Allianz SE · XETR:ALV

Allianz — FY2015 Earnings Presentation

119 slides from Allianz's earnings presentation, Feb 19, 2016

1. Slide 1: Presentations based on 2015 preliminary figures

   Please note: presentations based on 2015 preliminary figures 1

2. Slide 2: Agenda

   Agenda A CEO assessment and outlook Oliver Bäte B Group financial results 2015 Dieter Wemmer C Investments Maximilian Zimmerer Glossary Disclaimer © Allianz SE 2016

3. Slide 3: CEO assessment and outlook

   CEO assessment and outlook Oliver Bäte Chief Executive Officer Analyst conference call February 19, 2016

4. Slide 4: 2015 key figures

   A. CEO assessment and outlook 2015 key figures 122.3 Total shareholder return Revenues +2.4% (2015, in %) (EUR bn) 125.2 130 10,402 +24.6% Operating profit +3.2% 120 (EUR mn) +18.6% 10,735 6,221 Shareholders’ 110 net income +6.3% +7.3% (EUR mn) 6,616 100 6.85 Allianz DPS STOXX Europe 600 Insurance (

5. Slide 5: The CEO assessment

   A. CEO assessment and outlook The CEO assessment Group P/C L/H AM Revenue growth Positive +2.4% Strong +6.8% Selective -0.6% Strong USD +1.4% Operating profit Despite Upper end +3.2% headwinds +4.1% Outstanding +14.1% As expected -11.8% Return on Equity Further improve- Remains Strong 12.5% At targe

6. Slide 6: Attractive dividend policy

   A. CEO assessment and outlook Attractive dividend policy1 … … with significant DPS growth for 2015 1 (EUR) Pay-out ratio +6.6% 50% 7.302 6.85 2 Subject to Ratchet / dividend sustainable continuity SII ratio >160% Pay-out ratio 50% 50% 3 Pay-out of unused M&A budget every © Allianz SE 2016 three year

7. Slide 7: Operating profit 2015 in upper end of target range

   A. CEO assessment and outlook Operating profit 2015 in upper end of target range Target achievements 20151 (EUR bn) 3.8 High 10.7 Low 5.6 2.3 Operating profit +3.2% +4.1% +14.1% -11.8% change vs. 2014 © Allianz SE 2016 Group2 P/C L/H AM 1) Target range for Group operating profit EUR 10.0bn – 10.8bn

8. Slide 8: Operating profit outlook for 2016 reflecting higher uncertainty

   A. CEO assessment and outlook Operating profit outlook for 2016 reflecting higher uncertainty Target ranges 2016 (EUR bn) High 11.0 5.8 3.9 2.5 Mid point 10.5 5.5 3.6 2.2 Low 10.0 5.2 3.3 1.9 © Allianz SE 2016 Group1 P/C L/H AM 1) Including Corporate and Consolidation with target range EUR -0.7bn to

9. Slide 9: In light of a fast changing and challenging world

   A. CEO assessment and outlook In light of a fast changing and challenging world … Oil prices Continuing low Moderate growth Macro- interest rates economics Demographic Volatile shifts financial markets China Solvency II Geopolitical Politics uncertainties Tensions G-SII & regulation within EU Tighte

10. Slide 10: Allianz continues to reinforce its strengths

    A. CEO assessment and outlook … Allianz continues to reinforce its strengths Scale Global lines EUR 3.3bn OP in 20151 Investment management EUR 638bn own AuM Digitalization EUR 650mn investments in digital p.a. Three segments with multibillion Resilience Diversification earnings power Capital Strong

11. Slide 11: Clearly defined ambitions for 2018

    A. CEO assessment and outlook Clearly defined ambitions for 2018 … Performance Health RoE1 13 NPS 75 better than market 2015: 12.5% 2018: 13% 2015: 50% 2018: 75% EPS 5 IMIX 72 3-year CAGR © Allianz SE 2016 2015: 8.0% 2018: 5% 2015: 68% 2018: 72% 1) Excluding unrealized gains/losses on bonds net of s

12. Slide 12: Building on solid foundations

    A. CEO assessment and outlook … building on solid foundations Performance Health  Pronounced regional and  Strong brand sectoral diversification (#1 insurance company,  Low earnings volatility Brand Finance)  Capital strength – with  Management incentives high quality of capital linked to NPS t

13. Slide 13: Group financial results 2015

    Group financial results 2015 Dieter Wemmer Chief Financial Officer Analyst conference call February 19, 2016

14. Slide 14: Group financial results 2015 - Highlights

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B2

15. Slide 15: Business highlights

    B. Group financial results 2015 Business highlights Inclusive Meritocracy Digital by Default  Executive pay and promotion linked to people factors like True  New role of Chief Digital Officer customer satisfaction, Customer Centricity established to foster digital trans- collaboration and other fo

16. Slide 16: Business highlights - Comments

    B. Group financial results 2015 Business highlights Comments  Allianz Global Investors acquires  Allianz continues to expand renewable fixed-income manager energy investments The acquisition of the London-based Rogge Allianz further expanded its investments in Global Partners complements Allianz G

