Allianz SE · XETR:ALV

Allianz — FY2010 Earnings Presentation

165 slides from Allianz's earnings presentation, Feb 25, 2011

1. Slide 1: Building momentum

   Building momentum Analysts’ conference February 25, 2011 © Allianz SE 2011 Please note: Presentations based on 2010 preliminary figures

2. Slide 2: Agenda

   Agenda A Building momentum Michael Diekmann B Group financial results 2010 Oliver Bäte C Financing Investments Transactions Paul Achleitner Appendix Glossary Investor Relations contacts Financial calendar Disclaimer © Allianz SE 2011

3. Slide 3: Building momentum

   Building momentum Michael Diekmann, CEO Analysts’ conference February 25, 2011

4. Slide 4: Strong performance in 2010

   A. Building momentum Strong performance in 2010 … EUR 106.5bn revenues +9.3% EUR 8.2bn operating profit +17.0% EUR 5.2bn net income +12.0% EUR 44.5bn shareholder’s equity +10.9% 173 percent FCD solvency ratio +9%-p. EUR 4.50 dividend proposal +9.8% © Allianz SE 2011 A2

5. Slide 5: Exceeding outlook

   A. Building momentum … exceeding outlook Operating profit (EUR bn) 2010 Outlook published 02/10 2010 Target range 4.0 5.0  Stable revenues1 P/C 4.3  CR 97.2% 2.2 2.8  9.6% revenue growth1 L/H 2.9  EUR 9.4bn net inflows 1.1 1.3  EUR 113bn net inflows AM 2.1  CIR 58.7% -0.9 -1.1 Co -0.9  As exp

6. Slide 6: Skills, scale and brand

   A. Building momentum 1 Success Skills, scale and brand provide … factor  Leading P/C insurer globally1  Top 5 in Life business globally  Top 5 asset manager globally  Largest global assistance provider  Worldwide leader in credit insurance  One of the leading industrial insurers globally © All

7. Slide 7: Supported by excellent ratings

   A. Building momentum 2 Success– Success … supported by excellent ratings factor 2 factor S&P Moody’s A.M. Best AAA AAA A++ AA+ Aa1 AA Allianz Aa2 A+ Allianz AA- Aa3 Allianz A A+ A1 AA- A- A A2 A+ A- A3 B++ A BBB+ Baa1 B+ BBB Baa2 BBB- Baa3 B  Upgraded in July 2007  Rating on Aa3 level since  Rati

8. Slide 8: Growth in operating asset base

   A. Building momentum 3 Success– Success ... leading to growth in operating asset base factor 2 factor Operating asset base1 (EUR bn) Why to expect continuing growth? CAGR 9.0% CAGR P/C  Strong position in many markets 1,690 and Global Lines 1,411  Powerful captive distribution 1,187 1,239 1,240 1,

9. Slide 9: Well diversified business

   A. Building momentum 4 Success– Success … based on a well diversified business factor 2 factor Segments1 Regions1 Distribution Operating profit in % Operating profit in % Insurance revenues in % 5% 6% 22% 12% 23% 16% 36% 47% 32% 31% 28% 35% 6% 1% P/C Germany Tied agents L/H Western Europe Proprietar

10. Slide 10: High-quality investment portfolio

    A. Building momentum 5 Success … backed by a high-quality investment portfolio factor Conservative asset allocation1 High-quality fixed income portfolio EUR 444.9bn Rating profile2 Cash / Other 2% EUR 7.6bn Real estate 2% EUR 8.7bn Equities 7% EUR 33.0bn AAA 46% AA 12% Debt instruments 89% A 26% EUR

11. Slide 11: Stable operating profit range

    A. Building momentum Combination of success factors provide stable operating profit range … We delivered … … thanks to diversification Operating profit1 (EUR bn) OP by business segment in %2 2003 4.3 60 24 16 2004 6.3 63 23 14 2005 6.9 60 23 17 2006 9.0 62 25 13 2007 10.1 59 28 13 2008 7.5 73 15 12

12. Slide 12: Significantly improved potential

    A. Building momentum … with significantly improved potential 1 Stable operating profit1 range 2 Better starting position … Operating asset base FCD solvency ratio Global lines2 (EUR bn) 41% 1,690 173% 2004 6.3 120% 23% 971 2005 6.9 2004 2010 2004 2010 2005 2010 3 … with improved risk profile … 2006

13. Slide 13: Our strategic priorities going forward

    A. Building momentum Our strategic priorities going forward Priorities 1 Capital Capitalization Capital allocation Cash generation Rating Attract & develop best talent management 2 Operating Efficiency Risk Investment Diversification profitability improvement management strategy Cycle- Pension Multi

14. Slide 14: Attractive dividend while maintaining capital strength

    A. Building momentum Attractive dividend while maintaining 1 Capital capital strength Net income (EUR bn)1 Balanced capital allocation 7.8 8.0 Prudent pay-out ratio of 40% 5.2 4.7 4.7 4.3 4.7 allows attractive dividend yield 3.2 and maintaining capital strength in light of … 2003 2004 2005 2006 2007

15. Slide 15: Business model simplification – Iberian P/C platform

    A. Building momentum Business model simplification – 2 Profitability example Iberian P/C platform Allianz Spain Market Improvement since 2007 Δ GPW1 -0.1% -2.9% GPW growth4) Δ ER Δ Customer FTE Δ Policies FTE ER2 20.5% 22.2% Portugal +1.3% -1.9%-p +17% +31% 3  Growth, profitability, efficiency > ma

16. Slide 16: Disciplined cycle management

    A. Building momentum Disciplined cycle management with 3 Growth potential in our core markets Pricing cycle: Key focus on 4 P/C markets distinctive strategies required Σ GPW = EUR 19.6bn Σ OP = EUR 1.4bn GER, F, I, US GER, F, I, US Motor Momentum Germany Turnaround stage  Motor turnaround initiated

17. Slide 17: Pension opportunity

    A. Building momentum Excellent position to further benefit 3 Growth from pension opportunity Expected increase in pension AuM (EUR bn) Allianz AuM L/H + AM (EUR bn) 2009-2020 CAGR CAGR World 1 14,380 4.7% +9.7% UK 1,263 3.8% 1,585 Western Europe 2,874 4.7% Northern Europe 604 5.9% 827 1,164 565 +10.

