Allianz SE · XETR:ALV
Allianz — Q3 2009 Earnings Presentation
71 slides from Allianz's earnings presentation, Nov 9, 2009
Slide 1: Group financial results 3Q 2009
Oliver Bäte, Chief Financial Officer Group financial results 3Q 2009 Analysts’ Conference Call November 9, 2009
Slide 2: Highlights
Group results 3Q 2009 Highlights Revenue growth of 5.2% - L/H grows strongly at very good margins - FS grows by 14.0% as AuM in AM reach EUR 878bn EUR 1.9bn operating profit, up 23% ! - P/C combined ratio of 96.9% with 1.9% run-off - L/H operating profit of EUR 859mn - AM inflows and CIR below 6
Slide 3: Quarterly results overview
Group results 3Q 2009 Quarterly results overview (EUR mn) Quarterly results 2007 2008 2009 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q +23.4% 2,565 2,601 2,659 Operating 2,226 profit1, 2 1,786 1,929 1,563 1,419 881 +142.8% Net income/loss 2,225 from continuing 2,049 1,869 operations 1,252 1,380 1,323 545 424 -183 Ne
Slide 4: Solvency remains strong at 164%
Group results 3Q 2009 Solvency remains strong at 164% Shareholders’ equity1 Conglomerate solvency2 (EUR mn) (EUR bn) +2.5% +14.0% Available funds Solvency ratio Requirement 39,352 33,684 34,530 6,065 Unrealized gains/losses 2,011 2,267 161% 159% 164% Revenue 3,104 3,694 4,718 reserves 34.3 32.7 33.0
Slide 5: Capitalized to withstand market shocks
Group results 3Q 2009 Capitalized to withstand market shocks Conglomerate solvency ratio Impact on IFRS equity Target: 150% Estimation in EUR bn 100% 150% Ratio as of 30.09.09 164% Equity markets -30% 150% -3.45 Interest rate +100bps 164% -4.1 Interest rate -100bps 164% +3.8 Credit loss / migration1
Slide 6: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 6
Slide 7: Double-digit revenue growth in Life and FS
Group results 3Q 2009 Double-digit revenue growth in Life and FS (EUR bn) Total revenues1 27.7 27.0 25.6 23.0 22.2 Total Internal 21.9 21.5 21.1 22.0 (in %) 9.5 13.9 growth growth2 13.7 9.0 9.5 3Q 08 -3.7 -0.7 10.7 9.8 10.2 10.8 15.0 3Q 09 +4.3 +5.2 12.3 13.1 13.0 11.8 10.8 P/C -5.4 -2.43 10.2 10.7
Slide 8: Operating profit up 23%
Group results 3Q 2009 Operating profit up 23% (EUR mn) Property/Casualty1 Life/Health 3Q 09 Δ 3Q 09/08 CAGR CAGR -17.2% -0.8% P/C 1,031 -18.2% 1,504 1,261 1,031 873 859 218 L/H 859 +294.0% 3Q 07 08 09 07 08 09 Financial 332 +98.8% Services Financial Services Corporate1 CAGR CAGR +11.9% n/m Corporate
Slide 9: Non-operating items
Group results 3Q 2009 Non-operating items (EUR mn) 3Q 07 3Q 08 3Q 09 Δ 09/08 3Q 08 3Q 09 Realized gains/losses Realized gains/losses 517 322 and impairments of 310 -404 276 +680 - Equities 535 293 investments (net) - Debt securities -20 11 - Real estate 2 18 Interest expense -271 -227 -228 -1 - Othe
Slide 10: Net income of EUR 1.3bn
Group results 3Q 2009 Net income of EUR 1.3bn (EUR mn) 3Q 07 3Q 08 3Q 09 Δ 09/08 Operating profit1 2,565 1,563 1,929 +366 Non-operating items1 35 -736 -92 +644 Income before taxes, minority interests 2,600 827 1,837 +1,010 Income taxes -451 -248 -498 -250 Minority interests -100 -34 -16 +18 Disconti
Slide 11: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 11
Slide 12: P/C: EUR 1bn operating profit
