Allianz Se · XETR:ALV

Allianz — FY2020 Earnings Presentation

80 slides from Allianz's earnings presentation, February 2021

1. Slide 1: Perseverance

   Analyst conference call Perseverance February 2021 Please note: presentations based on 2020 preliminary figures Allianz Investor Relations App Apple App Store Google Play Store

2. Slide 2: Agenda

   AGENDA CEO ASSESSMENT AND OUTLOOK OLIVER BÄTE A GROUP FINANCIAL RESULTS 2020 GIULIO TERZARIOL B GLOSSARY DISCLAIMER © Allianz SE 2021

3. Slide 3: CEO assessment and outlook

   Analyst conference call CEO assessment and outlook Oliver Bäte Chief Executive Officer February 2021

4. Slide 4: Content: Targets and Overview

   A. CEO assessment and outlook Content Our Targets Overview stake- and 2020 holders outlook © Allianz SE 2021 A2

5. Slide 5: Resilient performance in an unprecedented year

   A. CEO assessment and outlook Resilient performance in an unprecedented year 140bn 10.8bn 6.8bn Shareholders’ Revenues Operating profit Key figures net income -1.3bn 2020 (EUR) COVID-19 9.60 207% 11.4% OP impact Dividend Return on Solvency II ratio per share1 equity2 © Allianz SE 2021 1) Proposal 2)

6. Slide 6: Diversified business model and strong capitalization pay off

   A. CEO assessment and outlook Diversified business model and strong capitalization pay off Operating profit target achievement Solvency II ratio1 COVID-19 impact 212% 207% 106% 100% 190% 187% 192% 99% Target 90% 78% P/C L/H AM Group 4Q 19 1Q 20 2Q 20 3Q 20 4Q 20 © Allianz SE 2021 1) Before transitio

7. Slide 7: Shareholders – attractive investment

   A. CEO assessment and outlook Shareholders – attractive investment Attractive dividend Disciplined capital Solid total allocation shareholder return 4.0bn 2.8bn +6.4%-p >700,000 shareholders EUR 7.3bn cash received Total shareholder return 2020 (+22%) from operating entities -2.5% due to COVID-19 EU

8. Slide 8: Customers – reliable partner

   A. CEO assessment and outlook Customers – reliable partner High customer Leading brand Substantial benefits satisfaction 79% #1 77bn 79% of Allianz businesses Number one insurance EUR 32bn property-casualty with Net Promoter Score brand globally2 claims paid (NPS) above market Among top forty best E

9. Slide 9: Employees – key strength

   A. CEO assessment and outlook Employees – key strength Clear purpose Strong engagement Modern tools 150thou 78% 90% >150,000 employees Inclusive Meritocracy Index >1,600 sites across the worldwide with a clear (IMIX) up 5%-p to 78%, ahead globe connected via proprietary purpose: of 2021 ambition (73

10. Slide 10: Society – active responsibility

    A. CEO assessment and outlook Society – active responsibility Environment Social Governance 0% >5bn #1 -25% emissions for selected Most shareholder-friendly EUR >5bn taxes asset classes in the portfolio of DAX 30 board of management borne by Allianz customer funds by 20251 remuneration system2 Agree

11. Slide 11: Continuous improvement of health and performance

    A. CEO assessment and outlook Continuous improvement of “health” and performance 2015 2016 2017 2018 2019 2020 Ambition 20211 79% 75% Customer satisfaction (NPS) Health 50% 78% Employee engagement 73% (IMIX) 68% Profitability Performance 13.0% 12.6% (RoE) 11.4% © Allianz SE 2021 28.4% Productivity 2

12. Slide 12: Ambition 2021 – back to strong profitability

    A. CEO assessment and outlook Ambition 2021 – back to strong profitability (in EUR bn) 2017 2018 2019 2020 2021e COVID-19 +1bn High impact 11.9 EUR -1.3bn 12.0 Mid-point 11.5 -1bn Low Actual 11.1 result 10.8 Strain • Lower interest rates • Weaker USD • COVID-19 © Allianz SE 2021 Disclaimer: Impact f

