Allianz SE · XETR:ALV
Allianz — Q3 2011 Earnings Presentation
83 slides from Allianz's earnings presentation, Nov 11, 2011
Slide 1: Group financial results 3Q 2011
Group financial results 3Q 2011 Oliver Bäte, Chief Financial Officer Analysts’ conference call November 11, 2011
Slide 2: Agenda
1 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 2
Slide 3: Tough environment, operating performance remains strong
Group financial results 3Q 2011 – Highlights Tough environment, operating performance remains strong Total revenues at EUR 24.1bn and solid operating profit of EUR 1.9bn – despite strong headwinds P/C revenues at EUR 10.8bn, operating profit of EUR 1,111mn – despite further NatCat losses L/H o
Slide 4: Quarterly results overview
Group financial results 3Q 2011 – Highlights Quarterly results overview 2009 2010 2011 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q -1.8%1 Total revenues 30.6 29.9 (EUR bn) 25.5 25.4 24.5 26.0 24.6 24.1 22.0 Operating -7.3% profit 2,009 2,302 2,055 2,154 2,300 1,960 1,732 1,906 (EUR mn) 1,660 -79.7% 1,603 Net income
Slide 5: Shareholders' equity growing
Group financial results 3Q 2011 – Highlights Shareholders’ equity growing Shareholders’ equity1 Estimation of stress impact3 (EUR mn) (EUR bn) +2.2% Equity markets -30%4 -2.5 44,491 43,564 42,615 Unrealized gains/losses 5,057 4,281 4,380 Interest rate +100bps -3.5 Retained earnings2 10,749 9,649 10,
Slide 6: Strong conglomerate solvency
Group financial results 3Q 2011 – Highlights Strong conglomerate solvency Conglomerate solvency1 Estimation of stress impact2 (EUR bn) -1%-p Ratio as of 30.09.11 179% 173% 180% 179% Equity markets -30%3 169% 100% 41.4 41.8 Interest rate +100bps 181% 39.6 Interest rate -100bps 174% 22.9 23.0 23.3 Cre
Slide 7: Economic solvency at 99.97% confidence level
Group financial results 3Q 2011 – Highlights Economic solvency at 99.97% confidence level Economic solvency1 Estimation of stress impact2 (EUR bn) -41%-p Ratio as of 30.09.11 143% 184% 143% Interest rate +100bps 156% 56.2 Interest rate -100bps 117% 49.9 Equity markets +30% 153% 34.8 30.6 Equity mark
Slide 8: Agenda
2 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 8
Slide 9: Quarterly revenues at EUR 24.1bn
Group financial results 3Q 2011 – Group Quarterly revenues at EUR 24.1bn Total revenues1 (EUR bn) 30.6 29.9 25.5 25.4 26.0 24.5 24.6 24.1 22.0 14.0 14.3 8.9 9.4 10.0 3Q 11/10 Total Internal 10.6 10.2 10.8 (in %) growth growth 10.2 15.2 15.4 15.1 Group -1.8 +0.2 14.1 14.3 12.6 13.0 11.8 10.8 P/C +2.2
Slide 10: Operating profit resilient despite volatile markets
Group financial results 3Q 2011 – Group Operating profit resilient despite volatile markets Operating profit in 3Q (EUR mn) Property/Casualty Life/Health Group 2,055 -1.0% -20.6% 2010 1,031 1,122 1,111 939 P/C -11 655 520 L/H -135 2009 2010 2011 2009 2010 2011 AM +16 -7.3% Asset Management Corporate
