Allianz Se · XETR:ALV
Allianz — Investor Day (December 2024)
25 slides from Allianz's investor day presentation, Dec 10, 2024
Slide 1: The CFO view: Growth at scale - delivering value and resilience
Allianz (i) The CFO view Growth at scale — delivering value and resilience Claire-Marie Coste-Lepoutre CFO Allianz SE Allianz Capital Markets Day December 2024
Slide 2: Content / topics
Content / topics Allianz @ 1 Revisiting results Delivering across the board Some room for improvement 2 Our new targets Higher EPS growth, higher targeted RoE Minimum 75% total payout ratio on average? Focus on capital and cash management Increase Solvency II capital generation Higher net cash remit
Slide 3: Allianz Group - delivering on our promises (1)
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Allianz Group - delivering on our promises (1) Operating profit (EUR bn) 2024 2024e Comments target! achievement Property-Casualty 6.6 ~7.8 ~ Outperforma nce supported by high top-line growth and strong investment result Life/Heal 53 ~5.4 ~ Slightly above t
Slide 4: Allianz Group - delivering on our promises (2)
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Allianz Group —- delivering on our promises (2) on / capital 2024 ( ) target? - 2 ~23bn Net cash remittance EARS : <3 ~30bn Organic own funds generation: (EemmaAE . A ~10%-p* Net capital generation (pa) Solvency II ratio 2 180% 1) As presented on 2021 Capit
Slide 5: 2024 - 2027: raising our targets
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz ®@ 2024 — 2027: raising our targets New targets =a fo =Oo * Higher top-line momentum EPS CAGR 5 7% @ 7 9% * Technical excellence and productivity Target 2021-24 2024-271 Disciplined capital management 13% plus 17% plus Capital and profit discipline Roe 7) | S
Slide 6: Enhanced commitment to attractive payout
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Enhanced commitment to attractive payout Allianz capital management approach! Dividend per share the higher of 60% payout ratio” or is year’s DP’ + + Internal / External growth Dividend per share (EUR) “4 CAGR +8% 12 10 8 (o) 2015 16 17 18 19 20 21 22 2023
Slide 7: Raising the bar: 7-9% EPS CAGR
ALLIANZ CAPITAL MARKETS DAY 2024 Raising the bar: 7-9% EPS CAGR Allianz @ EPS walk! Assumptions (see appendix for further details) (EUR, cumulative contribution to EPS mid-point target) ~80% 0 ais P/C L/H ~25 AM 2024e P/C UH AM Capital 2027 Capital management mid-point management target 1) Core earn
Slide 8: Cash and capital management optimization
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz ®@ Cash and capital management optimization : ‘eval ; Optimize cash remitt t ‘ash remittance conomic value generation EPS growth, * Maximizing risk/return profiles sustainability * Optimizing trade-offs between remittance and growth + Addressing excess capita
Slide 9: Toolbox to strengthen economic value creation
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Toolbox to strengthen economic value creation ™) Management focus Levers / toolbox Solvency II capital generation! ; +2-3%-p ~24-25%-p Acceleration of growth: Structural Operating SII earnings * Portfolio optimization/ M&A + In-force business ° ‘ * Reinsura
Slide 10: Room to improve economic returns
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Room to improve economic returns =) Solvency II capital requirement 3Q 2024 6% EUR 61% 256 45bn BM sc Standard model Internal model Standard model Third country equivalence Sectoral requirements (e.g. Asset Management, Banking) Property-Casualty: Solvency I
Slide 11: Various levers for higher cash remittance
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Various levers for higher cash remittance = Net cash remittance! Assumptions (EUR bn) >27 Accelerated ~21 profitable * Operating profit growth +6% growth EUR * Focus on balanced portfolio growth across P/C and capital-efficient life products Se fiz * Excess
Slide 12: Cash remittance - well diversified
ALLIANZ CAPITAL MARKETS DAY 2024 Cash remittance — well diversified Highly diversified cash profile across segments and geographies © Germany © Italy © Australia 2023 Gross cash remittance EUR8.9bn a © Benelux lobal Insurance lines @ Anglo markets @ Other © Austria Slovakia Czech Other CEE Asia Iber
Slide 13: Strong cash remittance brings upside flexibility
