Allianz SE · XETR:ALV
Allianz — Q1 2010 Earnings Presentation
75 slides from Allianz's earnings presentation, May 12, 2010
Slide 1: Group financial results 1Q 2010
Oliver Bäte, Chief Financial Officer Group financial results 1Q 2010 Analysts’ conference call May 12, 2010
Slide 2: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 2
Slide 3: Highlights: a good start
Group financial results 1Q 2010 Highlights: a good start Revenues up 10.3 percent to EUR 30.6bn, driven by continued strong growth in L/H and AM Operating profit of EUR 1.7bn up 20.4 percent compared to a low first quarter 2009 operating profit Net income at EUR 1.6bn Strong capital position
Slide 4: Quarterly results overview
Group financial results 1Q 2010 Quarterly results overview (EUR mn) 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 +10.3% Total revenues 30.6 26.9 27.7 25.5 (EUR bn) 21.5 21.1 23.0 22.2 22.0 +20.4% Operating 2,659 profit1 2,226 1,929 2,048 1,563 1,786 1,709 1,419 881 +274.5% 2,306 1,887 Net i
Slide 5: Strong capitalization
Group financial results 1Q 2010 Strong capitalization Shareholders’ equity1 Conglomerate solvency3 (EUR mn) (EUR bn) +8.2% Available funds Solvency ratio Requirement 43,461 +4%-p 40,166 6,244 157% 164% 168% 5,457 33,684 Unrealized gains/losses 2,011 8,582 6,074 Revenue 3,104 reserves2 36.3 34.8 31.8
Slide 6: Well capitalized to withstand market shocks
Group financial results 1Q 2010 Well capitalized to withstand market shocks Conglomerate solvency ratio1 Impact on IFRS equity1 Target range: 150% - 170% Estimation in EUR bn 100% Ratio as of 31.03.10 168% Equity markets -30%2 153% -3.2 Interest rate +100bps 167% -4.1 Interest rate -100bps 168% +3.9
Slide 7: Selected sovereign debt exposure
Group financial results 1Q 2010 Selected sovereign debt exposure1 (EUR bn) Total fixed income portfolio EUR 382bn Gross sovereign EUR bn debt exposure Spain 7.4 EUR Greece 3.3 14.3bn Ireland 1.8 Portugal 1.8 © Allianz SE 2010 1) As of 31.03.10 7
Slide 8: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 8
Slide 9: Revenues: strong growth
Group financial results 1Q 2010 Revenues: strong growth (EUR bn) Total revenues1 30.6 27.7 26.9 25.5 23.0 22.2 22.0 21.5 Total Internal 21.1 (in %) 13.9 14.0 growth growth2 13.7 8.9 9.0 9.5 1Q 10 +10.3 +9.7 9.8 10.2 10.8 P/C +0.8 -0.1 12.3 13.1 13.0 11.8 10.8 15.2 15.4 10.7 L/H +18.0 +17.3 9.4 AM +5
Slide 10: Operating profit of EUR 1.7bn
Group financial results 1Q 2010 Operating profit of EUR 1.7bn (EUR mn) Property/Casualty Life/Health 1Q 10 Δ 1Q 10/09 -26.5% +102.0% 1,496 P/C 712 -26.5% 969 712 812 589 402 L/H 812 +102.0% 1Q 2008 2009 2010 2008 2009 2010 AM 466 +120.9% Asset Management Corporate and Other CO -251 n/m +120.9% n/m 4
Slide 11: Non-operating items
Group financial results 1Q 2010 Non-operating items (EUR mn) 1Q 08 1Q 09 1Q 10 Δ 10/09 1Q 09 1Q 10 Realized gains/losses Realized gains/losses 254 763 and impairments of 13 -498 711 +1,209 - Equities 117 653 investments (net) - Debt securities 129 79 - Real estate 8 31 Interest expense -252 -238 -22
Slide 12: Net income
Group financial results 1Q 2010 Net income (EUR mn) 1Q 08 1Q 09 1Q 10 Δ 10/09 Operating profit 2,226 1,419 1,709 +290 Non-operating items -208 -974 259 +1,233 Income before taxes 2,018 445 1,968 +1,523 Income taxes -572 -21 -380 -359 Net income from continuing operations 1,446 424 1,588 +1,164 Disco
Slide 13: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 13
Slide 14: P/C: summary