13. Slide 13: Our strategic priorities – unchanged for 2021

    A. CEO assessment and outlook Our strategic priorities – unchanged for 2021 Outperform Transform Rebalance Capital Productivity Simple, digital, scalable (re-)allocation Details and outlook at Capital Markets Day in December © Allianz SE 2021 Environment – Social – Governance A 11

14. Slide 14: This page intentionally left blank

    This page intentionally left blank. © Allianz SE 2021

15. Slide 15: Group financial results 2020

    Analyst conference call Group financial results 2020 Giulio Terzariol Chief Financial Officer February 2021

16. Slide 16: Content

    CONTENT HIGHLIGHTS 1 2 ADDITIONAL INFORMATION © Allianz SE 2021

17. Slide 17: Group: 4Q operating profit strong at EUR 3.0bn

    B. Group financial results 2020 Group: 4Q operating profit strong at EUR 3.0bn COVID-19 impact Group Property-Casualty Life/Health Asset Management Total revenues 4Q 20 in EUR bn (internal growth vs. prior year in %) 35.6 (+1.5%) 12.7 (-3.5%) 20.9 (+3.9%) 2.1 (+7.7%) Operating profit 4Q 20 in EUR mn

18. Slide 18: Group: 4Q operating profit strong at EUR 3.0bn – comments

    B. Group financial results 2020 Group: 4Q operating profit strong at EUR 3.0bn Comments • Revenues return to growth path • P/C – AGCS reserve strengthening Internal growth at 1.5%. Good internal growth in AM Operating profit at EUR 881mn, impacted by COVID-19 (+7.7%) and L/H (+3.9%). Internal growth

19. Slide 19: Group: resilient performance in 2020

    B. Group financial results 2020 Group: resilient performance in 2020 COVID-19 impact Group Property-Casualty Life/Health Asset Management Total revenues 12M 20 in EUR bn (internal growth vs. prior year in %) 140.5 (-1.8%) 59.4 (-1.5%) 74.0 (-2.6%) 7.3 (+3.6%) Operating profit 12M 20 in EUR mn (vs. p

20. Slide 20: Group: resilient performance in 2020 – comments

    B. Group financial results 2020 Group: resilient performance in 2020 Comments • Revenues affected by COVID-19 • P/C – a challenging year -1.8% internal growth. Negative internal growth in P/C Operating profit at EUR 4.4bn. Decline driven by (-1.5%) driven by Allianz Partners and Euler Hermes. underw

21. Slide 21: Group: strong capitalization

    B. Group financial results 2020 Group: strong capitalization Shareholders’ equity (EUR bn) Key sensitivities (EUR bn) +8.3% 74.0 74.6 80.8 Equity markets -30% -4.2 Unrealized gains/losses1 17.7 20.0 22.6 +50bps -5.9 Interest rate Retained earnings, 27.4 25.7 29.2 -50bps +5.8 F/X and undated subordin

22. Slide 22: Group: strong capitalization – comments

    B. Group financial results 2020 Group: strong capitalization Comments • Shareholders’ equity • SII ratio – at a strong level In FY 2020, shareholders’ equity increases by Main drivers year-on-year are organic capital generation EUR 6.8bn. Drivers are (~+23%-p, ~+7%-p after tax and dividend), more th

23. Slide 23: Group: Solvency II ratio at 207%

    B. Group financial results 2020 Group: Solvency II ratio at 207% +9.1 Own funds 84.0 84.9 (EUR bn) -3.3 -2.1 -1.7 -1.0 +3.5 +4.4 +2.7 -1.5 P/C AM L/H CO/Conso. 31.12.19 Regulatory/ Operating SII Market Capital mgmt./ Tax/ 31.12.20 model changes earnings impact management other actions SII capitaliza

24. Slide 24: Group: Solvency II ratio at 207% – comments

    B. Group financial results 2020 Group: Solvency II ratio at 207% Comments • 23%-p SII capital generation pre-tax/dividend • Capital management/management actions SII capital generation – net of tax and dividend – amounts OF: Dividend accrual (EUR -4.0bn), share buy-back to ~+7%-p in FY 2020. (EUR -0

