Allianz SE · XETR:ALV

Allianz — Q1 2014 Earnings Presentation

87 slides from Allianz's earnings presentation, May 14, 2014

1. Slide 1: Group financial results 1Q 2014

   Group financial results 1Q 2014 Dieter Wemmer Chief Financial Officer Analysts’ conference call May 14, 2014

2. Slide 2: Agenda

   1 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 2

3. Slide 3: Business highlights from the first quarter of 2014

   Group financial results 1Q 2014 Business highlights from the first quarter of 2014  “Allianz One” in Italy: Successful launch of modular cover with 13,000 policies sold in 1Q Property-Casualty  “Privatschutz” in Germany: Number of modular cover policies increases in 1Q by 170,000  Fixed-indexed a

4. Slide 4: Business highlights from the first quarter of 2014 - comments

   Group financial results 1Q 2014 Business highlights from the first quarter of 2014 Comments  Allianz Life US  Acquisition Premiums overall increase by EUR 1bn On March 15th Allianz signed an (nearly 70% growth on internal basis) agreement with UnipolSai for the to EUR 2.56bn which drives overall a

5. Slide 5: Group: 2014 starts with strong results

   Group financial results 1Q 2014 Group: 2014 starts with strong results Total revenues (EUR bn) Operating profit drivers2 (EUR mn) +6.0%1 -2.6% 32.0 34.0 +170 +25 2,797 +17 2,723 -254 -32 1Q 13 1Q 14 Net income3 (EUR mn) -3.9% Operating P/C L/H AM CO Conso. Operating 1,707 profit profit 1,640 1Q 13 1

6. Slide 6: Group: 2014 starts with strong results - comments

   Group financial results 1Q 2014 Group: 2014 starts with strong results Comments  Growth  Asset Management Internal growth of 7.4% driven by L/H. Operating profit down 23.8% on an P/C slightly up, AM revenues decreasing internal basis, mainly due to the mainly due to lower performance fees. expecte

7. Slide 7: Group: healthy AA capital position

   Group financial results 1Q 2014 Group: healthy “AA” capital position Shareholders’ equity (EUR mn) Conglomerate solvency1 (%) +6.9% +2%-p 53,525 184% 50,084 182% 31.12.13 31.03.14 31.12.13 31.03.14 Economic solvency (%) S&P capital adequacy +9%-p Allianz‘ rating at “AA“ 222% with “stable“ outlook 20

8. Slide 8: Group: healthy AA capital position - comments

   Group financial results 1Q 2014 Group: healthy “AA” capital position Comments  Shareholders’ equity  Solvency II model adoption Increase driven by net income Model changes based on Solvency II (EUR 1.6bn) and higher unrealized calibration increased own funds by gains (EUR 2.2bn), partly offset by

9. Slide 9: P/C: internal growth of 1.9 percent

   Group financial results 1Q 2014 P/C: internal growth of 1.9 percent (EUR mn) 1Q 2014 Revenues Total Internal Price Volume growth growth1 effect effect ∆ p.y. ∆ p.y. Total P/C segment 15,217 +0.1% +1.9% +0.5% +1.4% Large OEs Germany 4,090 +2.3% +2.1% France 1,443 -1.5% -1.5% Italy 961 -1.7% -1.7% Glo

10. Slide 10: P/C: internal growth of 1.9 percent - comments

    Group financial results 1Q 2014 P/C: internal growth of 1.9 percent Comments  P/C growth  LatAm Internal growth of +1.9%. Total growth Volume loss in LatAm mainly driven by masked by strong negative F/X effect. Brazil where the stabilization phase for Yapι Kredi contribution to total growth a new

11. Slide 11: P/C: strong underwriting results continue

    Group financial results 1Q 2014 P/C: strong underwriting results continue Operating profit drivers (EUR mn) Combined ratio (in %) +12.9% NatCat impact1 (in %-p) +165 +21 1,489 -1.7%-p 1,319 -16 94.3 92.6 Loss ratio 66.1 64.6 0.7 0.5 Expense ratio 28.2 28.0 Operating Underwriting Investment Other2 Op

12. Slide 12: P/C: strong underwriting results continue - comments

    Group financial results 1Q 2014 P/C: strong underwriting results continue Comments  Operating profit  Accident year loss ratio 12.9% operating profit growth driven by Down 0.5%-p to 67.0% mainly due to strong underwriting result. lower NatCat but attritional AY loss ratio also down 0.3%-p.  Claim

13. Slide 13: P/C: operating profit up 12.9 percent

    Group financial results 1Q 2014 P/C: operating profit up 12.9 percent (EUR mn) 1Q 2014 Operating ∆ p.y. Combined ∆ p.y. NatCat ∆ p.y.1 profit ratio impact in CR1 Total P/C segment 1,489 +12.9% 92.6% -1.7%-p 0.5%-p -0.2%-p Large OEs Germany2 330 +3.4% 90.6% -0.8%-p 0.0%-p 0.0%-p France 128 +24.3% 93.

14. Slide 14: P/C: operating profit up 12.9 percent - comments

    Group financial results 1Q 2014 P/C: operating profit up 12.9 percent Comments  Strong segment result  AGCS 1.7%-p combined ratio reduction mainly CR decline driven by loss ratio improve- driven by a further improvement in the ment due to lower large losses and active attritional loss ratio (-0.3%

15. Slide 15: P/C: current yield on debt securities stable

    Group financial results 1Q 2014 P/C: current yield on debt securities stable Operating investment result Current yield (debt securities; in %) (EUR mn) -2.1% 1Q 13 0.77 763 747 1Q 14 0.77 Total average asset base1 107.0 102.8 (EUR bn) Reinvestment yield4 (debt securities; in %) 1Q 13 1Q 14 1Q 13 2.7

16. Slide 16: P/C: current yield on debt securities stable - comments

    Group financial results 1Q 2014 P/C: current yield on debt securities stable Comments  Investment result Current yield stable. Decline predomi- nantly driven by volume effect due to minor net outflows from fixed income asset class.  Reinvestment yield Down to 2.6% after 2.7% in 1Q 2013 but up from

17. Slide 17: L/H: strong revenue growth across all core markets

    Group financial results 1Q 2014 L/H: strong revenue growth across all core markets (EUR mn) 1Q 2014 Revenues Total Internal PVNBP2 ∆ p.y. growth growth1 ∆ p.y. ∆ p.y. Total L/H segment 17,163 +15.7% +16.4% 14,134 +6.9% Large OEs Germany Life 4,980 +11.5% +11.5% 3,447 -15.9% France 2,472 +9.0% +9.0%

18. Slide 18: L/H: strong revenue growth across all core markets - comments

    Group financial results 1Q 2014 L/H: strong revenue growth across all core markets Comments  New business  Germany New business driven by guaranteed savings Growth due to higher single premiums & annuities products (PVNBP +11%) with a and strong contribution via Commerz- solid NBM of 2.3%. bank. S

19. Slide 19: L/H: operating profit stable on like for like basis

    Group financial results 1Q 2014 L/H: operating profit stable on like for like basis (EUR mn) Operating profit by sources1,2 Operating profit by line2 +2.9% +2.9% +71 +137 880 880 855 Transfer 855 -39 26 from AM Thereof, 71 EUR 26mn 48 transfer from AM -119 143 -25 174 854 664 635 Operating Loadings

20. Slide 20: L/H: operating profit stable on like for like basis - comments

    Group financial results 1Q 2014 L/H: operating profit stable on like for like basis Comments  Operating profit  Technical margin Operating profit remains at high level. Decrease driven by Switzerland (EUR 13mn) 29% of EUR 3bn full-year target mid-point mainly due to higher Group Life disability al

21. Slide 21: L/H: value of new business up more than 50 percent

    Group financial results 1Q 2014 L/H: value of new business up more than 50 percent (EUR mn) 1Q 2014 Operating ∆ p.y. VNB1 ∆ p.y. NBM1 ∆ p.y. profit Total L/H segment2 880 +2.9% 360 +51.3% 2.5% +0.7%-p Large OEs Germany Life 276 -19.8% 90 -26.2% 2.6% -0.4%-p France 145 +26.1% 34 n.m.3 1.2% +1.1%-p It

22. Slide 22: L/H: value of new business up more than 50 percent - comments

    Group financial results 1Q 2014 L/H: value of new business up more than 50 percent Comments New Business  VNB  France Increase driven by NBM (+0.7%-p) and Operating profit increases by EUR 30mn volume (+6.9%). Increase in NBM attribu- mainly because of higher investment margin ted to change in eco

23. Slide 23: L/H: investment margin resilient

    Group financial results 1Q 2014 L/H: investment margin resilient (yields are pro-rata) Reinvestment yield5 Based on Ø book value of assets1 1Q 13 1Q 14 (debt securities; in %) Current yield2 1.0% 1.0% 3.1 3.0 Based on Ø aggregate policy reserves Current yield2 1.2% 1.2% Net harvesting and other 0.1%

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

    Group financial results 1Q 2014 L/H: investment margin resilient Comments  Investment margin  Policyholder participation Investment margin of 19bps remains solid Lower profit sharing (8bps) helped to and well on track to reach 75bps ambition stabilize margins. Profit sharing managed for full-year

25. Slide 25: AM: stable total assets under management

    Group financial results 1Q 2014 AM: stable total assets under management (EUR bn) ∆ total AuM +1.6% +1.0% 1,770 1,738 1,765 Allianz Group 409 409 423 +0.1% +1.8% +0.1% +0.6% assets -1.6% 3rd party AuM 1,361 1,329 1,342 1,329 1,342 31.12.13 31.12.13 31.03.14 31.12.13 Net flows Market F/X Conso./ 31.0

26. Slide 26: AM: stable total assets under management - comments

    Group financial results 1Q 2014 AM: stable total assets under management Comments  Segment AuM by market impact (+10%), consolidation AM segment now consisting of PIMCO, effect due to the inclusion of fund of fund AllianzGI and AAM Corporate. Non-AAM AuM assets and asset transfer from PIMCO worth E

27. Slide 27: AM: revenues down mainly due to high 2013 performance fees

    Group financial results 1Q 2014 AM: revenues down mainly due to exceptionally high performance fees in 2013 Revenues development1 Internal growth PIMCO Internal growth (EUR mn) -16.4% -23.6% -20.8% 1,541 -18.9% 252 1,178 1,911 1,870 11 276 274 1,517 19 40.8 41.0 Performance fees 1,289 1,167 Other ne

28. Slide 28: AM: revenues down - comments

    Group financial results 1Q 2014 AM: revenues down mainly due to exceptionally high performance fees in 2013 Comments  Segment revenues  PIMCO 3rd party AuM margin AuM driven revenues down by 6%, equally Margin stable versus 1Q 2013. impacted by adverse F/X impact and lower Decrease of 1.6bps in co

29. Slide 29: AM: lower revenues affect operating profit development

    Group financial results 1Q 2014 AM: lower revenues affect operating profit development Internal growth Operating profit drivers (EUR mn) -23.8% -26.3% AllianzGI 9001 8771 87 +15 73.7% -23 87 -56 +95 0 6461 AllianzGI -21 96 72.1% -254 -10 PIMCO PIMCO 48.4% 796 796 563 52.2% Operating Operating Revenu

30. Slide 30: AM: lower revenues affect operating profit - comments

    Group financial results 1Q 2014 AM: lower revenues affect operating profit development Comments  PIMCO operating profit  PIMCO CIR Decrease primarily due to significantly CIR excluding performance fees and lower performance fees, but also due to restructuring expenses remained nearly lower average

31. Slide 31: CO: operating result improved EUR 17mn

    Group financial results 1Q 2014 CO: operating result improved EUR 17mn (EUR mn) Operating loss development and components +101 0 -3 -222 -239 -81 +7.1% Operating Holding & Banking1 Alternative Consoli- Operating result Treasury Investments dation result 1Q 13 1Q 14 © Allianz SE 2014 ∆ 1Q 14/13 1Q 14

32. Slide 32: CO: operating result improved EUR 17mn - comments

    Group financial results 1Q 2014 CO: operating result improved EUR 17mn Comments  Operating profit Slight improvement compared to last year mainly driven by absence of restructuring costs for Allianz Bank.  Holding & Treasury Higher operating loss due to lower investment income: last year one-off c

33. Slide 33: Group: shareholders' net income of EUR 1.6bn

    Group financial results 1Q 2014 Group: shareholders’ net income of EUR 1.6bn (EUR mn) 1Q 13 1Q 14 Change Operating profit 2,797 2,723 -74 Non-operating items -119 -116 +3 Realized gains/losses 267 126 -141 Impairments (net) -71 -66 +5 Income from fin. assets and liabilities carried at fair value -4

34. Slide 34: Group: shareholders' net income - comments

    Group financial results 1Q 2014 Group: shareholders’ net income of EUR 1.6bn Comments  Non-operating items Stable. Less realized gains/losses offset by reduced external financing costs, lower amortization of intangible assets and less acquisition related expenses.  Interest expenses from external

35. Slide 35: Summary of first quarter results

    Group financial results 1Q 2014 Summary of first quarter results  Total revenues at EUR 34bn Outlook1: Confirmation of operating profit  Operating profit of EUR 2,723mn outlook of EUR 10bn +/- 0.5bn  Shareholders’ net income of EUR 1,640mn  Strong capital position and balance sheet © Allianz SE

36. Slide 36: Additional information

    2a 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 36

37. Slide 37: Group: key figures

    Group financial results 1Q 2014 – Additional information on Group Group: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 Total revenues (EUR bn) 32.0 26.8 25.1 26.8 34.0 +2.0 - Property-Casualty 15.2 10.8 10.7 10.0 15.2 +0.0 - Life/Health 14.8 14.1 12.7 15.1 17.2 +2.4 -

38. Slide 38: Group: shareholders' equity and stress tests

    Group financial results 1Q 2014 – Additional information on Group Group: shareholders’ equity and stress tests Shareholders’ equity1 (EUR mn) Estimation of stress impact3 (EUR bn) +6.9% 53,525 Equity markets -30%4 -2.8 50,084 Unrealized 8,926 gains/losses 6,741 Interest rate +100bps -5.0 Retained In

39. Slide 39: Group: revaluation reserve

    Group financial results 1Q 2014 – Additional information on Group Group: revaluation reserve (EUR bn) Off balance sheet Revaluation On balance sheet Shareholders’ Policyholders’ reserve share share 2.3 (36.0%) 2.9 (46.8%) 42.0 Real estate 6.1 Associated enterprises, joint ventures 0.2 Non- controlli

40. Slide 40: Group: conglomerate solvency ratio and stress tests

    Group financial results 1Q 2014 – Additional information on Group Group: conglomerate solvency ratio and stress tests Conglomerate solvency1 (EUR bn) Estimation of stress impact1 +2%-p Ratio as of 31.03.14 184% 182% 184% Equity markets -30% 172% 46.5 47.8 Interest rate +100bps 186% Interest rate -10

41. Slide 41: Group: conglomerate solvency details

    Group financial results 1Q 2014 – Additional information on Group Group: conglomerate solvency details as of 31.03.14 (EUR bn) Available funds Required capital Shareholders’ 26.0 47.4 equity1 P/C 7.6 Assumed dividend -3.1 Goodwill, other intangibles, DTA -14.8 Subordinated bonds, +10.3 participation

42. Slide 42: Group: economic solvency ratio and stress tests

    Group financial results 1Q 2014 – Additional information on Group Group: economic solvency ratio and stress tests Economic solvency1,2 (EUR bn) Estimation of stress impact4 Confidence level -28%-p +9%-p 99.5% Ratio as of 31.03.14 203% 222% 194% 203% 66.0 Interest rate +100bps 210% 62.7 52.4 Interest

43. Slide 43: Group: asset allocation

    Group financial results 1Q 2014 – Additional information on Group Group: asset allocation1 (EUR bn) P/C L/H AM Corporate and Consolidation Group Other 31.03.13 31.03.14 31.03.13 31.03.14 31.03.13 31.03.14 31.03.13 31.03.14 31.03.13 31.03.14 31.03.13 31.03.14 Investments Equities 2 4.1 5.6 25.1 29.6

44. Slide 44: Group: investment result

    Group financial results 1Q 2014 – Additional information on Group Group: investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group 1Q 13 1Q 14 1Q 13 1Q 14 1Q 13 1Q 14 1Q 13 1Q 14 1Q 13 1Q 14 1Q 13 1Q 14 Operating investment result Interest and similar income1 872 840 4,058 4,134

45. Slide 45: Group: overview investment portfolio

    Group financial results 1Q 2014 – Additional information on Group Group: overview investment portfolio (EUR bn) Group investments and loans1,2 as of 31.03.14 (31.03.13) Total EUR 556.1bn (EUR 518.1bn) Real estate3 Cash / Other 2% (2%) 2% (2%) Equities Debt 556.1 7% (6%) 89% (90%) 518.1 © Allianz SE

46. Slide 46: Group: fixed income portfolio

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio (31.03.14) By type of issuer Total By rating3 EUR 497.4bn Government 38% AAA 27% Covered 21% AA 24% Corporate 31% A 18% thereof Banking 6% BBB 26% ABS/MBS1 4% Non-investment grade 3% Other2 6% Not rated4

47. Slide 47: Group: fixed income portfolio – Government

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio – Government and government related (31.03.14) By region Total By rating EUR 187.3bn1 Germany 15% AAA 25% Italy 16% AA 39% France 19% A 7% Spain 2% BBB 26% UK 1% Non-investment grade 1% Rest of Europe 19%

48. Slide 48: Group: fixed income portfolio – Covered bonds

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio – Covered bonds (31.03.14) By country Total By rating EUR 105.5bn Germany 46% AAA 59% France 16% AA 21% Spain 9% A 14% UK 5% BBB 5% Ireland 2% Non-investment grade 1% Switzerland 2% Not rated 0% Sweden 1%

49. Slide 49: Group: fixed income portfolio – Corporate

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio – Corporate (31.03.14) By sector Total By rating EUR 154.7bn Banking 21% AAA 4% Other financials 8% AA 10% Consumer 17% A 34% Communication 10% BBB 43% Industrial 8% Non-investment grade 7% Utility 11% No

50. Slide 50: Group: fixed income portfolio – Banks

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio – Banks (31.03.14) By country Total By rating EUR 32.0bn Germany 18% AAA 10% UK 9% AA 23% France 8% A 45% Italy 5% BBB 18% Rest Eurozone1 19% Non-investment grade 4% Europe ex Eurozone 11% Not rated 0% US

51. Slide 51: Group: fixed income portfolio – ABS/MBS

    Group financial results 1Q 2014 – Additional information on Group Group: fixed income portfolio – ABS/MBS (31.03.14) By type of category Total By rating EUR 18.9bn U.S. Agency 13% AAA 74% CMBS 47% AA 13% RMBS 13% A 7% CMO/CDO 6% BBB 3% Credit Card 1% Non-investment grade 3% Auto 3% Not rated 0% Othe

52. Slide 52: Group: equity portfolio

    Group financial results 1Q 2014 – Additional information on Group Group: equity portfolio (31.03.14) By region Total By industry EUR 37.1bn1 Germany 15% Banking 9% Eurozone ex Germany 26% Other Financials 12% Europe ex Eurozone 17% Consumer 22% NAFTA 12% Basic materials 8% Rest of World 10% Utilitie

53. Slide 53: Group: real estate portfolio

    Group financial results 1Q 2014 – Additional information on Group Group: real estate portfolio1 By region Total By sectors EUR 19.3bn2 France 32% Office 62% Germany 29% Residential 19% Switzerland 15% Retail 15% Italy 7% Other/mixed 4% Spain 3% Rest of Eurozone 6% USA 1% Rest of World 7% By segment