Group financial results 1Q 2010 P/C: summary Revenues flat at EUR 14bn ! NatCat claims of EUR 555mn and severe weather related claims of EUR 102mn Operating profit of EUR 712mn, down 26.5 percent Combined ratio 100.4 percent, including 7.0 percentage points NatCat and weather related claims
Slide 15: P/C: stable revenues
Group financial results 1Q 2010 P/C: stable revenues (EUR mn) Revenues (EUR bn) Revenues (sel. OEs) 1Q 08 1Q 09 1Q 10 Δ10/091 Germany 4,085 4,034 3,900 -3.3% Countries Speaking German +0.8% Switzerland 775 833 864 +1.3% France2 1,394 1,170 1,146 -2.1% South America Europe incl. Italy 1,173 1,003 945
Slide 16: P/C: operating profit severely impacted by NatCat
Group financial results 1Q 2010 P/C: operating profit severely impacted by NatCat (EUR mn) Operating profit Operating profit drivers Combined ratio (in %) -26.5% 969 -167 -77 1,681 -13 712 1,496 1,261 1,209 1,169 969 1,031 895 712 Operating Under- Invest- Other Operating profit writing ment profit 9
Slide 17: P/C: combined ratio
Group financial results 1Q 2010 P/C: combined ratio (in %) Combined ratio NatCat Combined ratio 1Q 08 1Q 09 1Q 10 impact in +1.7%-p 1Q 10 Countries Speaking Germany1 98.2 94.8 99.8 3.6 %-p German 98.7 98.9 96.9 100.4 95.4 93.5 96.5 96.2 95.3 Switzerland 91.3 93.6 95.8 France 99.9 114.0 106.8 8.7%-p
Slide 18: P/C: NatCat load 3.8%-p higher than 1Q 09
Group financial results 1Q 2010 P/C: NatCat load 3.8%-p higher than 1Q 09 (in %) 9-quarter overview a.y. loss ratio Development 1Q 10/09 Including NatCat 75.9 +3.8 75.9 Excluding NatCat 73.4 -0.6 73.4 -0.1 -0.6 72.4 72.7 72.5 72.3 72.1 71.5 71.5 (9Q-Ø) 70.9 72.0 71.3 71.6 71.5 70.0 Δ 1Q 10/09 70.5 6
Slide 19: P/C: expenses
Group financial results 1Q 2010 P/C: expenses (EUR mn) in % of NPE 2,575 2,633 2,454 Negative F/X impact: EUR +33mn Admin. 866 825 712 Some exceptional items in 2010: expenses 9.4 8.8 7.6 Concentration of back office functions: EUR +17mn 6.6 4.5 Start-up costs UK partnerships: Other 4.1 418
Slide 20: P/C: operating investment income
Group financial results 1Q 2010 P/C: operating investment income Operating investment income (EUR mn) -9.0% 1,073 948 888 851 786 782 791 774 693 in % of NPE 9.7 11.4 9.6 8.1 9.1 8.4 8.1 7.4 8.2 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2008 2009 2010 -5.0% Interest & similar income1 963 1,240 980 999 899 906 845
Slide 21: P/C: investment portfolio at EUR 92bn
Group financial results 1Q 2010 P/C: investment portfolio at EUR 92bn Average asset base (EUR bn) Current yield3 (in %) Other1 +5.6% Equities Cash Debt securities Equities 94.9 92.5 Debt sec. 6.8 87.6 6.5 3.22 6.9 4.6 1.09 1.02 14.8 4.92 5.0 0.94 5.8 0.65 0.59 0.50 70.1 70.0 76.4 1Q 08 1Q 09 1Q 10 1
Slide 22: P/C: positive price effect on renewed business
Group financial results 1Q 2010 P/C: positive price effect on renewed business Pricing overview for selected major operations1 (in %) Price impact Nominal tariff Estimated Expert assessment of the market Selected OEs on YTD increase FY 2011 renewals for 20102 pricing trend Price pressure in Motor
Slide 23: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 23
Slide 24: L/H: summary
Group financial results 1Q 2010 L/H: summary Revenues up 18.0 percent to EUR 15.4bn Operating profit doubled to EUR 812mn ! Investment income up 82.4 percent to EUR 3.9bn Value of new business of EUR 249mn, and new business margin of 2.2 percent © Allianz SE 2010 24
Slide 25: L/H: strong growth across all products
Group financial results 1Q 2010 L/H: strong growth across all products (EUR mn) Revenues (EUR bn) Revenues 1Q 08 1Q 09 1Q 10 Δ10/091 (selected OEs) +18.0% Germany Life 3,578 3,479 3,919 +12.6% Countries Speaking German Germany Health 775 791 803 +1.5% 15.4 Switzerland 663 693 806 +13.7% 13.0 France
