 86: Glossary (6)

    Glossary (6) NPE Net premiums earned OAB Operating asset base: Represents all operating investment assets within the L/H segment. This includes investments & loans, financial assets and liabilities carried at fair value as well as unit-linked investments. Market value liability option is excluded. O

87. Slide 87: Glossary (7)

    Glossary (7) Retained earnings In addition to the reserve required by law in the financial statements of the Group parent company, this item consists mainly of the undistributed profits of Group entities and amounts transferred from consolidated net income. Return on equity (RoE) RoE Group: Represen

88. Slide 88: Glossary (8)

    Glossary (8) Total revenues Represent the sum of P/C segment’s gross premiums written, L/H segment’s statutory premiums, operating revenues in Asset Management and total revenues in Corporate and Other (Banking) Unrealized gains and losses (net) Include primarily unrealized gains and losses from ava

89. Slide 89: 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

Allianz — Q2 2015 Earnings Presentation on 6ix