Group results 3Q 2009 P/C: EUR 1bn operating profit (EUR mn) Operating profit1 Operating profit drivers1 -18.2% 1,261 -64 +40 1,031 1,671 1,681 1,504 1,496 -206 1,261 1,209 1,031 969 895 Operating Under- Invest- Other Operating profit writing ment profit 3Q 08 Δ 3Q 09/08 3Q 09 3Q 09 221 811 -1 3Q 08
Slide 13: P/C: pricing overview for selected major operations
Group results 3Q 2009 P/C: pricing overview for selected major operations (in %) Estimated nominal tariff increases for 2009 on new business Price impact Personal Commercial Total Overall price indications are Selected OEs on YTD positive renewals1 Credit Insurance: Countries Speaking Germany -0
Slide 14: P/C: top line developments reflect selective underwriting
Group results 3Q 2009 P/C: top line developments reflect selective underwriting (EUR mn) GPW (sel. OEs) 3Q 07 3Q 08 3Q 09 Δ09/081 Gross premiums written (EUR bn) Countries Germany2 1,965 1,950 1,904 -2.4% Speaking German Switzerland 208 246 253 -2.9% -5.4% Italy 1,048 922 831 -8.4% Europe I Spain 47
Slide 15: P/C: combined ratio below 97%, 2%-p better than 2Q
Group results 3Q 2009 P/C: combined ratio below 97%, 2%-p better than 2Q (in %) Combined ratio1 3Q 07 3Q 08 3Q 09 Combined ratio1 Countries Speaking Germany2,3 88.4 90.2 100.0 +0.4%-p German Switzerland 98.8 93.9 97.1 98.7 98.9 96.9 94.2 95.4 93.5 96.5 96.2 Italy 92.3 98.5 99.0 91.2 Europe I Spain 9
Slide 16: P/C: accident year loss ratio further improved
Group results 3Q 2009 P/C: accident year loss ratio further improved (in %) 9-quarter overview Development 9M 09/08 73.4 +1.5 +0.5 72.7 72.7 72.3 72.4 +1.5%-p 72.1 71.6 -0.5 -0.4 71.5 71.6 (9Q-Ø) 69.8 72.0 71.2 71.6 69.0 69.4 70.9 70.5 70.0 -1.5%-p Δ 9M 09/08 68.8 68.6 Including NatCat 66.7 Excludin
Slide 17: P/C: expense development
Group results 3Q 2009 P/C: expense development (EUR mn) Special items 3Q 09: investments EUR 41mn, restructuring EUR 12mn, German pension plan EUR 5mn in % of NPE Administrative expense movements1 2,462 +73 2,442 +18 8,111 7,663 7,838 -111 Admin. expenses1 2,863 2,462 2,442 9.9 8.6 8.6 9M 08 Reclass
Slide 18: P/C: investment portfolio stable and conservative
Group results 3Q 2009 P/C: investment portfolio stable and conservative Average asset base (EUR bn) Current yield4 (in %) Other1 +0.1% Equities Cash2 97.0 Debt securities Equities 1.24 7.4 89.4 89.5 Debt sec. 0.83 1.11 6.8 6.6 0.99 18.9 4.53 5.3 4.6 10.0 0.63 0.52 0.39 69.9 68.1 73.0 3Q 07 3Q 08 3Q
Slide 19: P/C: development of operating investment income
Group results 3Q 2009 P/C: development of operating investment income Operating investment income (EUR mn) -20.3% 1,164 984 975 1,017 965 885 833 808 811 in % of NPE 9.9 10.1 10.6 12.3 10.3 8.6 9.5 8.6 8.3 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2007 2008 2009 -17.5% Interest & similar income1 1,007 1,080 1,051
Slide 20: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 20
Slide 21: L/H: operating profit of EUR 859mn
Group results 3Q 2009 L/H: operating profit of EUR 859mn (EUR mn) Operating profit Operating profit drivers1 +294.0% +1452 859 +509 990 873 859 703 614 589 218 402 -13 218 Operating Techn. Investm. Expense Operating profit result result result profit 3Q 08 3Q 09 3Q 09 235 578 46 -302 3Q 083 248 69 -
