Allianz Se · XETR:ALV

Allianz — FY2012 Earnings Presentation

160 slides from Allianz's earnings presentation, Feb 22, 2013

1. Slide 1: Moving forward

   Moving forward Analysts’ conference call Februar 22, 2013 Please note: Presentations based on 2012 preliminary figures

2. Slide 2: Agenda

   Agenda Agenda A Moving forward Michael Diekmann B Group financial results 2012 Dieter Wemmer C Investments Maximilian Zimmerer Appendix Glossary Investor Relations contacts Financial calendar Disclaimer © Allianz SE 2013

3. Slide 3: Moving forward

   Moving forward Michael Diekmann, CEO Analysts’ conference February 22, 2013

4. Slide 4: 2012 the CEO assessment; 2013 strategic priorities; Outlook

   A 1 2012 – the CEO assessment Moving forward 2 2013 – strategic priorities 3 Outlook © Allianz SE 2013 A2

5. Slide 5: 2012 at a glance – the CEO assessment

   A. Moving forward 2012 at a glance – the CEO assessment  Operating entities in line with expectations or better Good  Healthy capital ratios  Continuing enhancement of operations Difficult  (Re-)investment environment  FFIC Bad  Allianz banking Germany © Allianz SE 2013 A3

6. Slide 6: Strong results despite difficult environment

   A. Moving forward Strong results despite difficult environment Group Growth Operating profit Net income1 Dividend2 0 6 3 4 3 -2 2 4 8 2 2 4 5 -4 4 2 10 1 6 1 5 -6 6 0 12 0 7 0 6 9.5 5.2 4.50 +2.7% EUR bn EUR bn EUR Segments Capital P/C CR L/H NBM AM CIR External solvency3 Internal solvency Rating4 1

7. Slide 7: Operating profit exceeds target range

   A. Moving forward Operating profit exceeds target range Operating profit 2012 (EUR bn) Target range published 02/12 4.0 5.0  CR 96.3% P/C 4.7  Low NatCat 2.2 2.8  Total AuM up 11.8% L/H 3.0  Higher investment margin 2.0 2.4  Strong net inflows AM 3.0  Higher performance fees -0.9 -1.1 Co. & -1

8. Slide 8: Growth in operating asset base mitigates declining yields

   A. Moving forward Growth in operating asset base mitigates declining yields Operating asset base1 (EUR bn) CAGR 9.0% CAGR AM 2,019 L/H 1,811 P/C 1,679 1,401 1,186 1,239 1,240 1,133 10.9% 927 971 6.9% 0.6% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Interest and similar income plus AM fee and c

9. Slide 9: Resilient and well diversified business model

   A. Moving forward Resilient and well diversified business model Stable operating 10.1 profit in volatile 9.5 9.0 environment … 8.2 7.9 7.5 7.2 6.9 6.3 Operating profit (EUR bn)1 2004 2005 2006 2007 2008 2009 2010 2011 2012 … thanks to 14 17 13 13 12 17 22 26 28 diversification 15 23 23 25 28 34 31 2

10. Slide 10: 2012 the CEO assessment; 2013 strategic priorities; Outlook

    A 1 2012 – the CEO assessment Moving forward 2 2013 – strategic priorities 3 Outlook © Allianz SE 2013 A8

11. Slide 11: 3+One – simple, but effective

    A. Moving forward 3+One – simple, but effective 2003 - 2011 3+One 2012 ff 1  De-risking  Restoration of capital base  Balanced dividend policy Strong capital  Solid funding  Continuing optimization  Restructuring and reorganization 2  Preserving L/H profit  Global know-how sharing Operating

12. Slide 12: Resilience in shock scenarios

    A. Moving forward 1 Resilience in shock scenarios Strong capital Reduced Spanish asset/liability mismatch government bonds Asset duration extended Conglomerate solvency ratio Exposure3 halved by one year 179% 197% to EUR 2.6bn 2011 2012 Reduced Economic solvency ratio Italian financial cluster risks

13. Slide 13: Dividend policy reflects balanced capital management

    A. Moving forward 1 Dividend policy reflects balanced Strong capital capital management DPS (EUR) 4.10 4.50 4.50 4.501 3.50  Attractive dividend yield for investors  Healthy capital adequacy in 2008 2009 2010 2011 2012e volatile market environment Payout ratio (in %) 81 40 40 40 40 2008 2009 2010

14. Slide 14: Solid funding

    A. Moving forward 1 Solid funding Strong capital Lower refinancing costs Well spread maturity profile of external bonds (EUR bn) Major issuances:  EUR 1.5bn 10y senior bond: 3.5% coupon  EUR 1.5bn 30y non-call 10y sub bond: 5.625% coupon  USD 1.0bn perpetual non-call 6y sub bond: 5.5% coupon 6.4

15. Slide 15: Value enhancing restructuring

    A. Moving forward 2 Value enhancing restructuring Operating profitability OE Major drivers Costs / benefits (EUR mn) 190  Consolidation of legal entities, products and processes Italy Restructuring 80 Expense costs reduction 2007-2011 2012 vs. 2007  “Excellence” initiative focusing on 1.6%-p ER de

16. Slide 16: Germany – strong progress towards 2014 targets

    A. Moving forward 2 Germany – strong progress towards 2014 targets Operating profitability GPW (EUR bn) +5.8% Effective price increases1 in 2012 +2.0%  Motor +4.1%, non-motor +0.6% 9.2 9.5 9.0 Improved portfolio persistency in 2012 Motor 3.1 3.2  Motor GPW +3.1%, lapses2 -2.6%-p  Non-motor GPW +1

17. Slide 17: FFIC – turnaround with substantial upside

    A. Moving forward 2 FFIC – turnaround with substantial upside Operating profitability OP 650 Perfect storm (EUR mn) 341  Adverse claims reserve developments 280 266  Drought / crop business  Storm Sandy -130 Actions taken -550  Restructuring started 2010 CR 129.5  Concentration on HNW, entertai

18. Slide 18: Strong buffers and resilient margins in L/H

    A. Moving forward 2 Strong buffers and resilient margins in L/H Operating profitability Business in force New business (based on Ø aggregate policy reserves) Government bonds 5.3% 270bp 16ys maturity, ~3.5% 98% BBB or better ~3.6% 190bp 5.0% Current Covered bonds yield1 10ys mat., ~3.7% 77% A or bet

19. Slide 19: Ongoing elimination of legal entities

    A. Moving forward 3 Ongoing elimination of legal entities Low complexity Elimination of legal entities since 20101 Actions taken  Number of cross border shareholdings reduced Europe  Local holding structures simplified  Ownership structures streamlined – -13% e.g. Allianz Leben stake in Allianz U