Slide 26: L/H: investment result drives operating profit to EUR 812mn
Group financial results 1Q 2010 L/H: investment result drives operating profit to EUR 812mn (EUR mn) Operating profit Operating profit drivers1 +102.0% +80 812 990 +322 859 812 703 402 +8 589 557 402 218 Operating Techn. Investm. Expense Operating profit result result result profit 1Q 09 Δ 1Q 10/09
Slide 27: L/H: higher net harvesting
Group financial results 1Q 2010 L/H: higher net harvesting Operating investment income (EUR mn) +82.4% 4,393 3,741 3,737 3,938 2,710 2,700 2,015 2,159 299 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2008 2009 2010 +8.0% Interest & similar income1 3,130 3,759 3,235 3,365 3,261 3,611 3,541 3,431 3,522 Net harvesting a
Slide 28: L/H: strong net inflows
Group financial results 1Q 2010 L/H: strong net inflows (EUR bn) Operating asset base1 OAB as of 31.12.2009 384.5 Net flows 1Q 09 1Q 10 Germany Life 0.0 0.5 Net inflows 3.3 Germany Health 0.1 0.1 France 0.0 0.6 Interest & 3.5 Italy -0.4 0.6 similar income2 Other Western Europe 0.4 0.5 6.3 CEE 0.1 0.
Slide 29: L/H: asset base increased by 13.9%
Group financial results 1Q 2010 L/H: asset base increased by 13.9% Average asset base (EUR bn)1 Current yield4 (in %) +13.9% Other2 Equities Cash Debt securities Equities Debt 324.9 sec. 7.8 1.19 1.18 5.8 1.11 280.6 285.3 21.4 7.6 6.8 5.13 8.43 20.4 37.9 0.51 0.48 289.9 248.9 0.29 230.8 1Q 08 1Q 09
Slide 30: L/H: value of new business
Group financial results 1Q 2010 L/H: value of new business New business margin1 Value of new business1 (VNB in % of PV of NB premiums) (EUR mn) 2.4 2.4 286 2.2 1.8 249 -0.1 174 1Q 2Q 3Q 4Q 1Q 145 2009 2010 PV of NB premiums1 (EUR mn) 12,081 11,471 8,906 8,133 7,349 -5 © Allianz SE 2010 1Q 2Q 3Q 4Q 1
Slide 31: L/H: strong recovery, especially in the USA
Group financial results 1Q 2010 L/H: strong recovery, especially in the USA Value of new business and New business margin (in %)1,2 new business margin1 VNB NBM 3.0 (EUR mn) (in %) 2.8 2.6 1Q 09 1Q 10 1Q 09 1Q 10 2.4 2.4 2.2 Europe 140 209 2.2% 2.6% 1.8 Asia-Pacific 4 27 0.7% 1.6% USA -133 34 -6.6%
Slide 32: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 32
Slide 33: AM: summary
Group financial results 1Q 2010 AM: summary 3rd party assets under management now exceed EUR 1tn, total assets under management now surpassing EUR 1.3tn ! Strong 3rd party net inflows continue with EUR 37bn in the first quarter Exceptional operating profit of EUR 466mn © Allianz SE 2010 33
Slide 34: AM: EUR 1tn 3rd party assets under management
Group financial results 1Q 2010 AM: EUR 1tn 3rd party assets under management 3rd party AuM (EUR bn) +33.5% Internal growth: +34.2% 1,0231 1 150 736 766 Other 1 1 108 Equities 145 Fixed 590 657 872 income 31.03.08 31.03.09 31.03.10 © Allianz SE 2010 Total AuM2 984 1,014 1,312 1) Including EUR 8bn F/
Slide 35: AM: 3rd party net inflows of EUR 37bn
Group financial results 1Q 2010 AM1: 3rd party net inflows of EUR 37bn 3rd party net flow development (EUR bn) 37.0 33.2 26.0 21.0 22.0 7.0 5.7 6.7 -39.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2008 2009 2010 © Allianz SE 2010 Net flows in % of 3rd 3.6 1.0 0.8 -5.4 1.0 2.8 4.2 2.6 4.1 party AuM bop 1) AGI only 3
Slide 36: AM: EUR 1bn net fee and commission income
Group financial results 1Q 2010 AM: EUR 1bn net fee and commission income Net fee and commission income (EUR mn) +54.7% 3rd party AuM driven Internal margin1 (in bps) growth: +61.2% 1,0972 128 706 709 Performance 13 14 fees Net fees & 37.0 36.1 38.2 commissions (excluding 693 695 969 performance fee