54. Slide 54: Property-Casualty section

    2b 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 54

55. Slide 55: P/C: key figures

    Group financial results 1Q 2014 – Additional information on Property-Casualty P/C: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 Gross premiums written (EUR bn) 15.2 10.8 10.7 10.0 15.2 +0.0 Operating profit 1,319 1,179 1,236 1,534 1,489 +170 Underwriting result 540 357

56. Slide 56: P/C: loss ratio and run-off

    Group financial results 1Q 2014 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 5-quarter overview accident year loss ratio -0.5%-p 5Q avg. Including NatCat Excluding NatCat 73.0 67.5 67.0 71.5 0.7 0.5 67.5 67.6 69.3 67.0 66.9 66.8 66.5 66.8

57. Slide 57: P/C: expense ratio

    Group financial results 1Q 2014 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 28.2 28.0 2,909 2,912 7.0 6.5 Admin. expenses 720 670 7.3 7.1 Other acquisition 754 744 expenses 14.4 13.9 Commissions 1,435 1,498 © Allianz SE 2014 1Q 13 1Q 14 57

58. Slide 58: P/C: average asset base and yields

    Group financial results 1Q 2014 – Additional information on Property-Casualty P/C: average asset base and yields Average asset base1 (EUR bn) Current yield2 (in %) Other3 -4.0% Equities Cash Debt securities Equities 106.6 Debt securities 102.3 7.6 7.4 5.8 4.0 5.8 5.3 1.33 89.2 83.8 1.11 0.77 0.77 ©

59. Slide 59: P/C: operating investment result

    Group financial results 1Q 2014 – Additional information on Property-Casualty P/C: operating investment result1 (EUR mn) Operating investment result -2.1% (EUR mn) 763 784 782 747 719 in % of NPE 7.4 7.6 6.7 7.4 7.2 1Q 2Q 3Q 4Q 1Q 2013 2014 -3.7% Interest & similar income2 872 925 877 869 840 Net ha

60. Slide 60: P/C: price effects on renewals

    Group financial results 1Q 2014 – 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  Stable rate change until end o

61. Slide 61: Life/Health section

    2c 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 61

62. Slide 62: L/H: key figures

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 Statutory premiums (EUR bn) 14.8 14.1 12.7 15.1 17.2 +2.4 Operating profit 855 669 769 416 880 +25 Non-operating items 40 11 26 7 4 -36 Income b/

63. Slide 63: L/H: operating profit details

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: operating profit details1,2 (EUR mn) L/H Guaranteed Protection Unit-linked segment 3 savings & annuities & health w/o guarantee 1Q 13 1Q 14 ∆ 1Q 13 1Q 14 1Q 13 1Q 14 1Q 13 1Q 14 Loadings & fees 1,170 1,241 71 707 730 353 36

64. Slide 64: L/H: operating asset base

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: operating asset base Operating asset base (EUR bn) Net flows (EUR bn) 1Q 13 1Q 14 OAB1 Germany Life +1.0 +0.9 490.7 as of 31.12.13 Germany Health 0.0 0.0 Net inflows France +0.3 +0.5 +5.6 Italy +0.1 +0.7 Interest & similar

65. Slide 65: L/H: average asset base and yields

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: average asset base and yields Average asset base1,2,3 (EUR bn) Current yield2 (in %) Other4 +2.8% Equities Cash Debt securities Equities Debt securities 414.4 403.2 10.2 9.5 7.8 6.2 29.2 24.6 362.9 367.2 0.99 1.00 0.99 0.88

66. Slide 66: L/H: operating investment result

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: operating investment result1 Operating investment result -5.7% (EUR mn) 4,461 4,571 4,054 4,206 3,893 1Q 2Q 3Q 4Q 1Q 2013 2014 +1.9% Interest & similar income2 4,058 4,348 4,111 4,169 4,134 Net harvesting and other3 593 -10

67. Slide 67: L/H: MCEV development (1/2)

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: MCEV development (1/2) (EUR mn, after non-controlling interests) Free surplus +649 +120 +360 31,451 30,492 +37 30,529 Required capital -16 -191 VIF 555 591 1,534 13,826 14,134 14,110 MCEV uplift: 15,803 Additional value not