20. Slide 20: Integration of BeNeLux business in 2013

    A. Moving forward 3 Integration of BeNeLux business in 2013 Low complexity Integration of Allianz Belgium, Luxembourg and Netherlands Benefits Allianz in Europe  Streamlined governance: (2012 GPW in EUR bn) joint management functions 27.6  Shared expertise: e.g. Dutch claims management, 11.5 Belgi

21. Slide 21: +One Balanced and profitable growth

    A. Moving forward +One Balanced and profitable growth Profitable growth Selected examples Emerging markets Mature markets Global markets Distribution enhancement Agency Future Program Internal Europe Co-operation Strategic co-operations Joint venture © Allianz SE 2013 External A 19

22. Slide 22: +One Leveraging market position in growth markets

    A. Moving forward +One Leveraging market position in growth markets Profitable growth  10-year exclusive1 Life insurance distribution agreement  Indonesia, Taiwan, China, Malaysia, Turkey, Allianz in growth markets Australia, Sri Lanka, Brunei, Philippines  EUR 12.3bn GPW Expanding  Upfront cash

23. Slide 23: +One Integrated B2B2C offer generates synergies

    A. Moving forward +One Integrated B2B2C offer generates synergies Profitable growth and captures growth opportunity  Motor insurance, extended warranty  GPW 2012: EUR 2.5bn Revenue potential  Customers: 6mn 2015  Common global platform, market management … B2B2C expertise EUR 7.6bn and innovatio

24. Slide 24: Distribution enhancement – first achievements encouraging

    A. Moving forward +One Distribution enhancement – Profitable growth first achievements encouraging Example Germany 2011 2012 2013 AFP model 12: New policies1, indexed new agencies Germany Pilot Rollout 132 only 116 France Pilot Rollout New AFP model +32 Roll- +16 Austria Prepare Pilot out 100 Tradit

25. Slide 25: PIMCO – diversified growth driven by delivery

    A. Moving forward +One PIMCO – diversified growth driven by delivery Profitable growth of value to more clients around the world 3rd party AuM +19%  Significant growth driven by client-solutions orientation (EUR bn) 1,232 and thought leadership 1,038  Diversified platform delivering for growing cl

26. Slide 26: 2012 the CEO assessment; 2013 strategic priorities; Outlook

    A 1 2012 – the CEO assessment Moving forward 2 2013 – strategic priorities 3 Outlook © Allianz SE 2013 A 24

27. Slide 27: Solid operating profit outlook 2013

    A. Moving forward Solid operating profit outlook 2013 (EUR bn) 2.7 – 3.1 +0.5bn 9.2  From 2013 onwards -1.1 2.5 – 3.1 -0.5bn restructuring costs will be to -1.3 classified as operating; operating profit 2012 adjusted: EUR 9.2bn 4.3 – 5.1  Range of operating profit outlook reflects diversification

28. Slide 28: Group financial results 2012

    Group financial results 2012 Dieter Wemmer, Chief Financial Officer Analysts’ conference February 22, 2013

29. Slide 29: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B2

30. Slide 30: Highlights of 2012 financial results

    B. Group financial results 2012 – Group Highlights of 2012 financial results  Total revenues increase 2.7 percent to EUR 106.4bn  Operating profit grows 20.8 percent to EUR 9.5bn  Shareholders’ net income doubles to EUR 5.2bn  Strong capital position and balance sheet © Allianz SE 2013 B3

31. Slide 31: Key financial results

    B. Group financial results 2012 – Group Key financial results 2010 2011 2012 Key drivers 2012/11 development +2.7%1 Total revenues (EUR bn) 106.5 103.6 106.4  Solid growth in Property-Casualty and excellent growth in Asset Management Operating +20.8% profit 8,243 9,501 7,866 (EUR mn)  All operatin

32. Slide 32: Quarterly results development

    B. Group financial results 2012 – Group Quarterly results development 2010 2011 2012 4Q 4Q 1Q 2Q 3Q 4Q +3.7%1 Total revenues 30.1 (EUR bn) 26.0 25.0 25.2 25.2 25.9 Operating +13.8% profit 2,364 2,532 2,154 2,330 2,275 (EUR mn) 2,000 Shareholders’ +148.0% net income (EUR mn) 1,371 1,234 1,344 1,220 ©

33. Slide 33: Shareholders' equity grows to EUR 53.6bn

    B. Group financial results 2012 – Group Shareholders’ equity grows to EUR 53.6bn Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) +19.2% 53,553 Equity markets -30%4 -1.9 44,491 44,915 10,122 Interest rate +100bps -4.8 Unrealized 4,626 gains/losses 5,057 Retained 14,616 Interest r

34. Slide 34: Strong regulatory solvency ratio with low sensitivity

    B. Group financial results 2012 – Group Strong regulatory solvency ratio with low sensitivity Conglomerate solvency1 (EUR bn) Estimation of stress impact1 +18%-p Ratio as of 31.12.12 197% 173% 179% 197% Equity markets -30% 189% 48.4 Interest rate +100bps 199% 42.6 39.6 Interest rate -100bps 194% 22.

35. Slide 35: Economic solvency at a healthy level

    B. Group financial results 2012 – Group Economic solvency at a healthy level Economic solvency1,4 (EUR bn) Estimation of stress impact2 Confidence level 99.5% +8%-p Ratio as of 31.12.12 199% 184% 191% 199% Interest rate +100bps 220% 49.2 49.3 Interest rate -100bps 177% 44.3 Equity markets +30% 210%

36. Slide 36: Revenues increase to EUR 106.4bn

    B. Group financial results 2012 – Group Revenues increase to EUR 106.4bn Total revenues1 (EUR bn) +2.7% 106.52 103.62 106.42 2012 Total Internal (in %) growth growth 43.9 46.9 44.8 Group +2.7 +0.5 P/C +4.7 +2.5 L/H -1.0 -2.6 AM +23.3 +15.4 57.1 52.9 52.3 5.0 5.5 6.8 © Allianz SE 2013 2010 2011 2012

37. Slide 37: Operating profit increases

    B. Group financial results 2012 – Group Operating profit increases 21 percent Operating profit (EUR mn) Property-Casualty Life/Health +12.5% +22.1% Group 7,866 2011 4,304 4,196 4,719 P/C +523 2,868 2,955 2,420 L/H +535 2010 2011 2012 2010 2011 2012 AM +758 +20.8% Asset Management Corporate and Other

38. Slide 38: Corporate and Other

    B. Group financial results 2012 – Group Corporate and Other Operating loss development Operating loss components (EUR mn) (EUR mn) 2010 2011 2012 -897 -897 +27 -942 +34 -1,128 -1 -1,128 -291 Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result -25.8% 2

39. Slide 39: Non-operating items

    B. Group financial results 2012 – Group Non-operating items (EUR mn) 2010 2011 2012 Δ 12/11 2011 2012 Realized gains/losses Realized gains/losses 1,215 1,112 and impairments of 1,079 -716 599 +1,315 - Equities 607 619 investments (net) - Debt securities 416 402 - Real estate and other 192 91 Interes