Slide 37: AM: operating profit of EUR 466mn
Group financial results 1Q 2010 AM: operating profit of EUR 466mn (EUR mn) Operating profit Operating profit drivers Cost-income ratio (in %) +120.9%1 +388 +12 576 466 -145 466 211 368 281 241 246 Operating Net fee & Other Operat. Operating 218 211 profit comm. inc. income expenses profit 186 1Q 09
Slide 38: AM: outstanding fixed income performance continues
Group financial results 1Q 2010 AM: outstanding fixed income performance continues Fixed income 3rd party AuM Performance1 Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +32.6% +79.5% 872 377 84 88 657 590 210 51 187 Net flows +28.9 +10.6 +35.0 31.03.08 31.03.09 31.03.10 31.03.08 31.03.
Slide 39: AM: equities attract EUR 2bn net inflows
Group financial results 1Q 2010 AM: equities attract EUR 2bn net inflows Equities 3rd party AuM Performance1 Operating profit (EUR bn) (Outperforming AuM in %) (EUR mn) +40.0% n/m 145 150 26 77 19 108 66 61 Net flows -3.1 -3.7 +2.2 -12 31.03.08 31.03.09 31.03.10 31.03.08 31.03.09 31.03.10 1Q 08 1Q 0
Slide 40: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 40
Slide 41: Summary: a good start
Group financial results 1Q 2010 Summary: a good start Revenues up 10.3 percent to EUR 30.6bn, driven by continued strong growth in L/H and AM Operating profit of EUR 1.7bn up 20.4 percent compared to a low first quarter 2009 operating profit Net income at EUR 1.6bn Strong capital position, 1
Slide 42: Agenda
Group financial results 1Q 2010 Agenda Highlights Group P/C L/H Asset Management Summary Additional information © Allianz SE 2010 42
Slide 43: Group: result by segments overview
Group financial results 1Q 2010 Group: result by segments overview (EUR mn) Corporate and P/C L/H AM Consolidation Total Other 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 Total revenues 13.9 14.0 13.0 15.4 0.7 1.1 0.1 0.1 0.0 0.0 27.7 30.6 (EUR bn) Operating profit 969 71
Slide 44: Group: key figures
Group financial results 1Q 2010 Group: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2008 2008 2008 2008 2009 2009 2009 2009 2010 1Q 10/09 Total revenues 26.9 21.5 21.1 23.0 27.7 22.2 22.0 25.5 30.6 +2.9 (EUR bn) Operating profit 2,226 2,659 1,563 881 1,419 1,786 1,929 2,048 1,709 +290 Non-o
Slide 45: P/C: key figures
Group financial results 1Q 2010 P/C: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2008 2008 2008 2008 2009 2009 2009 2009 2010 1Q 10/09 Gross premiums written 13.7 9.8 10.8 9.0 13.9 9.5 10.2 8.9 14.0 +0.1 (EUR bn) Operating profit 1,496 1,681 1,261 1,209 969 895 1,031 1,169 712 -257 Non-ope
Slide 46: L/H: key figures
Group financial results 1Q 2010 L/H: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2008 2008 2008 2008 2009 2009 2009 2009 2010 1Q 10/09 Statutory premiums 12.3 10.7 9.4 13.1 13.0 11.8 10.8 15.2 15.4 +2.4 (EUR bn) Operating profit 589 703 218 -302 402 990 859 557 812 +410 Non-operating items
Slide 47: L/H: operating investment income – details
Group financial results 1Q 2010 L/H: operating investment income – details (EUR mn) 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 1 Interest & similar income 3,130 3,759 3,235 3,365 3,261 3,611 3,541 3,431 3,522 Investment expenses -140 -120 -110 -213 -138 -152 -151 -181 -145 Other -280 -939
Slide 48: L/H: new business