Slide 22: L/H: internal growth at 13.5%
Group results 3Q 2009 L/H: internal growth at 13.5% (EUR mn) Stat. prem. Statutory premiums (EUR bn) 3Q 07 3Q 08 3Q 09 Δ09/081 (selected OEs) Germany Life 2,685 2,812 3,327 +18.3% +14.6% Countries Speaking German Germany Health 783 785 798 +1.7% Switzerland 142 163 209 +20.9% 10.8 Italy 1,495 870 1,
Slide 23: L/H: strong new business margin of 2.4%
Group results 3Q 2009 L/H: strong new business margin of 2.4% New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) Internal -0.2%-p +4.2% growth: +3.7% 2.6%2 2.4% 174 2 167 3Q 08 3Q 09 PV of NB premiums1 (EUR mn) Internal +13.7% growth: +11.4% 7,349 6,4652 © Allianz S
Slide 24: L/H: development of new business margin
Group results 3Q 2009 L/H: development of new business margin Value of new business and AZ Life US new business margin (in %) new business margin VNB1 NBM1 2.3 (EUR mn) (in %) 1.4 1.4 1.0 0.9 0.7 3Q 08 3Q 09 3Q 08 3Q 09 Europe 1542 167 3.6%2 3.1% -0.6 Asia-Pacific 7 11 1.1% 1.5% USA 14 8 0.9% 0.7% T
Slide 25: L/H: AZ Life operating profit of USD 288mn
Group results 3Q 2009 L/H: AZ Life operating profit of USD 288mn Operating profit (USD mn) Thereof: Δ 3Q 09/08 288 FA / FIA1 +337 224 Credit spreads, int. rates +260 Lower impairments +35 Other +42 VA1 -3 Market movements -19 Lower impairments +16 Other +67 -113 Total +401 © Allianz SE 2009 3Q 07 3Q
Slide 26: L/H: net inflows of EUR 4.5bn
Group results 3Q 2009 L/H: net inflows of EUR 4.5bn (EUR bn) Operating asset base1 OAB Net flows 3Q 09 as of 30.06.2009 359.7 Germany Life +1.2 Germany Health +0.2 Net inflows +4.5 France +0.8 Italy +0.8 Market effects Other Western Europe +0.4 +13.1 New Europe 0.0 USA +0.6 F/X effects -1.9 Asia-Pac
Slide 27: L/H: average asset base grows by 8.9%
Group results 3Q 2009 L/H: average asset base grows by 8.9% Average asset base (EUR bn)1 Current yield5 (in %) Other2 +8.9% Equities Cash3 Debt securities 303.8 Equities 1.27 7.6 1.22 Debt 277.7 4.5 1.16 sec. 279.0 19.3 5.8 7.6 0.96 2.44 5.74 44.2 31.9 272.4 0.56 0.45 225.3 233.8 3Q 07 3Q 08 3Q 09 3
Slide 28: L/H: interest and similar income increased by 7.4%
Group results 3Q 2009 L/H: interest and similar income increased by 7.4% Operating investment income (EUR mn) +79.4% 4,420 3,655 3,765 3,520 2,780 2,755 2,099 2,203 373 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2007 2008 2009 +7.4% Interest & similar income1 3,174 3,305 3,200 3,814 3,319 3,439 3,305 3,638 3,565 Ot
Slide 29: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 29
Slide 30: Financial Services: strong operating profit
Group results 3Q 2009 Financial Services: strong operating profit (EUR mn) Operating profit Operating profit drivers +182 +3 332 +98.8% -20 444 167 332 285 265 255 191 198 Operating AM Banking Altern. Inv. Operating 167 profit Mgmt. profit 146 3Q 08 3Q 09 Δ 3Q 09/08 3Q 09 368 698 -37 1 3Q 08 186 803
Slide 31: AM: operating profit of EUR 368mn and a CIR of 59.2%