40. Slide 40: Net income development

    B. Group financial results 2012 – Group Net income development (EUR mn) 2010 2011 2012 Δ 12/11 Operating profit 8,243 7,866 9,501 +1,635 Non-operating items -1,070 -3,020 -870 +2,150 Income before taxes 7,173 4,846 8,631 +3,785 Income taxes -1,964 -2,042 -3,140 -1,098 Net income 5,209 2,804 5,491 +2

41. Slide 41: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B 14

42. Slide 42: Property-Casualty: Solid operating performance

    B. Group financial results 2012 – Property-Casualty Solid operating performance  Insurance portfolio with internal growth of 2.5 percent due to both positive price and volume effects  Strong increase in underwriting result of EUR 0.7bn  Operating profit at EUR 4.7bn  Lower NatCat claims at EUR 0

43. Slide 43: Property-Casualty: Revenues at EUR 46.9bn

    B. Group financial results 2012 – Property-Casualty Revenues at EUR 46.9bn, up 4.7 percent Revenues development Revenues of sel. OEs1 2010 2011 2012 Δ12/112 (EUR bn) (EUR mn) +4.7% Germany 9,013 8,979 9,158 +2.0% Countries Speaking German Switzerland 1,389 1,436 1,501 +0.4% 46.9 Western & 44.8 Franc

44. Slide 44: Underwriting improvements drive operating profit

    B. Group financial results 2012 – Property-Casualty Underwriting improvements drive operating profit Operating profit development Operating profit drivers (EUR mn) (EUR mn) +12.5% 4,719 +701 4,719 4,304 4,196 4,196 -165 -13 2010 2011 2012 Operating Underwriting Investment Other Operating profit prof

45. Slide 45: Improved combined ratio driven by lower NatCat

    B. Group financial results 2012 – Property-Casualty Improved combined ratio driven by lower NatCat … Combined ratio Combined ratio 2010 2011 2012 NatCat NatCat (in %) (sel. OEs) impact impact -1.5%-p in 20111 in 20121 Countries Germany 100.8 102.9 96.8 3.9%-p 1.3%-p Speaking German 97.2 97.8 96.3 Sw

46. Slide 46: Positive development in underlying accident year loss ratio

    B. Group financial results 2012 – Property-Casualty ... and positive development in underlying a.y. loss ratio (in %) Accident year loss ratio 9-quarter overview accident year loss ratio -2.9%-p 77.2 Including NatCat Excluding NatCat 73.0 74.1 71.2 9Q avg. 74.1 74.3 3.2 4.4 1.7 71.3 71.0 71.7 72.5 7

47. Slide 47: Expense ratio stable

    B. Group financial results 2012 – Property-Casualty Expense ratio stable (EUR mn) in % of NPE 28.1 27.9 28.0 11,673 11,044 11,115 6.7 7.0 6.8 Admin. expenses 2,732 2,725 2,808 6.8 6.7 6.7 Other acquisition 2,820 expenses 2,616 2,654 14.5 14.4 14.4 Commissions 5,696 5,736 6,045 © Allianz SE 2013 2010

48. Slide 48: Operating investment income at EUR 3.2bn

    B. Group financial results 2012 – Property-Casualty Operating investment income at EUR 3.2bn Operating investment income (EUR mn) -4.9% 3,394 3,218 3,229 in % of NPE 8.2 8.5 7.7 © Allianz SE 2013 2010 2011 2012 B 21

49. Slide 49: Price effects on renewals

    B. Group financial results 2012 – Property-Casualty Price effects on renewals Pricing overview for selected operating entities1 (in %) Actual rate change on Selected OEs Trends of rate change on renewals renewals and momentum  Motor rates hardening both in retail and commercial Germany 1.9%  Non-m

50. Slide 50: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B 23

51. Slide 51: Life/Health: Strong performance in challenging environment

    B. Group financial results 2012 – Life/Health Strong performance in challenging environment  Selective growth with focus on margins  New business margin solid at 1.8 percent  Strong operating profit at EUR 3.0bn  MCEV at EUR 27.3bn due to strong recovery of VIF © Allianz SE 2013 B 24

52. Slide 52: Life/Health: Stable revenues

    B. Group financial results 2012 – Life/Health Stable revenues Revenues development Revenues of sel. OEs2 2010 2011 2012 Δ12/111 (EUR bn) (EUR mn) -1.0% Germany Life 15,961 15,673 15,179 -3.2% Countries Speaking German 57.1 Germany Health 3,209 3,204 3,269 +2.0% 52.9 52.3 Switzerland 1,502 1,707 1,90

53. Slide 53: Life/Health: Strong operating profit

    B. Group financial results 2012 – Life/Health Strong operating profit Operating profit development Operating profit by sources1 (EUR mn) (EUR mn) +22.1% +941 +38 2,955 -68 2,955 2,868 2,420 +157 -533 2,420 2010 2011 2012 Operating Loadings Investment Expenses Technical Impact of Operating profit & f

54. Slide 54: Operating profit by product lines

    B. Group financial results 2012 – Life/Health Operating profit by product lines (EUR mn) Operating profit Operating profit by product lines +22.1% 2,955 +104 2,955 +440 138 2,420 2,420 -9 565 147 461 1,812 2,252 2011 2012 Operating Guaranteed Protection Unit linked Operating profit savings & & healt

55. Slide 55: Operating investment income increases

    B. Group financial results 2012 – Life/Health Operating investment income increases 20 percent Operating investment income (EUR mn) +20.1% 17,878 15,988 14,892 © Allianz SE 2013 2010 2011 2012 B 28

56. Slide 56: Solid new business margin

    B. Group financial results 2012 – Life/Health Solid new business margin New business margin1,2 Value of new business1,2 (VNB in % of PV of NB premiums) (EUR mn) 2.2 2.3 1.8 993 940 790 2010 2011 2012 PV of NB premiums1,2 (EUR bn) 44.2 43.5 40.9 © Allianz SE 2013 2010 2011 2012 2010 2011 2012 1) Afte

57. Slide 57: New business profitability by region

    B. Group financial results 2012 – Life/Health New business profitability by region Value of new business New business margin Capital return (EUR mn)1,2 (in %)1,2 4Q 12 (in %)3 Payback 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 IRR period (yrs) German Speaking 133 129 73 79 172 2.6 2

58. Slide 58: Asset base grows to EUR 476bn

    B. Group financial results 2012 – Life/Health Asset base grows to EUR 476bn Operating asset base1 (EUR bn) OAB Net flows (EUR bn) 2011 2012 431.1 as of 31.12.2011 Germany Life +0.5 +0.7 Net inflows 0.0 Germany Health +0.4 +0.4 France -0.7 -0.4 Interest & similar Italy -1.2 -1.5 income2 +16.7 CEE 0.0