Group financial results 1Q 2010 L/H: new business1 (EUR mn) Value of New business Present value of Recurring Single new business margin new business premium premium premium 1 2 1 1 2 1 2 2 2 1Q 09 1Q 10 1Q 09 1Q 10 2 1Q 09 1Q 10 Δ% 1Q 09 1Q 10 1Q 09 1Q 10 Germany Life3 71 85 3.2% 3.2% 2,212 2,633 +1
Slide 49: AM: key figures
Group financial results 1Q 2010 AM: key figures (EUR mn) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q Delta 2008 2008 2008 2008 2009 2009 2009 2009 2010 1Q 10/09 Operating revenues 730 738 700 726 716 780 899 1,294 1,116 +400 Operating profit 241 281 186 218 211 246 368 576 466 +255 Non-operating items -115 -89 -87 -
Slide 50: AM: 3rd party AuM
Group financial results 1Q 2010 AM: 3rd party AuM1 (EUR bn) AuM development AuM client mix AuM regional breakdown2 Retail 1,023 Institutional 1,023 18 31.12.09 926 88 736 766 333 Other3 Internal Asia-Pacific 161 Net inflows +37 growth: 766 +6.8% and rest 736 21 256 232 31 56 56 131 Market 120 +26 Eu
Slide 51: Corporate and Other: key figures
Group financial results 1Q 2010 Corporate and Other: key figures (EUR mn) Delta 1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 1Q 10/09 Total revenues (Banking) 143 156 125 131 117 124 119 157 128 +11 Operating profit Holding & Treasury -129 -34 -78 -89 -170 -210 -252 -217 -
Slide 52: Corporate and Other
Group financial results 1Q 2010 Corporate and Other (EUR mn) Operating loss Operating loss components EUR -67mn -184 -80 +3 0 -56 -251 -14 Operating Holding Banking Alternative Conso Operating loss & Treasury Investments loss -184 1Q 09 Δ 1Q 10/09 1Q 10 -251 1Q 10 -226 -23 -2 0 1Q 09 -170 -9 -5 0 1Q
Slide 53: Corporate and Other: Holding & Treasury
Group financial results 1Q 2010 Corporate and Other: Holding & Treasury (EUR mn) Holding & Treasury operating loss drivers Δ 09/08 +8 -170 -4 -32 -28 -226 Operating F/X result Net Expenses Other1 Operating loss interest loss 1Q 09 1Q 10 1Q 10 -20 -42 -165 1 1Q 09 -16 -10 -173 29 © Allianz SE 2010 1)
Slide 54: Group asset allocation
Group financial results 1Q 2010 Group asset allocation (EUR bn) Corporate and P/C L/H AM Consolidation Group1 Other Balance sheet items 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 Investments Equities 2 5.1 5.0 18.5 21.9 0.3 0.1 5.2 4.3 0.0 0.0 29.1 31.3 Debt sec. 53.6 61
Slide 55: Average AuM P/C and L/H: basis for yield calculation
Group financial results 1Q 2010 Average AuM P/C and L/H: basis for yield calculation (EUR bn) P/C L/H Balance sheet items 31.12.09 31.03.10 Average 31.12.09 31.03.10 Average Investments Equities 1 5.0 5.0 5.0 20.9 21.9 21.4 Debt sec. 58.0 61.0 59.5 182.5 196.4 189.5 Cash and cash 4.4 4.7 4.6 6.0 5.5
Slide 56: Investment result
Group financial results 1Q 2010 Investment result (EUR mn) Corporate und P/C L/H AM Consolidation Group1 Sonstiges 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 1Q 09 1Q 10 Operating investment result Interest and similar income2 899 854 3,261 3,522 12 9 70 50 0 15 4,242 4,450 3 Inc. f
Slide 57: Shareholders' equity
Group financial results 1Q 2010 Shareholders’ equity (EUR mn) Foreign Unrealized Paid-in Revenue currency Shareholders' Non-controlling gains and Total equity capital reserves translation equity interests losses (net) adjustments Balance as of 31.12.08 28,569 7,110 -4,006 2,011 33,684 3,564 37,248 T
Slide 58: Revaluation reserve of EUR 25.3bn
Group financial results 1Q 2010 Revaluation reserve of EUR 25.3bn (EUR bn) Off balance sheet Revaluation On balance sheet reserve Real estate Shareholders’ Policyholders’ share share Associated enterprises, joint ventures 25.3 2.0 (39.0%) 2.2 (42.7%) 5.1 5.8 11.5 0.0 Non-controlling interests 0.1 1.