25. Slide 25: P/C: adjusted for COVID-19 internal growth positive

    B. Group financial results 2020 P/C: adjusted for COVID-19 internal growth positive EUR mn Revenues YTD change on renewals 2020 Total growth Internal growth 2020 Momentum ∆ p.y. ∆ p.y. Total P/C segment 59,412 +0.4% -1.5% +5.4% n.a. Selected OEs Germany 10,918 +1.7% +1.6% +2.4% positive France 4,560

26. Slide 26: P/C: adjusted for COVID-19 internal growth positive – comments

    B. Group financial results 2020 P/C: adjusted for COVID-19 internal growth positive Comments • Internal growth – driven by COVID-19 • Australia – positive price effect partly offset by volume Lower volume due to COVID-19 negatively impacts internal Growth in property compensated by lower volume in m

27. Slide 27: P/C: operating profit at EUR 4.4bn

    B. Group financial results 2020 P/C: operating profit at EUR 4.4bn Operating profit drivers (EUR mn) Combined ratio (in %) -13.4% +0.8%-p 5,045 95.5 96.3 4,371 -358 -283 -33 Loss ratio 68.0 69.5 NatCat impact2 1.5 1.7 (in %-p) Expense ratio 27.5 26.8 2019 2020 Operating Underwriting Investment1 Othe

28. Slide 28: P/C: operating profit at EUR 4.4bn – comments

    B. Group financial results 2020 P/C: operating profit at EUR 4.4bn Comments • Operating profit materially impacted by COVID-19 • Expense ratio – improved Lower OP driven by underwriting and investment result. Strong ER improvement of -0.7%-p. Productivity CR increases due to lower run-off and COVID-

29. Slide 29: P/C: Global lines impacted by COVID-19

    B. Group financial results 2020 P/C: Global lines impacted by COVID-19 EUR mn Operating profit Combined ratio NatCat impact on CR 2020 ∆ p.y. 2020 ∆ p.y. 2020 ∆ p.y. Total P/C segment 4,371 -13.4% 96.3% +0.8%-p 1.7%-p +0.2%-p Selected OEs Germany 1,197 -5.2% 93.0% +0.5%-p 1.3%-p -2.0%-p France 440 +

30. Slide 30: P/C: Global lines impacted by COVID-19 – comments

    B. Group financial results 2020 P/C: Global lines impacted by COVID-19 Comments • Germany – CR on very good level • Spain – strong profitability restored ER improvement (∆ -0.4%-p) more than offset by LR, Strong improvement driven by successful remediation and due to COVID-19 related claims from bus

31. Slide 31: P/C: lower income from debt and equities

    B. Group financial results 2020 P/C: lower income from debt and equities Operating investment result1 Current yield Economic reinvestment yield (EUR mn) (debt securities; in %) (debt securities; in %) -10.0% 2.56 2.27 1.7 1.4 2,840 2,556 2019 2020 2019 2020 2019 2020 Total average asset base4 Durati

32. Slide 32: P/C: lower income from debt and equities – comments

    B. Group financial results 2020 P/C: lower income from debt and equities Comments • Interest & similar income • Current yield Driven by both debt and equities. Income from debt Impacted by lower market yields and a higher average impacted by lower yields and currency translation asset base. effects.

33. Slide 33: L/H: new business margin supported by business mix

    B. Group financial results 2020 L/H: new business margin supported by business mix PVNBP share by line EUR mn 2019 2020 ∆ p.y. PVNBP 67,046 61,497 -8.3% Total L/H segment 3.2 2.8 APE 9,563 8,616 -9.9% Single premium 40,737 37,281 -8.5% Protection & health 5.4 16% Recurring premium 5,489 4,888 -11.0%

34. Slide 34: L/H: new business margin – comments

    B. Group financial results 2020 L/H: new business margin supported by business mix Comments PVNBP by line PVNBP by OE • New business – active steering • Germany Life – favorable shift of business mix GS&A down 32.0% and capital-efficient products decline P&H up +9% and favorable shift within capital

35. Slide 35: L/H: operating profit strong at EUR 4.4bn

    B. Group financial results 2020 L/H: operating profit strong at EUR 4.4bn (EUR mn) Operating profit by source1 Operating profit by line -7.4% -7.4% 4,708 4,708 +155 +96 4,359 4,359 851 -42 -108 781 -450 552 488 883 1,087 2,421 2,003 Operating Loadings Investment Expenses Technical Impact of Operatin