59. Slide 59: L/H operating profit sources - existing vs. new approach

    B. Group financial results 2012 – Life/Health L/H operating profit sources - existing vs. new approach Shortcomings of previous approach Advantages of new approach Simplified design Expense result contained components Loadings & fees of investment result  Clear monitoring of client charges,  Speci

60. Slide 60: Comparison existing vs. new reporting format

    B. Group financial results 2012 – Life/Health Comparison existing vs. new reporting format Previous reporting format New reporting format  From premiums Investment result Loadings & fees  From reserves Reallocation Impact of  Unit-linked management fees of investment result, i.e. + change in DAC

61. Slide 61: Composition of 2012 operating profit

    B. Group financial results 2012 – Life/Health Composition of 2012 operating profit (EUR mn) For detailed information on profit sources by product line please refer to the appendix. Loadings GPW1 Margin from premiums = x 52.3 5.7% 2,973 Loadings & fees 4,293 + Loadings Loadings & fees from reserves =

62. Slide 62: Drivers of L/H investment margin

    B. Group financial results 2012 – Life/Health Drivers of L/H investment margin Reinvestment Based on Ø book value of assets1 20104 2011 2012 yield 2012: Current & total yields vs. Ø min. guarantee 3.6% Current yield2 4.5% 4.5% 4.4% 6% 5.0% Based on Ø aggregate policy res. 5% 4% Current yield2 4.9% 5

63. Slide 63: Strong buffers in Life/Health

    B. Group financial results 2012 – Life/Health Strong buffers in Life/Health Germany (Life) Italy (Life) 2011 2012 2011 2012 5.0% 180bps 5.0% 190bps 4.3% 180bps 4.3% 180bps 3.2% 3.1% 2.5% 2.5% Current yield1 Ø min. Current yield1 Ø min. Current yield1 Ø min. Current yield1 Ø min. 2011 guarantee 2011

64. Slide 64: MCEV at EUR 27.3bn due to strong recovery of VIF

    B. Group financial results 2012 – Life/Health MCEV at EUR 27.3bn due to strong recovery of VIF (EUR mn, after non-controlling interests) Free surplus +790 +471 +671 27,304 Required capital VIF +2,152 -622 +2,974 20,868 15,988 14,814 11,501 6,603 -549 -185 © Allianz SE 2013 2011 Adjustment In-force O

65. Slide 65: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B 38

66. Slide 66: Asset Management: Another excellent year

    B. Group financial results 2012 – Asset Management Another excellent year  Assets under Management reaching EUR 1.85 trillion  Excellent 3rd party net flows of EUR 113.6bn  Operating profit at EUR 3.0bn, 2nd highest in Group  Cost-income ratio improves further © Allianz SE 2013 B 39

67. Slide 67: Total managed assets increase to EUR 1.85 trillion

    B. Group financial results 2012 – Asset Management Total managed assets increase to EUR 1.85 trillion Assets under Management (EUR bn) +11.8% 1,852 1,657 1,518 414 376 Allianz Group assets 354 3rd party AuM 1,164 1,281 1,438 © Allianz SE 2013 31.12.10 31.12.11 31.12.12 B 40

68. Slide 68: Excellent 3rd party net flows of EUR 113.6bn

    B. Group financial results 2012 – Asset Management Excellent 3rd party net flows of EUR 113.6bn 3rd party net flows by region (EUR bn) 3rd party net flows by class (EUR bn) 113.2 113.6 113.2 113.6 Asia-Pacific 26.6 17.8 Institutional 63.3 67.9 58.9 U.S. 77.4 38.3 38.3 3.4 Retail 49.9 35.4 45.7 28.1

69. Slide 69: Net fee and commission income up

    B. Group financial results 2012 – Asset Management Net fee and commission income up 23 percent (EUR mn) +23.1% Internal growth: +15.0% 6,7312 766 5,470 4,927 455 Performance fees 514 3rd party AuM margin1 (in bps) 39.4 41.1 41.8 Other net fee and commission income 4,413 5,015 5,965 © Allianz SE 2013

70. Slide 70: Operating profit grows to EUR 3.0bn

    B. Group financial results 2012 – Asset Management Operating profit grows to EUR 3.0bn Operating profit development Operating profit drivers F/X-adjusted growth: (EUR mn) (EUR mn) +24.9% +33.6% +1,261 +23 3,014 3,014 -526 2,256 2,256 2,060 2010 2011 2012 Operating Net fee & Other Operating Operating

71. Slide 71: Strong operating profit development

    B. Group financial results 2012 – Asset Management Strong operating profit development Operating profit development 3rd party AuM 31.12.10 31.12.11 31.12.12 (EUR mn) (EUR bn) PIMCO 910 1,038 1,2321 PIMCO New setup AllianzGI 235 217 1781 Cost-income ratio (in %) 48.7 50.9 51.1 Other 19 26 281 Total 3

72. Slide 72: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B 45

73. Slide 73: Summary

    B. Group financial results 2012 – Summary Summary  Total revenues increase 2.7 percent to EUR 106.4bn  Operating profit grows 20.8 percent to EUR 9.5bn  Shareholders’ net income doubles to EUR 5.2bn  Strong capital position and balance sheet Dividend: © Allianz SE 2013  Proposed dividend of EUR

74. Slide 74: Accounting changes effective as of 01.01.2013

    B. Group financial results 2012 – Summary Accounting changes effective as of 01.01.2013 Estimated impact of new IAS 19 Employee Benefits (EUR bn) Shareholders’ equity as of  Full recognition of accumulated off-balance sheet 53.6 31.12.2012 (IAS 19 old) losses will decrease shareholders’ equity Reco

75. Slide 75: Operating profit outlook 2013

    B. Group financial results 2012 – Summary Operating profit outlook 2013 Operating profit (EUR bn) 9.5 2.7 – 3.1 9.2 +0.5bn 9.2 -1.1 8.7 2.5 – 3.1 to -1.3 -0.5bn 4.3 – 5.1 7.9 2011 2012 2012 P/C L/H AM CO + Group adjusted1 Conso. Outlook 2013 © Allianz SE 2013  Range of operating profit outlook refl

76. Slide 76: Group financial results 2012

    B 1 Group Group financial results 2012 2 Property-Casualty 3 Life/Health 4 Asset Management 5 Summary 6 Additional information © Allianz SE 2013 B 49

77. Slide 77: Group: result by segments overview

    B. Group financial results 2012 – Additional information on Group Group: result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 12M 2011 12M 2012 12M 2011 12M 2012 12M 2011 12M 2012 12M 2011 12M 2012 12M 2011 12M 2012 12M 2011 12M 2012 Total revenues (EUR bn) 44.8 46.9 52.9 52.3 5.5

