Allianz SE · XETR:ALV
Allianz — Q1 2009 Earnings Presentation
66 slides from Allianz's earnings presentation, May 13, 2009
Slide 1: Group financial results for the first quarter 2009
Helmut Perlet, Member of the Board of Management Group financial results for the first quarter 2009 Analysts’ Conference Call May 13, 2009
Slide 2: We are weathering the storm
Group results 1Q 2009 We are weathering the storm … EUR 1.4bn operating profit in 1Q 09 - All business segments make positive contributions - First signs of recovery in L/H ! Net income from continued operations of EUR 0.4bn Further de-risking Strong solvency ratio of 159% © Allianz SE 2009
Slide 3: Results overview
Group results 1Q 2009 Results overview (EUR mn) Figures restated throughout the presentation according to new segment Quarterly results structure 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 -35.5% Operating profit1 2,916 2,560 2,577 2,663 2,208 2,208 1,551 1,424 937 -69.3% Net income/loss
Slide 4: Solvency remains strong
Group results 1Q 2009 Solvency remains strong Shareholders’ equity1 Conglomerate solvency3 (EUR mn) (EUR bn) Available funds Solvency ratio Requirement -1.9% 47,753 161% 161% 159% Unrealized 46.5 gains/losses 10,470 33,684 33,030 2,011 677 Revenue 8,962 32.7 32.9 reserves2 3,104 3,784 28.9 20.3 20.7
Slide 5: Further de-risking
Group results 1Q 2009 Further de-risking Conglomerate solvency ratio (in %) Impact on IFRS equity Target: 150% Estimation in EUR bn 100% 150% Ratio as of 31.03.09 159% Equities -30% 143% -3.55 Interest rate +100bps 159% -3.7 Interest rate -100bps 158% +3.3 Credit loss/migration1 156% -1.2 Credit spr
Slide 6: New segment reporting structure in 1Q 2009
Group results 1Q 2009 New segment reporting structure in 1Q 2009 Structure until 4Q 2008 Corporate P/C L/H Banking Asset Management Private Holding Equity function X C Discontinued cominvest manroland and Selecta Banking business AAA Banking Asset Altern. Investm. Management Management © Allianz SE
Slide 7: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 7
Slide 8: Revenue growth of EUR 0.7bn
Group results 1Q 2009 Revenue growth of EUR 0.7bn (EUR bn) Total revenues1 27.4 22.7 21.9 25.6 27.0 21.5 21.1 23.0 27.7 1.0 0.9 0.9 1.1 Total Internal 1.0 1.0 0.9 (in %) growth growth2 0.9 0.9 12.3 12.3 13.0 1Q 08 -1.7 -0.1 15.0 11.7 10.2 13.1 1Q 09 +2.8 +1.5 10.7 9.4 13.9 14.1 13.7 FS -6.1 -17.6 10
Slide 9: Operating profit: all business segments contribute
Group results 1Q 2009 Operating profit: all business segments contribute (EUR mn) Segments 1Q 09 Δ 1Q 09/08 Property/Casualty Life/Health CAGR CAGR -12.5% -26.8% P/C 970 -34.4% 1,479 1,267 970 750 589 L/H 402 -31.7% 402 Financial 198 -22.4% 1Q 07 1Q 08 1Q 09 1Q 07 1Q 08 1Q 09 Services Financial Serv
Slide 10: Non-operating items
Group results 1Q 2009 Non-operating items (EUR mn) Non-operating harvesting 1Q 08 1Q 09 Breakdown of non-operating items Realized gains/losses 410 254 - Equities 400 117 1Q 07 1Q 08 1Q 09 Δ 09/08 - Debt securities 32 129 - Real estate -22 8 Realized gains/losses 1,477 13 -498 -511 - Other 0 0 and im
Slide 11: EUR 0.4bn net income from continuing operations
Group results 1Q 2009 EUR 0.4bn net income from continuing operations (EUR mn) Reconciliation to net income 1Q 07 1Q 08 1Q 09 Δ 09/08 Operating profit 2,208 2,208 1,424 -784 Non-operating items 1,138 -190 -979 -789 Income before taxes, minority interests 3,346 2,018 445 -1,573 Income taxes -814 -572