17. Slide 17: Group: revenues and profits continue to grow

    B. Group financial results 2015 Group: revenues and profits continue to grow … Total revenues (EUR bn) Operating profit drivers (EUR mn) +2.4%1 +3.2% +468 122.3 125.2 +74 10,735 +221 10,402 -306 -124 2014 2015 Net income2 (EUR mn) +6.3% Operating P/C L/H AM CO Conso. Operating 6,221 6,616 profit pro

18. Slide 18: Group: revenues and profits continue to grow - Comments

    B. Group financial results 2015 Group: revenues and profits continue to grow … Comments  Revenue growth  Asset Management – as expected Strong growth in P/C, focus on mix Operating profit down 11.8% primarily change in L/H and decline at PIMCO. caused by lower average 3rd party AuM, Internal growt

19. Slide 19: Driven by strong 4Q 2015

    B. Group financial results 2015 … driven by strong 4Q 2015 2014 2015 2014 2015 4Q 4Q 4Q 4Q Group -1.1% P/C1 +8.6% Total revenues (EUR mn) 1,221 (EUR bn) 1,125 30.1 29.7 1.5% 2.1% NatCat impact2 CR 96.5% 96.2% 4.2% 5.6% Run-off ratio Group +14.5% L/H1 +63.7% Operating profit (EUR mn) 2,586 1,101 (EUR

20. Slide 20: Driven by strong 4Q 2015 - Comments

    B. Group financial results 2015 … driven by strong 4Q 2015 Comments  Revenues – slight decline  P/C – higher operating profit Internal growth of Allianz Group at -3.7%. CR improves, increased NatCat and Good growth in P/C (+2.6%) offset by man-made losses mitigated by better selected growth of -7.

21. Slide 21: Group: dividend up 6.6%

    B. Group financial results 2015 Group: dividend up 6.6% Shareholders’ equity1 (EUR bn) Return on equity3 (in %) +3.9% 60.7 61.3 63.1 -0.4%-p Unrealized 11.2 10.9 gains/losses 13.9 13.0 12.5 Retained 21.1 23.3 earnings2 17.9 Paid in 28.9 28.9 28.9 capital 31.12.14 30.09.15 31.12.15 2014 2015 Estimati

22. Slide 22: Group: dividend up 6.6% - Comments

    B. Group financial results 2015 Group: dividend up 6.6% Comments  Shareholders’ equity at record level  DPS – attractive yield Strong net income of EUR +6.6bn main DPS proposed to increase 6.6% to EUR 7.30. driver for +3.9% increase. F/X effects Dividend yield attractive at 4.8%1. Following also p

23. Slide 23: Group: strong SII capitalization

    B. Group financial results 2015 Group: strong SII capitalization SII capitalization1 (EUR bn) Estimation of stress impact2 +9%-p 2014 2015 200% 191% Equity markets +30% +9%-p +9%-p 72.7 66.0 Equity markets -30% -12%-p -9%-p 36.4 Interest rate +50bps 34.6 +15%-p +9%-p SII non-parallel Interest rate -

24. Slide 24: Group: strong SII capitalization - Comments

    B. Group financial results 2015 Group: strong SII capitalization Comments  SII capitalization improved  Interest rate sensitivity improved Increase of 9%-p is driven by an increase in Driven by management actions, e.g. duration own funds only partly compensated for by an lengthening in the L/H seg

25. Slide 25: P/C: internal growth strong at 2.9%

    B. Group financial results 2015 P/C: internal growth strong at 2.9% (EUR mn) 2015 Revenues Total Internal Price Volume growth growth effect effect Δ p.y. Δ p.y. Total P/C segment 51,597 +6.8% +2.9% +0.8% +2.1% Large OEs Germany 9,629 +1.0% +1.0% Italy 4,755 +13.3% -1.6% France 4,330 +1.9% +1.8% Glob

26. Slide 26: P/C: internal growth strong at 2.9% - Comments

    B. Group financial results 2015 P/C: internal growth strong at 2.9% Comments  Strong growth  AGCS – impacted by FFIC Very good internal growth of +2.9% driven GPW excluding FFIC business up strongly by both price (+0.8%) and volume (+2.1%). (internal growth +4.3%). Mainly fronting F/X +3.2% and co

27. Slide 27: P/C: underwriting and investment results up

    B. Group financial results 2015 P/C: underwriting and investment results up Operating profit drivers (EUR mn) Combined ratio (in %) +4.1% NatCat impact2 +137 (in %-p) 5,603 +30 +54 +0.3%-p 5,382 94.3 94.6 Loss ratio 66.0 66.2 0.9 1.6 Expense ratio 28.3 28.4 Operating Underwriting Investment1 Other O

28. Slide 28: P/C: underwriting and investment results up - Comments

    B. Group financial results 2015 P/C: underwriting and investment results up Comments  Operating profit – all profit  AZ Re – active management of long-tail sources contribute liabilities OP increase of +4.1% (EUR +221mn) helped In February, as part of our active management by FFIC transaction net

