Allianz SE · XETR:ALV
Allianz — German Corporate Conference 2005
19 slides from Allianz's conference presentation, Jun 2, 2005
Slide 1: Allianz – delivering on our promises
Paul Achleitner Allianz – delivering on our promises German Corporate Conference Frankfurt, June 2, 2005
Slide 2: Allianz' businesses in 2004
Paul Achleitner: Allianz - delivering on our promises Allianz’ businesses in 2004 Property/Casualty Life/Health Banking Asset Management Total revenues1: Total revenues1: Net operating 3rd party AuM: EUR 43.8bn EUR 45.2bn revenues1: EUR 6.5bn EUR 585 bn 10% 3% 8% 15% Germany 30% 27% 31% Ital
Slide 3: Allianz at a glance
Paul Achleitner: Allianz - delivering on our promises Allianz at a glance Revenues1 2004 (EUR bn) Operating profit1 2004 (EUR bn) EUR 96.9bn EUR 6.9bn Banking AM AM 6.2 2.5 12% Banking 9% L/H P/C P/C 45.2 43.0 58% L/H 21% Net income 2004 (EUR m) Risk adjusted capital2 2004 (EUR bn) EUR 2,199m Bankin
Slide 4: Allianz 2002-2004
Paul Achleitner: Allianz - delivering on our promises Allianz 2002-2004 Operating profit (EUR m) Net income (EUR m) 6,856 4,066 2,199 1,890 -524 0505_HK_GermanCorpConf_19ckr.ppt -1,496 2002 2003 2004 2002 2003 2004 6/2/2005 3
Slide 5: Still a good buying opportunity
Paul Achleitner: Allianz - delivering on our promises Still a good buying opportunity Analyst recommendations (May 2005)1 Allianz share price development Neutral 40% EUR 60% Buy / outperform 0% Sell / underperform 120 Allianz rights issue Price target (consensus): EUR 113 100 EUR 4.4bn 80 0505_HK_Ge
Slide 6: Update: our "3+one" program
Paul Achleitner: Allianz - delivering on our promises Update: our “3+one” program Protect and enhance capital base Substantially strengthen operating profitability Reduce complexity Increase sustainable competitiveness and shareholder value 0505_HK_GermanCorpConf_19ckr.ppt 6/2/2005 5
Slide 7: Capital base enhanced
Paul Achleitner: Allianz - delivering on our promises Capital base enhanced Including Achievements 2004/2005 “All in one” Capital strengthened Risk capital surplus1 pro forma Successful launch of “All in one” (EUR bn) 18.9 transaction 16.0 - Improved debt structure - Sound capital base 11.8 Risks
Slide 8: Operating profitability strengthened (1)
Paul Achleitner: Allianz - delivering on our promises Operating profitability strengthened (1) Property/Casualty Insurance Life/Health Insurance GPW 14.6 14.4 14.2 GPW 10.7 10.8 11.8 (EUR bn) (EUR bn) Stat.exp. CR 97.7% 95.8% 92.1% ratio1 9.7% 9.2% 6.6% Operating profit (EUR m) 1,004 Operating profi
Slide 9: Operating profitability strengthened (2)
Paul Achleitner: Allianz - delivering on our promises Operating profitability strengthened (2) Dresdner Bank Asset Management Op. Rev. 1.8 1.7 1.6 Op. Rev. 0.5 0.5 0.6 (EUR bn) (EUR bn) CIR 82.7% 81.4% 80.4% CIR 71.9% 66.9% 60.9% Operating profit (EUR m) Operating profit (EUR m) 216 231 174 180 137
Slide 10: 2005: Profitability progress on track
Paul Achleitner: Allianz - delivering on our promises 2005: Profitability progress on track Operating profit (EUR m) Net income (EUR m) + 1bn 1,830 +1.7bn 1,227 1,184 834 617 + -540 0505_HK_GermanCorpConf_19ckr.ppt 1Q2003 1Q2004 1Q2005 1Q2003 1Q2004 1Q2005 = Increasing shareholder returns and better
Slide 11: Complexity reduced
Paul Achleitner: Allianz - delivering on our promises Complexity reduced Selected initiatives IRU Company Country Announced Transaction Ongoing reduction of non- Health portfolio Netherlands July ‘04 sale strategic loan portfolio Allianz President General Taiwan Aug. ‘04 sale AGF Chile P&C Aug. ‘04
Slide 12: Enhancing Allianz' competitiveness
Paul Achleitner: Allianz - delivering on our promises Enhancing Allianz‘ competitiveness Strategic approach Risk management Hedging and diversification Maturing business Managing for value growth Growth markets CEE1 Leverage strong position 0505_HK_GermanCorpConf_19ckr.ppt BRIC1 Placing “table s
Slide 13: Europe has exciting growth potential – it's the pension market
Paul Achleitner: Allianz - delivering on our promises Europe has exciting growth potential – it’s the pension market Growth drivers EU pension assets 2004 – 2015 (EUR bn) Demographic change 16,367 - longevity France 16,000 + 8.8% - population ageing Germany Allianz Italy core Few mature pension
Slide 14: Relying on PAYG pension is no longer an option
Paul Achleitner: Allianz - delivering on our promises Relying on PAYG pension is no longer an option . . . Deteriorating demographics trigger higher demand Replacement Ratio1 90 Spain Austria Sweden Italy 80 Portugal 70 Low incentive for Finland Belgium Germany 60 private pension Norway France 50 De
Slide 15: ... and only annuities can provide full protection
Paul Achleitner: Allianz - delivering on our promises . . . and only annuities can provide full protection Retirement income duration sensitivity (German example) Baseline Event Runs out of money at Couple retiring Husband and wife live on to 95 88 years at age 65 with EUR 1 million in assets Husb
Slide 16: Leveraging Europe: Allianz is well positioned for EU pensions
Paul Achleitner: Allianz - delivering on our promises Leveraging Europe: Allianz is well positioned for EU pensions France Germany Rank1 5 Rank1 1 P.O.S.2 7,700 P.O.S.2 18,531 Italy Rank1 2 0505_HK_GermanCorpConf_19ckr.ppt P.O.S.2 10,669 Spain Rank1 2 P.O.S.2 12,915 6/2/2005 1) Rank by gross premium
Slide 17: Critical factors for success in Europe's pension market
Paul Achleitner: Allianz - delivering on our promises Critical factors for success in Europe’s pension market Distribution Products Brand has it all Financial strength 0505_HK_GermanCorpConf_19ckr.ppt Strong local presence 6/2/2005 16
Slide 18: Investor Relations contacts
Paul Achleitner: Allianz - delivering on our promises Investor Relations contacts Oliver Schmidt Tel. +49 (0) 89 3800-3963 Holger Klotz Tel. +49 (0) 89 3800-18124 Head of e-mail: e-mail: Investor Relations [email protected] [email protected] Susanne Arheit Tel. +49 (0) 89 3800-3324 C
Slide 19: Disclaimer
Paul Achleitner: Allianz - delivering on our promises Disclaimer These assessments are, as always, subject to the disclaimer provided below. Cautionary Note Regarding Forward-Looking Statements Certain of the statements contained herein may be statements of future expectations and other forward-look