Slide 12: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 12
Slide 13: P/C: robust result in soft markets
Group results 1Q 2009 P/C: robust result in soft markets (EUR mn) Operating profit -34.4% 1,894 Operating profit drivers 1,651 1,683 1,487 1,479 1,479 1,267 1,249 1,238 970 -302 -27 970 -180 Operating Under- Invest- Other Operating profit writing ment profit 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 1Q 08 Δ 1Q 09/
Slide 14: P/C: rates are picking up
Group results 1Q 2009 P/C: rates are picking up (in %) Pricing overview for selection of major OEs Estimated price trend for 2009 Price impact on new business on 1Q 09 renewals Personal Commer- Approximately 20% of internal Total cial premium growth in 1Q 09 Germany -0.2% -0.3% +0.8% +0.2% resulte
Slide 15: P/C: selective growth
Group results 1Q 2009 P/C: selective growth (EUR mn) GPW Combined ratio 1Q 07 1Q 08 1Q 09 Δ09/081 Gross premiums written (EUR bn) (selected OEs) Countries Germany2 Speaking 4,144 4,085 4,034 -1.2% German AGF health business +1.3% Switzerland 838 775 833 +0.9% Italy 1,246 1,173 1,003 -13.9% 14.1 Euro
Slide 16: P/C: combined ratio increased by 3.7%-p
Group results 1Q 2009 P/C: combined ratio increased by 3.7%-p (in %) Combined ratio 1Q 07 1Q 08 1Q 09 Combined ratio (selected OEs) Countries Germany1 Speaking 102.8 97.0 94.5 German +3.7%-p Switzerland 94.7 90.8 93.5 96.8 98.5 96.2 95.8 Italy 93.4 93.1 98.9 92.9 94.1 90.9 94.8 93.5 Europe I Spain 9
Slide 17: P/C: accident year loss ratio trend below inflation
Group results 1Q 2009 P/C: accident year loss ratio trend below inflation (in %) 9-quarter overview Development 1Q 09/08 73.4 72.4 +1.3 73.4 72.3 +1.5%-p 71.5 70.4 72.3 71.0 +0.6 (9Q-Ø) 69.4 69.8 72.0 71.2 -0.1 69.0 69.4 70.9 70.0 -0.7 -1.5%-p 68.8 68.6 Δ 1Q 09/08 68.3 Including NatCat 66.7 66.7 Exc
Slide 18: P/C: administrative expenses flat
Group results 1Q 2009 P/C: administrative expenses flat (EUR mn) in % of NPE Administrative expense movements CAGR -2.2% 804 +10 808 +45 2,675 2,558 Admin. 2,391 expenses 970 808 804 -51 10.4 8.8 8.7 1Q 08 Reclassi- M2M Run 1Q 09 fications stock rate options1 Acqu. 1,750 expenses 1,705 1,587 Acqui
Slide 19: P/C: stable operating investment income
Group results 1Q 2009 P/C: stable operating investment income Average asset base (EUR bn) Operating investment income (EUR mn) Other1 1,293 -5.6% Cash2 1,170 Equities 96.0 964 955 979 6.81 90.6 1 915 896 Debt 6.9 826 869 4.32 sec. 14.8 7.92 5.8 in % of NPE 10.3 13.4 9.6 9.5 9.8 12.4 9.9 8.5 9.3 70.1
Slide 20: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 20
Slide 21: L/H: EUR 402mn operating profit
Group results 1Q 2009 L/H: EUR 402mn operating profit (EUR mn) Operating profit -31.7% 873 Operating profit driver1 750 758 703 614 589 589 +14 402 -78 402 218 -123 -302 Operating Techn. Investm. Expense Operating 1Q profit result result result profit 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 08 1Q 09 2007 2008 20
Slide 22: L/H: top line recovers
Group results 1Q 2009 L/H: top line recovers … (EUR mn) Stat. prem. 1Q 07 1Q 08 1Q 09 Δ09/081 Statutory premiums (EUR bn) (selected OEs) German Speaking Germany Life 3,039 3,578 3,479 -2.8% +5.6% Countries Germany Health 779 775 791 +2.1% 12.3 12.3 13.0 Switzerland 498 663 693 -2.3% Premiums Italy 2
Slide 23: L/H: margin pressure on new business profitability