36. Slide 36: L/H: operating profit – comments

    B. Group financial results 2020 L/H: operating profit strong at EUR 4.4bn Comments • Loadings & fees – deconsolidation of AZ Popular Preferred LoBs account for 54% of operating profit Loadings & fees down due to deconsolidation of • Protection & health Allianz Popular and lower new business. Driven

37. Slide 37: L/H: NBM good at 2.8%

    B. Group financial results 2020 L/H: NBM good at 2.8% EUR mn Value of new business New business margin Operating profit 2020 ∆ p.y. 2020 ∆ p.y. 2020 ∆ p.y. Total L/H segment 1,743 -19.6% 2.8% -0.4%-p 4,359 -7.4% Germany Life 672 -23.0% 3.0% -0.5%-p 1,202 +4.4% Asia Pacific 297 +2.4% 5.8% +0.0%-p 431

38. Slide 38: L/H: NBM good at 2.8% – comments

    B. Group financial results 2020 L/H: NBM good at 2.8% Comments New business Operating profit • NBM good at 2.8% • Germany Life – very good level Impact from unfavorable market movements (-1.0%-p) Profit growth is volume driven. largely offset by better business mix (+0.6%-p). • Asia Pacific – double

39. Slide 39: L/H: investment margin resilient at EUR 4.2bn

    B. Group financial results 2020 L/H: investment margin resilient at EUR 4.2bn Investment margin1 Economic reinvestment yield (debt securities; in %) 2019 2020 1.8 1.6 Based on Ø book value of assets2 (EUR bn) 575 627 Current yield 3.22% 2.86% Based on Ø aggregate policy reserves (EUR bn) 469 490 Cur

40. Slide 40: L/H: investment margin – comments

    B. Group financial results 2020 L/H: investment margin resilient at EUR 4.2bn Comments • Investment margin up EUR 0.2bn to EUR 4.2bn • Investment margin stable at 86bps Growth of reserve base (+4.3%) and stable investment Stable gross investment margin (2.34%) and PHP margin of 86bps. (-0.3%-p to 79

41. Slide 41: AM: Total AuM of EUR 2.4tn at record level

    B. Group financial results 2020 AM: Total AuM of EUR 2.4tn at record level (EUR bn) Total assets under management 3rd party AuM split Asset classes Regions +5.3% Multi-assets Europe EUR 161bn (+0.6%) EUR 561bn (-0.4%) 2,389 Equities Asia Pacific 2,268 EUR 163bn (+12.9%) EUR 213bn (+13.0%) +16.3% Alt

42. Slide 42: AM: Total AuM – comments

    B. Group financial results 2020 AM: Total AuM of EUR 2.4tn at record level Comments • Total AuM up 5% • Business highlights Increase driven by strong markets, Allianz Real Estate AM segment: 79% of 3rd party AuM outperform transfer (EUR 66bn AuM end of 2020, vast majority in benchmarks on a trailing

43. Slide 43: AM: EUR 33bn 3rd party net inflows

    B. Group financial results 2020 AM: EUR 33bn 3rd party net inflows (EUR bn) 3rd party assets under management development 3rd party net flow split +1.5% Asset Fixed income +28.0 +96.5 classes +25.7 1,712 Equities +2.8 1,686 +7.0 -103.2 Multi-assets -0.3 Alternatives +2.5 Regions America +7.9 Europe

44. Slide 44: AM: 3rd party net inflows – comments

    B. Group financial results 2020 AM: EUR 33bn 3rd party net inflows Comments • 3rd party AuM up 2% to EUR 1.7tn Strong markets and 3rd party net inflows at PIMCO and AllianzGI drive the overall AuM increase of EUR 26bn to an all-time high, despite adverse F/X. Excluding F/X, 3rd party AuM up 8%. Sinc

45. Slide 45: AM: revenues up 3%

    B. Group financial results 2020 AM: revenues up 3% (EUR mn) Revenues development PIMCO AllianzGI +2.6% +5.7% -5.0% Internal growth +3.6% +6.9% -4.3% 7,347 Performance fees 7,164 5,377 402 5,086 AuM driven & 490 258 2,086 other revenues1 189 1,983 301 143 6,674 6,945 4,896 5,119 1,786 1,839 © Allianz