Slide 59: Conglomerate solvency: details as of 31.03.10
Group financial results 1Q 2010 Conglomerate solvency1: details as of 31.03.10 (EUR bn) Available funds Required capital 21.6 Shareholders’ 40.8 equity1 Dividend accruals -2.5 6.8 P/C Goodwill, other intangibles -15.0 Commerzbank shares -0.8 Subordinated bonds, participation +6.7 certific. L/H 12.9
Slide 60: Overview investment portfolio
Group financial results 1Q 2010 Overview investment portfolio (EUR bn) Group investments and loans1 as of 31.03.10 (31.12.09) Total EUR 427bn (EUR 409bn) 427 Real estate2 Cash / Other 409 2% (2%) 1% (1%) 374 Equities 7% (8%) © Allianz SE 2010 Debt instruments 31.03.09 31.12.09 31.03.10 90% (89%) 1)
Slide 61: Limited impairments – good credit history
Group financial results 1Q 2010 Limited impairments – good credit history (EUR mn) AFS and HTM debt impairments Insurance 12M 12M 12M 12M 1Q Total since Debt 2006 2007 2008 2009 2010 2006 Government 0 0 0 0 0 0 Pfandbrief & covered bonds 0 0 0 0 0 0 Banks 0 0 -283 -84 -27 -394 Other corporates -89 -
Slide 62: Fixed income portfolio (31.03.10)
Group financial results 1Q 2010 Fixed income portfolio (31.03.10) Asset allocation Rating profile3 Government AAA Pfandbrief & 34% 36% 36% AA covered bonds 50% 49% 48% A Corporate 26% 26% BBB 26% Banks 13% 14% 14% Non-investment ABS/MBS1 15% 16% 17% grade 8% 9% 26% 24% 24% 9% Other2 7% 6% 6% Not rat
Slide 63: Fixed income portfolio: government and government related
Group financial results 1Q 2010 Fixed income portfolio: government and government related (31.03.10) By country Total By rating EUR 137.2bn1 Germany 22% AAA 42% Italy 20% AA 20% France 13% A 29% Spain 5% BBB 5% UK 2% Non-investment grade 2% Rest of Europe 24% Not rated 2% USA 4% Rest of World 10% By
Slide 64: Fixed income portfolio: covered bonds
Group financial results 1Q 2010 Fixed income portfolio: covered bonds (31.03.10) By country of collateral pool Total By rating EUR 98.5bn Germany 60% AAA 94% Spain 13% AA 3% France 12% A 1% UK 3% BBB 1% Ireland 2% Non-investment grade 0% Switzerland 1% Not rated 1% Sweden 1% Rest of world 8% By segm
Slide 65: Fixed income portfolio: corporates excl. banks
Group financial results 1Q 2010 Fixed income portfolio: corporates excl. banks (31.03.10) By region Total By rating EUR 63.3bn Eurozone 40% AAA 4% Europe ex Eurozone 11% AA 12% NAFTA 43% A 37% Rest of World 6% BBB 33% Non-investment grade 4% Not rated1 10% By segment (EUR bn) Net AFS unrealized gain
Slide 66: Fixed income portfolio: banks
Group financial results 1Q 2010 Fixed income portfolio: banks (31.03.10) By country Total By rating EUR 35.6bn Germany 14% AAA 14% UK 13% AA 25% France 7% A 51% Italy 7% BBB 8% Rest Eurozone 20% Non-investment grade 1% Europe ex Eurozone 8% Not rated 1% USA 18% Rest of World 13% By segment (EUR bn)
Slide 67: Bank subdebt (31.03.10)