78. Slide 78: Group: key figures

    B. Group financial results 2012 – Additional information on Group Group: key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2010 2011 2011 2011 2011 2012 2012 2012 2012 4Q 12/11 2010 2011 2012 Total revenues (EUR bn) 26.0 29.9 24.6 24.1 25.0 30.1 25.2 25.2 25.9 +0.9 106.5 103.6 106.4

79. Slide 79: P/C: key figures

    B. Group financial results 2012 – Additional information on Property-Casualty P/C: key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2010 2011 2011 2011 2011 2012 2012 2012 2012 4Q 12/11 2010 2011 2012 Gross premiums written (EUR bn) 9.4 14.3 10.2 10.8 9.5 14.8 10.7 11.4 10.0 +0.5 43

80. Slide 80: P/C: remarks concerning the operating entities' revenues

    B. Group financial results 2012 – Additional information on Property-Casualty P/C: remarks concerning the operating entities’ revenues Germany In 2011, transfer of China Branch to Asia-Pacific (impact 2010: EUR 39mn) Switzerland In 2010, sale of Phenix and Alba (impact 2010: EUR 121mn) France In 201

81. Slide 81: P/C: investment portfolio

    B. Group financial results 2012 – Additional information on Property-Casualty P/C: investment portfolio Average asset base1,2 Current yield (EUR bn) (in %) +5.4% Other3 100.9 Equities Cash Debt securities Equities 95.7 7.4 Debt sec. 92.2 6.8 4.6 6.5 4.2 4.4 4.2 5.1 6.0 5.8 5.2 4.9 3.8 3.8 3.6 76.3 7

82. Slide 82: P/C: operating investment income

    B. Group financial results 2012 – Additional information on Property-Casualty P/C: operating investment income (EUR mn) -10.2% 865 889 861 823 817 839 759 795 734 in % of NPE 7.6 8.5 8.8 8.6 8.1 8.3 8.4 7.4 7.0 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2010 2011 2012 +0.9% Interest & similar income1 906 896 953 95

83. Slide 83: L/H: key figures

    B. Group financial results 2012 – Additional information on Life/Health L/H: key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2010 2011 2011 2011 2011 2012 2012 2012 2012 4Q 12/11 2010 2011 2012 Statutory premiums (EUR bn) 15.1 14.3 13.0 11.8 13.8 13.7 12.9 11.9 13.9 +0.1 57.1 52.9

84. Slide 84: L/H: remarks concerning the operating entities' revenues

    B. Group financial results 2012 – Additional information on Life/Health L/H: remarks concerning the operating entities’ revenues Switzerland In 2010, sale of Phénix Vie; in 2012, Amaya is now reported within Spain (impact 2010: EUR 34mn; impact 2011: EUR 4mn) As of 2011, business written by Allianz

85. Slide 85: L/H: average asset base increases by 7.2 percent

    B. Group financial results 2012 – Additional information on Life/Health L/H: average asset base increases by 7.2 percent Average asset base Current yield (EUR bn)1 (in %) Other2 +7.2% Equities Cash Debt securities Equities 382.0 Debt sec. 9.4 5.4 356.3 9.0 23.1 5.2 4.5 4.5 4.6 332.5 4.3 23.2 4.1 8.4

86. Slide 86: L/H: operating investment income increases by 11 percent

    B. Group financial results 2012 – Additional information on Life/Health L/H: operating investment income increases by 11 percent Operating investment income +11.0% (EUR mn) 4,723 4,535 4,123 4,364 4,256 3,808 3,834 3,834 3,101 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2010 2011 2012 +4.2% Interest & similar income

87. Slide 87: L/H: operating profit details

    B. Group financial results 2012 – Additional information on Life/Health L/H: operating profit details (EUR mn) L/H Guaranteed Protection Unit linked segment savings & annuities & health w/o guarantee 12M 12M 12M 12M 12M 12M 12M 12M Δ3 20113 20123 20113 20123 20113 20123 20113 20123 Loadings & fees 4

88. Slide 88: L/H: MCEV and VNB methodology updated

    B. Group financial results 2012 – Additional information on Life/Health L/H: MCEV and VNB methodology updated (EUR mn, after non-controlling interests) 2012 methodology Changes adjustment effects implemented to Yield curve extrapolation 4Q VNB 12M MCEV achieve greater  In line with guidance from EU

89. Slide 89: L/H: MCEV and VNB methodology updated

    B. Group financial results 2012 – Additional information on Life/Health L/H: MCEV and VNB methodology updated (EUR mn, after non-controlling interests) 2012 methodology Other significant adjustment effects model and Improved evaluation of the interest guarantees 4Q VNB 12M MCEV (Germany Life) assump

90. Slide 90: L/H: MCEV development (1/2)

    B. Group financial results 2012 – Additional information on Life/Health L/H: MCEV development (1/2) (EUR mn, after non-controlling interests) 790 471 -622 27,304 2,152 671 2,974 23,842 -622 20,868 15,988 14,807 14,814 Free Surplus Req. Capital VIF Free surplus 11,501 9,570 End Req. capital 6,603 Sta

91. Slide 91: L/H: MCEV development (2/2)

    B. Group financial results 2012 – Additional information on Life/Health L/H: MCEV development (2/2) 1 2,974 = 2,757 Impact yield curve extrapolation from 20 year (was 30 years) for Euro -952 Impact implementation Going Concern Reserve in Germany Life 691 Impact implementation Zinszusatzreserve (ZZR)

92. Slide 92: L/H: definition of regional splits for MCEV reporting

    B. Group financial results 2012 – Additional information on Life/Health L/H: definition of regional splits for MCEV reporting Allianz Leben AG, Life subsidiaries are included at equity German speaking German Health business: “Allianz Private Krankenversicherung” countries Life operations in Switzerl

93. Slide 93: L/H: sensitivity analysis

    B. Group financial results 2012 – Additional information on Life/Health L/H: sensitivity analysis (EUR mn, after non-controlling interests) 12M 2012 Economic factors Non economic factors Base Drop in Credit risk free assumptions volatilities -5% mortality Case equity Risk -10% -10% Region value by +

94. Slide 94: L/H: free surplus movement

    B. Group financial results 2012 – Additional information on Life/Health L/H: free surplus movement (EUR mn, after non-controlling interests) Free surplus at -549 In-force 31 December 2011 2,055 cash earnings Δ Currency and Group share effects -12 New business cash strain -678 Δ Cash earnings 1,376 C

95. Slide 95: L/H: stable new business margin

    B. Group financial results 2012 – Additional information on Life/Health L/H: stable new business margin New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 1.9 1.9 2.0 1.7 1.6 256 219 223 4Q 1Q 2Q 3Q 4Q 163 20112 2012 149 PV of NB premiums1 (EUR bn) 13.0 11.7 11.5 9.