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Strong cash remittance brings upside flexibility = Illustrative example p.a. (EUR) Remittance ratio ~11bn ~85% . Strong cash generation for: ~9.4bn _ ~6.6bn ~8-9bn * Ongoing dividend growth 60% with 60% dividend payout- dividend © ratio (with ratchet) payou
Slide 14: Resilience - strong from all angles
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Resilience — strong from all angles ) © ©) Earnings resilience Risk management * Portfolio and volatility management * Accumulation and tail risk * Cycle management management * Macro sensitivity management * Comprehensive scenario testing and mitigation ac
Slide 15: P/C resilience - low earnings volatility
ALLIANZ CAPITAL MARKETS DAY 2024 P/C resilience — low earnings volatility Profitability versus volatility 6% 7- Standard deviation in combined ratio @ Peers 5% @ 4% 3% ® ® ee e 2% e e e 1% Allianz @ e 0% 80% 85% 90% 95% 100% 10-year average combined ratio Significantly lower earnings volatility vers
Slide 16: P/C cycle management - commercial & specialty
ALLIANZ CAPITAL MARKETS DAY 2024 P/C cycle management — commercial & specialty Allianz @ P/C commercial & specialty Limited correlation of underwriting cycles” (Operating profit 9M 2024) Large corporate AGCS Combined ratio (%) 11% 975 94.9 EUR 91.77 92.0 2.8bn @ Large corporate (AGCS) @ Credit insur
Slide 17: Group resilience - example interest rate sensitivity
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ Group resilience — example interest rate sensitivity Operating profit - interest rate sensitivity in year 1 Comments (EUR bn, illustrative) - shock 15.5 P/C ~-0.8 || Lower discounting benefit (EUR -0.5bn) . and investment income (EUR -0.3bn) Interest rates
Slide 18: P/C - confidence in prudent reserve level
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz @ P/C - confidence in prudent reserve level Run-off ratio — 2005-24 (in % of earned premium?) 45 4.2 4.0 4.1 4.1 4.1 4.2 Strong track record 2.6 2.1 0.8 19 20 21 2005 06 O07 O8 09 10 11 12 13 #14 #15 16 17 «18 3.9 3.8 3.2, Resilient against shocks Excess infl
Slide 19: L/H resilience - benefits from preferred products
ALLIANZ CAPITAL MARKETS DAY 2024 L/H resilience — benefits from preferred products High quality and low risk new business ... (EUR) Guaranteed savings & annuities Capital-efficient products Unit-linked w/o guarantees Protection & health 3.5bn (5.8% NBM) 6% VNB 9M 2024 @ 94x 49x, Preferred lines of b
Slide 20: Group assets - high portfolio quality (1)
ALLIANZ CAPITAL MARKETS DAY 2024 Group assets — high portfolio quality (1) Portfolio composition Total asset portfolio EUR 724bn (3Q 2024) Other ~80% assets held in L/H with EUR 107bn future discretionary benefits? Life/Health 1) 4.2023 (3Q 2024) Asset classes Allianz @) 8% Real estate: well diversi
Slide 21: Group assets - high portfolio quality (2)
ALLIANZ CAPITAL MARKETS DAY 2024 Group assets — high portfolio quality (2) Non-traded debt (3Q 2024) Non-traded equity (excl. real estate, 3Q 2024) @ Private @ Infrastructure 3% @ Strategic participations @ Renewable Other EUR 9 Vintage: 50bn Ba? 91% before / or 2021, highly diversified across indus
Slide 22: Conservative capital structure and liquidity
ALLIANZ CAPITAL MARKETS DAY 2024 Conservative capital structure and liquidity Allianz @ Strong capital structure with high coverage Healthy financial leverage Ample liquidity at by unrestricted tier 1 (EUR, 3Q 2024) (EUR bn) holding level ~24% (23%) Plus ~1bn p.a. * Conservative Tier 3 additional de
Slide 23: Resilience evident in low solvency sensitivities
ALLIANZ CAPITAL MARKETS DAY 2024 Resilience evident in low solvency sensitivities Solvency II ratio Sep 30, 2024 Equities -30% Interest rates -50bps Credit spreads +50bps Rating migration 1 notch down? Combined stress? 1/250y largest 204% 209% ee Gov Non-Gov 200% NatCat sc 1) Operating capital gener
Slide 24: Summary - delivering value and resilience
ALLIANZ CAPITAL MARKETS DAY 2024 Allianz ®@ Summary — delivering value and resilience Lifting ambitions 7-9% 17% plus Earnings growth soon IFRS RoE? Enhanced cash & capital management > Targets 2027 Resilience & 24-25%-p EUR >27bn strong culture Net cash remittance?2, minimum 75% total Operating SII
Slide 25: Disclaimer
DISCLAIMER Cautionary note regarding forward-looking statements This document includes forward-looking state- ments, such as prospects or expectations, that are based on management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance f