Allianz SE · XETR:ALV
Allianz — Non-Deal Roadshow (May 2002)
26 slides from Allianz's roadshow presentation, May 2002
Slide 1: Implementing our vision
Implementing our vision Paul Achleitner / Helmut Perlet Roadshow USA May 2002 © Allianz Business Information and Presentations (BIP)
Slide 2: Agenda
Agenda I. Our financials Helmut Perlet 2 II. Our strategy Paul Achleitner 14 III. Appendix Investor Relations contacts 23 Financial calendar 2002/2003 24 Disclaimer 25 Page 1
Slide 3: I. Our financials
Helmut Perlet I. Our financials Page 2
Slide 4: Introduction to Allianz Group
I. Our financials Introduction to Allianz Group * Worldwide leading insurer EUR 75.1 bn statutory premiums, thereof 55 % P/C Top 5 global asset manager EUR 1,172 bn assets under management, thereof EUR 620 bn third party Strong distribution in all major Germany: Allianz/Dresdner; France: AGF/CL; con
Slide 5: Key figures and ratios (1)
I. Our financials Key figures and ratios (1) (in EUR bn) 2001 Q1 2001 Q1 2002 ∆ Q1 02 / 01 Net income 1.6 0.7 1.9 + 171 % EPSR (EUR) 6.66 2.87 7.96 + 177 % EPSA before goodwill depreciation (EUR) 9.98 3.49 9.13 + 162 % Total revenues 81.0 21.1 25.4 + 20.5 % Statutory premiums 75.1 20.6 22.8 + 10.6 %
Slide 6: Key figures and ratios (2)
I. Our financials Key figures and ratios (2) (in EUR m) 2001 Q1 2001 Q1 2002 ∆ Q1 02 / 01 Profit before tax and goodwill 2,635 1,397 2,409 + 72 % Property / casualty 2,758 1,052 5,865 * + 458 % Life / health 558 359 126 - 65 % Banking 297 16 - 149 — Asset management - 91 -6 51 — Consolidations - 887
Slide 7: P/C combined ratio improving vs. annual 2001
I. Our financials P/C combined ratio improving vs. annual 2001 (in %) 2001 Q1 2001 Q1 2002 Combined ratio Q1 2001 Q1 2002 Combined ratio 108.8 102.7 103.4 SGD (German P/C Group) 98.3 98.2 Combined ratio ex WTC 104.4 102.7 103.4 Allianz AG 111.3 105.8 Loss ratio 81.1 75.0 76.2 AGF France 105.9 107.4
Slide 8: L/H impacted by lower capital gains taking
I. Our financials L/H impacted by lower capital gains taking 2001 Q1 2001 Q1 2002 Net investment Q1 Q1 ∆ income (in EUR m) 2001 2002 Stat. expense ratio (%) 11.7 14.8 10.5 Current earning 2,424 2,421 -3 Expenses Realized gains/losses 853 132 - 721 as % of investments 1.57 1.85 * 1.48 * Investment re
Slide 9: Banking
I. Our financials Banking (in EUR m) 2001 Q1 2002 of which Dresdner Bank Net interest income 2,363 992 910 Net fee and commission income 1,290 793 786 Net trading income 244 221 219 Net revenues 3,897 2,006 1,915 Net loan-loss provisions - 588 - 332 - 321 Administrative expenses - 3,261 - 1,771 - 1,
Slide 10: Asset management operating result increased
I. Our financials Asset management operating result increased (in EUR m) 2001 Q1 2001 Q1 2002 Operating result 313 76 148 Retention payments - 216 - 36 - 49 ETA amortization - 188 - 46 - 48 Profit before tax and goodwill - 91 -6 51 Goodwill, taxes and minorities - 257 - 56 - 142 Net income - 348 - 6
Slide 11: Value driver 1: Turnaround of underperforming non-life units
I. Our financials Value driver 1: Turnaround of underperforming non-life units Combined ratio Activities Profit lever ** § (New) centralized global management 2001: 136 % * § Underwriting discipline - focus on profit AGR ~ EUR 321 m Target 2003: 100 % § Significantly higher premiums and deductibles,
Slide 12: Value driver 2: Restructuring of Dresdner Bank
I. Our financials Value driver 2: Restructuring of Dresdner Bank * Value driver Activities Profit lever ** § Reduction of headcount by Admin. expenses 7,800 FTE (full time equivalent) § Closure of 300 branches Reduction of 2001: cost base EUR 8.7 bn ~ EUR 1.1 bn Status Target 2004: § 5,000 jobs cut
Slide 13: Value driver 3: Integration of Dresdner Bank
I. Our financials Value driver 3: Integration of Dresdner Bank (in EUR m pre tax) Projected synergies after restructuring costs of which cost synergies 2002 290 83 % 2003 385 49 % 2004 680 36 % 2005 885 31 % 2006 et seq 1,060 29 % Page 12
