Allianz SE · XETR:ALV

Allianz — UniCredit German Investment Conference 2010

23 slides from Allianz's conference presentation, September 2010

  1. Slide 1: Allianz – an opportunity

    Oliver Schmidt, Head of Investor Relations Allianz – an opportunity UniCredit German Investment Conference September 2010

  2. Slide 2: Agenda

    Agenda Who are we? 1H 2010 Outlook © Allianz SE 2010 2

  3. Slide 3: Allianz at a glance

    Who are we? Allianz at a glance Segments1,3 Regions1,3 Operating profit in % Operating profit in % AM P/C Growth markets Germany EUR 97bn total revenues1 Specialty EUR 1,139bn 3rd party AuM2 insurance 6% L/H 17% 10% 21% EUR 7.2bn operating profit1 170% solvency ratio2 49% 34% 32% EUR 37bn market cap

  4. Slide 4: World class operations

    Who are we? World class operations Excellent business positions1 ƒ Leading P/C insurer globally ƒ Top 5 in life business globally ƒ Top 5 asset manager globally ƒ Strong rating (AA, stable outlook)2 ƒ Largest global assistance provider ƒ Worldwide leader in credit insurance EULER HERMES ƒ One of the

  5. Slide 5: Excellent ratings

    Who are we? Excellent ratings S&P Moody’s A.M. Best AAA AAA A++ AA+ Aa1 Allianz A+ Allianz AA Aa2 AA- Peer majority Aa3 Allianz Peer majority A Peer majority A+ A1 A- A A2 A- A3 B++ BBB+ Baa1 B+ BBB Baa2 B BBB- Baa3 BB+ ƒ AZ best in class Ba1 ƒ AZ – as some other peers – B- ƒ AZ – together with one

  6. Slide 6: Clear strategy based on …

    Who are we? Clear strategy based on … Operations X Long-term savings (L/H, AM) X Risk management (P/C) X Well diversified by regions, customer groups and distribution channels Investments X Asset allocation determined by liability structure X Conservative investment policy Capital X Strong capitaliz

  7. Slide 7: Well balanced business portfolio

    Who are we? Well balanced business portfolio 2009 Segments1 Regions Distribution Operating profit in % Operating profit in % Insurance revenues in % 6% 6% 17% 10% 21% 14% 36% 49% 32% 34% 31% 34% 9% 1% P/C Germany Tied agents L/H Western Europe Proprietary Other prop. networks AM Broker markets US, U

  8. Slide 8: Solid investment portfolio

    Who are we? Solid investment portfolio (30.06.2010) Conservative asset allocation High quality fixed income EUR 440bn Rating profile1 Cash / Other 1% Real estate 2% EUR 396bn Equities 7% AAA 49% AA 12% Debt instruments 90% A 25% BBB 9% Non-investment grade 2% Not rated2 3% © Allianz SE 2010 1) Exclu

  9. Slide 9: Sound performance in the crisis

    Who are we? Sound performance in the crisis 2007 2008 2009 1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Operating profit (in EUR bn) STOXX Europe 600 2.9 2.6 2.6 2.7 2.2 2.2 1.9 2.0 1.8 1.6 1.4 0.9 Solvency ratio (in %)1 191 166 155 158 155 157 155 156 162 164 148 154 © Allianz SE 2010 100% 1) Adjusted to

  10. Slide 10: Attractive dividend policy

    Who are we? Attractive dividend policy Dividend per share (EUR) 5.50 4.10 3.80 3.50 Dividend yield1 1.9% 2.8% 3.5% 3.3% 5.6% 2.00 ƒ Balance between payout and solvency Payout ratio 19% 23% 31% 40%2 40%2 ƒ Target solvency range 150 - 170% ƒ Current dividend yield ~5% 2005 2006 2007 2008 2009 © Allian

  11. Slide 11: Agenda

    Agenda Who are we? 1H 2010 Outlook © Allianz SE 2010 11

  12. Slide 12: First half – good start into 2010

    1H 2010 First half – good start into 2010 ƒ Revenues up 12.2 percent to EUR 56.0bn, driven by continued strong growth in L/H and AM ƒ Operating profit of EUR 3.9bn up 21.7 percent ƒ Net income at EUR 2.7bn ƒ Strong capital position, 170 percent solvency ratio © Allianz SE 2010 12