46. Slide 46: AM: revenues up 3% – comments

    B. Group financial results 2020 AM: revenues up 3% Comments • Segment revenues • Segment margin Revenues increase by 3% due to AuM driven fees, 3rd party AuM margin decreases slightly (∆ -0.3bps to including integration of Allianz Real Estate and the 39.1bps), impacted also by a lower share of mutua

47. Slide 47: AM: operating profit up 6%

    B. Group financial results 2020 AM: operating profit up 6% (EUR mn) Operating profit drivers PIMCO +5.5% +7.0% +7.2% Internal growth +309 2,853 2,7041 2,108 2,256 -112 -49 228 246 Performance fee impact2 OP excl. performance 58.5 58.1 CIR (in %) fee impact2 2,458 6.8% 2,625 2019 2020 62.3 61.2 CIR (

48. Slide 48: AM: operating profit up 6% – comments

    B. Group financial results 2020 AM: operating profit up 6% Comments • Segment – OP up 6% • 4Q 2020 – OP up 14% 4% higher average 3rd party AuM and related revenues Both entities contribute to excellent OP. drive operating profit. F/X impacts OP with EUR -49mn. PIMCO OP up 7% to EUR 641mn, driven by

49. Slide 49: CO: result within expected range

    B. Group financial results 2020 CO: result within expected range (EUR mn) Operating result development and components -602 -163 -21 -0 -45 -831 +38.1% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2019 2020 ∆ 2020/2019 © Allianz SE 2021 2020 -89

50. Slide 50: CO: result within expected range – comments

    B. Group financial results 2020 CO: result within expected range Comments • Operating result at EUR -0.8bn Higher operating loss mainly due to lower investment income and a contribution to a COVID-19 solidarity fund – all reflected in results from Holding & Treasury and Alternative Investments. Bett

51. Slide 51: Group: shareholders' net income at EUR 6.8bn

    B. Group financial results 2020 Group: shareholders’ net income at EUR 6.8bn EUR mn 2019 2020  p.y. Operating profit 11,855 10,751 -1,104 Non-operating items -778 -1,148 -370 Realized gains/losses (net) 1,104 1,458 +354 Impairments (net) -581 -860 -279 Income from financial assets and liabilities c

52. Slide 52: Group: shareholders' net income – comments

    B. Group financial results 2020 Group: shareholders’ net income at EUR 6.8bn Comments • Shareholders’ net income down by EUR 1.1bn • Restructuring expenses – IT decommissioning Decline driven by lower operating profit (∆ EUR -1.1bn) Accelerated investments in productivity and and decrease in non-ope

53. Slide 53: Outlook 2021 – operating profit

    B. Group financial results 2020 Outlook 2021 – operating profit (EUR bn) P/C L/H AM Corp/Cons Group High +10% +1bn Mid-point 5.6 4.4 2.8 -0.8 12.0 Low -10% -1bn +11% Actual 2020 4.4 4.4 2.9 -0.8 10.8 Mid-point 2020 5.6 4.4 2.7 -0.7 12.0 © Allianz SE 2021 Disclaimer: Impact from NatCat, financial mar

54. Slide 54: Content

    CONTENT HIGHLIGHTS 1 2 ADDITIONAL INFORMATION © Allianz SE 2021

55. Slide 55: Allianz track record

    B. Group financial results 2020 – additional information Allianz track record Operating profit 2020: EUR 10.8bn Investment portfolio 2020: EUR 790bn By segments1 By regions: Asset allocation Debt instruments by rating6 P/C Insurance 38% Germany 28% Debt instruments 86% AAA 19% L/H Insurance 38% W &

56. Slide 56: ESG at Allianz (1/3)

    B. Group financial results 2020 – additional information ESG at Allianz (1/3) Ratings & commitments Governance ESG ratings ESG Board 2019 2020 Defines ESG standards, decides on ESG relevant business DJSI/SAM CSA Industry leader 98th percentile 4 members of Group Board of Management plus Chief Risk O