Slide 11: Non-operating items
Group financial results 3Q 2011 – Group Non-operating items (EUR mn) 3Q 09 3Q 10 3Q 11 Δ 11/10 3Q 10 3Q 11 Realized gains/losses Realized gains/losses 382 314 and impairments of 276 350 -617 -967 - Equities 231 246 investments (net) - Debt securities 132 26 - Real estate and other 19 42 Interest exp
Slide 12: Exposure to selected sovereign bonds
Group financial results 3Q 2011 – Group Exposure to selected sovereign bonds Total fixed income portfolio1 Government bonds 100% = EUR 413.5bn Italy Spain 6.2% 1.2% 35% We have written 10% Greece down the Greek 0.1% government bonds to 38.9% of 7.8% Ireland nominal value 10% 0.1% Portugal 20% 0.2% 2
Slide 13: Net income development
Group financial results 3Q 2011 – Group Net income development (EUR mn) 3Q 09 3Q 10 3Q 11 Δ 11/10 Operating profit 2,009 2,055 1,906 -149 Non-operating items -92 -123 -1,262 -1,139 Income before taxes 1,917 1,932 644 -1,288 Income taxes -527 -664 -386 +278 Net income 1,390 1,268 258 -1,010 Non-contr
Slide 14: Agenda
3 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 14
Slide 15: P/C: Solid operating performance
Group financial results 3Q 2011 – P/C Solid operating performance Revenues at EUR 10.8bn, up 2.2 percent ! Operating profit resilient at EUR 1,111mn Combined ratio at 97.6 percent with 4.0%-p NatCat and positive 3.6%-p run-off © Allianz SE 2011 15
Slide 16: P/C: Revenues up by 2.2% to EUR 10.8bn
Group financial results 3Q 2011 – P/C Revenues up by 2.2% to EUR 10.8bn Revenues Revenues of sel. OEs2 3Q 09 3Q 10 3Q 11 Δ11/101 (EUR bn) (EUR mn) Germany 1,904 1,859 1,833 -0.7% Countries Speaking German +2.2% Switzerland 253 281 280 -0.8% France 773 754 754 +0.0% South America 10.6 10.8 Europe inc
Slide 17: Resilient operating profit at EUR 1.1bn
Group financial results 3Q 2011 – P/C Resilient operating profit at EUR 1.1bn Operating profit Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) 1,122 +48 +11 1,111 -1.0% -70 1,323 1,329 1,169 1,147 1,122 1,111 1,031 712 Operating Under- Invest- Other Operating 663 profit writing ment
Slide 18: Diversified portfolio delivers a combined ratio of 97.6%
Group financial results 3Q 2011 – P/C Diversified portfolio delivers a combined ratio of 97.6% (in %) Combined ratio NatCat 3Q 09 3Q 10 3Q 11 impact in +0.5%-p (sel. OEs) 3Q 112 Germany1 100.0 103.4 111.1 10.5%-p Countries Speaking 101.3 German 100.4 96.9 95.3 96.3 97.1 94.9 95.0 97.6 Switzerland 97
Slide 19: Details on accident year loss ratio
Group financial results 3Q 2011 – P/C Details on accident year loss ratio (in %) Accident year loss ratio 9-quarter overview accident year loss ratio +2.0%-p 77.2 75.9 74.1 74.1 72.1 72.1 4.0 72.8 72.1 71.3 1.6 72.1 71.5 71.0 3.0 70.5 69.1 70.1 70.0 71.5 (9Q-Ø) 70.5 70.2 70.0 69.9 69.6 69.1 69.2 70.