  13. Slide 13: Revenues: double digit growth

    1H 2010 Revenues: double digit growth (EUR bn) Total revenues1 30.6 27.7 14.0 25.5 25.4 13.9 23.0 22.2 22.0 8.9 21.5 10.0 21.1 Total Internal 9.0 (in %) 9.8 9.5 10.2 growth growth2 10.8 1H 10 +12.2 +10.0 15.2 15.4 14.1 P/C +2.3 -0.1 13.1 13.0 11.8 10.8 10.7 9.4 L/H +19.0 +16.8 AM +54.0 +52.7 0.7 0.7

  14. Slide 14: Operating profit of EUR 3.9bn

    1H 2010 Operating profit of EUR 3.9bn (EUR mn) Property/Casualty Life/Health 1H 10 Δ 1H 10/09 -0.3% +9.6% 3,177 1,525 P/C 1,859 -0.3% 1,864 1,859 1,292 1,392 L/H 1,525 +9.6% 1H 2008 2009 2010 2008 2009 2010 AM 982 +114.9% Asset Management Corporate and Other +114.9% CO -406 n/m n/m 982 Consolidation

  15. Slide 15: Strong capitalization

    1H 2010 Strong capitalization Shareholders’ equity1 Conglomerate solvency3 (EUR mn) (EUR bn) +9.0% Available funds Solvency ratio Requirement 43,461 43,764 40,166 +6%-p 6,244 5,925 Unrealized gains/losses 5,457 164% 168% 170% Revenue 8,582 9,204 6,074 reserves2 36.3 37.6 34.8 Paid-in 21.2 21.6 22.1

  16. Slide 16: P/C 1H 2010: high NatCat claims

    1H 2010 P/C 1H 2010: high NatCat claims Revenues Operating profit Comments (EUR bn) (EUR mn) ƒ Growth focused on profitable markets +2.3% -0.3% and segments ƒ Operating profit lower mainly due to 1,864 1,859 high NatCat of EUR 810mn (4.3%-p) 23.4 23.9 ƒ Investment income almost stable ƒ Positive pri

  17. Slide 17: L/H 1H 2010: strong growth and improving margins

    1H 2010 L/H 1H 2010: strong growth and improving margins Revenues Operating profit Comments (EUR bn) (EUR mn) ƒ Strong growth across all products, +19.0% +9.6% especially investment products ƒ Increase in premiums and capital 29.5 1,525 market recovery drive operating profit 1,392 24.8 ƒ Operating a

  18. Slide 18: AM 1H 2010: outstanding performance

    1H 2010 AM 1H 2010: outstanding performance 3rd party AuM Operating profit Comments (EUR bn) (EUR mn) ƒ 3rd party assets now exceed +40.0% +114.9% EUR 1trn ƒ Strong net inflows continue with 982 EUR 60bn 1,139 ƒ Outstanding fixed income performance leads to strong 813 increase in performance fees 45

  19. Slide 19: Agenda

    Agenda Who are we? 1H 2010 Outlook © Allianz SE 2010 19

  20. Slide 20: Industry has to prepare for the “new normal”

    Outlook Industry has to prepare for the “new normal” – but favorable Megatrends remain intact Megatrends Demography Climate change Digitalization New normal Lower growth Implications Higher risk aversion ¨ Capital strength and More regulation brand matter Higher capital requirements ¨ Operational ef

  21. Slide 21: Attractive upside potential

    Outlook Attractive upside potential ƒ European pension ƒ Further indication of opportunity hardening market Cycle ƒ Strong position in key Growth ƒ Selective underwriting management growth markets ƒ Strategic initiatives: ƒ Transparent capital Sustainability, management TOM, OTP Capital Efficiency ƒ

  22. Slide 22: Key take-aways

    Outlook Key take-aways Strong capital base Resilient and well diversified business model Conservative investment portfolio Attractive dividend yield Well positioned for the “New Normal” Operating profit outlook on track © Allianz SE 2010 22

  23. Slide 23: 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 expectations and other forward-looking statements that are based on management’s current views

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