68. Slide 68: L/H: MCEV development (2/2)

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: MCEV development (2/2) (EUR mn, after non-controlling interests) 1 37 Mainly F/X changes from Asia-Pacific and Switzerland 2 578 = 150 Projected release of risk free profits from VIF in the reporting period 176 Projected re

69. Slide 69: L/H: key metrics

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: key metrics New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.6 2.5 360 2.3 1.8 1.7 310 238 215 1Q 2Q 3Q 4Q 1Q 190 2013 2014 PV of NB premiums1 (EUR bn) 13.2 14.1 11.1 11.8 9.2 1Q 2Q 3Q

70. Slide 70: L/H: value of new business

    Group financial results 1Q 2014 – 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 1Q 1Q 1Q 1Q 1Q 1Q 2 1Q 1Q 1Q 1Q Region ∆% 2013 2014 2013 2014 2013 2014 2013 2

71. Slide 71: L/H: new business profitability by region

    Group financial results 1Q 2014 – Additional information on Life/Health L/H: new business profitability by region Value of new business New business margin Capital return (EUR mn)1,2 (in %)1,2 1Q 14 (in %)3 Payback 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 1Q 13 2Q 13 3Q 13 4Q 13 1Q 14 IRR period (yrs) German S

72. Slide 72: Asset Management section

    2d 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 72

73. Slide 73: AM: AAM key figures (1/2)

    Group financial results 1Q 2014 – Additional information on Asset Management AM: AAM key figures1 (1/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 Operating revenues 1,870 1,772 1,661 1,682 1,517 -353 Performance fees 274 75 41 109 19 -255 Operating profit 877 781 731 671 646 -2

74. Slide 74: AM: AAM key figures (2/2)

    Group financial results 1Q 2014 – Additional information on Asset Management AM: AAM key figures (2/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 PIMCO Operating profit 796 700 645 599 563 -233 Performance fees 252 40 25 89 11 -241 Cost-income ratio (in %) 48.4 51.2 51.3 54.9 52

75. Slide 75: AM: splits of 3rd party AuM

    Group financial results 1Q 2014 – Additional information on Asset Management AM: splits of 3rd party AuM1 AAM PIMCO AllianzGI 31.03.13 31.03.14 31.03.13 31.03.14 31.03.13 31.03.14 2 Regions (in %) America 64.2 62.5 68.9 69.1 32.1 29.6 Europe 25.3 27.7 20.7 20.9 56.7 61.6 Asia Pacific 10.5 9.8 10.4 1

76. Slide 76: Corporate and Other section

    2e 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 76

77. Slide 77: Corporate and Other: key figures

    Group financial results 1Q 2014 – Additional information on Corporate and Other Corporate and Other: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q Delta 2013 2013 2013 2013 2014 1Q 14/13 Total revenues (Banking) 148 132 132 139 139 -9 Operating profit Holding & Treasury -167 -277 -239 -256 -248 -81 Banking -

78. Slide 78: Glossary section

    3 1 Highlights Group financial results 1Q 2014 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other 3 Glossary © Allianz SE 2014 78

79. Slide 79: 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

80. Slide 80: Glossary (2)

    Glossary (2) Collateralized debt obligation Collateralized debt obligation (CDO) is a type of structured security backed by a pool of bonds, (CDO) loans and other assets. CDOs usually do not specialize in any one type of debt but are often non-mortgage loans or bonds. Collateralized mortgage obligat

81. Slide 81: Glossary (3)

    Glossary (3) FCD Financial conglomerates directive: European regulation for the supervision of financial conglomerates and financial groups involved in cross-sectoral business operations. Financial assets carried at Financial assets carried at fair value through income include debt and equity securi

82. Slide 82: Glossary (4)

    Glossary (4) L/H Life and health insurance 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

83. Slide 83: 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

84. Slide 84: 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

85. Slide 85: 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

86. Slide 86: Glossary (8)

    Glossary (8) VOBA Value of the business acquired. It refers to the present value of future profits associated with a block of business purchased. VIF Value of in-force: Present value of future profits from in-force business (PVFP) minus the time value of financial options and guarantees (O&G) grante

87. Slide 87: 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

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