18. Slide 18: Improved potential in Asset Management

    A. Building momentum Improved business potential in 3 Growth Asset Management Facts Judgement 1. 3rd party AuM up 26% to EUR 1,164bn 2. Superior & proven performance track record 3. Potential revival for equities 4. Broader PIMCO product range 5. More focused distribution set up in the US 6. Higher

19. Slide 19: Outlook: solid operating profit in 2011

    A. Building momentum Outlook: solid operating profit in 2011 (EUR bn) 1.8 – 2.2 +0.5bn ~8.0  Range of operating profit outlook reflects 2.2 – 2.8 -0.9 to -1.1 diversification -0.5bn  Disclaimer: Impact from NatCat, 4.2 – 4.8 financial markets and global economic development not predictable! P/C L/

20. Slide 20: CEO's elevator pitch

    A. Building momentum CEO’s elevator pitch Strong capital base We l l po s “Ne itione Resilient and well diversified business model w N d fo orm r the al” Growing operating asset base High-quality investment portfolio Attractive dividend yield EUR 7.5 – 8.5 operating profit expected in 2011 © Allianz

21. Slide 21: Group financial results 2010

    Group financial results 2010 Oliver Bäte, Member of the Board of Management Analysts’ conference February 25, 2011

22. Slide 22: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B2

23. Slide 23: Allianz 2010: an excellent year

    B. Group financial results 2010 – Highlights Allianz 2010: an excellent year  Revenues at EUR 106.5bn, up 9.3 percent  Operating profit up 17.0 percent to EUR 8.2bn and net income up 12.0 percent to EUR 5.2bn  Shareholders’ equity up 10.9 percent to EUR 44.5bn and solvency up 9 percentage points

24. Slide 24: Very good results for 2010

    B. Group financial results 2010 – Highlights Very good results for 2010 12M 08 12M 09 12M 10 +9.3%1 106.5 Total revenues (EUR bn) 97.4 92.6 +17.0% Operating profit2 8,243 (EUR mn) 7,455 7,044 +12.0% Net income from continuing 5,209 4,650 © Allianz SE 2011 operations2 (EUR mn) 4,268 1) Internal growt

25. Slide 25: Sound capitalization

    B. Group financial results 2010 – Highlights Sound capitalization Conglomerate solvency1 Shareholders’ equity3 (EUR bn) (EUR mn) +9%-p +10.9% 44,491 157% 164% 173% 40,108 5,057 33,720 Unrealized 5,457 gains/losses 2,011 10,749 39.6 Retained 6,016 earnings4 3,140 34.8 31.8 21.2 22.9 20.3 Paid-in capi

26. Slide 26: Strong shock resistance

    B. Group financial results 2010 – Highlights Strong shock resistance Conglomerate solvency ratio1 Estimation of impact on Target range: 150% - 170% IFRS equity1 (EUR bn) Ratio as of 31.12.10 173% Equity markets -30%2 160% -3.2 100% Interest rate +100bps 174% -4.4 Interest rate -100bps 171% +4.1 Cred

27. Slide 27: Economic solvency at 166%

    B. Group financial results 2010 – Highlights Economic solvency at 166% Economic solvency1 Estimated impact2 (EUR bn) -7%-p 173% 166% Ratio as of 31.12.10 166% 51.0 52.1 Interest rate +100bps 182% Interest rate -100bps 139% 29.5 31.4 Equity markets +30% 181% Equity markets -30% 148% Interest rate -10

28. Slide 28: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B8

29. Slide 29: 4Q: strong profitability

    B. Group financial results 2010 – 4Q results: Group 4Q: strong profitability 4Q 08 4Q 09 4Q 10 +1.9%1 Total revenues 25.5 26.0 (EUR bn) 23.0 +9.9% Operating 1,960 2,154 profit2 (EUR mn) 1,132 +14.3% Net income 1,181 from continuing 1,033 © Allianz SE 2011 operations2 (EUR mn) 18 1) Internal growth -

30. Slide 30: 4Q: combined ratio at 94.9 percent

    B. Group financial results 2010 – 4Q results: P/C 4Q: combined ratio at 94.9 percent Operating profit Operating profit drivers (EUR mn) (EUR mn) Combined ratio (in %) +13.2% +66 +48 1,323 1,169 +40 1,323 1,209 1,169 1,147 1,122 969 1,031 895 712 Operating Under- Invest- Other Operating profit writin

31. Slide 31: 4Q: operating profit up 18.1 percent

    B. Group financial results 2010 – 4Q results: L/H 4Q: operating profit up 18.1 percent Operating profit1 Operating profit drivers2 (EUR mn) (EUR mn) +18.1% +308 554 469 -90 966 939 835 824 -133 655 554 469 296 Operating Techn. Investm. Expense Operating profit result result result profit 4Q 09 Δ 4Q

32. Slide 32: 4Q: operating profit remains at a high level

    B. Group financial results 2010 – 4Q results: AM 4Q: operating profit remains at a high level Operating profit Operating profit drivers (EUR mn) (EUR mn) Cost-income ratio (in %) -3.3% +144 576 -12 557 576 557 -151 516 521 466 368 246 Operating Net fee & Other Operat. Operating 218 211 profit comm.

33. Slide 33: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 13

34. Slide 34: Revenues at a record of EUR 106.5bn

    B. Group financial results 2010 – Group Revenues at a record of EUR 106.5bn Total revenues1 +9.3% (EUR bn) 106.5 97.4 Total Internal 92.6 (in %) growth growth2 43.9 2010 +9.3 +6.2 43.4 42.5 P/C +3.2 +0.0 L/H +12.5 +9.6 AM +35.2 +29.7 45.6 50.8 57.1 2.9 3.7 5.0 0.63 0.53 0.63 2008 2009 2010 © Allianz

35. Slide 35: All segments improve – operating profit at EUR 8.2bn

    B. Group financial results 2010 – Group All segments improve – operating profit at EUR 8.2bn (EUR mn) Property/Casualty Life/Health Δ 12M 10/09 +5.9% +7.4% 5,647 Group 7,044 4,064 4,304 12M 2009 2,670 2,868 1,334 P/C +240 2008 2009 2010 2008 2009 2010 L/H +198 +17.0% Asset Management Corporate and O

36. Slide 36: Corporate and Other

    B. Group financial results 2010 – Group Corporate and Other Operating loss Operating loss development (EUR mn) (EUR mn) +8.4% +101 +1 -323 -2 -942 -1,028 -14 Operating Holding Banking Alternative Cons. Operating loss & Treasury Investments loss -942 2009 2010 Δ 2010/09 -1,028 2010 -863 -64 -15 0 200

37. Slide 37: Non-operating items

    B. Group financial results 2010 – Group Non-operating items (EUR mn) 2008 2009 2010 Δ 10/09 2009 2010 Realized gains/losses Realized gains/losses 1,617 1,539 and impairments of -640 623 1,079 +456 - Equities 1,339 1,342 investments (net) - Debt securities 196 87 - Real estate 82 110 Interest expense

38. Slide 38: Net income

    B. Group financial results 2010 – Group Net income (EUR mn) 2008 2009 2010 Δ 10/09 Operating profit 7,455 7,044 8,243 +1,199 Non-operating items -1,856 -1,854 -1,070 +784 Income before taxes 5,599 5,190 7,173 +1,983 Income taxes -1,331 -540 -1,964 -1,424 Net income from continuing operations 4,268 4

39. Slide 39: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 19

40. Slide 40: P/C: Robust performance in difficult environment

    B. Group financial results 2010 – P/C Robust performance in difficult environment  Revenues at EUR 43.9bn, up 3.2 percent  Operating profit up 5.9 percent to EUR 4.3bn !  Combined ratio at 97.2 percent  NatCat above normal with 3.2 percentage points and run-off with 3.9 percentage points © Allia

41. Slide 41: P/C revenues up 3.2 percent

    B. Group financial results 2010 – P/C Revenues at EUR 43.9bn, up 3.2 percent Revenues Revenues of sel. OEs2 2008 2009 2010 Δ10/091 (EUR bn) (EUR mn) Germany 9,344 9,235 9,013 -2.4% Countries Speaking German +3.2% Switzerland 1,241 1,309 1,389 +0.9% France 3,930 3,368 3,300 -2.0% 43.4 43.9 South Amer