96. Slide 96: L/H: value of new business

    B. Group financial results 2012 – 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 Region 12M 11 12M 12 12M 11 12M 12 12M 11 12M 12 Δ %2 12M 11 12M 12 12M 11 12M

97. Slide 97: L/H: new business quarterly values

    B. Group financial results 2012 – Additional information on Life/Health L/H: new business quarterly values1 (EUR mn) 2 1Q 2012 2Q 2012 3Q 2012 4Q 2012 12M 2012 Region VNB NBM VNB NBM VNB NBM VNB NBM VNB NBM German Speaking Countries 129 2.7% 73 2.7% 79 2.8% 172 3.0% 453 2.8% thereof: Germany Life 11

98. Slide 98: L/H: embedded value overview

    B. Group financial results 2012 – Additional information on Life/Health L/H: embedded value1 overview (EUR mn) Embedded value VNB NBM 9,516 424 2.9% MCEV German speaking countries 13,297 453 2.8%  MCEV increased by EUR 6.4bn to EUR 27.3bn after net capital movement of EUR -622mn 6,132 378 3.1% ther

99. Slide 99: L/H: value of new business sensitivity analysis

    B. Group financial results 2012 – Additional information on Life/Health L/H: value of new business1 sensitivity analysis (EUR mn) Economic factors Non economic factors 3 Drop in risk free volatilities -5% mortality equity assumptions Base value by +25% +25% -10% longevity -10% case2 10% -100bp +100b

100. Slide 100: L/H: consistent economic assumptions for EV

     B. Group financial results 2012 – Additional information on Life/Health L/H: consistent economic assumptions are applied for EV across Allianz Group Key parameters EUR USD CHF KRW (in %) 2011 2012 2011 2012 2011 2012 2011 2012 Risk free rates 1.4 0.3 0.9 0.5 0.3 0.3 3.4 2.8 (1 year zero-coupon rate

101. Slide 101: AM: key figures

     B. Group financial results 2012 – Additional information on Asset Management AM: key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2010 2011 2011 2011 2011 2012 2012 2012 2012 4Q 12/11 2010 2011 2012 Operating revenues 1,426 1,273 1,303 1,326 1,600 1,439 1,497 1,845 2,005 +405 4,986

102. Slide 102: AM: 3rd party AuM

     B. Group financial results 2012 – Additional information on Asset Management AM: 3rd party AuM1 (EUR bn) AuM development AuM regional breakdown2 1,438 28 1,281 149 31.12.11 1,281 26 Other3 1,164 127 Internal 18 220 Net inflows 114 growth: Asia-Pacific 117 +18.6%376 and rest 200 Europe 111 ex Germany

103. Slide 103: AM: 3rd party AuM

     B. Group financial results 2012 – Additional information on Asset Management AM: 3rd party AuM1 (EUR bn) AuM class mix2 AuM product mix3 Retail Equity Institutional Fixed Income 1,438 1,438 152 1,281 1,281 1,164 515 1,164 146 430 161 392 772 851 923 1,002 1,134 1,284 © Allianz SE 2013 31.12.10 31.12

104. Slide 104: AM: reconciliation Asset Management

     B. Group financial results 2012 – Additional information on Asset Management AM: reconciliation Asset Management Operating profit development (EUR mn) 3,014 +659 +37 +97 92 0 Other Asset 2,256 -35 350 Management Units 55 385 Allianz Global Investors PIMCO 1,960 2,619 Segment Management -144 -47 Oper

105. Slide 105: Corporate and Other: key figures

     B. Group financial results 2012 – Additional information on Corporate and Other Corporate and Other: key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2010 2011 2011 2011 2011 2012 2012 2012 2012 4Q 12/11 2010 2011 2012 Total revenues (Banking) 175 151 137 129 150 155 141 142 152 +2

106. Slide 106: Group: goodwill

     B. Group financial results 2012 – Additional information on Group Group: goodwill (EUR bn) Goodwill per segment 0.1 11.7 0.0 11.7 -0.1 2011 2.0 P/C 2012 2.1 2011 2.2 L/H 2012 2.2 2011 7.0 AM 2012 6.9 2011 0.5 Goodwill Addition1 Currency Impairments3 Goodwill CO 2012 0.4 31.12.11 translation2 31.12.1

107. Slide 107: Group: shareholders' equity

     B. Group financial results 2012 – Additional information on Group Group: shareholders’ equity (EUR mn) Paid-in Retained Foreign Unrealized Shareholders' Non-controlling Total equity capital earnings currency gains and equity interests translation losses (net) adjustments Balance as of 31.12.10 28,68

108. Slide 108: L/H: shareholder value not accounted for in IFRS equity

     B. Group financial results 2012 – Additional information on Life/Health L/H: shareholder value not accounted for in IFRS equity (EUR mn) 12M 11 12M 12 Value of in-force in EV 6,602 11,500 Adjust for: IFRS DAC / VOBA -15,024 -13,600 Difference in life- and unallocated profit sharing reserves 14,868 1

109. Slide 109: Group: comprehensive income

     B. Group financial results 2012 – Additional information on Group Group: comprehensive income (EUR mn) 12M 10 12M 11 12M 12 Net income (after tax, before non-controlling interests) 5,209 2,804 5,491 Currency translation adjustments (CTA) 1,338 348 -85 Reclassification to net income -9 4 0 Changes ar

110. Slide 110: Group: revaluation reserve of EUR 44.3bn

     B. Group financial results 2012 – Additional information on Group Group: revaluation reserve of EUR 44.3bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 2.2 (37.4%) 2.9 (44.9%) 44.3 Real estate 5.9 Associated enterprises, joint ventures 0.2

111. Slide 111: Group: conglomerate solvency details as of 31.12.12

     B. Group financial results 2012 – Additional information on Group Group: conglomerate solvency details as of 31.12.12 (EUR bn) Available funds Required capital 24.6 Shareholders’ 45.9 equity1 P/C 7.5 Dividend accruals -2.1 Goodwill, -14.3 other intangibles Subordinated bonds, +11.5 participation cer

112. Slide 112: Group: economic solvency including model changes

     B. Group financial results 2012 – Additional information on Group Group: economic solvency including model changes (EUR bn) 184% +7%-p 191% +8%-p 199% -4.9 +5.0 49.2 49.3  Decrease due to non-transferable 44.3  IFRS earnings net of dividend items (VIF) partly offset by going concern reserve and EU

113. Slide 113: Group: risk capital breakdown

     B. Group financial results 2012 – Additional information on Group Group: risk capital1 breakdown (EUR bn) Risk capital by risk categories Risk capital by segments 26.7 26.7 24.8 -7.2% 24.8 -7.2% P/C 12.6 10.9 -13.7% Market risk 15.6 16.2 +3.9% Credit risk 3.3 4.0 +20.7% L/H 13.7 15.9 +15.8% Underwri