57. Slide 57: ESG at Allianz (2/3)

    B. Group financial results 2020 – additional information ESG at Allianz (2/3) Insurance Investments Revenues from sustainable solutions 3rd party sustainable investments EUR mn 2019 2020 EUR bn 2019 2020 Sustainable insurance solutions 962 1,383 Allianz Global Investors 56 95 Insurance solutions wit

58. Slide 58: ESG at Allianz (3/3)

    B. Group financial results 2020 – additional information ESG at Allianz (3/3) Human resources Footprint Diversity Greenhouse gas emissions Share of total employees – core business 2019 2020 2019 2020 Women in Allianz SE Supervisory Board 33% 33% Scope 1 – direct GHG emissions (t CO2) 42,011 28,714 W

59. Slide 59: Financial leverage and cash flow

    B. Group financial results 2020 – additional information Financial leverage and cash flow (EUR bn) Leverage ratios Cash flow Financial leverage1 23.3% 24.5% 23.3% (EUR bn) 2018 2019 2020 Ø 3yr Cash received from OEs including Senior debt leverage2 10.7% 9.8% 10.0% 7.6 7.8 7.3 7.5 excess capital upst

60. Slide 60: Investment portfolio

    B. Group financial results 2020 – additional information Investment portfolio Asset allocation Total: EUR 790.3bn Debt instruments by rating2 (2019: EUR 754.4bn) Debt instruments 86% (85%) AAA 19% Equities 9% (10%) AA 25% Real estate1 2% (2%) A 21% Cash/Other 3% (3%) BBB 28% Non-investment grade 4%

61. Slide 61: Economic reinvestment yields 2020

    B. Group financial results 2020 – additional information Economic reinvestment yields 2020 New F/I Maturity Regional allocation Yield investments in years P/C 7% P/C Government bonds1 50% 1.4% 10 29% 48% Covered2 18% 0.9% 11 15% Corporates 32% 1.8% 9 Europe Emerging markets Total F/I 2020 100% 1.4%

62. Slide 62: Alternative asset quota of 21%

    B. Group financial results 2020 – additional information Alternative asset quota of 21% Total Current volume (EUR bn) Average EUR 835bn1 expected return Real estate3 52.0 3-6% • Current yield: 3.9% Infrastructure equity 9.8 5-8% • 68% real estate Total 76.5 • EUR 18.7bn gross Renewable energy 3.9 3-

63. Slide 63: Fixed income portfolio

    B. Group financial results 2020 – additional information Fixed income portfolio By type of issuer Total By rating3 EUR 682.4bn Government 38% AAA 19% Covered 10% AA 25% Corporate 42% A 21% thereof Banking 5% BBB 28% ABS/MBS1 4% BBB+ 9% BBB 10% Other2 6% BBB- 8% Non-investment grade 4% Not rated4 3%

64. Slide 64: Government bond allocation

    B. Group financial results 2020 – additional information Government bond allocation By region Total By rating EUR 258.5bn1 France 17% AAA 19% Germany 14% AA 43% Italy 8% A 17% Spain 6% BBB 16% Rest of Europe 23% Non-investment grade 4% USA 7% Not rated 1% Rest of World 16% Supranational 9% By segmen

65. Slide 65: Details sovereigns

    B. Group financial results 2020 – additional information Details sovereigns (EUR bn) Group L/H P/C Book value % of FI Group Book value % of FI L/H Book value % of FI P/C France 44.0 6.4% 38.3 7.0% 3.2 3.6% Germany 35.3 5.2% 29.4 5.3% 3.0 3.3% Supranational 23.4 3.4% 21.3 3.9% 1.4 1.5% Italy 19.8 2.9

66. Slide 66: Fixed income portfolio: covered bonds

    B. Group financial results 2020 – additional information Fixed income portfolio: covered bonds By country Total By rating EUR 66.7bn Germany 38% AAA 72% France 15% AA 27% Spain 8% A 1% Italy 7% BBB 1% UK 3% Non-investment grade 0% Rest of World 29% Not rated 0% By segment (EUR bn) AFS unrealized gai

67. Slide 67: Fixed income portfolio: corporates

    B. Group financial results 2020 – additional information Fixed income portfolio: corporates By sector Total By rating EUR 285.4bn Banking 13% AAA 2% Other financials 13% AA 10% Consumer 20% A 32% Utility 10% BBB 47% Industrial 8% Non-investment grade 6% Communication 8% Not rated2 4% Energy1 7% Othe