42. Slide 42: P/C operating profit up 5.9 percent

    B. Group financial results 2010 – P/C Operating profit up 5.9 percent to EUR 4.3bn Operating profit Operating profit drivers (EUR mn) (EUR mn) +5.9% +101 +6 4,304 +133 5,647 4,064 4,064 4,304 Operating Under- Invest- Other Operating profit writing ment profit 2009 Δ 2010/09 2010 2008 2009 2010 2010

43. Slide 43: Combined ratio at 97.2 percent

    B. Group financial results 2010 – P/C Combined ratio at 97.2 percent (in %) Combined ratio (sel. OEs) 2008 2009 2010 Germany1 95.5 98.7 100.8 Countries Speaking German 95.4 97.4 97.2 Switzerland 93.1 93.5 94.6 France 97.5 106.8 102.7 South America Europe incl. Italy 96.9 100.8 99.6 Loss Spain 90.6 8

44. Slide 44: Accident year loss ratio excl. NatCat

    B. Group financial results 2010 – P/C Accident year loss ratio excl. NatCat at 69.8 percent (in %) Accident year loss ratio: NatCat vs. non-NatCat 9-quarter overview accident year loss ratio +0.6%-p Including NatCat 73.0 Excluding NatCat 72.4 75.9 71.8 1.2 1.8 3.2 73.4 Total NatCat element1 72.7 72.

45. Slide 45: Expense ratio development

    B. Group financial results 2010 – P/C Expense ratio development (in %) 2009 27.9 Main driver: One-offs  Russia: write-down of reinsurance receivables (EUR +17mn) overhead +0.2  Switzerland: centralization of back-offices (EUR +17mn)  Germany: BilMoG1 (EUR +46mn), Recurring items +0.2 offset at Co

46. Slide 46: Average investment portfolio at EUR 92.9bn

    B. Group financial results 2010 – P/C Average investment portfolio at EUR 92.9bn Average asset base1 Current yield (EUR bn) (in %) Other2 +4.9% Equities Cash Debt securities Equities 4.8 4.9 Debt sec. 92.9 4.6 91.1 88.6 6.9 6.5 4.0 3.8 6.7 4.9 2.63 4.43 5.2 11.5 5.7 2.8 70.1 71.8 76.3 2008 2009 2010

47. Slide 47: Operating investment income up 3.2 percent

    B. Group financial results 2010 – P/C Operating investment income up 3.2 percent Operating investment income +3.2% (EUR mn) 3,695 3,117 3,218 in % of NPE 9.7 8.2 8.2 2008 2009 2010 +2.3% Interest & similar income1 4,182 3,508 3,588 Net harvesting and other2 -233 -153 -130 Investment expenses3 -254 -

48. Slide 48: Positive price effect on 2010 renewals

    B. Group financial results 2010 – P/C Positive price effect on 2010 renewals Pricing overview for selected operating entities1 (in %) Selected OEs Price impact Nominal tariff Estimated Expert assessment of the market on YTD increase FY2011 renewals2 for 20103 pricing trend  Some price increases in

49. Slide 49: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 29

50. Slide 50: L/H: Strong result in low interest rate environment

    B. Group financial results 2010 – L/H Strong result in low interest rate environment  Revenues up 12.5 percent to EUR 57.1bn  Operating asset base at EUR 421.5bn, up 9.6 percent !  Operating profit up 7.4 percent to EUR 2.9bn  Value of new business increases to EUR 993mn, and new business margin

51. Slide 51: L/H revenues up 12.5 percent

    B. Group financial results 2010 – L/H Revenues up 12.5 percent to EUR 57.1bn Revenues Revenues of sel. OEs 2008 2009 2010 Δ10/091 (EUR bn) (EUR mn) +12.5% Germany Life 13,487 15,049 15,961 +6.1% 57.1 Countries Speaking German Germany Health 3,120 3,176 3,209 +1.0% 50.8 45.6 Switzerland 1,205 1,364 1

52. Slide 52: Operating asset base at EUR 421.5bn

    B. Group financial results 2010 – L/H Operating asset base at EUR 421.5bn, up 9.6 percent Operating asset base (EUR bn) OAB as of 31.12.2009 384.5 Net flows (EUR bn) 2009 2010 Germany Life +2.5 +2.5 Net inflows +9.4 Germany Health +0.5 +0.4 France -0.2 +0.4 Interest & similar +15.0 Italy +0.3 +1.1 i

53. Slide 53: L/H operating profit up 7.4 percent

    B. Group financial results 2010 – L/H Operating profit up 7.4 percent to EUR 2.9bn Operating profit1 Operating profit drivers2 (EUR mn) (EUR mn) +7.4% +124 2,868 2,670 +159 2,868 -85 2,670 1,334 Operating Technical Investment Expense Operating profit result result result profit 2009 2010 Δ 2010/09 2

54. Slide 54: Average asset base increases by 11.3 percent

    B. Group financial results 2010 – L/H Average asset base increases by 11.3 percent Average asset base Current yield (EUR bn)1 (in %) Other2 +11.3% Equities Cash Debt securities Equities Debt sec. 334.2 8.4 4.9 6.7 4.7 4.5 300.3 22.6 281.6 7.8 3.6 7.03 6.7 3.2 6.33 21.6 3.0 31.7 296.5 236.9 263.9 200

55. Slide 55: Investment income up by 14.6 percent

    B. Group financial results 2010 – L/H Investment income up by 14.6 percent Operating investment income (EUR mn) +14.6% 15,988 13,950 8,438 2008 2009 2010 +8.2% Interest & similar income1 13,489 13,844 14,982 Investment expenses2 -583 -622 -704 Net harvesting and other -4,468 728 1,710 Impairments (n

56. Slide 56: MCEV and NBM methodology updated

    B. Group financial results 2010 – L/H MCEV and NBM methodology updated 2010 methodology adjustment effects (EUR) Inclusion of illiquidity premium VNB MCEV Changes  In line with the approach recommended by CFO & CRO Forum working group implemented to  Applied on durations in line +113mn +1.7bn achi

57. Slide 57: VNB up to EUR 993mn, NBM at 2.2 percent

    B. Group financial results 2010 – L/H VNB up to EUR 993mn, NBM at 2.2 percent New business margin1,2 Value of new business1,2 (VNB in % of PV of NB premiums) (EUR mn) Adjusted NBM3 Adjusted VNB3 2.2 993 1.7 1.8 0.8 789 787 2008 2009 2010 613 PV of NB premiums1,2 (EUR bn) 256 44.2 33.8 36.4 © Allianz

58. Slide 58: New business attractive across all markets

    B. Group financial results 2010 – L/H New business attractive across all markets and metrics VNB1 NBM1 Capital return (EUR mn) (in %) in 20102 2009 2010 20102 2009 2010 20102 IRR Payback adjusted adjusted period (yrs) German Sp. Countries 376 314 403 3.1 2.2 2.8 17.8% 5.4 Europe 286 272 316 2.1 1.9

59. Slide 59: MCEV development

    B. Group financial results 2010 – L/H MCEV1 development (EUR mn) +2,538 +993 +3,272 27,555 -1,157 26,422 24,283 3,540 -2,620 -886 2,628 Free surplus 3,527 9,230 11,021 Required 8,816 capital 14,785 VIF 11,940 12,773 31.12.09 Adjustment 31.12.09 Inforce Operating VNB Economic Net 31.12.10 MCEV and F/