Slide 20: Expense ratio improved
Group financial results 3Q 2011 – P/C Expense ratio improved (EUR mn) in % of NPE 27.6 28.1 27.7 8,242 8,262 7,838 7.0 6.8 8.6 2,033 2,047 Admin. expenses 2,442 6.5 6.5 Other acquisition 4.4 1,897 1,943 expenses 1,260 14.6 14.6 14.4 Commissions 4,136 4,298 4,286 © Allianz SE 2011 9M 091 9M 10 9M 11
Slide 21: Average investment portfolio grows to EUR 98bn
Group financial results 3Q 2011 – P/C Average investment portfolio grows to EUR 98bn Average asset base1,2 Current yield (EUR bn) (in %) Other3 Equities Cash +3.2% Debt securities Equities Debt sec. 97.8 94.8 89.5 7.1 6.7 6.6 4.3 6.0 5.3 5.2 5.3 4.6 1.88 0.96 0.98 0.93 0.92 73.0 78.6 79.4 0.63 3Q 09
Slide 22: Operating investment income remains on a high level
Group financial results 3Q 2011 – P/C Operating investment income remains on a high level Operating investment income (EUR mn) +5.7% 844 865 889 841 823 791 774 759 693 in % of NPE 8.1 7.4 8.2 8.7 8.2 7.6 8.5 8.8 8.6 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2009 2010 2011 +7.9% Interest & similar income1 845 858
Slide 23: Positive price effect on renewals continues in 2011
Group financial results 3Q 2011 – P/C Positive price effect on renewals continues in 2011 Pricing overview for selected operating entities (in %) Price impact Nominal tariff Expert assessment of the market Selected OEs on YTD increase renewals1 for 20112 Motor rates in the market starting to incre
Slide 24: Agenda
4 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 24
Slide 25: L/H: Results impacted by impairments
Group financial results 3Q 2011 – L/H Results impacted by impairments Revenues at EUR 11.8bn, with healthy product mix Operating asset base at EUR 427bn ! Operating profit at EUR 520mn, impacted by EUR 224mn lower investment result due to crisis Value of new business at EUR 233mn, and new bu
Slide 26: L/H: Revenues at EUR 11.8bn
Group financial results 3Q 2011 – L/H Revenues at EUR 11.8bn Revenues Revenues of sel. OEs2 3Q 09 3Q 10 3Q 11 Δ11/101 (EUR bn) (EUR mn) -6.0% Germany Life 3,327 3,471 3,466 -0.1% Countries Speaking German Germany Health 798 808 805 -0.4% 12.6 11.8 Switzerland 210 225 233 -6.0% 10.8 Premiums France 1
Slide 27: Operating asset base at EUR 427bn
Group financial results 3Q 2011 – L/H Operating asset base at EUR 427bn Operating asset base (EUR bn) OAB Net flows (EUR bn) 3Q 10 3Q 11 423.0 as of 30.06.2011 Germany Life +0.5 +0.3 Net inflows +0.4 Germany Health +0.1 +0.1 France -0.1 +0.0 Interest & similar Italy -0.2 -0.3 +4.0 income1 CEE +0.0 +
Slide 28: Investment result reflects impairments
Group financial results 3Q 2011 – L/H Investment result reflects impairments Operating profit Operating profit drivers1 (EUR mn) (EUR mn) -20.6% 655 +21 +68 520 -224 939 835 824 655 702 679 554 Operating Techn. Investm. Expense Operating 520 result result result 469 profit profit 3Q 10 Δ 3Q 11/10 3Q
Slide 29: Average asset base increases by 3.2 percent
Group financial results 3Q 2011 – L/H Average asset base increases by 3.2 percent Average asset base Current yield (EUR bn)1 (in %) +3.2% Other2 Equities Cash 357.7 Debt securities Equities Debt sec. 346.7 8.6 8.5 7.9 3.9 23.0 21.8 303.8 7.6 4.5 1.16 1.10 1.11 19.3 1.08 318.2 0.96 312.5 272.4 0.34 ©
Slide 30: Impairments weigh on operating investment income
Group financial results 3Q 2011 – L/H Impairments weigh on operating investment income Operating investment income -24.3% (EUR mn) 4,062 4,022 4,063 4,095 4,123 3,624 3,808 3,834 3,101 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2009 2010 2011 +10.7% Interest & similar income1 3,541 3,431 3,522 3,974 3,636 3,850 3,8