68. Slide 68: Fixed income portfolio: ABS

    B. Group financial results 2020 – additional information Fixed income portfolio: ABS By type of issuer Total By rating EUR 28.1bn CMBS 47% AAA 68% CMO/CDO 23% AA 22% US Agency 14% A 3% RMBS 3% BBB 4% Auto 2% Non-investment grade 2% Credit Card 0% Not rated 0% Other 11% By segment (EUR bn) AFS unreal

69. Slide 69: Equity portfolio

    B. Group financial results 2020 – additional information Equity portfolio By region Total By industry EUR 73.1bn1 Germany 7% Consumer 16% Eurozone ex Germany 16% Other financials 15% Europe ex Eurozone 13% Industrial 8% NAFTA 22% Basic materials 3% Rest of World 25% Banking 3% Multinational2 17% Uti

70. Slide 70: Real estate portfolio (incl. own use, market value)

    B. Group financial results 2020 – additional information Real estate portfolio (incl. own use, market value) By region Total By sectors EUR 52.0bn1 Germany 22% Office 54% France 17% Residential 14% USA 11% Retail 13% Switzerland 10% Logistics 10% Italy 7% Other/mixed 8% Rest of Eurozone 14% Rest of

71. Slide 71: Glossary & Disclaimer

    GLOSSARY & DISCLAIMER © Allianz SE 2021

72. Slide 72: Glossary (1)

    Glossary Glossary (1) AFS Available for sale: Available-for-sale investments are non-derivative financial assets which have been acquired neither for sale in the near term nor to be held to maturity. They are shown at fair value on the balance sheet. AGCS Allianz Global Corporate & Specialty Allianz

73. Slide 73: Glossary (2)

    Glossary Glossary (2) Bps Basis points: 1 Basis point = 0.01%. CEE Central and Eastern Europe CIR Cost-income ratio: Operating expenses divided by operating revenues CO (The Allianz business segment) Corporate and Other CR Combined ratio: Represents the total of acquisition and administrative expens

74. Slide 74: Glossary (3)

    Glossary Glossary (3) FIA Fixed index annuity: Annuity contract under which the policyholder can elect to be credited based on movements in equity or in bond market indices, with the principal remaining protected. FV Fair value: The price that would be received to sell an asset or paid to transfer a

75. Slide 75: Glossary (4)

    Glossary Glossary (4) L/H (The Allianz business segment) Life and Health insurance L/H lines of business Guaranteed savings & annuities: Life insurance products linked to life expectancy, offering life and / or death benefits in the form of single or multiple payments to beneficiaries and possibly i

76. Slide 76: Glossary (5)

    Glossary Glossary (5) LoB Line of business LR Loss ratio: Represents claims and insurance benefits incurred (net), divided by premiums earned (net). The calendar year (CY) loss ratio includes the results of the prior year’s reserve development in addition to the accident year (AY) loss ratio. LTC Lo

77. Slide 77: Glossary (6)

    Glossary Glossary (6) Operating SII earnings Operating SII earnings represent the change in own funds, before tax and dividend accrual, that is attributable to the Allianz Group’s ongoing core operations. As such, operating SII earnings comprise: expected return from existing business, new business

78. Slide 78: Glossary (7)

    Glossary Glossary (7) Reinsurance Insurance companies transfer parts of the insurance risk they have assumed to reinsurance companies. Retained earnings In addition to the reserve legally required in the group parent company’s financial statements, this item mainly comprises the undistributed profit

79. Slide 79: Glossary (8)

    Glossary Glossary (8) Statutory premiums Gross premiums written from the sales of life and health insurance policies, as well as gross receipts from sales of unit-linked and other investment-related products, in accordance with the statutory accounting principles applicable in the insurer’s home jur

80. Slide 80: Disclaimer

    Disclaimer Disclaimer This document includes forward-looking statements, such as prospects or (viii) currency exchange rates, most notably the EUR/USD exchange rate, (ix) expectations, that are based on management's current views and changes in laws and regulations, including tax regulations, (x) th

Allianz — FY2020 Earnings Presentation on 6ix