60. Slide 60: Free surplus movement

    B. Group financial results 2010 – L/H Free surplus1 movement (EUR mn) Inforce 2,567 Free surplus 31.12.09 3,540 cash earnings New business -673 cash strain Δ Cash earnings 1,894 Cash earnings 1,894 Δ Capital requirements -615 Inforce 306 capital release Δ Net dividends -886 New business -921 capital

61. Slide 61: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 41

62. Slide 62: AM: Another record year

    B. Group financial results 2010 – AM Another record year  Total Assets under Management now exceed EUR 1,500bn  3rd party net inflows at record EUR 113bn !  Outstanding operating profit of EUR 2.1bn  Contribution to group net income increases from 11.7 percent to 18.2 percent © Allianz SE 2011 B

63. Slide 63: Total AuM now exceed EUR 1,500bn

    B. Group financial results 2010 – AM Total AuM now exceed EUR 1,500bn Assets under Management +26.2% (EUR bn) 1,518 354 1,202 276 951 Allianz Group 248 assets 3rd party AuM 703 926 1,164 31.12.08 31.12.09 31.12.10 © Allianz SE 2011 B 43

64. Slide 64: 3rd party net inflows at record EUR 113bn

    B. Group financial results 2010 – AM 3rd party net inflows at record EUR 113bn 3rd party net flow development1 112.7 (EUR bn) 82.8 65.8 37.1 31.3 27.5 11.4 -0.3 2003 2004 2005 2006 2007 2008 2009 2010 Net flows in % of 3rd party 5.4 6.0 12.0 5.2 1.6 0.0 12.3 12.5 © Allianz SE 2011 AuM bop 1) AGI onl

65. Slide 65: Net fee and commission income up 37.2 percent

    B. Group financial results 2010 – AM Net fee and commission income up 37.2 percent (EUR mn) 3rd party AuM driven margin1 (in bps) +37.2% Internal growth: +31.8% 4,9272 514 3,590 2,874 421 Performance fees 83 36.5 37.3 39.4 Other net fee and 2,791 3,169 4,413 commission income 2008 2009 2010 © Allian

66. Slide 66: Outstanding operating profit of EUR 2.1bn

    B. Group financial results 2010 – AM Outstanding operating profit of EUR 2.1bn Operating profit Operating profit drivers (EUR mn) (EUR mn) Cost-income ratio (in %) +47.0% +1,337 Internal -40 growth: 2,060 +41.4% -638 2,060 1,401 1,401 926 68.0 62.0 58.7 Operating Net fee & Other Operat. Operating pr

67. Slide 67: Exceptional performance of fixed income

    B. Group financial results 2010 – AM Exceptional performance of fixed income Fixed income 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +27.6% +46.3% 1,002 83 90 1,735 785 1,186 600 48 Cost- 798 income Net flows +10.7 +91.0 +113.7 ratio 52.8 49.9 48.

68. Slide 68: Cost-income ratio for equity improves

    B. Group financial results 2010 – AM Cost-income ratio for equity improves to 74.1 percent Equity 3rd party AuM 3-year-outperformance Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) EUR +15.1% +112mn 161 62 63 63 126 140 102 Cost- 64 96.2 income ratio Net flows -10.9 -7.5 -0.4 (in %) 84.

69. Slide 69: Strong growth in net income contribution

    B. Group financial results 2010 – AM Strong growth in net income contribution Net income (EUR mn) +74.2% 946 543 384 2008 2009 2010 © Allianz SE 2011 AM net income in % of Group net income1 9.0 11.7 18.2 1) From continuing operations B 49

70. Slide 70: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 50

71. Slide 71: Allianz 2010: an excellent year

    B. Group financial results 2010 – Summary Allianz 2010: an excellent year  Revenues at EUR 106.5bn, up 9.3 percent  Operating profit up 17.0 percent to EUR 8.2bn and net income up 12.0 percent to EUR 5.2bn  Shareholders’ equity up 10.9 percent to EUR 44.5bn and solvency up 9 percentage points to

72. Slide 72: Group financial results 2010 contents

    B 1 Highlights Group financial results 2010 2 4Q results 3 Group 4 P/C 5 L/H 6 Asset Management 7 Summary 8 Additional information © Allianz SE 2011 B 52

73. Slide 73: Result by segments overview

    B. Group financial results 2010 – Additional information on Group Result by segments overview (EUR mn) P/C L/H AM CO Consolidation Total 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 Total revenues 42.5 43.9 50.8 57.1 3.7 5.0 0.5 0.6 -0.1 -0.1 97.4 106.5 (EUR bn

74. Slide 74: Key figures

    B. Group financial results 2010 – Additional information on Group Key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2008 2009 2009 2009 2009 2010 2010 2010 2010 4Q 10/09 2008 2009 2010 Total revenues 23.0 27.7 22.2 22.0 25.5 30.6 25.4 24.5 26.0 +0.5 92.6 97.4 106.5 (EUR bn) Operating

75. Slide 75: 4Q: revenues

    B. Group financial results 2010 – Additional information on Group 4Q: revenues (EUR bn) Total revenues1 30.6 27.7 14.0 25.5 25.4 26.0 13.9 24.5 23.0 22.2 8.9 10.0 9.4 22.0 10.6 9.0 9.5 Total Internal 10.2 (in %) growth growth2 15.2 15.4 15.1 4Q 10 +1.9 -1.5 14.1 13.1 13.0 12.6 11.8 P/C +5.3 +1.7 10.

76. Slide 76: Remarks concerning the operating entities' revenues

    B. Group financial results 2010 – Additional information on P/C Remarks concerning the operating entities’ revenues P/C: France Corporate customer business transferred to AGCS in 1Q 09 (impact 2008: EUR 532mn) P/C: Spain Industrial commercial business transferred to AGCS in 2010 (impact 2008: EUR 13

77. Slide 77: P/C key figures

    B. Group financial results 2010 – Additional information on P/C Key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2008 2009 2009 2009 2009 2010 2010 2010 2010 4Q 10/09 2008 2009 2010 Gross premiums written 9.0 13.9 9.5 10.2 8.9 14.0 10.0 10.6 9.4 +0.5 43.4 42.5 43.9 (EUR bn) Operatin

78. Slide 78: Quarterly operating investment income development

    B. Group financial results 2010 – Additional information on P/C Quarterly operating investment income development Operating investment income (EUR mn) +9.5% 851 844 841 786 782 791 774 759 693 in % of NPE 8.1 9.1 8.4 8.1 7.4 8.2 8.7 8.2 7.6 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 2010 +5.6% Interest &

79. Slide 79: L/H key figures

    B. Group financial results 2010 – Additional information on L/H Key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2008 2009 2009 2009 2009 2010 2010 2010 2010 4Q 10/09 2008 2009 2010 Statutory premiums 13.1 13.0 11.8 10.8 15.2 15.4 14.1 12.6 15.1 -0.1 45.6 50.8 57.1 (EUR bn) Operatin

80. Slide 80: Quarterly operating investment income development

    B. Group financial results 2010 – Additional information on L/H Quarterly operating investment income development Operating investment income (EUR mn) +5.1% 4,274 4,062 4,063 4,095 4,022 3,624 3,808 1,990 1,025 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 2010 +12.2% Interest & similar income1 3,365 3,261 3

81. Slide 81: Operating investment income – details

    B. Group financial results 2010 – Additional information on L/H Operating investment income – details (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 2009 2009 2009 2010 2010 2010 2010 1 Interest & similar income 3,365 3,261 3,611 3,541 3,431 3,522 3,974 3,636 3,850 2 Investment expenses -213 -138 -15