29. Slide 29: P/C: Italy and France drive OP growth

    B. Group financial results 2015 P/C: Italy and France drive OP growth (EUR mn) 2015 Operating Δ p.y. Combined Δ p.y. NatCat Δ p.y.1 profit ratio impact in CR1 Total P/C segment 5,603 +4.1% 94.6% +0.3%-p 1.6%-p +0.7%-p Large OEs Germany 1,216 -6.7% 91.9% +0.3%-p 2.5%-p +1.5%-p Italy 1,075 +15.4% 83.1

30. Slide 30: P/C: Italy and France drive OP growth - Comments

    B. Group financial results 2015 P/C: Italy and France drive OP growth Comments  Germany – excellent CR despite NatCat  UK – significantly impacted by floods OP down yoy, due to higher NatCat, AY LR strongly negatively impacted by restructuring expenses and lower investment December storms and floo

31. Slide 31: P/C: investment result slightly up

    B. Group financial results 2015 P/C: investment result slightly up Operating investment result1 Current yield (debt securities; in %) (EUR mn) +1.8% 2014 3.2 3,066 3,120 2015 2.9 Total average asset base2 105.2 109.7 Reinvestment yield5 (debt securities; in %) (EUR bn) 2014 2.4 2014 2015 2015 2.2 In

32. Slide 32: P/C: investment result slightly up - Comments

    B. Group financial results 2015 P/C: investment result slightly up Comments  Interest and similar income – stable  Reinvestment yield Stable current income despite difficult 4Q reinvestment yield of 2.4% on same interest rate environment. Higher income level as FY 2014. FY 2015 only slightly from

33. Slide 33: L/H: shifting away from capital intensive products

    B. Group financial results 2015 L/H: shifting away from capital intensive products (EUR mn) 2015 Revenues Total Internal PVNBP Δ p.y.1 growth growth Δ p.y. Δ p.y. Total L/H segment 66,903 -0.6% -4.9% 56,323 -1.5% Large OEs Germany Life 17,742 -6.7% -6.7% 14,376 -3.2% Italy 11,936 +5.3% +5.3% 9,538 -

34. Slide 34: L/H: shifting away from capital intensive products - Comments

    B. Group financial results 2015 L/H: shifting away from capital intensive products Comments  Targeted revenue growth  GER – less traditional single premiums Reduction of premiums mainly due to less 15% less single premiums, mainly from interest sensitive business especially from traditional and ca

35. Slide 35: L/H: operating profit up 14%

    B. Group financial results 2015 L/H: operating profit up 14% (EUR mn) Operating profit by source1,2 Operating profit by line2 +14.1% +14.1% +942 3,796 -87 -47 3,796 3,327 373 +381 3,327 298 577 -721 661 2,846 2,369 Operating Loadings Investment Expenses Technical Impact of Operating 2014 2015 profit

36. Slide 36: L/H: operating profit up 14% - Comments

    B. Group financial results 2015 L/H: operating profit up 14% Comments  OP up 14%  Expenses impacted by F/X Increase driven by investment margin Acquisition expenses flat as lower FIA which equally benefitted from production and less single premium business volume/business mix change, F/X in German

37. Slide 37: L/H: NBM with significant improvement in 2H 2015

    B. Group financial results 2015 L/H: NBM with significant improvement in 2H 2015 (EUR mn) 2015 VNB Δ p.y.1 NBM Δ p.y.1 Operating Δ p.y. profit Total L/H segment 1,196 -18.5% 2.1% -0.4%-p 3,796 +14.1% Large OEs Germany Life 304 -16.8% 2.1% -0.3%-p 1,257 +16.4% Italy 111 -32.2% 1.2% -0.4%-p 268 +55.3%

38. Slide 38: L/H: NBM with significant improvement in 2H 2015 - Comments

    B. Group financial results 2015 L/H: NBM with significant improvement in 2H 2015 Comments New Business Operating profit  NBM reaches 2.9% in 2H 2015  Germany Life – outstanding Management actions reflected in improvement Increase entirely driven by investment from 1.5% in 1H 2015 to 2.9% in 2H 201

39. Slide 39: L/H: investment margin very strong at 98bps

    B. Group financial results 2015 L/H: investment margin very strong at 98bps (yields are pro-rata) Based on Ø book value of assets1 2014 2015 Reinvestment yield6 Current yield2 3.9% 3.8% (debt securities; in %) Based on Ø aggregate policy reserves 2.7 2.5 Current yield2 4.6% 4.6% Net harvesting and o

40. Slide 40: L/H: investment margin very strong at 98bps - Comments

    B. Group financial results 2015 L/H: investment margin very strong at 98bps Comments  Limited yield decline  PHP ratio slightly down Current yield based on aggregate policy Slightly lower PHP in Italy and France. reserves down only 9bps. Negative impact PHP in Germany stable. largely offset by low

41. Slide 41: AM: USD largely compensates for net outflows

    B. Group financial results 2015 AM: USD largely compensates for net outflows (EUR bn) ∆ total AuM -2.1% +0.9% 1,801 1,763 -2.8% 1,746 Allianz Group 488 488 487 +1.3% assets 1,313 +8.9% 1,276 -0.7% -9.5% -2.8% 3rd party AuM 1,313 1,259 1,276 31.12.14 30.09.15 31.12.15 31.12.14 Net flows1 Market & F/X