Group results 1Q 2009 L/H: … but margin pressure on new business profitability due to market volatility (EUR mn, a/ min) New business margin (NBV in % of PV of NB premiums) Value of new business -3.1%-p 3.0% 1 n/m 2551 VNB NBM 1Q 08 1Q 09 1Q 08 1Q 09 -0.1% Europe 2181 140 3.5%1 2.2% 1Q 08 1Q 09 PV o
Slide 24: L/H: Allianz Life US
Group results 1Q 2009 L/H: Allianz Life US (USD bn) Stat. premiums (annuities business) Actions taken Outlook 2.6 1.8 2.0 2.1 2.3 Modified and re-priced high FA: Recovery expected 0.7 0.7 0.9 1.2 VA volume indexed annuity as spreads narrow 0.7 products 1.1 1.3 1.4 1.4 1.4 FA Fixed annuity rate
Slide 25: L/H: inflows across all regions
Group results 1Q 2009 L/H: inflows across all regions (EUR bn) Operating asset base1 Net flows 1Q 09 OAB Germany Life +2.2 as of 31.12.2008 346.8 Germany Health +0.4 France +0.6 Net inflows +5.4 Italy +0.2 Other Western Europe +0.3 New Europe +0.1 Market effects -6.2 USA +1.6 Asia-Pacific +0.2 F/X e
Slide 26: L/H: positive investment margin despite market disruptions
Group results 1Q 2009 L/H: positive investment margin despite market disruptions Average asset base (EUR bn) Operating investment income (EUR mn) Other1 +2.4% Cash2 281.7 288.3 Equities 7.61 6.81 Debt 6.22 11.42 sec. 37.9 20.4 Interest & similar 230.8 248.9 3,155 3,783 3,174 3,305 3,200 3,814 3,319
Slide 27: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 27
Slide 28: Financial Services: segment overview
Group results 1Q 2009 Financial Services: segment overview (EUR mn) Operating profit -22.4% 444 Operating profit drivers 327 341 265 285 255 255 191 198 167 198 -30 -7 -20 Operating AM Banking Altern. Inv. Operating 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q profit Mgmt. profit 1Q 08 Δ 1Q 09/08 1Q 09 2007 2008 2009
Slide 29: AM: EUR 211mn operating profit
Group results 1Q 2009 AM: EUR 211mn operating profit (EUR mn) Operating profit -12.4% 392 Operating profit drivers 322 330 312 281 241 218 241 211 186 211 +3 -15 -18 Operating Net fee & Other Operat. Operating 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q profit comm. inc. income expenses profit 1Q 08 Δ 1Q 09/08 1Q 09
Slide 30: AM: revenues stable
Group results 1Q 2009 AM: revenues stable 3rd party AuM (EUR bn) Net fee and commission income (EUR mn) 3rd-party AuM driven margin1 (in bps) +4.1% 37.3 37.0 36.1 Internal: -14.6% +0.4% 781 7662 Internal: 736 -14.4% Other 9 1 746 1 706 709 Equities 174 108 145 Fixed Income 598 590 657 © Allianz SE 2
Slide 31: AM: expense reduction program implemented
Group results 1Q 2009 AM: expense reduction program implemented (EUR mn) Administrative expenses Cost-income ratio (in %) Excluding currency effects and consolidation of cominvest, administrative 59.9 66.8 70.4 expenses decreased by EUR 50mn (-10%) +3.7% versus 1Q 08 486 504 Expense reduction pr
Slide 32: AM: continued pressure on equities business
Group results 1Q 2009 AM: continued pressure on equities business Equities 3rd party AuM Performance2 Operating profit (EUR bn) Net flows (Outperforming AuM in %) (EUR mn) CAGR1 n/m -20.8% 30 174 77 145 69 66 19 108 +1.9 -3.1 -3.7 -12 31.03.07 31.03.08 31.03.09 31.03.07 31.03.08 31.03.09 1Q 07 1Q 08
Slide 33: AM: fixed income business performing strongly
Group results 1Q 2009 AM: fixed income business performing strongly Fixed income 3rd party AuM Performance2 Operating profit (EUR bn) Net flows (Outperforming AuM in %) (EUR mn) CAGR1 CAGR1 +4.0% +4.7% 657 89 84 210 598 590 195 187 51 +10.4 +28.9 +10.6 31.03.07 31.03.08 31.03.09 31.03.07 31.03.08 31