82. Slide 82: Embedded value overview

    B. Group financial results 2010 – Additional information on L/H Embedded value1 overview (EUR mn) Embedded value2 VNB3 NBM3 MCEV  The adjusted 2009 embedded value includes the 12,876 376 3.1% impact of the MCEV methodology and F/X German Speaking Countries changes of EUR 3.3bn. MCEV methodology 11,

83. Slide 83: New business development

    B. Group financial results 2010 – Additional information on L/H New business development New business margin1 (VNB in % of PV of NB premiums) Adjusted NBM2 2.5 2.6 2.2 1.8 Value of new business1 0.1 1.8 2.4 2.4 2.2 2.2 1.6 1.2 (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Adjusted VNB2 2009 2010 283 287 206 217

84. Slide 84: New business

    B. Group financial results 2010 – Additional information on L/H New business1 (EUR mn) Value of new business New business margin Present value of new Recurring Single premium business premium premium 2010 2010 3 Region 2009 2010 2009 2010 2009 2010 Δ 2009 2010 2009 2010 adjusted2 adjusted2 German Sp

85. Slide 85: New business quarterly values

    B. Group financial results 2010 – Additional information on L/H New business1 quarterly values (EUR mn) 2 1Q 2010 2Q 2010 3Q 2010 4Q 2010 2010 VNB NBM VNB NBM VNB NBM VNB NBM VNB NBM German Speaking Countries 117 3.3% 119 3.7% 77 2.7% 90 2.0% 403 2.8% thereof: Germany Life 98 3.7% 109 4.0% 70 2.8% 8

86. Slide 86: Embedded value sensitivity analysis

    B. Group financial results 2010 – Additional information on L/H Embedded value1 sensitivity analysis (EUR mn) Economic factors Non economic factors 2 Drop in risk free volatilities -5% mortality ∆ to CFO equity Forum -10% -10% Base case +25% +25% death longevity value by -100bp +100bp 3 expense laps

87. Slide 87: Value of new business sensitivity analysis

    B. Group financial results 2010 – Additional information on L/H Value of new business1 sensitivity analysis (EUR mn) Economic factors Non economic factors 3 Drop in risk free volatilities -5% mortality ∆ to CFO Base equity -10% -10% 2 +25% +25% Forum death longevity case value by -100bp +100bp 4 exp

88. Slide 88: Shareholder value not accounted for in IFRS equity

    B. Group financial results 2010 – Additional information on L/H Shareholder value not accounted for in IFRS equity (EUR mn) 1 12M 09 12M 10 Value of inforce in EV 14,720 12,773 2 Adjusted for : IFRS DAC / VOBA -15,194 -14,974 Difference in life- and unallocated profit sharing reserves 9,799 11,598 S

89. Slide 89: Economic assumptions for EV

    B. Group financial results 2010 – Additional information on L/H Economic assumptions for EV consistent across Allianz Group Key parameters EUR USD CHF KRW (in % ) 2010 2009 2010 2009 2010 2009 2010 2009 Risk free rates (1 year zero-coupon rate based on 1.1 1.0 0.5 0.6 0.2 0.4 2.4 2.4 swap rate) Risk

90. Slide 90: MCEV development (1/2)

    B. Group financial results 2010 – Additional information on L/H MCEV1 development (1/2) (EUR mn) +2,538 +993 +3,272 27,555 -1,157 26,422 24,283 3,540 -2,620 2,628 -886 Free surplus 3,527 9,230 11,021 Required capital 8,816 14,785 VIF 11,940 12,773 Operating and non-operating 31.12 09 Adjustment 31.1

91. Slide 91: MCEV development (2/2)

    B. Group financial results 2010 – Additional information on L/H MCEV1 development (2/2) (EUR mn) 1 3,012 = 1,352 Release of annual risk free profits from VIF 306 Inforce capital release 159 Risk free return on NAV 1,195 Over-returns earned in the year on inforce and NAV, mainly from US spreads 2 -16

92. Slide 92: Definition of regional splits for MCEV reporting

    B. Group financial results 2010 – Additional information on L/H Definition of regional splits for MCEV reporting Allianz Leben, life subsidiaries are included at equity German Speaking Countries German health business: “Allianz Private Krankenversicherung” Life operations in Switzerland and Austria

93. Slide 93: AM key figures

    B. Group financial results 2010 – Additional information on AM Key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2008 2009 2009 2009 2009 2010 2010 2010 2010 4Q 10/09 2008 2009 2010 Operating revenues 726 716 780 899 1,294 1,116 1,188 1,256 1,426 +132 2,894 3,689 4,986 Operating prof

94. Slide 94: 3rd party AuM

    B. Group financial results 2010 – Additional information on AM 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail 1,164 1,164 Institutional 18 117 31.12.09 926 926 926 176 Internal 24 Net inflows growth: 392 74 +113 +21.1% Other3 130 703 297 703 152 Asia-Pacific Ma

95. Slide 95: AGI continues to record outstanding CIR

    B. Group financial results 2010 – Additional information on AM AGI continues to record outstanding CIR Cost-income ratio AGI vs. peers1 (in %) 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile AGI 140 Peer average 130 135 120 110 1062 100 90 80 83 66 81 70 79 72 76 75 70 69 60 68 62 50 69 59 62 56

96. Slide 96: AGI 3rd party net inflows

    B. Group financial results 2010 – Additional information on AM AGI 3rd party net inflows Net flows AGI vs. peers1 in % of AuM bop 4th Quartile 3rd Quartile 2nd Quartile 1st Quartile 13 6.0 AGI 12 5.0 4.2 4.1 Peer average 11 4.0 3.6 2.8 2.6 2.3 10 3.0 9 2.0 1.2 1.0 8 1.0 70 0.8 0.0 6 -1.0 0.1 -0.2 -0

97. Slide 97: Corporate and Other key figures

    B. Group financial results 2010 – Additional information on Corporate and Other Key figures (EUR mn) 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Delta 12M 12M 12M 2008 2009 2009 2009 2009 2010 2010 2010 2010 4Q 10/09 2008 2009 2010 Total revenues (Banking) 131 117 124 119 157 128 138 146 175 +18 555 517 587 Operatin

98. Slide 98: Holding & Treasury

    B. Group financial results 2010 – Additional information on Corporate and Other Holding & Treasury (EUR mn) Holding & Treasury operating loss drivers +104 -4 -849 -60 -54 -863 Operating F/X result1 Net Expenses Other2 Operating loss interest loss 2009 2010 2010 -34 -90 -715 -24 2009 -138 -86 -655 30

99. Slide 99: Breakdown of profit consolidation

    B. Group financial results 2010 – Additional information on Group Breakdown of profit consolidation (EUR mn) Net income 2010 77 195 75 P/C 118 120 L/H Intra-Group Intra-Group Total dividends gains consolidation © Allianz SE 2011 B 79

100. Slide 100: Asset allocation

     B. Group financial results 2010 – Additional information on Group Asset allocation (EUR bn) P/C L/H AM Corporate and Consolidation Group1 Other Balance sheet items 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 Investments Equities 2 5.0 5.4 20.9 24.4 0.1 0.1 4.8