42. Slide 42: AM: USD largely compensates for net outflows - Comments

    B. Group financial results 2015 AM: USD largely compensates for net outflows Comments  Segment – 3rd party AuM supported  PIMCO – several strategies with net inflows by USD 3rd party net inflows in various strategies like F/X development and strong AllianzGI net Income, Investment Grade Credit, Re

43. Slide 43: AM: strong performance drives fees

    B. Group financial results 2015 AM: strong performance drives fees (EUR mn) Revenues development1 Internal growth PIMCO3 Internal growth +1.4% -11.4% -4.2% -19.2% 6,388 6,479 4,921 4,714 275 607 205 464 Performance fees Other net fee and commission income 41.2 39.5 (AuM driven fees) 4,717 4,256 3rd

44. Slide 44: AM: strong performance drives fees - Comments

    B. Group financial results 2015 AM: strong performance drives fees Comments  Segment – higher operating revenues  PIMCO – business mix impacts 3rd party F/X and high level of performance fees more AuM margin than compensate for impact from lower Lower share of mutual fund business drives average 3

45. Slide 45: AM: operating profit in line with expectations

    B. Group financial results 2015 AM: operating profit in line with expectations Internal growth Operating profit drivers (EUR mn) -23.5% CIR -11.8% 1 AllianzGI 2,603 364 +307 2,2971 72.5% 408 AllianzGI +160 +41 +253 535 70.0% -44 PIMCO -860 -25 -138 54.5% 2,241 PIMCO 2,740 1,824 61.3% Operating Reven

46. Slide 46: AM: operating profit in line with expectations - Comments

    B. Group financial results 2015 AM: operating profit in line with expectations Comments  Segment – OP within target range  AllianzGI – OP on record level Excellent business result of AllianzGI, OP up by almost one third to EUR 535mn significantly increased performance fees despite EUR 41mn restruc

47. Slide 47: CO: operating result at target

    B. Group financial results 2015 CO: operating result at target (EUR mn) Operating loss development and components +28 +7 -820 0 -159 -945 -15.1% Operating Holding & Banking Alternative Consoli- Operating result Treasury Investments dation result 2014 2015 Δ 2015/14 © Allianz SE 2016 2015 -1,076 94 3

48. Slide 48: CO: operating result at target - Comments

    B. Group financial results 2015 CO: operating result at target Comments  Operating profit – as expected  Banking – further improvement Result well within target range Lower administrative expenses and (EUR -0.8 to -1.0bn). higher net fee result more than compensate for restructuring costs  Holdin

49. Slide 49: Group: shareholders' net income up 6.3 percent

    B. Group financial results 2015 Group: shareholders’ net income up 6.3 percent (EUR mn) 2014 2015 Change Operating profit 10,402 10,735 +333 Non-operating items -1,554 -539 +1,015 Realized gains/losses (net) 812 1,211 +399 Impairments (net) -197 -268 -72 Income from fin. assets and liabilities carri

50. Slide 50: Group: shareholders' net income up 6.3 percent - Comments

    B. Group financial results 2015 Group: shareholders’ net income up 6.3 percent Comments  Non-operating items improved  Tax – slight improvement Positive development driven by higher On a comparable basis the tax rate 2015 realized gains, overcompensating improves by 1%-p to 31%. In 2014 a increase

51. Slide 51: Status quo 2015 and ambitions for 2018

    B. Group financial results 2015 Status quo 2015 and ambitions for 2018 2015 2018 2015 2018 Businesses with 8.0% 5% 3-year EPS CAGR 50% 75% NPS above market SII interest rate 12.5% 13% RoE Allianz Group 14%-p < 11%-p sensitivity 94.6% 94% P/C CR PIMCO CIR 61.3% 60% L/H OEs with 65% 100% IMIX 68% 72%

52. Slide 52: Status quo 2015 and ambitions for 2018 - Comments

    B. Group financial results 2015 Status quo 2015 and ambitions for 2018 Comments  Follow-up of targets given at CMD  Net promoter score (NPS) KPIs introduced at CMD Nov 2015. NPS is based on the question: “On a scale 0-10, Follow-up of progress on quarterly basis. how likely is it that you would re

53. Slide 53: Financial reporting from 1Q 2016 onwards

    B. Group financial results 2015 Financial reporting from 1Q 2016 onwards 1Q 2Q 3Q 4Q Earnings release incl. financial supplement     Analyst Presentation     Interim / Annual Report   Following the change in the EU Transparency Directive, Allianz adjusts its reporting © Allianz SE 2016 B 4

54. Slide 54: Group financial results 2015 - Additional information

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B 42

55. Slide 55: Group: key figures

    B. Group financial results 2015 – Additional information on Group Group: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 Total revenues (EUR bn) 34.0 29.5 28.8 30.1 37.8 30.2 27.5 29.7 -0.3 122.3 125.2 +2.9 Proper

56. Slide 56: Group: revaluation reserve

    B. Group financial results 2015 – Additional information on Group Group: revaluation reserve (EUR bn) Off-balance sheet Revaluation On-balance sheet reserve Shareholders’ Policyholders’ share share 2.8 (33.3%) 4.1 (49.4%) Real estate 54.4 Associates and joint ventures 7.1 1.2 Non- controlling Equiti

