Allianz SE · XETR:ALV

Allianz — German Investment Seminar, Dresdner Kleinwort, New York 2007

22 slides from Allianz's conference presentation, Jan 8, 2007

1. Slide 1: The way ahead

   Clement Booth The way ahead Dresdner Kleinwort Investment Bank German Investment Seminar New York, 8 January 2007

2. Slide 2: Agenda

   Agenda Summary Overview The way ahead 2 © Allianz SE 2007 0701_AF_German Investment_08CKr.ppt

3. Slide 3: Allianz Group 2005

   Clement Booth - The way ahead Allianz Group 2005 (EUR) Revenue split EUR 101bn total revenues Asset Management 3% EUR 743bn 3rd party AuM Banking P/C 6% 43% EUR 7.7bn operating profit 0701_AF_German Investment_08CKr.ppt L/H 48% EUR 67bn1 market cap Rest of world2 7% NAFTA Germany 20% 32% © Allianz S

4. Slide 4: "3+One" program has created a positive track record

   Clement Booth - The way ahead “3+One” program has created a positive track record… (EUR bn) Protect and enhance capital base 1 44.9 39.8 Shareholders’ 26.3 30.0 + 71% equity 2 Substantially strengthen operating profitability 0701_AF_German Investment_08CKr.ppt 8,131 5,322 6,097 Operating 1 + 161% pr

5. Slide 5: Launched initiatives to drive growth and profitability further

   Clement Booth - The way ahead … and launched initiatives to drive growth and profitability further +One Increase sustainable competitiveness and shareholder value ƒ Integrated financial services provider (IFSP) ƒ “Eurofficiency” ƒ Sustainability Program ƒ Customer Focus Initiative (CFI) 0701_AF_Germ

6. Slide 6: Agenda

   Agenda Overview Summary The way ahead 6 © Allianz SE 2007 0701_AF_German Investment_08CKr.ppt

7. Slide 7: Integrated Financial Services Provider: successful cross-selling in Germany

   Clement Booth - The way ahead Integrated Financial Services Provider: successful cross-selling in Germany … Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives Share of new Product Channel CAGR new business1 2001-2005 business1 ‘05 4.6% 0701_AF_German Investment_08

8. Slide 8: Promising value creation via assurbanking

   Clement Booth - The way ahead … and promising value creation via assurbanking Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives New bank customers won by tied agents High cross-selling potential1 = 9% 360,000 0701_AF_German Investment_08CKr.ppt Target 300,000 Pri

9. Slide 9: Eurofficiency: smooth execution

   Clement Booth - The way ahead Eurofficiency: smooth execution Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives Status Allianz SE Allianz SE Sep 05 Announcement 100% ADAG Oct – Nov 05 Tender offer 0701_AF_German Investment_08CKr.ppt 100% RAS Dec 05 Publication of

10. Slide 10: Sustainability: still high optimization potential

    Clement Booth - The way ahead Sustainability: still high optimization potential Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives Operating profit impact P/C, EUR m1 Improvement EUR 710m until 2009 2nd Wave 0701_AF_German Investment_08CKr.ppt 1,030 ƒ Motor 950 ƒ

11. Slide 11: Customer Focus Initiative: the next competitive frontier

    Clement Booth - The way ahead Customer Focus Initiative: the next competitive frontier for differentiation will create sustainable profitable growth Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives Correlation between CS and top-line ƒ Customer Satisfaction (CS)

12. Slide 12: Target operating model: German reorganization offers huge opportunities

    Clement Booth - The way ahead Target operating model: German reorganization offers huge opportunities Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives EUR 500 - 600m expected cost savings in High cross-selling potential 20091 (insurance customers2) = 22% Central

13. Slide 13: Reorganization Dresdner Bank: focus on efficient structure and core strengths

    Clement Booth - The way ahead Reorganization Dresdner Bank: focus on efficient structure and core strengths Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives Target 2008: EUR 350m revenue ƒ Strengthening of distribution for private synergies, EUR 250m cost synerg

14. Slide 14: Reorganization of Corporate and Specialty Lines

    Clement Booth - The way ahead Reorganization of Corporate and Specialty Lines : focus on profitability and risk management Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives ƒ Revenue enhancement Allianz SE - Cross- and up-selling - Greater leverage in broker dist

15. Slide 15: Growth initiatives: dynamic development in emerging markets

    Clement Booth - The way ahead Growth initiatives: dynamic development in emerging markets Euro- Sustain- Reorg. Growth IFSP CFI TOM AGCS efficiency ability Dresdner initiatives China – ICBC drives Life sales India1 – strong growth (GPW in EUR m) (GPW in EUR m) P/C L/H 559 0701_AF_German Investment_0

16. Slide 16: Agenda

    Agenda Overview Summary The way ahead 16 © Allianz SE 2007 0701_AF_German Investment_08CKr.ppt

17. Slide 17: The way ahead

    Clement Booth - The way ahead The way ahead Aspiration 2009-2011 Plan 2006-2008 ƒ Cross-border synergies ƒ Growth initiatives ƒ 3 +One 0701_AF_German Investment_08CKr.ppt ƒ Global positioning ƒ Sustainability 2003-2005 ƒ Customer focus ƒ 3 +One ƒ Local TOM´s ƒ Restructuring ƒ Internal resources case

18. Slide 18: Outlook 2006: full-year operating profit to exceed EUR 9.5bn

    Clement Booth - The way ahead Outlook 2006: we expect full-year operating profit to exceed EUR 9.5bn Outlook higher than higher than EUR 9.5bn EUR 6.0bn Merger plan EUR 8.7bn 0701_AF_German Investment_08CKr.ppt EUR 4.9bn © Allianz SE 2007 Operating profit Net income 18

19. Slide 19: Summary

    Clement Booth - The way ahead Summary ƒ We deliver on our targets ƒ We are well capitalized with high operational profitability ƒ Our initiative pipeline provides sufficient leeway for cycle management ƒ We are well positioned in growth segments ƒ Cross-border optimization offers further profit pote

20. Slide 20: Appendix

    Appendix 20 © Allianz SE 2007 0701_AF_German Investment_08CKr.ppt

21. Slide 21: Investor Relations contacts

    Investor Relations contacts Oliver Schmidt Tel. +49 (0) 89 3800-3963 Holger Klotz Tel. +49 (0) 89 3800-18124 Head of e-mail: e-mail: [email protected] Investor Relations [email protected] Susanne Arheit Tel. +49 (0) 89 3800-3324 Christian Tel. +49 (0) 89 3800-3892 Lamprecht e-mail: e

22. Slide 22: Disclaimer

    Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current

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