Slide 14: Integration of Dresdner Bank: Loss of HVB distribution more than compensated
I. Our financials Integration of Dresdner Bank: Loss of HVB distribution more than compensated Life plus non-life New business value * Number of contracts 1 - 4 / 2001 1 - 4 / 2002 1 - 4 / 2001 1 - 4 / 2002 41.733 + 68 % + 280 % 30.170 L/H 22,057 * 13,110 * 10.955 7.675 11.563 P/C 3.280 Dresdner Dre
Slide 15: II. Our strategy
Paul Achleitner II. Our strategy Page 14
Slide 16: Our vision
II. Our strategy Our vision Our strategic priorities 1. Optimize the economic value-added of our Group, based on risk-adequate capital requirements and sustainable growth targets 2. Capitalize on high-growth market opportunities by leveraging our traditional risk management expertise 3. Build on our
Slide 17: European pension opportunities: Value driver no. 4
II. Our strategy European pension opportunities: Value driver no. 4 Pension assets (in EUR bn) * 3,300 Other Europe ex UK Germany, France and Italy CAGR: 10 % 55.3 % 1,150 63.1 % CAGR 44.7 % core countries: 36.9 % 12 % 1999 2010E *) European Union pension market excluding UK; products with compulsor
Slide 18: European pension opportunities: The German example
II. Our strategy European pension opportunities: The German example German pension reform in a nutshell § Reduction of state pensions from (up to) 70 % to 64 % * of last net salary. Promotion of private provision through tax incentives and state benefits. From 2002 onwards, almost 30 m employees are
Slide 19: European pension opportunities: Strong distribution reach in Germany
II. Our strategy European pension opportunities: Strong distribution reach in Germany Access to households Access to corporates Public savings banks 73 % Allianz/Dresdner 37 % * Cooperative banks 34 % 100 % Ergo / HVB 26 % Generali / Commerzbank 26 % 50 % 95% Postbank 16 % 50% Deutsche Bank / Herold
Slide 20: European pension opportunities: Excellent German market position from the start
II. Our strategy European pension opportunities: Excellent German market position from the start What we projected What we initiated What we achieved § Corporate: “MetallRente” § Corporate: Market share Corporate pensions (3.6 m employees, more over 15 % than 10 % of total market); Allianz Dresdner
Slide 21: Takeaways
II. Our strategy Takeaways Value drivers § Clear strategic focus - P/C - Long term savings § We know what we need to do - Exploit pension opportunity - Turnaround underperformers - Restructure and integrate the bank § We expect to deliver - Over EUR 3 bn net profit in 2002 - 100 % combined ratio in
Slide 22: Our track record speaks for itself
II. Our strategy Our track record speaks for itself (in EUR) EPS CAGR 1990 - 2000: 18.4 % ~ 12.2 1991 - 2001: 23.0 % 1992 - 2002 *: 25.4 % 11.08 9.72 8.97 8.58 WTC 6.66 5.86 4.46 4.73 3.02 2.17 1.80 1.27 0.84 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 * EPS 1990 - 1996: Basis D
Slide 23: III. Appendix
Allianz Group lll. Appendix Page 22
Slide 24: Investor Relations contacts
III. Appendix Investor Relations contacts Oliver Schmidt Tel. +49 (0) 89 3800-3963 Christian Tel. +49 (0) 89 3800-3892 Lamprecht Head of e-mail: e-mail: christian.lamprecht Investor Relations [email protected] @allianz.com Susanne Arheit Tel. +49 (0) 89 3800-3324 Stefan Engelke Tel. +49 (0)
Slide 25: Financial calendar 2002/2003
III. Appendix Financial calendar 2002/2003 12 June 2002 Annual General Meeting 14 August 2002 Financial report first half 2002 14 November 2002 Financial report first three quarters 2002 20 March 2003 Financial press conference for the 2002 fiscal year 21 March 2003 Analysts’ meeting on fiscal year
Slide 26: Disclaimer
III. Appendix Disclaimer CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS All rights reserved, Copyright 2002 Allianz AG Certain of the statements contained herein may be statements of future expectations and other forward-looking statements that are based on management's current views and assum