57. Slide 57: Group: risk capital breakdown

    B. Group financial results 2015 – Additional information on Group Group: risk capital breakdown1,2 (EUR bn) Risk capital by risk categories Risk capital by segments 36.4 +5.2% 36.4 +5.2% 34.6 34.6 14.7 +8.3% P/C 13.6 23.5 +5.2% Market risk 22.3 6.8 -0.6% L/H 20.2 22.1 +9.5% Credit risk 6.8 7.0 +18.3

58. Slide 58: Group: financial leverage well in AA-range

    B. Group financial results 2015 – Additional information on Group Group: financial leverage well in AA-range (EUR bn) Financial leverage1 23.1% 24.2% Senior debt leverage2 11.0% 10.6% 12.1 10.43 60.7 63.1 Shareholders’ equity Hybrid bonds4 7.8 8.0 Senior debt5 2014 2015 © Allianz SE 2016 1) Calculat

59. Slide 59: Group: maturity profile of external bonds

    B. Group financial results 2015 – Additional information on Group Group: maturity profile of external bonds (EUR bn) Outstanding bonds1 Maturity structure1 18.9 17.12 Subordinated bonds Senior bonds 10.42 12.1 6.6 2.5 6.7 6.8 1.5 1.5 1.5 1.5 1.5 0.8 1.0 0.5 © Allianz SE 2016 2016 2017 2018 2019 2020

60. Slide 60: Group: asset allocation

    B. Group financial results 2015 – Additional information on Group Group: asset allocation (EUR bn) Property-Casualty Life/Health Asset Corporate and Consolidation Group Management Other 31.12.14 31.12.15 31.12.14 31.12.15 31.12.14 31.12.15 31.12.14 31.12.15 31.12.14 31.12.15 31.12.14 31.12.15 Cash a

61. Slide 61: Group: investment result

    B. Group financial results 2015 – Additional information on Group Group: investment result (EUR mn) Property-Casualty Life/Health Asset Corporate and Consolidation Group Management Other 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 12M 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 2014 2015 Opera

62. Slide 62: Additional information

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B 50

63. Slide 63: P/C: key figures

    B. Group financial results 2015 – Additional information on Property-Casualty P/C: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 Gross premiums written (EUR bn) 15.2 10.8 11.3 11.0 17.3 11.8 11.5 10.9 -0.1 48.3

64. Slide 64: P/C: portfolio split 12M 2015

    B. Group financial results 2015 – Additional information on Property-Casualty P/C: portfolio split 12M 20151 Combined ratio < 95% > 95% <100% > 100% Key contributors Germany France UK  Good internal growth of 1.0%  Solid CR of 95.9% combined  Significant increase in NatCat combined with a 91.9% C

65. Slide 65: P/C: loss ratio and run-off

    B. Group financial results 2015 – Additional information on Property-Casualty P/C: loss ratio and run-off (in %) Accident year loss ratio 8-quarter overview accident year loss ratio +1.2%-p Including NatCat 8Q avg. Excluding NatCat 69.2 70.3 0.9 1.6 72.2 71.3 70.3 69.6 68.5 69.7 69.1 69.8 68.2 68.7

66. Slide 66: P/C: expense ratio

    B. Group financial results 2015 – Additional information on Property-Casualty P/C: expense ratio (EUR mn) in % of NPE 28.3 28.4 13,208 12,400 6.4 6.5 2,994 Admin. expenses 2,849 7.1 7.2 3,277 Other acquisition expenses 3,148 14.9 14.6 6,403 6,937 Commissions © Allianz SE 2016 2014 2015 B 54

67. Slide 67: P/C: operating investment result

    B. Group financial results 2015 – Additional information on Property-Casualty P/C: operating investment result1 (EUR mn) +2.8% 805 799 840 748 770 743 764 717 12M 12M 2014 2015 3,066 3,120 in % of NPE 7.2 7.5 6.9 6.5 6.9 7.3 6.1 6.6 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 -4.7% Interest & similar income2

68. Slide 68: P/C: price effects on renewals

    B. Group financial results 2015 – 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  Motor with nearly stable rate

69. Slide 69: Additional information

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B 57

70. Slide 70: L/H: key figures

    B. Group financial results 2015 – Additional information on Life/Health L/H: key figures1 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 Statutory premiums (EUR bn) 17.2 17.0 15.9 17.4 18.8 16.7 14.3 17.0 -0.3 67.3 66.9 -0.4

71. Slide 71: L/H: operating profit details

    B. Group financial results 2015 – Additional information on Life/Health L/H: operating profit details1 (EUR mn) L/H Guaranteed Protection Unit-linked segment 2 savings & annuities & health w/o guarantees Delta 12M 2014 12M 2015 12M 2014 12M 2015 12M 2014 12M 2015 12M 2014 12M 2015 12M 15/14 Loadings

72. Slide 72: L/H: key new business metrics

    B. Group financial results 2015 – Additional information on Life/Health L/H: key new business metrics1 New business margin Value of new business (VNB in % of PV of NB premiums) (EUR mn) 3.0 2.8 2.5 2.6 2.7 2.5 12M 12M 2015 2014 1.5 1.5 2.1 385 390 392 2.6 362 330 12M 12M 2014 325 2015 1,468 269 1,19