Group results 3Q 2009 AM: operating profit of EUR 368mn and a CIR of 59.2% (EUR mn) Operating profit Operating profit drivers Internal growth: +59 -18 +79.0% 368 Cost-income ratio1 +141 +97.8% 392 368 186 330 281 241 246 218 211 186 Operating Net fee & Other Operat. Operating profit comm. inc. incom
Slide 32: AM: AGI with top quartile CIR in 2Q 2009
Group results 3Q 2009 AM: AGI with top quartile CIR in 2Q 2009 AGI 4th Quartile Cost-income ratio AGI vs. peers1 (in %) Peer average 3rd Quartile 2nd Quartile 1st Quartile 140 135 130 120 110 1063 100 87 90 83 782 76 80 70 70 67 79 71 72 60 69 68 63 50 59 56 594 © Allianz SE 2009 40 3Q 07 4Q 07 1Q 0
Slide 33: AM: strong 3rd party net inflows in 2009
Group results 3Q 2009 AM: strong 3rd party net inflows in 2009 AGI 3rd party net flow development (EUR bn) 65.8 60.8 37.1 31.3 27.5 27.6 11.4 -0.3 2003 2004 2005 2006 2007 2008 6M 09 9M 09 Net flows in % of 3rd party 5.4 6.0 12.0 5.2 1.6 0.0 4.1 9.0 © Allianz SE 2009 AuM bop 33
Slide 34: AM: AGI 3rd party with top quartile net flows in 2Q 2009
Group results 3Q 2009 AM: AGI 3rd party with top quartile net flows in 2Q 2009 AGI 4th Quartile Net flows AGI vs. peers1 in % of AuM bop Peer average 3rd Quartile 2nd Quartile 1st Quartile 6.0 13 12 5.0 4.22 11 4.0 2.8 10 3.0 3.6 9 2.0 1.0 1.0 0.8 0.8 8 1.0 0.1 0.0 7 0 6 0.0 0.3 -1.0 -2.0 5 -1.1 -1.
Slide 35: AM: strong growth in assets under management
Group results 3Q 2009 AM: strong growth in assets under management 3rd party AuM (EUR bn) Net fee and commission income (EUR mn) Internal 3rd party AuM driven Internal +16.4% growth: margin1 (in bps) +19.4% growth: +11.2% +9.9% 8782 8663 775 1 754 137 767 84 Other 9 1 725 Equities 180 130 Performanc
Slide 36: AM: high performing fixed income business
Group results 3Q 2009 AM: high performing fixed income business Fixed income 3rd party AuM Performance2 Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) CAGR1 CAGR1 +26.5% +13.8% 740 89 300 586 623 79 195 201 47 3Q net flows -7.1 +8.5 +34.2 30.09.07 30.09.08 30.09.09 30.09.07 30.09.08 30.
Slide 37: AM: equities business with positive result
Group results 3Q 2009 AM: equities business with positive result Equities 3rd party AuM Performance2 Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) CAGR1 CAGR1 -11.7% -33.3% 180 78 35 74 130 137 61 20 15 3Q net flows -1.3 -2.9 -0.8 30.09.07 30.09.08 30.09.09 30.09.07 30.09.08 30.09.09 3
Slide 38: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 38
Slide 39: Summary
Group results 3Q 2009 Summary Revenue growth of 5.2% - L/H grows strongly at very good margins - FS grows by 14.0% as AuM in AM reach EUR 878bn EUR 1.9bn operating profit, up 23% ! - P/C combined ratio of 96.9% with 1.9% run-off - L/H operating profit of EUR 859mn - AM inflows and CIR below 60%
Slide 40: Agenda
Group results 3Q 2009 Agenda Group P/C L/H Financial Services Summary Additional information © Allianz SE 2009 40
Slide 41: Group: result by segments overview
Group results 3Q 2009 Group: result by segments overview (EUR mn) P/C L/H FS Corporate Consolidation Total 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 Total revenues 10.8 10.2 9.4 10.8 0.9 1.1 - - 0.0 -0.1 21.1 22.0 (EUR bn) Operating profit1 1,261 1,031 218 859 167 332 -
Slide 42: Group: key figures