Slide 34: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 34
Slide 35: Fixed income assets of high quality
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income assets of high quality High quality fixed income portfolio1 … … with unchanged asset allocation … AAA Government 34% 34% AA 50% 50% Pfandbrief & covered bonds A BBB Corporate 28% 26% 14% 13% Banks Non-inv
Slide 36: Group equity gearing
Special topic: investment Group results 1Q 2009 portfolio Group equity gearing (EUR bn) Gross equity exposure Net equity exposure Equity gearing 31.03.2009 61.11 5.7 4.4 21.5 32.9 5.3 0.5 37.01 12.2 23.3 1 37.6 5.1 31.8 13.0 3.9 0.7 5.2 11.0 3.7 0.8 3.9 0.5 3.6 24.7 20.6 0.5 4.8 11.0 20.7 8.4 3.8 13
Slide 37: Equities stress test
Special topic: investment Group results 1Q 2009 portfolio Equities stress test (as of 31.03.2009, EUR bn) Expected total P/L impact1 … … and resulting unrealized gains / losses on AFS equity securities in shareholders’ equity1 Equity market scenarios2: 2.0 0.0 -0.3 -0.3 -0.3 -0.5 -0.5 1.4 1.0 -1.3 I
Slide 38: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 38
Slide 39: Summary
Group results 1Q 2009 Summary EUR 1.4bn operating profit in 1Q 09 - All business segments make positive contributions - First signs of recovery in L/H ! Net income from continued operations of EUR 0.4bn Further de-risking Strong solvency ratio of 159% © Allianz SE 2009 39
Slide 40: Agenda
Group results 1Q 2009 Agenda Group P/C L/H Financial Services Special topic: investment portfolio Summary Additional information © Allianz SE 2009 40
Slide 41: Group: result by segments overview
Group results 1Q 2009 Group: result by segments overview (EUR mn) P/C L/H FS Corporate Consolidation Total 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 Total revenues 13.7 13.9 12.3 13.0 0.9 0.9 - - 0.1 -0.1 27.0 27.7 (EUR bn) Operating profit 1,479 970 589 402 255 198 -11
Slide 42: Impact of reporting changes
Group results 1Q 2009 Impact of reporting changes1 1Q 2008 Reclassification Aggregation Reclass. 1Q 2008 1Q 2009 reported AAA2 FS segment3 operating to restated non-operating4 Operating profit (EUR mn) 2,229 - - -23 2,208 1,424 P/C 1,479 - - - 1,479 970 L/H 589 - - - 589 402 Banking5 -3 - +3 - Asset
Slide 43: Group: key figures
Group results 1Q 2009 Group: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2007 2007 2007 2007 2008 2008 2008 2008 2009 1Q 09/08 Total revenues 27.4 22.7 21.9 25.6 27.0 21.5 21.1 23.0 27.7 +0.7 (EUR bn) Operating profit 2,208 2,916 2,560 2,577 2,208 2,663 1,551 937 1,424 -784 Non-operating i
Slide 44: Property/Casualty: key figures
Group results 1Q 2009 Property/Casualty: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2007 2007 2007 2007 2008 2008 2008 2008 2009 1Q 09/08 Gross premiums written 14.1 10.0 10.7 9.5 13.7 9.8 10.8 9.0 13.9 +0.2 (EUR bn) Operating profit 1,267 1,894 1,487 1,651 1,479 1,683 1,249 1,238 970 -50
Slide 45: Life/Health: key figures
Group results 1Q 2009 Life/Health: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2007 2007 2007 2007 2008 2008 2008 2008 2009 1Q 09/08 Statutory premiums 12.3 11.7 10.2 15.0 12.3 10.7 9.4 13.1 13.0 +0.7 (EUR bn) Operating profit 750 758 873 614 589 703 218 -302 402 -187 Non-operating items 1
Slide 46: L/H: operating investment income – details