Slide 31: Stable new business margin
Group financial results 3Q 2011 – L/H Stable new business margin New business margin1,2 Value of new business1,2 (VNB in % of PV of NB premiums) (EUR mn) 2.7 2.5 2.2 2.2 1.8 240 242 233 217 206 3Q 4Q 1Q 2Q 3Q 2010 2011 PV of NB premiums1,2 (EUR bn) 12.2 10.7 9.3 9.6 8.7 3Q 4Q 1Q 2Q 3Q © Allianz SE 2
Slide 32: Value of new business by region
Group financial results 3Q 2011 – L/H Value of new business by region Value of new business New business margin (EUR mn)1,2 (in %)1,2 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 3Q 10 4Q 10 1Q 11 2Q 11 3Q 11 German Speaking 77 90 86 96 109 2.7 2.0 2.2 3.4 3.9 Countries Europe 60 63 68 66 56 2.4 1.8 2.1 2.2 2.2 Gr
Slide 33: MCEV development
Group financial results 3Q 2011 – L/H MCEV development (EUR mn, after minorities) 694 715 1,141 26,422 11 26,433 Free surplus 2,628 2,653 21,104 -6,724 -1,155 Required capital 11,021 10,980 1,018 12,485 VIF 12,773 12,799 7,601 12M 2010 Adjustment 12M 2010 Inforce Op. and VNB Economic Net 9M 2011 MCE
Slide 34: Agenda
5 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 34
Slide 35: AM: Outstanding performance continues
Group financial results 3Q 2011 – AM Outstanding performance continues Total Assets under Management grow by 10.3 percent to EUR 1,592bn, internal growth of 5.7 percent AGI recorded 3rd party net inflows of EUR 10bn ! Operating profit up by 3.1 percent to EUR 537mn, F/X-adjusted growth of 10.6
Slide 36: Total AuM up by 10.3 percent
Group financial results 3Q 2011 – AM Total AuM up by 10.3 percent Assets under Management Internal (EUR bn) +10.3% growth: +5.7% 1,592 1,518 1,492 1,508 1,430 1,443 1,312 370 312 354 354 357 1,202 291 1,150 289 Allianz 276 Group 272 assets 3rd party 878 926 1,023 1,139 1,131 1,164 1,138 1,151 1,222
Slide 37: AGI recorded 3rd party net inflows of EUR 10bn
Group financial results 3Q 2011 – AM AGI recorded 3rd party net inflows of EUR 10bn AGI 3rd party net flow development (EUR bn) 40.2 37.0 33.2 22.0 22.6 21.1 12.9 13.6 9.8 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 2009 2010 2011 Net flows in % of 3rd 4.2 2.6 4.1 2.3 3.6 1.2 1.2 1.9 0.9 © Allianz SE 2011 party AuM
Slide 38: Net fee and commission income up 8.1 percent
Group financial results 3Q 2011 – AM Net fee and commission income up 8.1 percent (EUR mn) Internal +8.1% growth: +15.9% 1,3352 1,235 45 73 866 84 Performance fees 36.0 40.1 40.8 Other net fee and 782 1,162 1,290 commission income 3Q 09 3Q 10 3Q 11 3rd party AuM driven margin1 (in bps) © Allianz SE
Slide 39: Operating profit up 3.1 percent
Group financial results 3Q 2011 – AM Operating profit up 3.1 percent Operating profit Operating profit drivers F/X-adjusted (EUR mn) (EUR mn) growth: Cost-income ratio (in %) +10.6% +3.1% +100 521 537 576 557 -30 537 -54 516 521 528 528 466 368 Operating Net fee & Other Operat. Operating profit comm
Slide 40: Continued strong overall performance of fixed income
Group financial results 3Q 2011 – AM Continued strong overall performance of fixed income Fixed income 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +10.5% +13.2% 1,087 91 95 983 79 489 432 740 300 Cost- Net flows income +34.2 +40.6 +15.2 ratio 47.9
Slide 41: Solid equity business in volatile markets