101. Slide 101: Average AuM P/C and L/H

     B. Group financial results 2010 – Additional information on Group Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H Balance sheet items 31.12.09 31.12.10 Average 31.12.09 31.12.10 Average Investments Equities 1 5.0 5.4 5.2 20.9 24.4 22.6 Debt sec. 58.0 60.4 59.3 182.5 212.8 197.7

102. Slide 102: Investment result

     B. Group financial results 2010 – Additional information on Group Investment result (EUR mn) P/C L/H AM Corporate and Other Consolidation Group1 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 12M 09 12M 10 Operating investment result Interest and similar income2 3,508 3,588 13

103. Slide 103: Goodwill

     B. Group financial results 2010 – Additional information on Group Goodwill (EUR bn) Goodwill per segment +0.2 12.0 +0.1 12.0 2009 2.3 P/C -0.3 2010 2.2 2009 2.3 L/H 2010 2.3 2009 6.7 AM 2010 6.9 2009 0.7 Goodwill Additions Currency Impairments1 Goodwill CO 2010 0.6 31.12.09 translation 31.12.10 © Al

104. Slide 104: Shareholders' equity

     B. Group financial results 2010 – 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 31.12.08, as previous

105. Slide 105: Comprehensive income

     B. Group financial results 2010 – Additional information on Group Comprehensive income (EUR mn) 12M 08 12M 09 12M 10 Net income (after tax, before non-controlling interests) -2,105 4,255 5,209 F/X translation adjustments -266 394 1,338 Reclassification to net income 2 516 -9 Changes arising during t

106. Slide 106: Revaluation reserve of EUR 21.4bn

     B. Group financial results 2010 – Additional information on Group Revaluation reserve of EUR 21.4bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Shareholders’ Policyholders’ share share 21.4 Real estate 2.1 (37.4%) 2.5 (45.2%) Associated enterprises, joint ventures 5.5 5.8 0.1 Non

107. Slide 107: Conglomerate solvency details

     B. Group financial results 2010 – Additional information on Group Conglomerate solvency1: details as of 31.12.10 (EUR bn) Available funds Required capital 22.9 Shareholders’ 42.7 equity1 Dividend accruals -2.0 P/C 7.2 Goodwill, -14.6 other intangibles Commerzbank -0.7 shares Subordinated bonds, +6.8

108. Slide 108: Risk capital breakdown

     B. Group financial results 2010 – Additional information on Group Risk capital1 breakdown (EUR bn) Risk capital by risk categories Risk capital by segments 31.4 +6.5% 31.4 +6.5% 29.5 29.5 Market 14.8 -4.8% 15.7 +2.1% 15.6 P/C 15.4 risk Credit 6.1 +5.7% risk 5.8 L/H 13.5 14.5 +7.0% Actuarial 9.2 +12.

109. Slide 109: Earnings per share

     B. Group financial results 2010 – Additional information on Group Earnings per share (EUR) Basic EPS Diluted EPS From continuing operations From continuing operations 11.20 11.12 10.21 10.17 8.99 8.77 2008 2009 2010 2008 2009 2010 From discontinued operations From discontinued operations -14.24 -0.8

110. Slide 110: Equity market scenarios

     B. Group financial results 2010 – Additional information on Group Equity market scenarios (as of 31.12.10, EUR bn) Expected total P/L impact1 … … and resulting unrealized gains / losses on AFS equity securities in shareholders’ equity1 Equity market scenarios2: 3.3 0.0 -0.1 -0.1 2.5 -0.2 -0.2 -0.3 1

111. Slide 111: Net equity exposure and solvency

     B. Group financial results 2010 – Additional information on Group Net equity exposure and solvency (EUR bn) 31.12.08 31.12.09 31.12.10 39.6 34.8 31.8 16.7 13.6 11.5 13.0 12.5 12.7 20.3 21.2 22.9 Net equity Available Net equity Available Net equity Available exposure funds for exposure funds for expo

112. Slide 112: Financing Investments Transactions

     F inancing I nvestments T ransactions Paul Achleitner, Member of the Board of Management Analysts’ conference February 25, 2011

113. Slide 113: Financing and transactions contents

     C 1 Financing and transactions F inancing I nvestments 2 Investment result and allocation T ransactions 3 Global investment function 4 Additional information © Allianz SE 2011 C2

114. Slide 114: Highlights 2010

     C. Financing Investments Transactions Highlights 2010 USD 150mn cat bond transaction Sale of Allianz Bank Sale of Allianz Financing/ for Allianz Re covering US (Hungary) Bank (Poland)1 Transactions hurricane and earthquake risks Sale of AAAM Sale of Swiss (France) Alba and Phenix Sale of AGF Private

115. Slide 115: Capital structure

     C. Financing Investments Transactions Capital structure (EUR bn) Debt / Equity ratio 13.9% 20.6% 18.5% 14.0% 13.3% 7.9 7.9 9.0 9.3 9.3 56.8 51.4 37.2 42.3 46.6 9.0 12.2 8.6 7.2 7.4 2006 2007 2008 2009 2010 © Allianz SE 2011 Equity1 Hybrid bonds2 Senior debt3 1) Including non-controlling interests 2)

116. Slide 116: Quality of capital

     C. Financing Investments Transactions Quality of capital (EUR bn) Total capital 43.1 49.5 53.5 Dated hybrids 8% 7% 6% as % of total capital 11% Undated hybrids 14% 12% as % of total capital 83% 81% Shareholders’ equity 78% as % of total capital 65% 61% 57% NAV / Total capital1 Dated hybrids Undated

117. Slide 117: Maturity profile of external bonds

     C. Financing Investments Transactions Maturity profile of external bonds (EUR bn) Outstanding bonds1 Maturity structure1 14.7 14.4 13.5 6.0 9.3 9.0 9.3 2.0 1.5 1.5 1.5 5.4 5.4 0.9 1.0 4.2 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Perpetual © Allianz SE

118. Slide 118: Attractive dividend policy

     C. Financing Investments Transactions Attractive dividend policy Dividend per share (EUR) 5.50 4.502 4.10 3.80 3.50 Dividend yield1 2.8% 3.5% 3.3% 5.6% 5.2%  Balance between payout Payout ratio 23% 31% 40%3 40%3 40% and solvency  Dividend yield ~5% 2006 2007 2008 2009 2010 © Allianz SE 2011 1) Bas

119. Slide 119: Return on investment: The Hartford

     C. Financing Investments Transactions Return on investment: The Hartford Instruments Fair values Performance since acquisition (USD mn) +28.0% Shares Cash inflows (USD)  23.3mn common shares + 350mn coupons  Equals 5% stake in + 17mn dividends The Hartford 3,200 + 200mn dilution compensation 2,500

120. Slide 120: Return on investment: ICBC

     C. Financing Investments Transactions Return on investment: ICBC Instruments Fair values Performance since acquisition (EUR mn) +257% Shares Cash inflows (EUR)  6.4bn shares originally bought + 2,488mn net proceeds of sale 2,960 + 150mn dividends  5.6bn shares sold as of Q4 10  Various hedges in

121. Slide 121: Return on investment: CPIC

     C. Financing Investments Transactions Return on investment: CPIC Instruments Fair values Performance since acquisition (EUR mn) +17.8% Shares Return on investment1  EUR 107mn initial investment in Dec 2009 during CPIC’s 19.0% since acquisition H-share IPO 126  42mn H-shares initially bought 107 +