Group results 1Q 2009 L/H: operating investment income – details (EUR mn) Operating investment income (EUR mn) 2007 2008 2009 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Interest & similar income1 3,155 3,783 3,174 3,305 3,200 3,814 3,319 3,439 3,305 Investment expenses -196 -163 -235 -239 -328 -82 171 -434 34 there
Slide 47: L/H: new business
Group results 1Q 2009 L/H: new business Value of New business Present value of Recurring Single premium new business margin new business premium premium 1 in % of in % of 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 Δ% 1Q 08 1Q 09 1Q 08 PVNBP 1Q 09 PVNBP Germany Life 84 72 3.9% 3.2% 2,139 2,212 -1.8% 116 125
Slide 48: Financial Services: key figures
Group results 1Q 2009 Financial Services: key figures 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2007 2007 2007 2007 2008 2008 2008 2008 2009 1Q 09/08 Operating revenues (EUR mn) Asset Management 779 798 802 879 726 739 699 724 714 -12 Banking 157 171 127 167 140 153 123 128 116 -24 Altern. Investm. Managemen
Slide 49: AM: 3rd party AuM
Group results 1Q 2009 AM: 3rd party AuM1 (EUR bn) 1Q 09 development Client mix Regional breakdown4 Retail Institutional 31.12.082 703 Other5 781 766 Asia-Pacific 781 766 736 and Rest 736 21 41 Net inflows +7 31 56 Internal 65 growth: Europe 56 -0.6% 290 232 120 256 ex Germany 118 Market 123 -11 effe
Slide 50: Corporate: key figures
Group results 1Q 2009 Corporate: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2007 2007 2007 2007 2008 2008 2008 2008 2009 1Q 09/08 Operating profit -108 -19 -107 -131 -118 -13 -57 -78 -172 -54 Non-operating items 522 -62 -152 -243 -78 -265 -245 -541 -668 -590 Income b/taxes, min. 414 -81 -
Slide 51: Group asset allocation
Group results 1Q 2009 Group asset allocation (EUR bn) Financial P/C L/H Corporate Consolidation Group1 Services Balance sheet items 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 1Q 08 1Q 09 Investments Equities 2 13.1 5.1 34.5 18.5 1.6 0.3 5.7 5.2 0.0 0.0 54.9 29.1 Debt sec. 50.1 53.6
Slide 52: Shareholders' equity
Group results 1Q 2009 Shareholders’ equity (EUR mn) Foreign Unrealized Paid-in Revenue currency Shareholders' Minority gains and Total equity capital reserves translation equity interests losses (net) adjustments Balance as of 31.12.07 28,321 12,618 -3,656 10,470 47,753 3,628 51,381 Total comprehens
Slide 53: Conglomerate solvency: details as of 31.03.2009
Group results 1Q 2009 Conglomerate solvency: details as of 31.03.2009 (EUR bn) Available funds Required capital Shareholders’ 20.7 equity 35.61 Dividend accruals -1.8 P/C 6.8 Goodwill, other intangibles -14.0 Commerzbank shares -0.7 Subordinated bonds, participation certific. +6.7 L/H 12.0 Free RfB
Slide 54: Overview investment portfolio
Special topic: investment Group results 1Q 2009 portfolio – additional information Overview investment portfolio1 Group investments and loans as of 31.03.2009 Total EUR 374bn Increase of Group investments and loans portfolio by 2.5% Real estate2 Cash / Other3 since beginning of year 2% 2% Furthe
Slide 55: Fixed income portfolio (31.03.09)
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio (31.03.09) By type of issuer Total By rating3 EUR 331.3bn Government 34% AAA 50% Pfandbrief & covered bonds 26% AA 13% Corporate 15% A 26% Banks 8% BBB 6% ABS/MBS1 7% Non-investment grade 1% Oth
Slide 56: Limited impairments – good credit history