Group results 3Q 2009 Group: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2007 2007 2008 2008 2008 2008 2009 2009 2009 3Q 09/08 2007 2008 2009 Total revenues 21.9 25.6 27.0 21.5 21.1 23.0 27.7 22.2 22.0 +0.9 72.1 69.6 71.9 (EUR bn) 1 Operating profit 2,565 2,601 2,226 2,659 1,563 8
Slide 43: P/C: key figures
Group results 3Q 2009 P/C: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2007 2007 2008 2008 2008 2008 2009 2009 2009 3Q 09/08 2007 2008 2009 Gross premiums written 10.7 9.5 13.7 9.8 10.8 9.0 13.9 9.5 10.2 -0.6 34.8 34.4 33.6 (EUR bn) 1 Operating profit 1,504 1,671 1,496 1,681 1,261
Slide 44: L/H: key figures
Group results 3Q 2009 L/H: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2007 2007 2008 2008 2008 2008 2009 2009 2009 3Q 09/08 2007 2008 2009 Statutory premiums 10.2 15.0 12.3 10.7 9.4 13.1 13.0 11.8 10.8 +1.4 34.4 32.5 35.6 (EUR bn) Operating profit 873 614 589 703 218 -302 402 990
Slide 45: L/H: new business
Group results 3Q 2009 L/H: new business (EUR mn) Value of New business Present value of Recurring Single premium new business margin (in %) new business premium premium 1 in % of in % of 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 Δ% 3Q 08 3Q 09 3Q 08 PVNBP 3Q 09 PVNBP Germany Life 66 77 4.0% 4.0% 1,647 1,9
Slide 46: L/H: operating investment income – details
Group results 3Q 2009 L/H: operating investment income – details (EUR mn) Operating investment income (EUR mn) 2007 2008 2009 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Interest & similar income1 3,174 3,305 3,200 3,814 3,319 3,439 3,305 3,638 3,565 Investment expenses -145 -183 -140 -120 -110 -213 -138 -152 -151 O
Slide 47: Financial Services: key figures
Group results 3Q 2009 Financial Services: key figures 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2007 2007 2008 2008 2008 2008 2009 2009 2009 3Q 09/08 2007 2008 2009 1 Operating revenues (EUR mn) Asset Management 804 880 729 739 701 726 715 780 901 +200 2,379 2,169 2,396 Banking 128 167 142 152 124 1
Slide 48: AM: 3rd party AuM
Group results 3Q 2009 AM: 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail Institutional 878 878 Other 3 23 31.12.08 703 775 775 67 754 Asia-Pacific 754 277 and rest 42 31 Internal 67 145 Net inflows +61 growth: 53 +21.5% Europe 287 249 ex Germany 118 128 137 Mar
Slide 49: Corporate: key figures
Group results 3Q 2009 Corporate: key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2007 2007 2008 2008 2008 2008 2009 2009 2009 3Q 09/08 2007 2008 2009 1 Operating profit -93 -126 -104 -16 -50 -98 -171 -212 -258 -208 -217 -170 -641 Non-operating items 1 -166 -248 -92 -262 -252 -521 -669
Slide 50: Group asset allocation
Group results 3Q 2009 Group asset allocation (EUR bn) Financial P/C L/H Corporate Consolidation Group1 Services Balance sheet items 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 Investments Equities 2 9.4 5.0 30.4 20.3 1.3 0.2 5.3 5.0 0.0 0.0 46.4 30.5 Debt sec. 50.3 57.0 1
Slide 51: Average AuM P/C and L/H: basis for yield calculation
Group results 3Q 2009 Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H Balance sheet items 30.06.09 30.09.09 Average 30.06.09 30.09.09 Average Investments Equities 1 4.3 5.0 4.7 18.2 20.3 19.3 Debt sec. 55.4 57.0 56.2 165.5 176.0 170.8 Cash and cash 5.5 5.2 5.3 4.7 4.4 4.5 pool