122. Slide 122: Financing and transactions contents

     C 1 Financing and transactions F inancing I nvestments 2 Investment result and allocation T ransactions 3 Global investment function 4 Additional information © Allianz SE 2011 C 11

123. Slide 123: Contribution of investment result to operating profit

     C. Financing Investments Transactions Strong contribution of investment result to operating profit (EUR bn) 8.2  Overall increased asset base 7.0 compensated for lower current yield  Lower impairments in all asset classes 5.1 5.4 (66%) (73%) Other operating profit Operating profit investment resul

124. Slide 124: Investment performance 2010 – overview

     C. Financing Investments Transactions Investment performance 2010 – overview (EUR mn) Current Total Total yield IFRS yield performance 4.2% 4.7% 4.7% 3,708 Real estate/ 20,905 86 20,991 Other 18,906 -844 -865 Equities Debt/Cash Current Realized gains Impairments Investment expenses/ Total IFRS Chang

125. Slide 125: Investment performance and new investment yields

     C. Financing Investments Transactions Investment performance and new investment yields Investment performance (IFRS) Group % of total Performance investments 2010 Fixed income1 91% 4.2% Equity 7% 9.8% thereof alternatives 2% 8.7% Real estate 2% 6.5% Total 100% 4.7% New investment yields 2010 L/H P/C

126. Slide 126: Aspects of liability assessment: duration and maturity

     C. Financing Investments Transactions Aspects of liability assessment: duration and maturity Duration Assets Liabilities 2010 5.5 4.0  Duration reflects yield sensitivity of P/C asset and liability fair values 2009 5.6 3.9  Figures scaled to liability market value 7.8  Long duration P/C is partia

127. Slide 127: High-quality investment portfolio

     C. Financing Investments Transactions High-quality investment portfolio Conservative asset allocation1 High quality fixed income portfolio EUR 444.9bn Rating profile2 Cash / Other 2% EUR 7.6bn  Impairments in fixed Real estate 2% income continue to EUR 8.7bn be low: 3-yr average Equities 7% amounts

128. Slide 128: High quality fixed income portfolio

     C. Financing Investments Transactions 89% High quality fixed income portfolio Investment portfolio By type of issuer By rating3 Total EUR 395.6bn Government 36% AAA 46% Covered 25% AA 12% Corporate 28% A 26% thereof Banking 9% BBB 10% ABS/MBS1 5% Non-investment grade 2% Other2 6% Not rated* 4% *) mo

129. Slide 129: Government bond allocation

     C. Financing Investments Transactions 32% Government bond allocation concentrated Investment in EMU core countries portfolio By region By rating Total EUR 142.3bn1 Germany 22% AAA 43% Italy 20% AA 18% France 14% A 31% Spain 4% BBB 4% UK 1% Non-investment grade 2% Rest of Europe 22% Not rated 2% USA

130. Slide 130: Details sovereigns

     C. Financing Investments Transactions 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 Germany 31.6 8.0% 26.0 22.8 7.5% 19.0 4.8 6.5% 3.1 Italy 28.2 7.1% 19.0 22.9 7.5% 15.7 4.4 6.0% 3

131. Slide 131: Fixed income portfolio – Covered bonds

     C. Financing Investments Transactions 22% Fixed income portfolio – Covered bonds Investment portfolio By country By rating Total EUR 98.5bn Germany 57% AAA 92% Spain 10% AA 4% France 13% A 1% UK 5% BBB 2% Ireland 2% Non-investment grade 0% Switzerland 1% Not rated 1% Sweden 2% Rest of world 10% By s

132. Slide 132: Fixed income portfolio – Corporate

     C. Financing Investments Transactions 25% Fixed income portfolio – Corporate Investment portfolio By sector By rating Total EUR 111.7bn Banking 33% AAA 6% Other financials 11% AA 14% Consumer 12% A 43% Communication 9% BBB 27% Industrial 6% Non-investment grade 3% Utility 9% Not rated1 7% Other 20%

133. Slide 133: Fixed income portfolio – Banks

     C. Financing Investments Transactions 8% Fixed income portfolio – Banks Investment portfolio By country By rating Total EUR 36.4bn Germany 14% AAA 12% UK 13% AA 23% France 8% A 56% Italy 7% BBB 8% Rest Eurozone 18% Non-investment grade 1% Europe ex Eurozone 8% Not rated 0% USA 19% Rest of world 13%

134. Slide 134: Fixed income portfolio – ABS

     C. Financing Investments Transactions 5% Fixed income portfolio – ABS Investment portfolio By type of category By rating Total EUR 20.2bn U.S. Agency 25% AAA 80% CMBS 42% AA 4% RMBS 8% A 9% CMO/CDO 9% BBB 1% Credit Card 3% Non-investment grade 4% Auto 1% Not rated 2% Other 12% By segment (EUR bn) Ne

135. Slide 135: Equity portfolio

     C. Financing Investments Transactions 7%1 Equity portfolio Investment portfolio By region By industry Total EUR 33.0bn2 Germany 23% Financials 23% Eurozone ex. Germany 37% Consumer 16% Europe ex. Eurozone 18% Basic materials 11% NAFTA 13% Utilities 5% Rest of world 9% Industrial 8% Energy 5% Funds a

136. Slide 136: Group equity gearing

     C. Financing Investments Transactions Group equity gearing1 (EUR bn) Reconciliation of net equity exposure Equity gearing (as of 31/12/2010) 36.42 3.3 Corporate 0.6 0.5 0.4 0.4 0.7 AM 34.6 L/H P/C 23.3 26.9 -18.3 12.7 -4.3 13.0 12.5 12.7 -0.9 -0.2 3.0 0.4 +0.2 6.1 5.5 3.2 Gross Policy- Def. Hedge Ec

137. Slide 137: Alternative investments

     C. Financing Investments Transactions 2% Alternative investments Investment portfolio Renewables Infrastructure  Investment volume of renewable energies  Successful refinancing of passed EUR 1bn in 2010 parking meters asset in 2010  Direct wind energy investments particularly  Further expansion

138. Slide 138: Real estate portfolio

     C. Financing Investments Transactions 2%1 Real estate portfolio Investment portfolio By region By sectors Total 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 gain

139. Slide 139: Real estate investments

     C. Financing Investments Transactions Real estate investments ARE1 Assets under Management Total transaction volume 2010: EUR ~1.8bn Major transactions: Significant portfolio growth (EUR bn) Investment Market / city Sector ALDI Süd portfolio Germany Retail ~30 Allee Shopping Centre Hungary Retail 17

140. Slide 140: Financing and transactions contents

     C 1 Financing and transactions F inancing I nvestments 2 Investment result and allocation T ransactions 3 Global investment function 4 Additional information © Allianz SE 2011 C 29

141. Slide 141: AIM: Allianz' investment function

     C. Financing Investments Transactions AIM: Allianz’ investment function Allianz Investment Management Operating profit (EUR bn) Objective Facts Contributes to capital  Covering EUR 445bn 8.2 efficiency by maximizing insurance assets 7.0 risk adjusted investment  5 regional hubs return within a sta

142. Slide 142: AIM: investment function for all insurance entities

     C. Financing Investments Transactions AIM: investment function for all insurance entities Insurance entities Investment management Asset managers Asset manager OE OE OE Asset manager OE OE AIM OE OE Asset manager .... Define Provide  Risk bearing capacity  Defines consolidated asset  Expertise on

143. Slide 143: Major portfolio actions in 2010 and expectation for 2011

     C. Financing Investments Transactions Major portfolio actions in 2010 and expectation for 2011 2010 2011 Portfolio Assessment Portfolio Implications action action  Peripheral government bonds  Maintain cautious stance towards reduced peripheral risk Debt  Increase of corporate positions and  Kee

144. Slide 144: Key topics 2010 and expected topics for 2011

     C. Financing Investments Transactions Key topics 2010 and expected topics for 2011 2010 2011  Using increasingly concrete Solvency II implications as boundary conditions for asset allocation optimization  Continued optimization of asset duration relative to liabilities in volatile interest rate en

145. Slide 145: Excursus Solvency II: impact on financing

     C. Financing Investments Transactions Excursus Solvency II: impact on financing of banks and corporates Capital Solvency II framework Economic implications charges1 Government 0% for  Sovereign crisis not reflected  Sovereigns become preferred asset Bonds European class EEA2 countries Corporate 1.