114. Slide 114: Group: financial leverage well in AA-range

     B. Group financial results 2012 – Additional information on Group Group: financial leverage well in AA-range (EUR bn) Financial leverage1 26.9% 28.5% 26.0% Senior debt leverage2 13.8% 12.1% 11.4% 11.4 9.0 11.1 44.5 44.9 53.6 7.4 6.8 7.4 2010 2011 2012 © Allianz SE 2013 Shareholders' equity Hybrid bo

115. Slide 115: Group: quality of capital

     B. Group financial results 2012 – Additional information on Group Group: quality of capital (EUR bn) Total capital 53.5 56.0 65.0 Dated hybrids Dated hybrids as % of total capital 6% 8% 10% Undated hybrids Shareholders' equity Undated hybrids as % of total capital 11% 10% 10% Shareholders’ equity as

116. Slide 116: Group: maturity profile of external bonds

     B. Group financial results 2012 – Additional information on Group Group: maturity profile of external bonds (EUR bn) Outstanding bonds1 Maturity structure1 17.4 16.5 Subordinated bonds Senior bonds 14.4 6.4 11.1 11.4 9.0 2.5 1.5 1.5 1.5 1.5 1.5 5.4 5.4 6.0 1.0 2010 2012 2011 2020 2013 2014 2015 2016

117. Slide 117: Group: earnings per share

     B. Group financial results 2012 – Additional information on Group Group: earnings per share (EUR) Basic EPS Diluted EPS 11.20 11.42 11.12 11.34 5.63 5.48 2010 2011 2012 2010 2011 2012 © Allianz SE 2013 B 90

118. Slide 118: Investments

     Investments Maximilian Zimmerer, Member of the Board of Management Analysts’ conference February 22, 2013

119. Slide 119: Investments

     C 1 Challenges 2012 Investments 2 Outlook 2013 3 Portfolio information © Allianz SE 2013 C2

120. Slide 120: AIM ensured strong contribution of investment result to operating profit

     C. Investments AIM ensured strong contribution of investment result to operating profit Allianz Investment Management Operating profit (EUR bn) Objective Facts 9.5 Contributes to capital efficiency by  Covering EUR 508bn 7.9 maximizing risk-adjusted investment (461bn in 2011) insurance assets retur

121. Slide 121: Investment performance 2012 – overview

     C. Investments Investment performance 2012 – overview (EUR mn) Current Total Total yield1 IFRS yield1 performance1 4.1% 4.4% 10.8% 32,646 55,250 Real estate/ Other 4,327 20,598 22,604 Equities -934 -1,3872 Debt/Cash Current Realized gains Impairments Investment expenses/ Total IFRS Change Total incl

122. Slide 122: Investment steering based on market values

     C. Investments Investment steering based on market values From an accounting (IFRS) view to an economic view EUR 34.2bn EUR 541.7bn1 EUR 507.5bn1 Real estate 2% Alternatives 1% EUR 9.7bn EUR 7.9bn  Volume increase related to Equities 6% switch from book to market value Real estate3 4% EUR 29.6bn (r

123. Slide 123: Portfolio measures 2012

     C. Investments Portfolio measures 2012 Duration extension, active management of sovereigns and reduction of banking exposure Portfolio Rationale action 2012  Source for duration in Life portfolios and Sovereigns inflation protection in P/C  Further de-risking Debt  Additional layer of protection

124. Slide 124: Active duration management narrowed duration gap

     C. Investments Active duration management narrowed duration gap and enhanced yield Modified duration Assets Liabilities 2012 4.5 3.5  Decline in swap rates P/C (10y EUR swap: ca. -80bps) 2011 3.9 3.4 drives liability duration 2012 7.6 8.6  Management action in line L/H with Solvency II requirement

125. Slide 125: Active increase of duration in several life portfolios

     C. Investments Active increase of duration in several life portfolios Example Allianz Lebensversicherungs-AG (German Life business)  Active modified duration increase to 8.5 (ca. +100 bps), achieved by total purchases of EUR 9.0bn (focus on French, Italian and Austrian government bonds, agencies an

126. Slide 126: Reduction of major financial stakes

     C. Investments Reduction of major financial stakes1 Fair values (EUR bn) -46% reduction +0.7 5.0 2.7 -3.0 Price Divestments and appreciation hedging of financial stakes © Allianz SE 2013 Stakes Stakes as of as of 31.12.2011 31.12.2012 1) Major financial stakes include Hartford, CPIC, Commerzbank, Un

127. Slide 127: Further reduction of selected sovereign exposure

     C. Investments Further reduction of selected sovereign exposure Exposure in selected sovereigns - 2.5 + 0.5 Amortized cost (EUR bn) 33.1 29.3 29.8 Thereof domestic 5.1 - 1.0 - 0.6 - 0.4 - 0.3 2.6 0.8 0.5 0.3 0.2 0.1 0.0 Dec 11 Dec 12 Dec 11 Dec 12 Dec 11 Dec 12 Dec 11 Dec 12 Dec 11 Jun 12 Dec 12 Por

128. Slide 128: New investment yields 2012

     C. Investments New investment yields 2012 L/H New F/I Yield Maturity investments (in years) Top countries (in %) Government1 54% 3.5% 16.0 thereof FR 14% Covered 14% 3.7% 9.7 IT 13% Corporate 28% 3.8% 10.1 DE 6% ABS/MBS 4% 2.4% 9.52 EU3 6% Total F/I 2012 100% 3.6% 13.2 thereof inv. grade 95% P/C New

129. Slide 129: New investment yields in line with conservative strategy

     C. Investments New investment yields in line with conservative investment strategy in % 7.0 6.0 5.0 Active investment zone for Allianz portfolio Emerging markets Ø Reinvestment yield L/H 4.0 Ø Reinvestment yield P/C 3.0 Treasuries ex. GIPS Corporates ex. subordinates 2.0 Covered bonds German BUND (1

130. Slide 130: Steering L/H profitability in a low interest rate environment

     C. Investments Steering L/H profitability in a low interest rate environment Business in force New business 5.3%3 270bp 5.0%2  Optimize asset  Improving the Current liability management ~3.6% 190bp technical margin yield  Shift from crediting  Guarantees lowered 4.4%1 rate to terminal bonus by ~

131. Slide 131: Investments

     C 1 Challenges 2012 Investments 2 Outlook 2013 3 Portfolio information © Allianz SE 2013 C 14

132. Slide 132: Key events 2012 and beyond

     C. Investments Key events 2012 and beyond Selected sovereign spreads over BUND 14 % General elections EU Summit Italy 12 Draghi points towards US debt ceiling General elections bond purchase program “Fiscal Cliff” Germany 10 Conditions for End of Troika OMT announced program Ireland 8 End of Troika

133. Slide 133: Key topics 2012 and looking ahead

     C. Investments Key topics 2012 and looking ahead 2012 2013 2014  Asset allocation further optimized with respect to Solvency II boundaries  Low interest rate environment taken into consideration by intensive asset duration management  Euro debt crisis: - rebalancing of sovereign exposure - reduct