Slide 52: Investment result
Group results 3Q 2009 Investment result (EUR mn) P/C L/H Financial Services Corporate Consolidation Group1 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 3Q 08 3Q 09 Operating investment result Interest and similar income 1,049 865 3,319 3,565 262 186 191 56 -302 -166 4,519 4,506 Inc. f
Slide 53: Shareholders' equity
Group results 3Q 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 54: Revaluation reserve of EUR 22.2bn
Group results 3Q 2009 Revaluation reserve of EUR 22.2bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 22.2 Real estate 2.2 (38%) 2.6 (44%) 5.8 Associated enterprises, joint ventures 8.6 0.0 Minorities 0.01 1.4 0.0 (1%) 16.3 6.4 16.4 Deferred
Slide 55: Conglomerate solvency: details as of 30.09.09
Group results 3Q 2009 Conglomerate solvency1: details as of 30.09.09 (EUR bn) Available funds Required capital Shareholders’ 20.9 equity 37.42 Dividend accruals -1.4 P/C 6.8 Goodwill, other intangibles -14.4 Commerzbank shares -1.1 Subordinated bonds, participation certific. +6.5 L/H 12.2 Free RfB +
Slide 56: Overview investment portfolio
Group results 3Q 2009 Overview investment portfolio (EUR bn) Group investments and loans1 as of 30.09.09 (31.12.08) Total EUR 401bn (EUR 365bn) 401 3672 365 Real estate3 Cash / Other 2% (2%) 1% (2%) Equities 8% (9%) © Allianz SE 2009 Debt instruments 30.09.08 31.12.08 30.09.09 89% (87%) 1) Portfolio
Slide 57: Fixed income portfolio (30.09.09)
Group results 3Q 2009 Fixed income portfolio (30.09.09) Asset allocation Rating profile3 Government AAA Pfandbrief & 35% 35% 35% AA covered bonds 51% 50% 50% A Corporate 27% 26% BBB 28% Banks 14% 12% 14% Non-investment ABS/MBS1 16% 15% 15% grade 8% 9% 23% 26% 24% 8% Not rated Other2 7% 6% 6% 6% 9% 9
Slide 58: Limited impairments – good credit history
Group results 3Q 2009 Limited impairments – good credit history (EUR mn) AFS and HTM debt impairments Insurance 12M 12M 12M 12M 1Q 2Q 3Q Debt Total since 2005 2005 2006 2007 2008 2009 2009 2009 Government 0 0 0 0 0 0 0 0 Pfandbrief & 0 0 0 0 0 0 0 0 covered bonds Banks 0 0 0 -283 0 -11 -15 -309 Othe
Slide 59: Fixed income portfolio: government and government related
Group results 3Q 2009 Fixed income portfolio: government and government related (30.09.09) By country Total By rating EUR 126.3 bn1 Germany 23% AAA 44% Italy 20% AA 20% France 13% A 31% Spain 5% BBB 2% UK 2% Non-investment grade1% Rest of Europe 24% Not rated 2% USA 4% Rest of World 9% By segment (E
Slide 60: Fixed income portfolio: covered bonds
Group results 3Q 2009 Fixed income portfolio: covered bonds (30.09.09) By country of collateral pool Total By rating EUR 94.0 bn Germany 65% AAA 95% Spain 13% AA 4% France 10% A 0% UK 2% BBB 0% Ireland 2% Non-investment grade 0% Switzerland 1% Not rated 1% Sweden 1% Rest of world 6% By segment (EUR
Slide 61: Fixed income portfolio: corporates excl. banks
Group results 3Q 2009 Fixed income portfolio: corporates excl. banks (30.09.09) By region Total By rating EUR 53.9 bn Eurozone 40% AAA 5% Europe ex Eurozone 11% AA 16% NAFTA 43% A 37% Rest of World 6% BBB 30% Non-investment grade 5% Not rated1 7% By segment (EUR bn) Net AFS unrealized gains / losses