73. Slide 73: L/H: new business profitability by OE (1/2)

    B. Group financial results 2015 – Additional information on Life/Health L/H: new business profitability by OE (1/2)1,2 (EUR mn) Value of New business Present value of Recurring Single Internal rate Payback new business margin (in %) new business premiums premium premium of return3 (in %) period (yrs

74. Slide 74: L/H: new business profitability by OE (2/2)

    B. Group financial results 2015 – Additional information on Life/Health L/H: new business profitability by OE (2/2)1,2,3 Value of new business New business margin (EUR mn) (in %) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2014 2014 2014 2015 2015 2015 2015 2014 2014 2014 2014 2015 2015 201

75. Slide 75: L/H: value of new business sensitivity analysis

    B. Group financial results 2015 – Additional information on Life/Health L/H: value of new business sensitivity analysis1,2 (EUR mn) Economic factors Non economic factors Drop in Risk free Death Longevity Volatilities Base equity assumptions4 -10% risk risk -10% case3 value by +25% +25% expense +15%

76. Slide 76: L/H: operating investment result

    B. Group financial results 2015 – Additional information on Life/Health L/H: operating investment result (EUR mn) +26.9% 7,108 4,884 4,802 4,969 4,207 4,451 3,915 12M 3,541 2015 12M 2014 20,421 17,457 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 +2.3% Interest & similar income1 4,135 4,448 4,233 4,385 4,399 4,

77. Slide 77: L/H: operating asset base

    B. Group financial results 2015 – Additional information on Life/Health L/H: operating asset base Operating asset base (EUR bn) Net flows (EUR bn) 2014 2015 OAB Germany Life +3.2 +2.5 571.0 as of 31.12.14 Germany Health +0.3 +0.2 Net flows +10.7 France +0.5 -0.1 Italy +5.1 +4.4 Interest & similar CE

78. Slide 78: L/H: MCEV based on SII balance sheet

    B. Group financial results 2015 – Additional information on Life/Health L/H: MCEV based on SII balance sheet (EUR mn) +1,578 +3,393 +69 28,737 26,855 +849 27,704 -1,061 26,796 +59 -1,287 -1,659 1,578 1,196 -382 VNB Tax VNB before after tax tax 12M 14 Structural 12M 14 Re- 12M 14 Expected Operating V

79. Slide 79: L/H: MCEV development highlights

    B. Group financial results 2015 – Additional information on Life/Health L/H: MCEV based on SII balance sheet development highlights (EUR mn, after non-controlling interests) 1 Expected existing business contribution 3,393 Projected release from risk free profits and expected over-return earned in th

80. Slide 80: L/H: embedded value overview

    B. Group financial results 2015 – Additional information on Life/Health L/H: embedded value1,2 overview (EUR mn) Embedded value VNB NBM MCEV 6,283 365 2.5%  MCEV increased by EUR 1.8bn to Large OEs Germany Life EUR 28.7bn. 7,680 304 2.1%  The biggest driver of the increase is 6,049 458 3.8% USA th

81. Slide 81: L/H: MCEV sensitivity analysis

    B. Group financial results 2015 – Additional information on Life/Health L/H: MCEV based on SII balance sheet sensitivity analysis (EUR mn, after non-controlling interests) Economic factors Non economic factors Drop in Risk free Death Longevity Volatilities Base equity assumptions -10% risk risk -10%

82. Slide 82: L/H: consistent economic assumptions applied for EV

    B. Group financial results 2015 – Additional information on Life/Health L/H: consistent economic assumptions are applied for EV across Allianz Group EUR USD CHF KRW Key parameters 2014 2015 2014 2015 2014 2015 2014 2015 (in %) Risk free rates 0.2 0.1 0.5 0.5 0.1 0.1 2.1 1.7 (1 year zero-coupon rate

83. Slide 83: Additional information

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B 71

84. Slide 84: AM: AAM key figures (1/2)

    B. Group financial results 2015 – Additional information on Asset Management AM: AAM key figures (1/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 Operating revenues 1,517 1,607 1,618 1,646 1,573 1,548 1,636 1,722 +77 6,38

85. Slide 85: AM: AAM key figures (2/2)

    B. Group financial results 2015 – Additional information on Asset Management AM: AAM key figures (2/2) (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 PIMCO Operating profit 563 597 594 488 428 396 500 501 +13 2,241 1,824 -417

86. Slide 86: AM: splits of 3rd party AuM

    B. Group financial results 2015 – Additional information on Asset Management AM: splits of 3rd party AuM1 (EUR bn) AAM PIMCO AllianzGI 31.12.14 31.12.15 31.12.14 31.12.15 31.12.14 31.12.15 Regions2 America 788 715 709 639 79 76 Europe 383 417 227 225 157 192 Asia Pacific 142 144 117 123 24 22 Invest

87. Slide 87: Additional information

    B 1 Highlights Group financial results 2015 2 Additional information a) Group b) Property-Casualty c) Life/Health d) Asset Management e) Corporate and Other © Allianz SE 2016 B 75