146. Slide 146: Financing and transactions contents

     C 1 Financing and transactions F inancing I nvestments 2 Investment result and allocation T ransactions 3 Global investment function 4 Additional information © Allianz SE 2011 C 35

147. Slide 147: Fixed income portfolio – few impairments

     C. Financing Investments Transactions Fixed income portfolio – few impairments 3-yr average Assets FV/AC 2010 impairments impairments in bps of (EUR bn) (%) (EUR mn) debt portfolio Government 142.3 102 0 0 Covered 98.5 103 0 0 Corporate1 111.7 103 -101 30 ABS 20.2 104 -18 12 Other 22.9 104 -41 13 To

148. Slide 148: Details covered bonds

     C. Financing Investments Transactions Details covered bonds (EUR bn) Group L/H P/C Germany total 56.0 48.1 6.7 AAA 53.9 46.6 6.1 AA 0.6 0.4 0.2 A 0.2 0.1 0.1 ≤ BBB / not rated 1.3 1.0 0.3 France total 13.4 10.3 2.6 AAA 12.8 9.8 2.6 AA 0.0 0.0 0.0 A 0.6 0.5 0.0 ≤ BBB / not rated 0.0 0.0 0.0 Spain tot

149. Slide 149: Details bank exposure – subordinated debt

     C. Financing Investments Transactions Details bank exposure – subordinated debt (EUR bn) Group L/H P/C USA total sub 2.6 2.2 0.5 LT2 2.4 1.9 0.4 UT2 0.0 0.1 0.0 T1 0.2 0.2 0.1 other 0.0 0.0 0.0 Germany total sub 1.8 0.4 0.1 LT2 1.0 0.4 0.1 UT2 0.1 0.0 0.0 T1 0.7 0.0 0.0 other 0.0 0.0 0.0 UK total su

150. Slide 150: Details CMBS, RMBS and structured credit exposure

     C. Financing Investments Transactions Details CMBS, RMBS and structured credit exposure (EUR bn) CMBS RMBS Structured credit1 USA total 7.7 0.0 0.0 AAA 5.7 0.0 0.0 AA 0.6 0.0 0.0 A 1.3 0.0 0.0 ≤ BBB / not rated 0.1 0.0 0.0 Netherlands total 0.0 0.7 0.3 AAA 0.0 0.7 0.3 AA 0.0 0.0 0.0 A 0.0 0.0 0.0 ≤

151. Slide 151: Fixed income: US municipal bonds

     C. Financing Investments Transactions Fixed income: US municipal bonds By issuer1 Total By rating EUR 3.2bn2 Top 1-10 17% AAA 30% Top 11-30 21% AA 49% Rest 62% A 20% Non-investment grade 0% Not rated 1% By segment (EUR bn) Top 5 issuers (EUR mn) Book thereof L/H 62% Issuer value insured P/C 38% 1.2

152. Slide 152: Appendix

     Appendix Analysts’ conference February 25, 2011

153. Slide 153: 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

154. Slide 154: Glossary (2)

     Glossary (2) CEIOPS Committee of European Insurance and Occupational Pensions Supervisors; as of January 1, 2011, CEIOPS has been replaced by the European Insurance and Occupational Pensions Authority (EIOPA) CGU Cash generating unit Combined ratio (CR) Sum of loss ratio and expense ratio, represent

155. Slide 155: Glossary (3)

     Glossary (3) Economic variances The impact of market changes and asset performance above the level expected in prior year EIOPA European Insurance and Occupational Pensions Authority (also see CEIOPS) Equity exposure The equity exposure is the part of investments invested in equity securities Equity

156. Slide 156: Glossary (4)

     Glossary (4) F/X Foreign exchange Goodwill Difference between a subsidiary’s purchase price and the relevant proportion of its net assets valued at the current value of all assets and liabilities at the time of acquisition GPW Gross premiums written: Total premiums for insurance contracts written du

157. Slide 157: Glossary (5)

     Glossary (5) JV Joint Venture: An enterprise which is managed jointly by an enterprise in the Group and one or more enterprises not included in the consolidation. The extent of joint management control is more than the significant influence exercised over associated enterprises and less than the con

158. Slide 158: Glossary (6)

     Glossary (6) MCEV Market consistent embedded value is a measure of the consolidated value of shareholders’ interest in a life portfolio. The Market Consistent Embedded Value is defined as Net asset value (NAV) + Present value of future profits - Time value of financial options and guarantees (O&G) -

159. Slide 159: Glossary (7)

     Glossary (7) Operating and non-operating Consist of numerous non-economic changes such as the impact of changes in lapse and variance and assumption changes expense assumptions or the variance of actual crediting rates from modeled strategy Operating profit Earnings from ordinary activities before i

160. Slide 160: Glossary (8)

     Glossary (8) Premiums written/earned Premiums written represent all premium revenues in the year under review. Premiums earned (IFRS) represent that part of the premiums written used to provide insurance coverage in that year. In the case of life insurance products where the policyholder carries the

161. Slide 161: Glossary (9)

     Glossary (9) Risk-weighted assets (RWA) All assets of a bank multiplied by the respective risk-weight according to the degree of risk of each type of asset Run-off ratio Run-off ratio is calculated as run-off result (result from reserve releases in P/C business) in percent of net premiums earned SE

162. Slide 162: Glossary (10)

     Glossary (10) Total AuM Consists of 3rd party assets managed by our Asset Management operations and Group assets managed by Allianz Global Investors Total equity Represents the sum of shareholders’ equity and non-controlling interests Total revenues Represent the sum of P/C segment’s gross premiums

163. Slide 163: Investor Relations contacts

     Investor Relations contacts Oliver Schmidt  +49 89 3800-3963 Peter Hardy  +49 89 3800-18180 Head of E-mail: E-mail: Investor Relations [email protected] [email protected] Holger Klotz  +49 89 3800-18124 Reinhard  +49 89 3800-17224 Lahusen E-mail: E-mail: [email protected] r

164. Slide 164: Financial calendar

     Financial calendar March 18, 2011 Annual Report 2010 May 4, 2011 Annual General Meeting May 12, 2011 1st quarter results 2011 August 5, 2011 2nd quarter results 2011 November 11, 2011 3rd quarter results 2011 February 23, 2012 Financial press conference for the 2011 fiscal year February 24, 2012 Ana

165. Slide 165: 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 of central banks and/or foreign governments, (xii) the impact of acquisitions, expectations and

Allianz — FY2010 Earnings Presentation on 6ix