Slide 62: Fixed income portfolio: banks
Group results 3Q 2009 Fixed income portfolio: banks (30.09.09) By country Total By rating EUR 32.7 bn Germany 18% AAA 11% UK 12% AA 25% France 8% A 50% Italy 7% BBB 9% Rest Eurozone 19% Non-investment grade 1% Europe ex Eurozone 8% Not rated 4% USA 18% Rest of World 10% By segment (EUR bn) Net AFS u
Slide 63: Bank subdebt (30.09.09)
Group results 3Q 2009 Bank subdebt (30.09.09) Lower Tier 2 Upper Tier 2 Tier 1 EUR 3.4bn net EUR 0.2bn net EUR 0.4bn net (EUR 9.1bn gross) (EUR 0.7bn gross) (EUR 1.5bn gross) AAA 0% AAA 0% AA 16% AA 12% A 68% A 52% BBB 14% BBB 29% Below BBB /not rated 2% Below BBB /not rated 7% UK 5% USA 18% UK 17%
Slide 64: Fixed income portfolio: ABS/MBS
Group results 3Q 2009 Fixed income portfolio: ABS/MBS (30.09.09) By type of category Total By rating EUR 20.7bn U.S. Agency 37% AAA 90% CMBS 25% AA 2% RMBS 14% A 2% Credit Card 4% BBB <1% Auto 3% Non-investment grade 5% Other1 17% Not rated <1% By segment (EUR bn) Net AFS unrealized gains / losses (
Slide 65: CMBS, RMBS and structured credit exposure
Group results 3Q 2009 CMBS, RMBS and structured credit exposure (30.09.09) CMBS RMBS Structured credit 2008 USA 3% vintage 2007 2001 12% 12% 2007 2005 2006 18% and prior NL 8% 39% Rest of Europe 2006 2002- 34% 2005 IRL/SP/UK 68% Net EUR 3.3bn Net EUR 0.9bn Net EUR 0.8bn (Gross EUR 5.2bn) (Gross EUR
Slide 66: Equity portfolio (30.09.09)
Group results 3Q 2009 Equity portfolio (30.09.09) By regions Total By industry Germany 24% EUR 30.3 bn1 Financials 30% Consumer 13% Eurozone ex Germany 40% Basic materials 9% Europe ex Eurozone 15% Utilities 7% NAFTA 9% Industrial 7% Energy 5% Rest of World 12% Funds and Other 29%2 By segments Net A
Slide 67: Equity exposure
Group results 3Q 2009 Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 37.01 5.1 30.31 34.11 0.5 0.4 0.4 0.7 4.5 5.1 0.7 0.8 13.0 1.9 12.5 29.6 3.7 10.3 0.3 4.5 24.7 20.7 23.2 0.5 3.3 0.4 0.5 4.8 4.4 5.1 4.0 2.5 6.5 4.4 5.0 2.1 31.12.08 30.06.09 30.09.09 31.12. 30.06
Slide 68: Equity market scenarios
Group results 3Q 2009 Equity market scenarios (as of 30.09.09, EUR bn) Expected total P/L impact1 … … and resulting unrealized gains / losses on AFS equity securities in shareholders’ equity1 Equity market scenarios2: 4.1 0.0 3.1 -0.1 2.2 -0.2 -0.2 -0.2 -0.3 -0.3 1.3 Total P/L impact Unrealized loss
Slide 69: Net equity exposure and solvency
Group results 3Q 2009 Net equity exposure and solvency (EUR bn) 31.12.08 30.06.09 30.09.09 32.7 33.0 34.3 12.4 12.2 13.4 13.0 12.5 10.3 20.3 20.8 20.9 Net equity Available Net equity Available Net equity Available exposure funds for exposure funds for exposure funds for FCD calc.1 FCD calc. FCD calc
Slide 70: Real estate portfolio
Group results 3Q 2009 Real estate portfolio1 By regions Total By sectors EUR 16.4 bn2 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 unrealized gains / losses3 (EUR bn) EUR 76% CHF 15% USD 2% Other 7% 2
Slide 71: Disclaimer
Group results 3Q 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