88. Slide 88: CO: key figures

    B. Group financial results 2015 – Additional information on Corporate and Other CO: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M Delta 2014 2014 2014 2014 2015 2015 2015 2015 4Q 15/14 2014 2015 12M 15/14 Total revenues (Banking) 139 132 135 151 140 131 146 160 +9 556 577 +21 Operating

89. Slide 89: Investments

    Investments Maximilian Zimmerer Member of the Board of Management Allianz SE Analyst conference call February 19, 2016

90. Slide 90: Allianz Investment Management 2015

    C 1 Allianz Investment Management 2015 Investments 2 Portfolio information © Allianz SE 2016 C2

91. Slide 91: High quality investment portfolio

    C. Investments High quality investment portfolio Asset allocation Total: EUR 638.3bn Debt instruments by rating2 (2014: EUR 614.6bn) Debt instruments 89% (89%) AAA 23% Equities 7% (7%) AA 26% Real estate1 2% (2%) A 17% Cash/Other 2% (2%) BBB 27% Non-investment grade 4% Not rated3 2% By segment (EUR

92. Slide 92: Increased capital efficiency enables more alternative assets

    C. Investments Increased capital efficiency enables Allianz to increase its investments in alternative assets Duration of Allianz asset portfolio Declining yields 3% 2% 8.1 1% 6.9 7.5 10yr EUR swaps rate Duration extension 0% 2013 2014 2015 Solvency II capitalization 200% 194% 191% Stable solvency r

93. Slide 93: Alternative asset quota currently at 14%

    C. Investments Alternative asset quota currently at 14% – up from 11% in 2014 Alternative investment portfolio 2015: EUR 92 bn Mid-term target: EUR 110 bn Total EUR 40bn Alternative equity Avg. expected return EUR 666bn1 Real estate 4-6% Alternative equity Infrastructure equity 5-8% 6% Renewable ene

94. Slide 94: Strong growth of 24% within alternative assets

    C. Investments Strong growth of 24% and increased diversification within alternative assets Current volume (vs. 2014) Investment examples EUR bn Shopping Center Dublin Mortgages 36.1 +17%  EUR 900mn investment in real estate portfolio close to Dublin. It includes Dundrum Town Centre, Ireland’s pre-

95. Slide 95: Superior investment management within peer group

    C. Investments Superior investment management within peer group IFRS investment performance p.a.1 Allianz Group operating profit and amongst core peers 2007 - 2014 thereof investment result2 (EUR bn) Allianz with high credit quality and low expected loss 5.2% compared to peers 10.7 10.1 10.4 4.7% 9.

96. Slide 96: 4% total IFRS yield provides strong basis for distribution

    C. Investments 4% total IFRS yield provides strong basis for distribution to stakeholders Reference performance EU Aggregate: +1.0% US Aggregate $: +0.5% MSCI Europe: +8.2% Current Total Total yield1 IFRS yield1 performance1 3.5% 4.0% 1.2% 7.9 Real estate/ 25.0 Other -1.5 22.0 Equities -3.42 Debt/Ca

97. Slide 97: New investment yields 2015

    C. Investments New investment yields 2015 Maturity Regional allocation P/C New F/I investments Yield (in years) 11% Government1 52% 2.4% 8 Covered 16% 1.3% 8 17% Corporate 29% 2.3% 9 52% ABS/MBS 3% 3.4% 52 20% Total F/I 2015 100% 2.2% 8 Europe Emerging markets North America Asia-Pacific 2% Maturity

98. Slide 98: Strong buffers and resilient margins in L/H

    C. Investments Strong buffers and resilient margins in L/H Business in force New business 5.1%3 280bp Current yield 4.6%2 (reserves) ~2.5% 170bp Current 150bp yield 3.8%1 (assets) + strong buffer EUR 29bn of RfB 2.3% equal 7.1% of aggregate policy reserves ~0.8% Allianz Leben Reinvestment yield of 0

99. Slide 99: Exposure to Oil and Gas sector

    C. Investments Exposure to Oil and Gas sector – 2% of investment portfolio Fixed income by region Total Equity by region Total EUR 10.7bn EUR 1.6bn USA 26% USA 18% UK 17% UK 25% France 6% France 20% Italy 8% Italy 4% Rest of Eurozone 11% Rest of Eurozone 23% Rest of Europe 8% Rest of Europe 4% Asia-

100. Slide 100: Underlying trends 2015/16 and Allianz' strategic response

     C. Investments Underlying trends 2015/16 and Allianz’ strategic response Trends and market environment Investment strategy Geopolitical tensions Distinguish between continue to drive volatility temporary fluctuations and long-term developments Slowing growth in China puts pressure Differentiation an

101. Slide 101: Allianz Investment Management 2014

     C 1 Allianz Investment Management 2014 Investments 2 Portfolio information © Allianz SE 2016 C 13

102. Slide 102: High quality fixed income portfolio

     C. Investments 89% High quality fixed income portfolio Investment portfolio By type of issuer Total By rating3 EUR 568.1bn Government 38% AAA 23% Covered 17% AA 26% Corporate 35% A 17% thereof Banking 6% BBB 27% ABS/MBS1 4% Non-investment grade 4% Other2 6% Not rated4 2% By segment (EUR bn) AFS unre