Group financial results 3Q 2011 – AM Solid equity business in volatile markets Equity 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) -8.2% -16.7% 146 61 61 66 137 134 30 25 15 Cost- Net flows income -0.8 -0.3 -3.9 ratio 84.4 75.5 78.6 (quarterly) (in
Slide 42: Agenda
6 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 42
Slide 43: Summary
Group financial results 3Q 2011 – Summary Summary All operating Net income heavily Operating profit segments on track, impacted by outlook of capital position financial market EUR 8.0bn ± 0.5bn resilient turmoil unchanged 1 2 3 © Allianz SE 2011 43
Slide 44: Agenda
7 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 44
Slide 45: Result by segments overview
Group financial results 3Q 2011 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 Total revenues (EUR bn) 10.6 10.8 12.6 11.8 1.3 1.3 0.1 0.1 0.0 0.0 24.5 24.1 Operating pro
Slide 46: Key figures: Group
Group financial results 3Q 2011 – Additional information on Group Key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2009 2009 2010 2010 2010 2010 2011 2011 2011 3Q 11/10 2009 2010 2011 Total revenues (EUR bn) 22.0 25.5 30.6 25.4 24.5 26.0 29.9 24.6 24.1 -0.4 71.9 80.5 78.5 Operating pro
Slide 47: Key figures: P/C
Group financial results 3Q 2011 – Additional information on P/C Key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2009 2009 2010 2010 2010 2010 2011 2011 2011 3Q 11/10 2009 2010 2011 Gross premiums written (EUR bn) 10.2 8.9 14.0 10.0 10.6 9.4 14.3 10.2 10.8 +0.2 33.6 34.5 35.3 Operating
Slide 48: Remarks concerning the operating entities' revenues (P/C)
Group financial results 3Q 2011 – Additional information on P/C Remarks concerning the operating entities’ revenues Germany Transfer of China Branch to Asia Pacific (impact 2010: EUR 12mn) Switzerland Sale of Phénix and Alba (impact 2009: EUR 30mn, 2010: EUR 36mn) Spain Industrial commercial busines
Slide 49: Key figures: L/H
Group financial results 3Q 2011 – Additional information on L/H Key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2009 2009 2010 2010 2010 2010 2011 2011 2011 3Q 11/10 2009 2010 2011 Statutory premiums (EUR bn) 10.8 15.2 15.4 14.1 12.6 15.1 14.3 13.0 11.8 -0.8 35.6 42.0 39.1 Operating p
Slide 50: Remarks concerning the operating entities' revenues (L/H)
Group financial results 3Q 2011 – Additional information on L/H Remarks concerning the operating entities’ revenues Switzerland Sale of Phénix Vie (impact 2009: EUR 7mn, 2010: EUR 9mn) France Business written by Allianz Global Life (AGL) in France was transferred from AGL to Allianz France in 1Q 201
Slide 51: Operating investment income – details
Group financial results 3Q 2011 – Additional information on L/H Operating investment income – details (EUR mn) 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010 1Q 2011 2Q 2011 3Q 2011 Interest & similar income1 3,541 3,431 3,522 3,974 3,636 3,850 3,807 4,176 4,025 Investment expenses -151 -181 -145 -
Slide 52: New business
Group financial results 3Q 2011 – Additional information on L/H New business1 (EUR mn) Value of New business Present value of Recurring Single new business margin new business premium premium premium 2 Region 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 Δ% 3Q 10 3Q 11 3Q 10 3Q 11 German Speaking Countries 77
Slide 53: MCEV development (1/2)
Group financial results 3Q 2011 – Additional information on L/H MCEV development (1/2) (EUR mn, after minorities) 694 715 1,141 26,422 11 26,433 Free surplus 2,628 2,653 21,104 -6,724 -1,155 Required capital 11,021 10,980 1,018 12,485 VIF 12,773 12,799 7,601 12M 2010 Adjustment 12M 2010 Inforce Op.