Special topic: investment Group results 1Q 2009 portfolio – additional information Limited impairments – good credit history (EUR mn) AFS and HTM debt impairments Insurance 12M 12M 12M 12M 12M 1Q Debt Total 2004 2005 2006 2007 2008 2009 Government 0 0 0 0 0 0 0 Pfandbrief & 0 0 0 0 0 0 0 covered bon
Slide 57: Fixed income portfolio: government and government related
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio: government and government related (31.03.09) By country Total By rating EUR 113.8bn1 Germany 23% AAA 42% Italy 19% AA 17% France 15% A 35% Spain 5% BBB 2% UK 2% Non-investment grade1% Rest of E
Slide 58: Fixed income portfolio: covered bonds
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio: covered bonds (31.03.09) By country of collateral pool Total By rating EUR 87.5bn Germany 69% AAA 95% Spain 13% Public AA 2% France 7% 25% A 2% UK 2% BBB 0% Ireland 2% Non-investment grade 0% M
Slide 59: Fixed income portfolio: corporates excl. banks
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio: corporates excl. banks (31.03.09) By region Total By rating EUR 50.0bn Eurozone 39% AAA 4% Europe ex Eurozone 10% AA 17% NAFTA 45% A 36% Rest of World 6% BBB 28% Non-investment grade 4% Not rat
Slide 60: Fixed income portfolio: banks
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio: banks (31.03.09) By country Total By rating EUR 26.7bn Germany 18% AAA 12% UK 11% AA 26% France 9% A 56% Italy 8% BBB 4% Rest Eurozone 20% Non-investment grade 1% Europe ex Eurozone 6% Not rate
Slide 61: Bank subdebt
Special topic: investment Group results 1Q 2009 portfolio – additional information Bank subdebt (31.03.09) Lower Tier 2 Upper Tier 2 Tier 1 Comments Upper Tier 2 portfolio affected by downgrades Exchange offers were used to reduce exposure; notional reduction of EUR 0.3bn in 2Q 09 Gross EUR 7.6b
Slide 62: Fixed income portfolio: ABS/MBS
Special topic: investment Group results 1Q 2009 portfolio – additional information Fixed income portfolio: ABS/MBS (31.03.09) By type of category Total By rating EUR 22.5bn U.S. Agency 38% AAA 92% CMBS 24% AA 1% RMBS 13% A 1% Credit Card 5% BBB 0% Auto 3% Non-investment grade 5% Other1 17% Not rated
Slide 63: CMBS, RMBS and structured credit exposure
Special topic: investment Group results 1Q 2009 portfolio – additional information CMBS, RMBS and structured credit exposure (31.03.09) CMBS RMBS Structured credit USA 2008 vintage 2007 3% 6% 2001 2006 12% 2005 2007 and prior 5% 19% 38% NL Rest of Europe 2002- 2006 2005 34% IRL/SP/UK 77% Gross EUR 5
Slide 64: Equity portfolio (31.03.09)
Special topic: investment Group results 1Q 2009 portfolio – additional information Equity portfolio (31.03.09) By regions Total By industry Germany 22% EUR 28.8 bn2 Financials 26% Eurozone Funds and Other 34%3 ex Germany 39% Consumer 15% Europe ex Eurozone 14% Basic materials 8% NAFTA 9% Utilities 6
Slide 65: Real estate portfolio (31.03.09)
Special topic: investment Group results 1Q 2009 portfolio – additional information Real estate portfolio (31.03.09) By regions Total By sectors EUR 16.4bn2 France 32% Office 66% Germany 26% Residential 21% Switzerland 15% Retail 6% Rest of Europe 22% Other / mixed 7% Rest of World 5% By currency Net
Slide 66: Disclaimer
Group results 1Q 2009 Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements The statements contained herein may include statements of future expectations and other forward-looking statements that are based on manag