103. Slide 103: Government bond allocation

     C. Investments 34% Government bond allocation concentrated Investment in EMU core countries portfolio By region Total By rating EUR 217.5bn1 France 18% AAA 21% Italy 14% AA 44% Germany 12% A 7% Spain 5% BBB 24% Rest of Europe 20% Non-investment grade 3% USA 7% Not rated 1% Rest of World 16% Supranat

104. Slide 104: Details sovereigns

     C. Investments Details sovereigns (EUR bn) Group L/H P/C Book % thereof Book % thereof Book % thereof value of F/I domestic value of F/I (L/H) domestic value of F/I (P/C) domestic France 39.2 6.9% 19.5 32.7 7.5% 17.0 4.3 5.1% 2.4 Italy 29.3 5.2% 16.4 24.9 5.7% 14.0 3.5 4.0% 2.3 Germany 26.4 4.6% 23.

105. Slide 105: Fixed income portfolio: covered bonds

     C. Investments 15% Fixed income portfolio: covered bonds Investment portfolio By country Total By rating EUR 98.7bn Germany 42% AAA 58% France 16% AA 24% Spain 10% A 12% Italy 8% BBB 5% UK 5% Non-investment grade 0% Ireland 1% Not rated 0% Rest of World 19% By segment (EUR bn) AFS unrealized gains/l

106. Slide 106: Fixed income portfolio: corporates

     C. Investments 31% Fixed income portfolio: corporates Investment portfolio By sector Total By rating EUR 196.2bn Banking1 16% AAA 2% Other financials 9% AA 9% Consumer 21% A 33% Communication 10% BBB 45% Energy 8% Non-investment grade 8% Industrial 8% Not rated2 3% Utility 11% Other 18% By segment (

107. Slide 107: Equity portfolio

     C. Investments 7% Equity portfolio Investment portfolio By region Total By industry EUR 45.7bn1 Germany 14% Consumer 25% Eurozone ex Germany 21% Banking 7% Europe ex Eurozone 20% Other Financials 12% NAFTA 17% Basic materials 6% Rest of World 11% Utilities 2% Multinational2 17% Industrial 6% Energy

108. Slide 108: Real estate portfolio (market value)

     C. Investments 2%1 Real estate portfolio (market value) Investment portfolio By region Total By sectors EUR 29.3bn2,3 France 25% Office 57% Germany 24% Retail 21% Switzerland 12% Residential 17% USA 8% Other/mixed 5% Italy 7% Rest of Eurozone 16% Rest of World 9% By segment (EUR bn) Unrealized gains

109. Slide 109: Glossary

     Glossary Analyst conference call February 19, 2016

110. Slide 110: 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

111. Slide 111: Glossary (2)

     Glossary (2) AuM splits by Multi-assets: A combination of several asset classes (e.g. bonds, stocks, cash and real property) asset classes used as an investment. Multi-assets class investments increase the diversification of an overall portfolio by distributing investments throughout several asset c

112. Slide 112: Glossary (3)

     Glossary (3) CReC Frictional cost of required capital: The allowance made in the MCEV for the frictional costs of required capital. Frictional costs should reflect the taxation and investment costs on the assets backing required capital. Further, frictional costs may be due to any sharing of investm

113. Slide 113: Glossary (4)

     Glossary (4) Fixed index annuity (FIA) Annuity contract whereby the policyholder is credited based on movements in stated equity or bond market indices with protection of principal FVO Fair value option: Financial assets and liabilities designated at fair value through income are measured at fair va

114. Slide 114: Glossary (5)

     Glossary (5) L/H lines of business Guaranteed savings & annuities: Guaranteed savings and annuities are life insurance obligations that always relate to the length of human life. Life obligations may be related to guarantees offering life and/or death coverage of the insured in the form of single or

115. Slide 115: Glossary (6)

     Glossary (6) MCEV Market consistent embedded value is a measure of the consolidated value of shareholders’ interests in the covered business. It is defined as: Net asset value (NAV) ‒ Present value of future profits (PVFP) ‒ Time value of options and guarantees (O&G) ‒ Cost of residual non-hedgeable

116. Slide 116: Glossary (7)

     Glossary (7) OE Operating entity Operating profit (OP) Earnings from ordinary activities before income taxes and non-controlling interests in earnings, excluding, as applicable for each respective segment, all or some of the following items: Income from financial assets and liabilities carried at fa

117. Slide 117: Glossary (8)

     Glossary (8) Return on equity (RoE) RoE Group: Represents net income attributable to shareholders divided by the average shareholders’ equity excluding unrealized gains/losses on bonds (net of shadow DAC) at begin of the period and at end of the period. RoE L/H OE: Represents net income divided by t

118. Slide 118: Glossary (9)

     Glossary (9) Total equity Represents the sum of shareholders’ equity and non-controlling interests Total revenues Represent the sum of P/C segment’s gross premiums written, L/H segment’s statutory premiums, operating revenues in Asset Management and total revenues in Corporate and Other (Banking) Un

119. Slide 119: 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

Allianz — FY2015 Earnings Presentation on 6ix