Slide 54: MCEV development (2/2)
Group financial results 3Q 2011 – Additional information on L/H MCEV development (2/2) (EUR mn, after minorities) 1,150 Projected release of risk free profits from VIF in the reporting period 259 Projected release of inforce capital 1 2,076 = 147 Risk free return on Net Asset Value 520 Expected over
Slide 55: Key figures: AM
Group financial results 3Q 2011 – Additional information on AM Key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2009 2009 2010 2010 2010 2010 2011 2011 2011 3Q 11/10 2009 2010 2011 Operating revenues 899 1,294 1,116 1,188 1,256 1,426 1,273 1,303 1,326 +70 2,395 3,560 3,902 Operating pr
Slide 56: 3rd party AuM
Group financial results 3Q 2011 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail Institutional 1,222 1,222 26 1,131 1,131 18 31.12.10 1,164 120 106 Internal 414 Other3 Net inflows +43 growth: 190 +4.6% 376 Asia-Pacific 174 878 and r
Slide 57: Key figures: Corporate and Other
Group financial results 3Q 2011 – Additional information on Corporate and Other Key figures (EUR mn) 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Delta 9M 9M 9M 2009 2009 2010 2010 2010 2010 2011 2011 2011 3Q 11/10 2009 2010 2011 Total revenues (Banking) 119 157 128 138 146 175 151 137 129 -17 360 412 417 Operating p
Slide 58: Corporate and Other
Group financial results 3Q 2011 – Additional information on Corporate and Other Corporate and Other (EUR mn) Operating loss Operating loss components EUR +37mn +18 +1 +3 +15 -233 -270 Operating Holding Banking Alternative Conso Operating -233 loss & Treasury Investments loss 3Q 10 Δ 3Q 11/10 3Q 11 -
Slide 59: Asset allocation
Group financial results 3Q 2011 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other Balance sheet items 30.09.10 30.09.11 30.09.10 30.09.11 30.09.10 30.09.11 30.09.10 30.09.11 30.09.10 30.09.11 30.09.10 30.09.11 Investments Equities 2 5.2 4
Slide 60: Average AuM P/C and L/H: basis for yield calculation
Group financial results 3Q 2011 – Additional information on P/C and L/H Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H Balance sheet items 30.06.11 30.09.11 Average 30.06.11 30.09.11 Average Investments Equities 1 5.6 4.9 5.3 24.7 21.3 23.0 Debt sec. 61.0 62.2 61.6 216.0 224.2
Slide 61: Investment result
Group financial results 3Q 2011 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Consolidation Group1 Other 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 3Q 10 3Q 11 Operating investment result 2 Interest and similar income 887 957 3,636 4,025 10 7
Slide 62: Shareholders' equity
Group financial results 3Q 2011 – Additional information on 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 31.12.09 (restated) 2
Slide 63: Revaluation reserve of EUR 18.8bn
Group financial results 3Q 2011 – Additional information on Group Revaluation reserve of EUR 18.8bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 2.0 (37%) 2.4 (45%) 18.8 Real estate Associated enterprises, joint ventures 5.3 5.8 0.0 Non- co
Slide 64: Conglomerate solvency: details as of 30.09.11
Group financial results 3Q 2011 – Additional information on Group Conglomerate solvency: details as of 30.09.11 (EUR bn) Available funds Required capital 23.3 Shareholders’ 41.2 equity1 Dividend accruals -0.8 P/C 7.2 Goodwill, other intangibles -14.8 Commerzbank shares -0.5 Subordinated bonds, parti
Slide 65: Overview investment portfolio
Group financial results 3Q 2011 – Additional information on Group Overview investment portfolio (EUR bn) Group investments and loans1 as of 30.09.11 (31.12.10) Total EUR 457.4bn (EUR 444.9bn) Real estate2 Cash/ Other 2% (2%) 2% (2%) 443.9 444.9 457.4 Equities Debt 6% (7%) 90% (89%) © Allianz SE 2011
Slide 66: Fixed income portfolio (30.09.11)
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio (30.09.11) By type of issuer Total By rating3 EUR 413.5bn Government 35% AAA 44% Covered 25% AA 16% Corporate 30% A 22% thereof Banking 10% BBB 12% ABS/MBS1 5% Non-investment grade 3% Other2 5% Not rated* 3% *)
Slide 67: Fixed income portfolio: government and government related
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio: government and government related (30.09.11) By region Total By rating EUR 145.1bn1 Germany 21% AAA 41% Italy 18% AA 26% France 17% A 23% Spain 4% BBB 5% UK 1% Non-investment grade 3% Rest of Europe 20% Not rat
Slide 68: Fixed income portfolio: covered bonds