Group financial results 1Q 2010 Bank subdebt1(31.03.10) Lower Tier 2 Upper Tier 2 Tier 1 EUR 8.6bn gross EUR 0.6bn gross EUR 1.8bn gross AAA 1% AAA 0% AA 16% AA 15% A 64% A 31% BBB 16% BBB 42% Below BBB /not rated 3% Below BBB /not rated 12% UK 3% USA 15% UK 16% UK 8% France 18% USA 27% Denmark 14%
Slide 68: Fixed income portfolio: ABS/MBS
Group financial results 1Q 2010 Fixed income portfolio: ABS/MBS (31.03.10) By type of category Total By rating EUR 21.4bn U.S. Agency 36% AAA 84% CMBS 31% AA 4% RMBS 8% A 7% CMO 6% BBB <1% Credit Card 4% Non-investment grade 3% Auto 2% Not rated 2% Other 12% By segment (EUR bn) Net AFS unrealized ga
Slide 69: CMBS, RMBS and structured credit exposure
Group financial results 1Q 2010 CMBS, RMBS and structured credit exposure (31.03.10) CMBS RMBS Structured credit 2008 2007 3% USA 5% 2006 vintage 3% 2008 2001 Rest of 8% and prior 2005 19% 2007 Europe NL and prior 20% 33% 2006 2002- 36% 2005 IRL/SP/UK 65% Gross EUR 6.6bn Gross EUR 1.7bn Gross EUR 1.
Slide 70: Equity portfolio (31.03.10)
Group financial results 1Q 2010 Equity portfolio (31.03.10) By regions Total By industry Germany 23% EUR 31.1bn1 Financials 26% Consumer 15% Eurozone ex Germany 37% Basic materials 11% Europe ex Eurozone 18% Utilities 6% NAFTA 11% Industrial 7% Energy 5% Rest of World 11% Funds and Other 30%2 By seg
Slide 71: Equity exposure
Group financial results 1Q 2010 Equity exposure (EUR bn) Gross equity exposure Net equity exposure Equity gearing 34.11 34.71 5.2 1 31.8 4.3 0.5 0.4 0.4 4.8 5.2 0.7 0.7 0.8 33.2 12.5 11.9 11.0 4.3 -0.6 3.8 20.6 23.5 24.6 3.6 0.5 0.4 0.5 3.8 4.6 4.5 5.2 5.1 5.1 3.1 3.1 3.2 31.03.09 31.12.09 31.03.10
Slide 72: Equity market scenarios
Group financial results 1Q 2010 Equity market scenarios (as of 31.03.10, EUR bn) Expected total P/L impact1 … … and resulting unrealized gains / losses on AFS equity securities in shareholders’ equity1 Equity market scenarios2: 3.6 0.0 2.7 -0.1 -0.1 -0.1 -0.2 -0.2 1.8 -0.3 1.1 Total P/L impact Unrea
Slide 73: Net equity exposure and solvency
Group financial results 1Q 2010 Net equity exposure and solvency (EUR bn) 31.12.08 31.12.09 31.03.10 36.3 34.8 31.8 11.5 13.6 14.7 13.0 12.5 11.9 20.3 21.2 21.6 Net equity Available Net equity Available Net equity Available exposure funds for exposure funds for exposure funds for FCD calc.1 FCD calc
Slide 74: Real estate portfolio
Group financial results 1Q 2010 Real estate portfolio1 By regions Total By sectors EUR 15.5bn2 France 31% Office 61% Germany 28% Residential 22% Switzerland 15% Retail 8% Rest of Europe 21% Other / mixed 9% Rest of World 5% By currency Net unrealized gains / losses3 (EUR bn) EUR 76% CHF 15% USD 3% O
Slide 75: Disclaimer
Group financial results 1Q 2010 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 expectations and other forward-looking statements that are base