134. Slide 134: Direct financing – debt

     C. Investments Direct financing – debt Allianz is active in the following investment areas  Replace unsecured with secured credit exposure, e.g. commercial/ residential mortgage lending, covered bonds  Increase direct lending to corporates and infrastructure projects Corporate loans Set up of real

135. Slide 135: Overview direct financing – debt and equity

     C. Investments Overview direct financing – debt and equity Current volume (EUR bn) Key characteristics  Require dedicated teams Mortgages/commercial loans 25.8 and capabilities Private placements USA 2.8  Long-term approach to investing to cover long-term liabilities Real estate1 20.5  Premium fo

136. Slide 136: In a nutshell

     C. Investments In a nutshell 2012 – successful investment management …  Solid investment performance  Further de-risking of investment portfolio  Solid re-investment yields  Diversification via alternative assets  Well positioned in all regimes 2013 – another year of challenges …  Negative rea

137. Slide 137: Investments

     C 1 Challenges 2012 Investments 2 Outlook 2013 3 Portfolio information © Allianz SE 2013 C 20

138. Slide 138: High quality fixed income portfolio

     C. Investments 91% High quality fixed income portfolio Investment portfolio By type of issuer Total By rating3 EUR 460.8bn Government 38% AAA 32% Covered 23% AA 23% Corporate 30% A 17% thereof Banking 8% BBB 23% ABS/MBS1 4% Non-investment grade 3% Other2 5% Not rated* 2% *) mostly mortgage loans, po

139. Slide 139: Government bond allocation concentrated in EMU core

     C. Investments 34% Government bond allocation concentrated Investment in EMU core countries portfolio By region Total By rating EUR 174.2bn1 France 20% AAA 26% Italy 18% AA 38% Germany 16% A 7% Rest of Europe 21% BBB 25% USA 5% Non-investment grade 2% Supranational 5% Not rated 2% Rest of World 15%

140. Slide 140: 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 35.6 7.7% 20.8 28.7 8.1% 16.9 5.7 6.9% 3.9 Italy 31.1 6.7% 21.0 27.3 7.7% 18.3 3.5 4.3% 2.7 Germany 27.4 6.0% 24.

141. Slide 141: Fixed income portfolio – covered bonds

     C. Investments 21% Fixed income portfolio – covered bonds Investment portfolio By country Total By rating EUR 106.5bn Germany 50% AAA 68% France 15% AA 15% Spain 9% A 12% UK 6% BBB 5% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 0% Sweden 1% Rest of World 15% By segment (EUR bn) Net A

142. Slide 142: Fixed income portfolio – corporate

     C. Investments 27% Fixed income portfolio – corporate Investment portfolio By sector Total By rating EUR 137.8bn Banking 26% AAA 5% Other financials 8% AA 12% Consumer 15% A 35% Communication 10% BBB 38% Utility 10% Non-investment grade 5% Industrial 7% Not rated1 5% Other 24% By segment (EUR bn) Ne

143. Slide 143: Fixed income portfolio – banks

     C. Investments 7% Fixed income portfolio – banks Investment portfolio By country Total By rating EUR 36.1bn Germany 17% AAA 11% UK 10% AA 21% France 10% A 44% Italy 5% BBB 18% Rest of Eurozone 18% Non-investment grade 5% Europe ex Eurozone 11% Not rated 1% USA 16% Rest of World 13% thereof subordina

144. Slide 144: Details bank exposure – subordinated debt

     C. Investments Details bank exposure – subordinated debt (EUR bn) Group L/H P/C UK total sub 1.5 1.3 0.2 LT2 1.4 1.2 0.2 UT2 0.0 0.0 0.0 T1 0.1 0.1 0.0 other 0.0 0.0 0.0 Germany total sub 1.5 0.1 0.1 LT2 0.8 0.1 0.1 UT2 0.0 0.0 0.0 T1 0.7 0.0 0.0 other 0.0 0.0 0.0 USA total sub 1.5 1.3 0.2 LT2 1.4 1

145. Slide 145: Fixed income portfolio – ABS/MBS

     C. Investments 4% Fixed income portfolio – ABS/MBS Investment portfolio By type of category Total By rating EUR 19.5bn U.S. Agency 21% AAA 79% CMBS 49% AA 9% RMBS 8% A 6% CMO/CDO 5% BBB 2% Credit Card 3% Non-investment grade 4% Auto 2% Not rated 0% Other 12% By segment (EUR bn) Net AFS unrealized ga

146. Slide 146: Equity portfolio

     C. Investments 6% Equity portfolio Investment portfolio By region Total By industry EUR 29.6bn1 Germany 18% Consumer 19% Eurozone ex Germany 26% Financials (excl. banking) 15% Europe ex Eurozone 16% Basic materials 11% NAFTA 11% Energy 7% Rest of World 8% Banking 7% Multinational2 21% Industrial 5%

147. Slide 147: Real estate portfolio

     C. Investments 2%1 Real estate portfolio Investment portfolio By region Total By sector 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 (EUR bn) Net unrealized gains/losse

148. Slide 148: Excursus Solvency II - impact on financing of banks and corporates

     C. Investments Excursus Solvency II - impact on financing of banks and corporates Capital Solvency II framework Economic implications charges1 Government bonds 0% for EU  Sovereign debt crisis not reflected  Sovereigns become preferred member states2 asset class Corporate bonds 0.9% - 7.15%  Loan

149. Slide 149: Appendix

     Appendix Analysts’ conference February 22, 2013

150. Slide 150: Glossary (1)

     Glossary (1) AAM Allianz Asset Management (former 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 class, quality, maturity, etc.), so

151. Slide 151: 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

152. Slide 152: 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

153. Slide 153: 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

154. Slide 154: 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

155. Slide 155: 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

156. Slide 156: 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

157. Slide 157: 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 VIF Value of in-force: Present value of future profits from in-force business (PVFP) minus the

158. Slide 158: Investor Relations contacts

     Investor Relations contacts Oliver Schmidt  +49 89 3800-3963 Peter Hardy  +49 89 3800-18180 Head of E-mail: E-mail: Investor Relations oliver.schmidt@allianz.com peter.hardy@allianz.com Christian  +49 89 3800-3892 Reinhard  +49 89 3800-17224 Lamprecht Lahusen E-mail: E-mail: christian.lamprecht@

159. Slide 159: Financial calendar

     Financial calendar March 15, 2013 Annual Report 2012 May 7, 2013 Annual General Meeting May 15, 2013 1st quarter results 2013 August 2, 2013 2nd quarter results 2013 November 8, 2013 3rd quarter results 2013 February 27, 2014 Financial results 2013 March 14, 2014 Annual Report 2013 May 7, 2014 Annua

160. Slide 160: 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 — FY2012 Earnings Presentation on 6ix