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio: covered bonds (30.09.11) By country Total By rating EUR 104.2bn Germany 55% AAA 90% Spain 10% AA 5% France 13% A 3% UK 5% BBB 2% Ireland 2% Non-investment grade 0% Switzerland 2% Not rated 0% Sweden 1% Rest of
Slide 69: Fixed income portfolio: corporate
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio: corporate (30.09.11) By sector Total By rating EUR 121.7bn Banking 33% AAA 9% Other financials 11% AA 12% Consumer 12% A 39% Communication 8% BBB 30% Industrial 6% Non-investment grade 5% Utility 9% Not rated1
Slide 70: Fixed income portfolio: banks
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio: banks (30.09.11) By country Total By rating EUR 40.1bn Germany 13% AAA 13% UK 9% AA 21% France 12% A 52% Italy 6% BBB 11% Rest Eurozone 19% Non-investment grade 2% Europe ex Eurozone 12% Not rated 1% USA 16% Re
Slide 71: Fixed income portfolio: ABS
Group financial results 3Q 2011 – Additional information on Group Fixed income portfolio: ABS (30.09.11) By type of category Total By rating EUR 19.4bn U.S. Agency 25% AAA 63% CMBS 47% AA 23% RMBS 7% A 9% CMO/CDO 9% BBB 0% Credit Card 3% Non-investment grade 4% Auto 1% Not rated 1% Other 8% By segme
Slide 72: Equity portfolio (30.09.11)
Group financial results 3Q 2011 – Additional information on Group Equity portfolio (30.09.11) By region Total By industry EUR 28.3bn1 Germany 21% Financials 23% Consumer 17% Eurozone ex Germany 34% Basic materials 10% Europe Utilities 4% ex Eurozone 20% Industrial 6% NAFTA 14% Energy 5% Rest of Worl
Slide 73: Equity exposure
Group financial results 3Q 2011 – Additional information on Group Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 5.2 36.41 34.41 0.3 0.4 0.3 3.3 3.2 1 3.7 30.8 0.7 2.3 0.7 12.7 33.6 0.6 12.0 -2.2 3.3 3.0 10.5 24.7 26.9 22.9 0.4 0.4 2.2 0.4 4.9 6.1 4.8 5.3 5.5 5.0 3
Slide 74: Real estate portfolio
Group financial results 3Q 2011 – Additional information on Group Real estate portfolio1 By region Total By sectors EUR 17.3bn2 France 31% Office 63% Germany 27% Residential 20% Switzerland 16% Retail 10% Rest of Eurozone 17% Other/mixed 7% USA 2% Rest of world 7% By segment (EUR bn) Net unrealized
Slide 75: Agenda
8 1 Highlights Group financial results 3Q 2011 2 Group 3 P/C 4 L/H 5 Asset Management 6 Summary 7 Additional information 8 Glossary © Allianz SE 2011 75
Slide 76: Glossary (1)
Glossary (1) 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 do asset-backed securities AFS Available-for-sal
Slide 77: Glossary (2)
Glossary (2) Cost-income ratio (CIR) Represents operating expenses divided by operating revenues Covered bonds Debt securities covered by a pool of mortgage loans or by public-sector loans with investors having a preferential claim in case of a default Current yield Interest and similar income/ aver
Slide 78: 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
Slide 79: Glossary (4)
Glossary (4) L/H operating profit drivers The objective of the Life/Health operating profit driver analysis is to explain movements in IFRS results by analyzing underlying drivers on a L/H segment consolidated basis Technical result: Technical result comprises risk result (difference between total r
Slide 80: Glossary (5)
Glossary (5) NBM New business margin: Value of new business divided by present value of new business premiums Non-controlling interests Represent the proportion of equity of affiliated enterprises not owned by Group companies NPE Net premiums earned OAB Operating asset base: Represents all operating
Slide 81: Glossary (6)
Glossary (6) PVNBP Present value of new business premiums: Present value of projected new regular premiums, discounted with risk-free rates, plus the total amount of single premiums received Reinsurance Where an insurer transfers part of the risk which he has assumed to another insurer Required capi
Slide 82: Glossary (7)
Glossary (7) Statutory premiums Represent gross premiums written from sales of life insurance policies, as well as gross receipts from sales of unit-linked and other investment-oriented products, in accordance with the statutory accounting practices applicable in the insurer’s home jurisdiction Stre
Slide 83: Disclaimer
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 levels, (vi) the extent of credit defaults, (vii) interest rate levels, (viii) currency expecta